Question: please help! Required Information Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are Cash Accounts Receivable Inventory Supplies Notes


Required Information Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings $ 55,500 8,300 52,250 8,850 5.350 114,000 180,000 51,000 32,000 94,000 150,000 199, 250 During the year, the company had the following summarized activities: a. Purchased equipment that cost $25,150; paid $6,550 cash and signed a two-year note for the balance. b. Issued an additional 4,500 shares of common stock for $45,000 cash. c. Borrowed $72,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $5,800 cash. e. Built an addition to the factory buildings for $52,250; paid $21,500 in cash and signed a three-year note for the balance. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. 5. Prepare a classified balance sheet at December 31. ORMANCE PLASTICS COM Balance Shoot At December 31 Liabilities Current Liabilities | Accounts Payable Current Assets Cash Accounts Receivable Notes Receivable (long-term) Inventory Total Current Liabilities Total Current Assets Notes Payable (long-term) oTotal Liabilities Stockholders' Equity Land Buildings Equipment Retained Earnings Required information Current Liabilities Accounts Payable Cash and a l l that is the Accounts Receivable Notes Receivable (long-term) Inventory e Total Current Liabilities 0 o Se Notes Payable (long-term) OfTotal Liabilities Stockholders' Equity ail Retained Earnings Total Current Assets el dia Land Buildings Equipment Supplies T Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total Assets A S $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
