Model trains for sale to toy stores are produced by Whistle Stop Incorporated, a small manufacturing company. Whistle Stop also has a small service department that repairs customers' model trains for a fee. The company has been in business for five years. At the end of the most recent year, 2016, the accounting records reflected total assets of $510,000 and total abilities of $210,000. During the current year, 2017 the following summarized events occurred: a. Issued additional shares for $105,000 cash b. Borrowed $122.000 cash from the bank and signed a ten-year note c Built an addition on the factory for $202.000 and paid cash to the contractor d. Purchased equipment for the new addition for $33,000, paying $3,300 in cash and signing a note due in six months for the balance e Returned a $3,300 piece of equipment, from (d), because it proved to be defective received a reduction of the note payable. Purchased a delivery truck (equipment) for $10,500 paid $5,000 cash and signed a nine-month note for the remainder. 9. A shareholder sold $6,000 worth of his shares in Whistle Stop Incorporated to his neighbour Required: 1. Complete the spreadsheet given below, for increases and decreased in each account. The first transaction is used as an example, (Enter any decreases to account balances with a minus sign.) Transaction Assets Equipment Liabilities Notes Payable Building Cash 105,000 Shareholders'Equity Contributed Retained Capital Earnings 105,000 a C d 1 9 105,000 105.000 e OB DOLL 2-a. Did you include event in the spreadsheet? Yes O NO 2-b. Not available in connect 3. Based on beginning balances plus the completed spreadsheet, provide the following amounts a Total assets at the end of the year Total abilities at the end of the year c Total shareholders equity at the end of the year 4. As of December 31, 2017, has the financing for Whistle Stop's Investment in assets primarily come from liabilities or shareholders' equity? O Liabilities O Shareholders' equity DELL Model trains for sale to toy stores are produced by Whistle Stop Incorporated, a small manufacturing company. Whistle Stop also has a small service department that repairs customers' model trains for a fee. The company has been in business for five years. At the end of the most recent year, 2016, the accounting records reflected total assets of $510,000 and total abilities of $210,000. During the current year, 2017 the following summarized events occurred: a. Issued additional shares for $105,000 cash b. Borrowed $122.000 cash from the bank and signed a ten-year note c Built an addition on the factory for $202.000 and paid cash to the contractor d. Purchased equipment for the new addition for $33,000, paying $3,300 in cash and signing a note due in six months for the balance e Returned a $3,300 piece of equipment, from (d), because it proved to be defective received a reduction of the note payable. Purchased a delivery truck (equipment) for $10,500 paid $5,000 cash and signed a nine-month note for the remainder. 9. A shareholder sold $6,000 worth of his shares in Whistle Stop Incorporated to his neighbour Required: 1. Complete the spreadsheet given below, for increases and decreased in each account. The first transaction is used as an example, (Enter any decreases to account balances with a minus sign.) Transaction Assets Equipment Liabilities Notes Payable Building Cash 105,000 Shareholders'Equity Contributed Retained Capital Earnings 105,000 a C d 1 9 105,000 105.000 e OB DOLL 2-a. Did you include event in the spreadsheet? Yes O NO 2-b. Not available in connect 3. Based on beginning balances plus the completed spreadsheet, provide the following amounts a Total assets at the end of the year Total abilities at the end of the year c Total shareholders equity at the end of the year 4. As of December 31, 2017, has the financing for Whistle Stop's Investment in assets primarily come from liabilities or shareholders' equity? O Liabilities O Shareholders' equity DELL
