Atlanta Corporation’s balance sheet at March 30, 20X4, contained only the following items (arranged here in random order)

1-28 Prepare balance sheet

Introduction to Financial Accounting: By Horngren Charles T

1-28 Atlanta Corporation’s balance sheet at March 30, 20X4, contained only the following items (arranged here in random order)

Cash $10,000

Notes Payable 10,000

Merchandise inventory 40,000

Paid-in capital 80,000

Land 14,000

Accounts Payable $8000

Furniture and fixture 3000

Long-term debt payable 12,000

Building 28,000

Machinery and equipment 15,000

On March 31, 20x4, these transactions and events took place:

1. Purchased merchandise on account, $4,000

2. Sold cost for $1,000 cash some furniture that was not needed

3. Issued additional capital stock for machinery and equipment valued at $12,000

4. Purchased land for $25,000 of which $5,000 was paid in cash, the remaining being represented by a

5-year note (Long –term debt)

5. The building was valued by professional appraiser at $47,000

Prepare in good form a balance sheet for March 31, 20X4, showing supporting computations for all new amounts.