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I am stuck on this question. I think I am getting there but its not completely there. Can you assist me please ? Valencia FiHaitiai

image text in transcribedI am stuck on this question. I think I am getting there but its not completely there. Can you assist me please ?
Valencia FiHaitiai Atlou SPRING 2018 H1 ONLINE FINANCIAL ACCOUNTING Chapter 2 Homework 3.00 points 1 by four friends. Each organizer invested $16,250 in the Ag Bio Tech (ABT) was organized on January company and, in turn, was issued 13,000 shares of common stock. To date, they are the only stockholders During the first month (January), the company had the following five events a. Collected a total of $65,000 from the organizers and, in tum, issued the shares of stock. b. Purchased a building for $79,000, equipment for $21,500, and three acres of land for $29,400, paid $36,250 in cash and signed a note for the balance, which is due to be paid in 15 years c. One stockholder reported to the company that 1,100 shares of his ABT stock had been sold and transferred to another stockholder for $11,000 cash. d. Purchased supplies for $5,250 cash e. Sold one acre of land for $9,800 cash to another company. Required: 2. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions. To develop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. (Enter any decreases to account balances with a minus sign.) Assets LiabilitiesStockholders' Equity Cash Supplies Land Building Equipment Common Retained Payable b. 4. Based on the completed spreadsheet, compute the following amounts a. Total assets at the end of the month b. Total liabilities at the end of the month |Total stockholders equity at the end ofthe month d. Cash balance at the end of the month e. Total current assets at the end of the month 5. As af January 31, has the financing for ABT's investment in assets primarily come from liabilities or stockholders equty

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