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Equizax Inc.

Balance Sheet

June 30, 2017

ASSETS LIABILITIES

Cash $50,000 Accounts Payable $ 50,000

Accounts Rec. 10,000 Mortgage Payable 550,000

Inventory 40,000

Supplies 4,000 TOTAL LIABILITIES $600,000

Land 66,000

Buildings 600,000 STOCKHOLDER EQUITY

Acc. Depr. <60,000> 540,000

Equipment 180,000 Common Stock $3 Par $30,000

Acc. Depr <80,000> 100,000 Retained Earnings 180,000

TOTAL EQUITY $210,000

TOTAL ASSETS $810,000 TOTAL LIAB. & EQUITY $810,000

July 1 Sold 600,000 shares of common stock for $4,800,000.

July 3 Purchased on account $90,000 of inventory for resale to customers. Terms granted to Equizax Inc. were 10/60 net 90 days.

July 5 Purchased a 3-year insurance policy for $6,000 in cash. The effective date of this insurance contract is July 1, 2017.

July 7 Returned $20,000 of purchases acquired July 3.

July 10 Sales revenue generated was $400,000. $40,000 in cash received this date the balance on account. Terms 4/90 net 180 days.

July 29 Paid $200,000 in wages.

July 29 Paid $10,000 July monthly mortgage payment. The rate of interest is

9% per year. Adopt 1/12 usage instead of per day rate for interest.

Aug.1 Acquired $400,000 of equipment. Useful life is 10 years. Signed a note (9%) for the full amount of this acquisition.

Aug. 2 Customers returned $30,000 of items purchased by them on July 10.

Aug. 3 Sold 100,000 shares at $7 per share and all cash received this date.

Aug. 10 Equizax paid in full the account balance due from the July 3^rd purchase.

Aug. 19 Borrowed $800,000, and signed a note for this amount at 12%. Loan payments are made yearly. Adopt the per day rate for interest.

Aug. 21 Declared a dividend of 50 cents per share.

Aug. 10 Received in cash full amount due from the July 10 sale.

Aug. 28 Made the August mortgage payment of $10,000. Adopt 1/12 usage instead of per day rate for interest.

Aug. 29 August wages paid $200,000.

Aug. 30 Paid in cash $3000 on the equipment note entered into on August 1.

Sept. 15 Acquired $60,000 of inventory for cash. Terms were 9/90 net 190 days.

Sept. 18 Supply inventory valued at $600.

Sept. 23 Sales to customers amounted to $635,000. Terms 6/30 net 90 days. This was a cash sale.

Sept. 29 Made the monthly mortgage payment of $10,000

Sept . 30 Sold the equipment listed on the 6/30/17 balance sheet. The sale price

was $120,000 and cash was received this date for the entire amount.

Sept. 30 End of the quarter inventory was valued at $35,000.

Sept. 30 September wages of $200,000 were paid in cash.

OTHER INFORMATION

1. Tax rate is 20%.

2. Building has a 20 year useful life from date of purchase.

3. All equipment has a useful life of ten years.

PREPARE A SET OF FINANCIAL STATEMENTS {Income Statement , Statement of Retained Earnings , Balance Sheet & T-Accounts} for the Quarter ending 9/30/17