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can someone please help with this accounting problem? Interpreting the Balance Sheet [LO 2-2, LO 2-3, LO 2-4, LO 2-5) [The following information applies to
can someone please help with this accounting problem?
Interpreting the Balance Sheet [LO 2-2, LO 2-3, LO 2-4, LO 2-5) [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 Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 50,000 500,000 90,000 170,000 148,000 444,000 5,000 966,000 9,000 During the month of July, the company had the following activities: a. Issued 6,000 shares of common stock for $600,000 cash. b. Borrowed $60,000 cash from a local bank, payable in four years, c. Bought a building fpr $166,000; paid $66,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $90,000 e. Purchased supplies for $90,000 on account. BEARINGS & BRAKES CORPORATION Balance Sheet At July 31 Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable Total Current Assets 0 0 Total Current Liabilities Notes Payable (long-term) Equipment Buildings Land 0 Stockholders' Equity Common Stock 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity $ 0 Total Assets Step by Step Solution
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