1-28 Atlanta Corporation’s balance sheet at March 30, 20X4, contained only the following items (arranged here in random order)
1-28 Prepare balance sheet
Introduction to Financial Accounting: By Horngren Charles T SOLUTION
1-28 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.
