Assignment A-1.1
Below is the balance sheet of XYZ Corporation on August 30, 2007 and it contains the following items below:
Paid-in-capital $190,000
Notes payable $20,000
Cash $22,000
Accounts Receivable $10,000
Merchandise Inventory $29,000
Land $41,000
Machinery and equipment $20,000
Furniture and fixtures $8,000
Notes payable $8,000
Accounts payable $16,000
Building $230,000
Long-term debt payable $142,000
On August 31, 2007 the following transactions occurred:
- Paid $6,000 on accounts payable
- Appraisers valued the remaining value of the land as $240,000
- Bought machinery and equipment for $14,000 of which $3,000 paid in cash and the rest <' BR> by signing a note.
- Sold part of the land for $6,000 on account.
- Issued capital stock as payment for $23,000 of the long-term debt.
Prepare a Balance Sheet for August 31, 2007 that includes the above transactions.
Assignment A-1.2
Assignment Two ABC Pharmacy is a well known drug store in your area. A condensed balance sheet for August 31, 2007 follows ($ in millions):
Assets Cash $ 13 Accounts Receivable 614 Inventories 2,831 Property and other assets 3,646 Total Assets $7,104
Liabilities and Stockholders' Equity Accounts Payable $1,364 Other Liabilities 1,506 Stockholders' equity 4,234 Total Liabilities and Stockholders' Equity $7,104
On September 1 and 2 the following transactions were added:
Issued 1,000,000 shares of common stock to employees for cash, $30.
Issued 1,000,000 shares of common stock for the acquisition of special equipment from a supplier, $45.
Borrowed cash signing a note payable for $12.
Purchased equipment for cash $13.
Purchased inventories on account $90.
Disbursed cash on account (to reduce the accounts payable) $35.
Sold display equipment to retailer on account at cost $1.
Collected cash on account $8.
Prepare a Balance Sheet as of September 2.
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