Asked Aug 11, 2008, 09:12 AM
Please help I am over my head due to extreme family situations. Thanks
Accounts receivable 97500
Other current assets 312100
Property,plant, and equipt 1265800
Other long term assets 179500
Accounts payable 462600
Short term bank loans 74900
Long term debt 5100
Other long term liabilities 23500
Contributed capital 930300
Retained earnings 796200
This is the balance for the 4th quarter which ended 12/31/07
1. Paid $10400 cash for additional other long term assets
2. Issued additional shares of stock for $5300 in cash.
3. Purchased property, plant, and equipt; paid $11800 in cash for this
4. Signed additional long term loans for $8900
5. Sold, at cost, other long term assets for $3000 cash.
I need to prepare journal entries to record transactions 1-5. Create T-accounts for each of the accounts on the balance sheet and enter the balance for Oct 1 - Dec 31, 2007 4th quarter balance. Enter the effects of th transactions in T-accounts (including referencing) and determine the Dec 31, 2007 balances. EPrepare a classified balance sheet at Dec. 3 as of Dec 31 and determine if the financing for the investment in assets made by this company primarily come from liabilities or stockholders' equity.