Question

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company’s accounts included the following...

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company’s accounts included the following at June 30:

   

  
  Accounts Payable $ 28,400
  Buildings 114,000
  Cash 38,000
  Common Stock 215,000
  Equipment 162,500
  Land 286,000
  Notes Payable (long-term) 2,400
  Retained Earnings 370,900
  Supplies 16,200
During the month of July, the company had the following activities:
a. Issued 3,900 shares of common stock for $390,000 cash.
b. Borrowed $110,000 cash from a local bank, payable in two years.
c. Bought a building for $251,750; paid $92,750 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $243,000.
e. Purchased supplies for $30,750 on account.
Liabilities
DELIBERATE SPEED CORPORATION
Balance Sheet
At July 31
0 0
0
0
$0 $0

Homework Answers

Answer #1

Balance sheet ;

Assets Amount Liabilities and stockholder's equity Amount
Current assets Current liabilities
Cash 202250 Account payable 59150
Supplies 46950 Long term liabilities
Notes payable 161400
Bank loan 110000
Non Current assets Stockholder's equity
Land 286000 Common Stock 605000
Building 365750 Retained earnings 370900
Equipment 405500
Total Assets 1306450 Total liabilities and equity 1306450
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