Required information Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. a. Received $33,000 cash from the investors who organized Down, Inc. b. Borrowed $18,000 cash and signed a note due in two years. c Ordered equipment costing $15,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e Received the equipment ordered in (d. paid for half of it, and put the rest on account 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. DOWN.INC Balance Sheet ' e. Received the equipment ordered in (d. paid for half of it, and put the rest on account 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. DOWN.INC Balance Sheet Prev CSD 14 of 18 BE Next >