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 $590,000 and total liabilities of $245,000 During the current year, the following summarized events occurred Issued additional shares of common stock for $115,000 cash Borrowed $115,000 cash from the bank and signed a 10 year note Built an addition on the buildings for $205,000 and paid cash to the contractor Purchased equipment for the new addition for $35,750, paying $3,575 in cash and signing a note for the balance due in two years Returned a $3,575 piece of equipment, from (d) , because it proved to be defective received a reduction of the notes payable Purchased a delivery truck (equipment) for $14,750 paid $10,325 cash and signed a two year note for the remainder A stockholder sold $6,650 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 MIs investment in assets primarily come from liabilities or stockholders equity 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 ) Cash 115,000 Assets Equipment Buildings Equipment Buildings Liabilities Notes Payable Stockholders' Equity Common Retained Stock Earnings 115,000 End 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 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

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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

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 $590,000 and total liabilities of $245,000. During the current year, the following summarized events occurred:

Issued additional shares of common stock for $115,000 cash.
Borrowed $115,000 cash from the bank and signed a 10-year note.
Built an addition on the buildings for $205,000 and paid cash to the contractor.
Purchased equipment for the new addition for $35,750, paying $3,575 in cash and signing a note for the balance due in two years.
Returned a $3,575 piece of equipment, from (d), because it proved to be defective; received a reduction of the notes payable.
Purchased a delivery truck (equipment) for $14,750; paid $10,325 cash and signed a two-year note for the remainder.
A stockholder sold $6,650 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 MIs investment in assets primarily come from liabilities or stockholders equity?

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.) = + Cash 115,000 Assets Equipment Buildings Equipment Buildings Liabilities Notes Payable Stockholders' Equity Common Retained Stock Earnings 115,000 End. 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. 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