Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $15.625 in the company and, in turn, was issued 12,500 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: a. Collected a total of $62.500 from the organizers and, in turn, issued common stock b. Purchased a building for $73,500, equipment for $17,000, and three acres of land for $29.700; paid $35.500 in cash and signed a note for the balance, which is due to be paid in 15 years. c One stockholder reported to the company that 1.050 shares of his ABT stock had been sold and transferred to another stockholder for $10.500 cash. d. Purchased supplies for $5.950 cash. e Sold one acre of land for $9.900 cash to another company. Required: 2. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions to develop a quick assessment of their economic effects on ABT complete the spreadsheet that follows. 4. Based on the completed spreadsheet compute the following amounts 5. As of January 31, has the financing for ABTS investment in assets primarily come from abilities or stockholders' equity? Complete this question by entering your answers in the tabs below. Required 2 Required Recured! During the first month the records of the company were inadequate You were asked to prepare a summary of the preceding transactions To dovelop a quick assortment of the economic effects on ART, complete the spreadsheet that follows. (Enter any decreases to account balances Complete this question by entering your answers in the tabs below. Required 2 Required 4 Required 5 During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transaction develop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. (Enter any decreases to account ba with a minus sign.) + Cash Assets Land Supplies Building Equipment Liabilities Notes Payable Stockholders' Equity Common Retained Stock Earnings Beg Da End Required 4 > Complete this question by entering your answers in the tabs below. Required 2 Required 4 Required 5 Based on the completed spreadsheet, compute the following amounts: a. Total assets at the end of the month b. Total liabilities at the end of the month C. Total stockholders' equity at the end of the month d. Cash balance at the end of the month e Total current assets at the end of the month
