Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer what's the total current assets at the end of the month? East Hill Home Healthcare Services was organized on January 1, 2011, by
please answer what's the total current assets at the end of the month?
East Hill Home Healthcare Services was organized on January 1, 2011, by four friends. Each organizer invested $17,000 in the company and, in turn, was issued 8,800 shares of stock. To date, they are the only stockholders. At the end of 2012, the accounting records reflected total assets of $722,000 ($51,000 cash; $506,000 land; $52,000 equipment; and $113,000 buildings), total liabilities of $209,000 (short term notes payable of $104,000 and long-term notes payable of $105,000), and stockholders' equity of $513,000 ($113,000 contributed capital and $400,000 retained earnings). During the current year, 2013, the following summarized events occurred: Sold 9,600 additional shares of stock to the original organizers for a total of $106,000 cash. Purchased a building for $51,000, equipment for $13,000, and four acres of land for $14,000; paid $19,000 in cash and signed a note for the balance (due in 15 years). Sold one acre of land acquired in ( b ) for $3,500 cash to another company. Purchased short-term investments for $14,500 cash. One stockholder reported to the company that 340 shares of his East Hill stock had been sold and transferred to another stockholder for $3,300 cash. Lent one of the shareholders $5,400 for moving costs, receiving a signed six-month note from the shareholderStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started