E2-11 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) Long-term lease liabilities Common stock (15,000 shares) Additional paid-in capital Current assets: Cash Notes receivable Total current assets Required: 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7. Assets Store fixtures Operating lease right-of-use assets Total assets Dollar Effect of Each of the Six Transactions 1 2 3 4 5 6 $17,000 $73,000 $(9,000) $(4,300) $(9,200) $(4,000) 4,300 9,200 $ 1,700 15,300 $ FASTTRACK SPORTS INCORPORATED Balance Sheet 63,500 4,300 73,000 67,800 135,000 126,000 9,200 135,000 Current liabilities: Notes payable Liabilities Total current liabilities Long-term lease liabilities Total Liabilities Stockholders' Equity Common stock Additional paid-in-capital Total stockholders' equity 212,000 Total liabilities and stockholders' equity $ $ (4,000) 69,000 69,000 126,000 195,000 1,700 15,300 17,000 212,000 Ending Balance
E2-11 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) Long-term lease liabilities Common stock (15,000 shares) Additional paid-in capital Current assets: Cash Notes receivable Total current assets Required: 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7. Assets Store fixtures Operating lease right-of-use assets Total assets Dollar Effect of Each of the Six Transactions 1 2 3 4 5 6 $17,000 $73,000 $(9,000) $(4,300) $(9,200) $(4,000) 4,300 9,200 $ 1,700 15,300 $ FASTTRACK SPORTS INCORPORATED Balance Sheet 63,500 4,300 73,000 67,800 135,000 126,000 9,200 135,000 Current liabilities: Notes payable Liabilities Total current liabilities Long-term lease liabilities Total Liabilities Stockholders' Equity Common stock Additional paid-in-capital Total stockholders' equity 212,000 Total liabilities and stockholders' equity $ $ (4,000) 69,000 69,000 126,000 195,000 1,700 15,300 17,000 212,000 Ending Balance
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...
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