Atlanta Corporations balance sheet at March 30, 20X4,

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.

TUTORIAL PREVIEW

Atlanta Corporation
Balance sheet March 31, 2004
Assets:
Current Assets:
Cash (10,000 + 1,000 - 5,000)	6,000
Merchandise Inventory (40,000 + 4,000)	44,000

File name Atlanta Corporations.docx File type: docx  PRICE:$6