5 Required information [The following information applies to the questions displayed below.] Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings $ 41,250 8,850 63,000 8,750 6,050 115,500 197,000 42,500 37,500 127,000 150,000 168,400 During the year, the company had the following summarized activities: a. Purchased equipment that cost $24,300; paid $8,000 cash and signed a two-year note for the balance. b. Issued an additional 3,300 shares of common stock for $33,000 cash. c. Borrowed $98,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $6,700 cash. e. Built an addition to the factory buildings for $45,250; paid $15,000 in cash and signed three-year note for balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worke Required: 1. Analyze transactions (a)-(f) to determine their effects on the accounting equation. (Enter any decreases to acco minus sign.)
[The following information applies to the questions displayed below.] Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: During the year, the company had the following summarized activities: a. Purchased equipment that cost $24,300; paid $8,000 cash and signed a two-year note for the balance. b. Issued an additional 3,300 shares of common stock for $33,000 cash. c. Borrowed $98,500 cash from a local bank, payable June 30 , in two years. d. Purchased supplies for $6,700 cash. e. Built an addition to the factory buildings for $45,250; paid $15,000 in cash and signed three-year note for balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worke Required: 1. Analyze transactions (a)- (f) to determine their effects on the accounting equation. (Enter any decreases to acco minus sign.)
