During its first month of operations in March, Volz Cleaning, Incorporated, completed six transactions with the...

 

Transcribed Image Text:

During its first month of operations in March, Volz Cleaning, Incorporated, completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Investments (short-term) Notes receivable (due in six months) Computer equipment Delivery truck Notes payable (due in 10 years) Common stock (3,000 shares) Additional paid-in capital Required: 1 $56,000 5,000 51,000 Dollar Effect of Each of the Six Transactions 5 6 $1,000 $(4,000) (1,000) 2 $(7,000) 21,000 14,000 3 4 $(4,800) $(11,000) 11,000 4,800 4,000 Ending Balance 2. Prepare a classified balance sheet for Volz Cleaning, Incorporated, at the end of March. Current assets: Cash Investments Notes receivable Total current assets Computer equipment Delivery truck Total assets Assets VOLZ CLEANING, INCORPORATED Balance Sheet $ $ 30,200 10,000 4,800 45,000 4,000 0 0 Answer is not complete. 21,000 70,000 Liabilities: Notes payable Total liabilities Liabilities Stockholders' Equity Common stock Additional paid-in-capital Total stockholders' equity Total liabilities and stockholders' equity $ $ 14,000 0 0 14,000 5,000 0 51,000 56,000 70,000 During its first month of operations in March, Volz Cleaning, Incorporated, completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Investments (short-term) Notes receivable (due in six months) Computer equipment Delivery truck Notes payable (due in 10 years) Common stock (3,000 shares) Additional paid-in capital Required: 1 $56,000 5,000 51,000 Dollar Effect of Each of the Six Transactions 5 6 $1,000 $(4,000) (1,000) 2 $(7,000) 21,000 14,000 3 4 $(4,800) $(11,000) 11,000 4,800 4,000 Ending Balance 2. Prepare a classified balance sheet for Volz Cleaning, Incorporated, at the end of March. Current assets: Cash Investments Notes receivable Total current assets Computer equipment Delivery truck Total assets Assets VOLZ CLEANING, INCORPORATED Balance Sheet $ $ 30,200 10,000 4,800 45,000 4,000 0 0 Answer is not complete. 21,000 70,000 Liabilities: Notes payable Total liabilities Liabilities Stockholders' Equity Common stock Additional paid-in-capital Total stockholders' equity Total liabilities and stockholders' equity $ $ 14,000 0 0 14,000 5,000 0 51,000 56,000 70,000

Answer rating: 100% (QA)

VOLZ CLEANING INCORPORATED Balance Sheet As of March ... View the full answer