Question: it says im missing something but i cannot figure if out pls help Performance Plastics Company (PPC) has been operating for three years. The beginning

it says im missing something but i cannot figure if out pls help
it says im missing something but i cannot figure if out pls
help Performance Plastics Company (PPC) has been operating for three years. The
beginning account balances are: Cash Accounts Receivable $ 49,250 6,800 50,500 9,500
Inventory Supplies Notes Receivable (due in three years) 6,750 Equipment 125,500 Buildings

Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable $ 49,250 6,800 50,500 9,500 Inventory Supplies Notes Receivable (due in three years) 6,750 Equipment 125,500 Buildings 144,000 Land 49,750 Accounts Payable 45,000 104,500 Notes Payable (due in three years) Common Stock 150,000 Retained Earnings 142,550 During the year, the company had the following summarized activities: a. Purchased equipment that cost $32,000; paid $8,500 cash and signed a two-year note for the balance. b. Issued an additional 3,000 shares of common stock for $30,000 cash. c. Borrowed $52,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $7,150 cash. e. Built an addition to the factory buildings for $50,000; paid $14,750 in cash and signed a three-year note for the balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.). No Date General Journal Debit Credit December 31 Equipment 32,000 Cash Notes Payable (long-term) December 31 30,000 Common Stock December 31 Cash 52,500 Notes Payable (long-term) December 31 7,150 Supplies Cash December 311 Buildings 50,000 Cash Notes Payable (long-term) December 31 No Journal Entry Required A B C D E F Cash 30 >> *** O 3 8,500 23,500 30,000 52,500 7,150 14,750 35,250 B riepait a classic walance sheet al Delever i at uit uropos to select fit accounts Property balance sheet. PERFORMANCE PLASTICS COMPANY Balance Sheet At December 31 Assets Current Assets Cash 101,350 16,650 Supplies Accounts Receivable 6,800 Inventory 50,500 175,300 6,750 Notes Receivable (long-term) Equipment 157,500 Buildings 194,000 Land 49,750 Total Assets 583,300 Current Liabilities. 45,000 45,000 Accounts Payable Total Current Liabilities Liabilities. >> 474 44 44 Inventory Notes Receivable (long-term) Equipment Buildings Land Total Assets Current Liabilities Liabilities Stockholders' Equity Accounts Payable Total Current Liabilities Notes Payable (long-term) Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity + 50,500 175,300 6,750 157,500 194,000 49,750 $ 583,300 45,000 45,000 215,750 260,750 180,000 142,550 322,550 $ 583,300

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