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Prepare a classified balance sheet from the following categories. Enter them as Current Assets,Long term assets,current liabilities, Long term liabilities and stockholders equity. a. Issued
Prepare a classified balance sheet from the following categories. Enter them as Current Assets,Long term assets,current liabilities, Long term liabilities and stockholders equity.
a. Issued 7,500 shares of stock with a par value $0.10 to three owners (2,500 shares each) for $75,000 in cash. | 7500 | .10 | 2500 | 75000 | ||
b. Purchased a short-term investment for $10,000 cash. | 10000 | |||||
c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year note for the remainder. | 20000 | 5000 | ||||
d. Bought $900 of supplies on account. | 900 | |||||
e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. | 5000 | |||||
f. Purchased $10,000 of equipment in cash. | 10000 | |||||
g. Paid $500 on account for supplies purchased in transaction (d). | 500 |
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