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.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help