Determine financial statement effects of transacation

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Question: Received $70,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $60,000 cash. As a construction site for smaller projects, it is estimated to be worth $65,000 to J.K. Builders. c. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $10,000 but the supplier gave J.K. Builders a 10 percent discount. J.K. Builders has not yet received the $9,000 bill from the supplier. d. Borrowed $25,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years. c. One of the owners sold $10,000 worth of his common stock to another shareholder for $11,000.

Determine financial statement effects of transacation Analysing the accounting equation effect of the transaction and compute total assets liabilities and equity

Reference no: EM133451915

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