Reference no: EM131801543

1.) Create a balance sheet for the following items

Cash 22'000

Notes payable 21'000

Paid-in capital 190'000

Accounts payable 16'000

Land 41'000

Building 241'000

Long-term debt payable 134'000

Merchandise inventory 29'000

Machinery and equipment 20'000

Furniture and fixtures 8'000

2.) Events and transactions

- Purchase machinerynad equipment for 13'000, paying4'000 in cash and signing a 90-day note for the balance

- paid 7'000 on accounts payable

- sold some land fo r6'000 in cash (companies acquisition cos tof the land)

- The remaining land wa svalued at 240'000 by professiona lappraisers

- issued capita lstock as payment for 23'000 of th elong-term debt, that is, debt due beyond 1 year

3.) Prepare good final balance sheet