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Please help me with this problem Thanks! Edward Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and
Please help me with this problem Thanks!
Edward Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Edward Allen's September 30, 2016, trial balance. (The amounts shown represent millions of dollars.) $109 Accounts Payable Accounts Receivable 10 Cash 79 Common Stock 376 Equipment Inventory Notes Payable (long-term Notes Payable (short-term) 273 160 60 3 Prepaid Rent Retained Earnings Salaries and Wages Payable 24 20 23 Software 45 Assume that the following events occurred in the following quarter Paid $30 cash for additional inventory. b. Issued additional shares of common stock for $20 in cash c. Purchased equipment for $170; paid $60 in cash and signed a note to pay the remaining $110 in two years. d. Signed a short-term note to borrow $10 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $36. PA2-3 Part 2 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Stockholders' Equity Assets Liabilities + a b. C. d eStep by Step Solution
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