Answered Essay: Deliberate Speed Corporation (DSC) was incorporated as a private company. accounts included the following at June 30: The company's Accounts P

Deliberate Speed Corporation (DSC) was incorporated as a private company. accounts included the following at June 30: The companys Accounts Payable Buildings 20,000 Land 100,000 Notes Payable long-term $200,000 2,000 259,000 36,000 Retained Earnings 180,000 Supplies 118,000 Common Stock pmant During the month of July, the company had the following ativities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182.000: paid $82.000 in cash and signed a three-year note for the d. e. balance Paid cash for equipment that cost $200,000. Purchased supplies for $30,000 on account.

Deliberate Speed Corporation (DSC) was incorporated as a private company. accounts included the following at June 30: The company’s Accounts Payable Buildings 20,000 Land 100,000 Notes Payable long-term $200,000 2,000 259,000 36,000 Retained Earnings 180,000 Supplies 118,000 Common Stock pmant During the month of July, the company had the following ativities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182.000: paid $82.000 in cash and signed a three-year note for the d. e. balance Paid cash for equipment that cost $200,000. Purchased supplies for $30,000 on account.

Expert Answer

 

a Cash 400000
           Common stock 400000
b Cash 100000
           Bank loan 100000
c Building 182000
          Cash 82000
           Notes payable 100000
d Equipment 200000
            Cash 200000
e Supplies 30000
          Accounts payable 30000
Trail balance
Cash 254000
Supplies 37000
Building 282000
Equipment 318000
Land 200000
Accounts payable 50000
Notes payable 102000
Bank loan 100000
Common stock 580000
Retained earnings 259000
1091000 1091000
Balance sheet
Assets
Current assets
Cash 254000
Supplies 37000
Total current assets 291000
Fixed assets
Building 282000
Equipment 318000
Land 200000
Total fixed assets 800000
Total assets 1091000
Liabilities and stockholders equity
Liabilities
Current liability
Accounts payable 50000
Long term liabilities
Notes payable 102000
Bank loan 100000
Total long term liabilities 202000
Total liabilities 252000
Stockholders equity
Common stock 580000
Retained earnings 259000
Total stockholders equity 839000
Total liabilities and stockholders equity 1091000
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