Assume Summertime Fashions opened a store in Orlando, starting with cash and common stock of $108,000. Gary

Question:

Assume Summertime Fashions opened a store in Orlando, starting with cash and of $108,000. Gary Breen, the store manager, then signed a note payable to purchase land for $79,000 and a building for $200,000. Breen also paid $42,000 for equipment and $5,700 for supplies to use in the business.
Suppose the home office of Summertime Fashions requires a weekly report from store managers. Write Breen's memo to the head office to report on his purchases. Include the store's as the final part of your memo. Prepare a T-account to compute the balance for Cash.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...