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fill in the rest of the missing information from the balance sheet Required information [The following information applies to the questions displayed below.) Bailey Delivery
fill in the rest of the missing information from the balance sheet
Required information [The following information applies to the questions displayed below.) Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year: a. Received cash from investors in exchange for 10,000 shares of stock (par value of $1.00 per share) with a market value of $4 per share. b. Purchased land in Wisconsin for $16,000, signing a one-year note (ignore interest). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $10,000 each; paid $4,000 cash and signed a note due in three years for the rest (ignore interest). d. Paid $1,000 cash to a truck repair shop for a new motor for one of the trucks (Increase the account you used to record the purchase of the trucks because the productive life of the truck has been improved.) e. Sold one-fourth of the land for $4,000 to Pablo Development Corporation, which signed a six-month note. f. Stockholder Helen Bailey paid $27,600 cash for a vacant lot (land) in Canada for her personal use. Answer is not complete. BAILEY DELIVERY COMPANY, INC. Balance Sheet Assets Current assets: Cash Short-term note receivable Liabilities Current liabilities: Short-term notes payable $ 16,000 35,000 4,000 Total current liabilities Long-term notes payable 16,000 16,000 Total current assets 39,000 32,000 Non-current assets: Land Equipment 12,000 21,000 Total liabilities Stockholders' equity Common stock Additional paid-in capital 10,000 30,000 Total non-current assets Total assets 33,000 72,000 Total stockholders' equity Total liabilities and stockholders' equity 40,000 72,000 $ Step by Step Solution
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