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Financial Statement Impact Fitness Pro's issued capital stock of $1,000 for cash on March 1, 2015 and started a new business. The company had $900
Financial Statement Impact
Fitness Pro's issued capital stock of $1,000 for cash on March 1, 2015 and started a new business. The company had $900 of fees earned in March 2015. The company purchased $800 supplies on account on March 4, 2015. The amount paid to the creditor on account and the cost of supplies on hand on March 31, 2015 have been provided as a sliding amount using two sliders as follows:
I need help with number 7 in this part of the question. All the answers are right in the first six parts.
1. | Does the balance sheet balance for each and every slider position? |
Yes |
2. | Are the total assets the same for each and every slider position? |
No |
3. | If all the supplies are on hand and the creditor is unpaid, what are the total assets? |
$ 2700 |
4. | If there are no supplies on hand and the creditor is paid in full, what are the total assets? |
$ 1100 |
5. | If there are no supplies on hand and the creditor is unpaid, what are the total assets? |
$1900 |
6. | What is the cash balance if the creditor is paid $600 and there are no supplies on hand? |
$1300 |
7. | What is the Capital Stock balance if the supplies on hand on March 31 are $200 and the creditor is paid $600? |
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