Question: Jacksonville Corporation s balance sheet at March 30 20X1 contained only

Jacksonville Corporation’s balance sheet at March 30, 20X1, contained only the following items (arranged here in random order):

On March 31, 20X1, these transactions and events took place:
1. Purchased merchandise on account, $3,000
2. Sold at 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 $10,000 was paid in cash, the remaining being represented by a 5-year note (long-term debt)
5. The building was valued by professional appraisers at $43,000
Prepare in good form a balance sheet for March 31, 20X1, showing supporting computations for all new amounts.
View Solution:

Sale on SolutionInn
  • CreatedFebruary 20, 2015
  • Files Included
Post your question