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I only need help with the balance sheet i am not sure what i am doing wrong x Answer is not complete. ATHLETIC PERFORMANCE COMPANY
I only need help with the balance sheet i am not sure what i am doing wrong
x Answer is not complete. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Liabilities Current Assets Current Liabilities Accounts Payable Cash $ 60,150 $ 19,550 Total Current Liabilities Notes Payable (long-term) 19,550 241,250 Total Current Assets Land Buildings Equipment Supplies 60,150 108,000 486,000 212,250 18,400 260,800 Total Liabilities Stockholders' Equity Common Stock Retained Earnings 624,000 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 624,000 $ 884,800 Total Assets $ 884,800 [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 6,350 250,000 6,400 354,000 25,250 108,000 34,500 5,200 During the month of July, the company had the following activities: a. Issued 2,700 shares of common stock for $270,000 cash. b. Borrowed $32,750 cash from a local bank, payable in two years. c. Bought a building for $236,000; paid $62,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $187,000. e. Purchased supplies for $13,200 on account. Credit ATHLETIC PERFORMANCE COMPANY Trial Balance At July 31 Debit Cash $ 60,150 Supplies 18.400 Equipment 212,250 Buildings 486,000 Land 108,000 Accounts Payable | $ Notes Payable (long-term) Common Stock Retained Earnings 19,550 241,250 624,000 Totals $ 884,800 $ 884,800Step by Step Solution
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