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Required information [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included
Required information [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 : During the month of July, the company had the following activities: a. Issued 2,000 shares of common stock for $200,000 cash. b. Borrowed $30,000 cash from a local bank, payable in two years. c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance
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