III. Prepare a Classified balance sheet for Cirba Sports Inc. for the January 20

Question

III. Prepare a Classified balance sheet for Cirba Sports Inc. for the January 2015 based on the following transactions: Transaction Brief Explanation 1 Issued capital stock to sharcholders for $16,000 cash. (Cirba Sports Inc. is a corporation.) Borrowed $70,000 cash and signed a short-term note for this amount. 3 2 Purchased land for $16,000; paid $5,000 cash and gave an $11,000 short-term note payable for the balance. Loaned $4,000 cash; borrower signed a short-term note for this amount (Note Receivable). Purchased store fixtures for $9,000 cash. Purchased land for $4,000, paid for by signing a short-term note. 4

Explanation / Answer

Cibra Sports Inc. Balance Sheet As at 31 January 2015 Assets: Curent Assets: Cash        68,000 Note Receivable          4,000 Less: Allowance for doubtful Accounts Inventory Total current assets        72,000 Fixed Assets Furniture and Fixtures 9000 Land        20,000 Total Fixed Assets        29,000 Total Assets    1,01,000 Liabilities and Shareholder's Equity Liabilities: Current Liabilities: Notes Payable (Short term)        85,000 Total Current Liabilities        85,000 Long-term liabilities: Total Liabilities        85,000 Shareholders Equity: Common Stock        16,000 Retained Earnings Total shareholders Equity        16,000 Total Liabilities and share holders equity    1,01,000

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