Prepare in good form a balance sheet for March 31, 20X4, showing suppo

QUESTION

Prepare in good form a balance sheet for March 31, 20X4, showing supporting computations for all new amounts. Atlanta Corporations 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 14,000Accounts Payable $8000Furniture and fixture 3000Long-term debt payable 12,000Building 28,000Machinery and equipment 15,000On March 31, 20×4, 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
Atlanata Corporation Balance Sheet March30, 20X4 Assets Current Assets Cash $18,000.00 Merchandise Inventory $44,000.00 Total Current Assets $62,000.00 Land $39,000.00 Furniture and Fixtures $2,000.00 Building $28,000.00 Machinery and equipment $27,000.00 Total Assets $146,000.00 Liabilities Current Liabilities Notes Payable $10,000.00 Accounts Payable $12,000.00 Total Current Liabilities $22,000.00 Long term liabilities Long term debt payable $32,000.00 Total liabilities $54,000.00 Shareholders capital Paid in capital $92,000.00 Total shareholders equity $146,000.00 Total liabilities and shareholders equity Cash¦

$10000+1000+12000-5000) Cash = $18000 Merchandise Inventory = $40000+$4000 Merchandise Inventory = $44000 Accounts Payable = $8000+$4000 Accounts Payable = $12000 Long term debt payable= $12000 + $20000 Long term debt payable= $32000 Machinery and equipment = $15000 + $12000 Machinery and equipment = $27000 Shareholders capital = $80000+$12000 Shareholders capital = $102000 Land = $12000+ $25000 Land = $37000

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