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Please complete the balance sheet and correct all numbers and accounts within that are posted (all were entered to see options). also, please complete the
Please complete the balance sheet and correct all numbers and accounts within that are posted (all were entered to see options). also, please complete the analysis
Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings $ 35,000 5,000 40,000 5,000 2,000 80,000 120,000 30,000 37,000 80,000 150,000 50,000 During the year, the company had the following summarized activities: a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash. C. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4,000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 in cash and signed a three-year note for the balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. We couleurcouro Propy ciucun PERFORMANCE PLASTICS COMPANY Balance Sheet At December 31 Assets Current Assets Cash $ 84,000 5,000 9,000 2,000 100,000 161,000 30,000 9,000 40,000 340,000 $ Accounts Receivable Supplies Notes Receivable (long-term) Total Current Assets Buildings Land Supplies Inventory Total Assets Liabilities Current Liabilities Accounts Payable Total Current Liabilities Notes Payable (long-term) Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 37,000 37,000 175,000 212,000 170,000 50,000 220,000 432,000 $ As of December 31 has the financing for PPC's investment in assets primarily come from liabilities or stockh O Liabilities Stockholder's Equity
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