Long term notes payable and total liabilities please. ...
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Accounting
Long term notes payable and total liabilities please.
East Hill Home Healthcare Services was organized on January 1, 2022 by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 8,500 shares. To date, they are the only shareholders. At the end of 2023 , the accounting records reflected total assets of $656,000 ( $58,000 cash, $420,000 land, $58,000 equipment, and $120,000 buildings), total llabilities of $166,000 (short-term notes payable of $83,000 and long-term notes payable of $83,000 ), and shareholders' equity of $490,000 ( $100,000 contributed capital and $390,000 retained earnings). The following summarized events occurred during January 2024: a. Sold 7,000 additional shares to the original organizers for a total of $70,000 cash. b. Purchased a building for $48,000, equipment for $12,000, and four acres of land for $13,000; paid $8,000 in cash and signed a not for the balance (due in 15 years). (Hint: Five different accounts are affected.) c. Sold one acre of land acquired in (b) for $4,000 cash to another company. d. Purchased short-term investments for $13,500 cash. e. One shareholder reported to the company that he sold 400 East Hill shares to another shareholder for $4,000 cash. f. Lent $5,400 to one of the shareholders for moving costs, recelving a signed six-month note from the shareholder. 4. Based only on the completed tabulation, provide the following amounts at January 31, 2024. Answer is complete but not entirely correct



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