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Unformatted text preview: Demo Problem Chapter 3 This case is a continuation of the Terrific Lawn Maintenance Corporation case introduced in Chapter 2. The company was established and supplies, property, and equipment were purchased. Terrific Lawn is ready for business. The balance sheet at April 30, 2003, based on investing and financing activities (from Chapter 2) is as follows: Terrific Lawn Maintenance Corporation Balance Sheet At April 30, 2003 ASSETS LIABILITIES Current Assets Current Liabilities Cash $ 3,80 Notes payable $ 4,40 Notes receivable 1,25 Total current liabilities 4,400 Total current assets 5,050 Equipment 4,600 Stockholder s' Equity Land 3,750 Contributed capital 9,000 Total $ 13,40 Total $ 13,400 assets liabilities and stockholders ' equity The following completed activities occurred during April 2003: (a) Purchased and used gasoline for mowers and edgers, paying...
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