Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in business for five years. At the end of the previous year, the accounting records reflected total assets of $690,000 and total liabilities of $295,000. During the current year, the following summarized events occurred: a. Issued additional shares of common stock for $165,000 cash. b. Borrowed $120,500 cash from the bank and signed a 10-year note. c Built an addition on the buildings for $261,000 and paid cash to the contractor. d. Purchased equipment for the new addition for $39,750, paying $3,975 in cash and signing a note for the balance due in two years. e. Returned a $3,975 piece of equipment, from (d), because it proved to be defective; received a reduction of the notes payable. 6. Purchased a delivery truck (equipment) for $10,750; paid $7,525 cash and signed a two-year note for the remainder. g. A stockholder sold $5,550 of his stock in Mallard Incorporated to his neighbor. Required: 1. Complete the spreadsheet that follows. The first transaction is used as an example, 3. Based on beginning balances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders' equity at the end of year. 4. As of the current year-end, has the financing for Ml's investment in assets primarily come from liabilities or stockholders' equity? Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 4 Complete the spreadsheet that follows. The first transaction is used as an example. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Notes Payable Stockholders' Equity Common Retained Stock Earnings Cash Equipment Buildings elu Ul yedi. 4. As of the current year-end, has the financing for Mi's Investment in assets primarily come from liabilities or stockholders' equity Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 4 Complete the spreadsheet that follows. The first transaction is used as an example. (Enter any decreases to account balances with a minus sign.) Assets Cash Equipment Buildings Liabilities Notes Payable Stockholders' Equity Common Retained Stock Earnings 165,000 ces a. 165,000 b c. d e f. 9. End. Required 3 > Prev 1 of 10 Next > JONUIUI SUIU 36,650 of his stock In Mallard Incorporated to his neighbor. Required: 1. Complete the spreadsheet that follows. The first transaction is used as an example. 3. Based on beginning balances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders' equity at the end of year. 4. As of the current year-end, has the financing for Mi's investment in assets primarily come from liabilities or stockholders' equity? ok ht Complete this question by entering your answers in the tabs below. nces Required 1 Required 3 Required 4 Based on beginning balances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders' equity at the end of year. Amount a. Total assets at the end of the year. b. Total liabilities at the end of the year. c. Total stockholders' equity at the end of the year Prev 1 of 10 !!! Next > 10 JU,JOU UITS STOCK In Mallard Incorporated to his neighbor. Required: 1. Complete the spreadsheet that follows. The first transaction is used as an example. 3. Based on beginning balances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders' equity at the end of year. 4. As of the current year-end, has the financing for Mi's Investment in assets primarily come from liabilities or stockholders' equity? Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 4 As of the current year-end, has the financing for Mi's Investment in assets primarily come from liabilities or stockholders' equity? Liabilities Stockholders' Equity
