E2-12 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its...

Transcribed Image Text:

E2-12 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 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 1 Dollar Effect of Each of the Six Transactions 2 $57,000 $(9,000) Ending 3 4 $(4,500) $(12,000) 5 6 Balance $3,000 $(5,000) Investments (short-term) Notes receivable (due in six months) Computer equipment 12,000 (3,000) 4,500 5,000 Delivery truck Notes payable (due in 10 years) 24,000 15,000 Common stock (3,000 shares) 4,000 53,000 Additional paid-in capital Required: 2. Prepare a classified balance sheet for Volz Cleaning, Incorporated, at the end of March. VOLZ CLEANING, INCORPORATED Assets Current assets: Balance Sheet At March 31 Liabilities Liabilities: Total current assets 0 Total liabilities 0 Stockholders' Equity Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0 E2-12 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 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 1 Dollar Effect of Each of the Six Transactions 2 $57,000 $(9,000) Ending 3 4 $(4,500) $(12,000) 5 6 Balance $3,000 $(5,000) Investments (short-term) Notes receivable (due in six months) Computer equipment 12,000 (3,000) 4,500 5,000 Delivery truck Notes payable (due in 10 years) 24,000 15,000 Common stock (3,000 shares) 4,000 53,000 Additional paid-in capital Required: 2. Prepare a classified balance sheet for Volz Cleaning, Incorporated, at the end of March. VOLZ CLEANING, INCORPORATED Assets Current assets: Balance Sheet At March 31 Liabilities Liabilities: Total current assets 0 Total liabilities 0 Stockholders' Equity Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0