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Posted by: Homeworkhelp
Price Quoted by Student: $6
Posted On: 2016-03-29 12:12:09
 
Question

Atlanta Corporation’s balance sheet at March 30, 20X4

 

 

Atlanta Corporation’s balance sheet at March 30, 20X4, contained only the following items (arranged here in random order)


Cash                                        $10,000

Notes Payable                          10,000

Merchandise inventory                        40,000

Paid-in capital                          80,000

Land                                        14,000

Accounts Payable                    $8000

Furniture and fixture                3000

Long-term debt payable           12,000

Building                                   28,000

Machinery and equipment       15,000


On March 31, 20x4, these transactions and events took place:

1. Purchased merchandise on account, $4,000

2. Sold cost for $1,000 cash some furniture that was not needed

3. Issued additional capital stock for machinery and equipment valued at $12,000

4. Purchased land for $25,000 of which $5,000 was paid in cash, the remaining being represented by a

5-year note (Long –term debt)

5. The building was valued by professional appraiser at $47,000

 

Prepare in good form a balance sheet for March 31, 20X4, showing supporting computations for all new amounts.

 

SOLUTION PREVIEW

Atlanta Corporation

Balance sheet March 31, 2004

Assets:

Current Assets:

Cash (10,000 + 1,000 - 5,000)

6,000

Merchandise Inventory (40,000 + 4,000)

44,000


Solutions
SOLUTION Atlanta Corporation
Price $6
Attachment 1: Atlanta Corporation.xls
Solution Posted By: Homeworkhelp    Posted on: 29-03-2016