Check my work mode: This shows Required Information [The following information applies to the questions displayed...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Check my work mode: This shows 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 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 for $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. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Return to question 1 Part 1 of 6 10 points Land Notes Payable (long-term) Retained Earnings Supplies 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 for $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. Mc Graw Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Answer is not complete. Assets Liabilities + Stockholders' Equity Notes Cash Supplies Buildings Equipment Accounts Payable Payable (long-term) + a. 690,000 9,000 500,000 148,000 = 50,000 5,000 Common Stock 176,000 b. = C. d. = = 60,000 + + + e. = www + Return to question Check my work mode: This shows 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 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 for $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. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Return to question 1 Part 1 of 6 10 points Land Notes Payable (long-term) Retained Earnings Supplies 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 for $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. Mc Graw Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Answer is not complete. Assets Liabilities + Stockholders' Equity Notes Cash Supplies Buildings Equipment Accounts Payable Payable (long-term) + a. 690,000 9,000 500,000 148,000 = 50,000 5,000 Common Stock 176,000 b. = C. d. = = 60,000 + + + e. = www + Return to question
Expert Answer:
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
1. What are top 3 barriers to entry that you would foresee in opening an international business in Canada? (5 points) In this question, explain the three barriers and why you see them as barriers? 2....
-
Identify and discuss three (3) network management functions that PING (Packet Internet Groper) can perform.
-
CENGAGE MINDTAP Ch 05: Mastery Assignment - Discrete Probability Distributions Suppose that you are awarded prize money if you match at least one of the winning numbers. The probability that you will...
-
Sketch the six graphs of the x- and y-components of position, velocity, and acceleration versus time for projectile motion with x 0 = y 0 = 0 and 0 < 0 < 90.
-
Say as much as possible about each system's solution set. Be sure to make it clear which theorems you are using to reach your conclusions. 1. A consistent system of 8 equations in 6 variables. 2. A...
-
We derived the differential equation of motion of a nonrelativistic rocket, by conserving both momentum and total mass over a short time interval \(\Delta t\). That is, the momentum of the rocket at...
-
On 30 June 2004 Smith and Sons Ltd acquired all the assets, except the investments, of Firefly Ltd. The following are the summaries of the profit and loss account of Firefly Ltd for the years ending...
-
Tyva makes a very popular undyed cloth sandal in one style, but in Regular and Deluxe. The Regular sandals have cloth soles and the Deluxe sandals have cloth-covered wooden soles. Tyva is preparing...
-
You will need to use the SEC's Edgar database to locate the 10-Ks required for the project. Refer to the Revenue Recognition discussion in Note 2 (from the 10-K). In general, when does Apple recogn...
-
Problem involve estimating the area under the curves in Figures AD from x = 1 to x = 4. For each figure, divide the interval [1, 4] into three equal subintervals. Using the results of Problem 16,...
-
For 4 - 5 use the following Balance Sheet (partial) at 12/31 Stockholders' Equity: Common stock (par $0.01) $1,500 Additional Paid in capital 5,548,500 Total paid in capital 5,550,000 Retained...
-
Lauren owns 100% of Hill Company, a manufacturing business. Hill Company has $525,000 in net income before deducting any compensation or other payment to Lauren. Lauren is a single taxpayer, claims...
-
Conduct a three factor DuPont analysis for Starbucks and Cheesecake Factoryfor 2017 and 2018 end-of-fiscal-year results. Use the information from financial statements provided in the section of the...
-
As a result of the current COVID-19 pandemic, stock markets around the globe have become volatile. As an investor you perceive that the markets are going to experience significant movements in the...
-
How does the offer differ from the product of traditional mass media marketing?
-
You own a classic automobile that is currently valued at $150,000. If the value increases by 6.5 percent annually, how much will the automobile be worth ten years from now?
-
She bought 50 dresses for $13.00 each and paid total carriage inwards of $50.00. She sold 30 dresses for $20.00 each. The price at which she can sell the dresses has now fallen to $13.50 each. At...
-
Information graphics, also called infographics, are wildly popular, especially in online environments. Why do you think infographics continue to receive so much attention? How could infographics be...
-
What is a contingent liability? How is a contingent liability reported under GAAP? How does this differ under IFRS?
-
During the month of September, the Texas Go-Kart Company had the following business activities: a. On September 1, paid rent on the track facility for six months at a total cost of $12,000. b. On...
-
Complete the requirements of CP10-6, assuming Southwest Corporation uses effective-interest amortization. Requirement CP10-6 Required: 1. Compute the cash received from the bond issuance in dollars...
-
Sales Returns and Allowances is debited for the amount of the sale, including the sales tax on that amount. True/False
-
When $25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) $1.50 (c) $26.50 (b) $25.00 (d) $31.00
-
When $300, plus sales tax of 6%, is received for an amount previously owed, Cash is debited for what amount? (a) $18 (c) $300 (b) $318 (d) $282
Study smarter with the SolutionInn App