Homework SourseDeliberate Speed Corporation DSC was incorporated as a priva
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company’s accounts included the following at June 30:
| Deliberate Speed Corporation (DSC) was incorporated as a private company. The company’s accounts included the following at June 30: |
Solution
Balance sheet ;
| Assets | Amount | Liabilities and stockholder\'s equity | Amount |
| Current assets | Current liabilities | ||
| Cash | 202250 | Account payable | 59150 |
| Supplies | 46950 | Long term liabilities | |
| Notes payable | 161400 | ||
| Bank loan | 110000 | ||
| Non Current assets | Stockholder\'s equity | ||
| Land | 286000 | Common Stock | 605000 |
| Building | 365750 | Retained earnings | 370900 |
| Equipment | 405500 | ||
| Total Assets | 1306450 | Total liabilities and equity | 1306450 |
