5. Prepare a classified balance sheet at July 31. Answer is not complete. BEARINGS & BRAKES...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
5. Prepare a classified balance sheet at July 31. Answer is not complete. BEARINGS & BRAKES CORPORATION Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable Supplies Total Current Assets 0 Total Current Liabilities 0 Equipment 494,000 Notes Payable (long-term) Buildings 786,000 Land 268,000 0 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 0 Total Assets $1,548,000 Total Liabilities and Stockholders' Equity 0 Required information [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $ 79,000 600,000 100,000 Buildings Cash Common Stock 270,000 Equipment 168,000 Land 494,000 Notes Payable (long-term) 3,000 Retained Earnings 1,016,000 6,000 Supplies During the month of July, the company had the following activities: a. Issued 3,900 shares of common stock for $390,000 cash. b. Borrowed $110,000 cash from a local bank, payable in four years. c. Bought a building for $186,000; paid $76,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $100,000 on account. 5. Prepare a classified balance sheet at July 31. 5. Prepare a classified balance sheet at July 31. Answer is not complete. BEARINGS & BRAKES CORPORATION Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable Supplies Total Current Assets 0 Total Current Liabilities 0 Equipment 494,000 Notes Payable (long-term) Buildings 786,000 Land 268,000 0 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 0 Total Assets $1,548,000 Total Liabilities and Stockholders' Equity 0 Required information [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $ 79,000 600,000 100,000 Buildings Cash Common Stock 270,000 Equipment 168,000 Land 494,000 Notes Payable (long-term) 3,000 Retained Earnings 1,016,000 6,000 Supplies During the month of July, the company had the following activities: a. Issued 3,900 shares of common stock for $390,000 cash. b. Borrowed $110,000 cash from a local bank, payable in four years. c. Bought a building for $186,000; paid $76,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $100,000 on account. 5. Prepare a classified balance sheet at July 31.
Expert Answer:
Answer rating: 100% (QA)
BEARINGS BRAKES CORPORATION Balance Sheet As of July 31 Assets Current Assets Cash Supplies Total Cu... View the full answer
Related Book For
Financial Accounting Tools For Business Decision Making
ISBN: 9781119791089
10th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
Posted Date:
Students also viewed these accounting questions
-
A Krause Industries balance sheet at December 31, 2016, is presented below. Budgeted data for the year 2017 include the following. To meet sales requirements and to have 2,500 units of finished goods...
-
briefly define Nike's mission statement and strategic goals. Explain how Nike's mission and strategy align with each other. Discuss why having a clear mission and well-defined strategy is crucial for...
-
Robert is the owner of an automobile manufacturing company. He calls for a board meeting and tells his directors that he wants to build a car that lets the users experience power and exhilaration. He...
-
If the price of electrical energy is $0.10 per kilowatt? hour, what is the cost of using electrical energy to heat the water in a swimming pool (12.0 m 9.00 m 1.5 m) from 15 to 27 oC?
-
On February 1, 2015, Davis Corporation issued 12%, $1,000,000 par, 10-year bonds for $1,117,000. Davis reacquired all of these bonds at 102% of par, plus accrued interest, on May 1, 2018, and retired...
-
Why is it important to use a structured project management approach ?
-
Comparison of Inventory Costing MethodsPeriodic System Bitten Companys inventory records show 600 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during...
-
There are 800 stations in a network. Each station transmits 500 frames/second, and the size of one frame is 3200 bits. As we know, in addition to the application data, different protocols add...
-
A jet of water, 6.5 cm in cross-sectional area, moving at 12 m/s, is turned through an angle of 135 deg by a curved plate. The plate is moving at 4.5 m/s in the same direction as the jet. Neglecting...
-
Using this information listed on the table please help me findTotal debits or credits from the unadjusted trial balanceTotal debits or credits from the adjusted trial balanceTotal revenue which is 2...
-
Tech Solutions is a consulting firm that uses a job-order costing system. Its direct materials consist of hardware and software that it purchases and installs on behalf of its clients. The firm's...
-
On January 1, 2021, Company borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December...
-
Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit...
-
Tanner-UNF Corporation acquired as a long-term Investment $170 million of 6% bonds, dated July 1, on July 1, 2024. Company management has the positive Intent and ability to hold the bonds until...
-
Sapphire Marine is specialized in manufacturing of leisure fishing boats in Oman. The company hired the specialized workers who will be engaged only on manufacturing leisure fishing boats and were...
-
Wal-Mart is the second largest retailer in the world. The data file on the disk holds monthly data on Wal-Marts revenue, along with several possibly related economic variables. a) Using computer...
-
At the end of 2024, Safer Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2025, it is learned that the companys receivable from Madonna Inc....
-
Your examination of the records of a company that follows the cash basis of accounting tells you that the companys reported cash-basis earnings in 2025 are $33,640. If this firm had followed...
-
Suppose the following information is available for Callaway Golf Company for the years 2025 and 2024. (Dollars are in thousands, except share information.) There were 73,139,000 shares of common...
-
Using Rayeigh's method, determine the fundamental natural frequency of the system shown in Fig. 8.42. Disc, mass moment of inertia 5 kg-m Steel shaft, dia. 5 cm + O 0.8 m -0.2 m- FIGURE 8.42...
-
Solve Problem 8.73 using the Rayleigh-Ritz method with the mode shape \[U(x)=c_{1} \sin \frac{\pi x}{2 l}+c_{2} \sin \frac{3 \pi x}{2 l}\]
-
Find the first two natural frequencies of a fixed-fixed uniform string of mass density \(ho\) per unit length stretched between \(x=0\) and \(x=l\) with an initial tension \(P\). Assume the...
Study smarter with the SolutionInn App