Required information (The following information applies to the questions displayed below.) Bamett Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Cash 25 130 20 350 166 210 1 22 369 Accounts Payable $105 Accounts Receivable Common Stock Equipment Inventory notes Payable (long-term) Notes Payable hort-ter) Prepaid Rent Retained Earnings salaries and Wages Payable 35 Software Assume that the following events occurred in the following quarter. a. Pald $45 cash for additional inventory b. Issued additional shares of common stock for $40 in cash c. Purchased equipment for $240, paid $115 In cash and signed a note to pay the remaining $125 in two years. d. Signed a short-term note to borrow $10 cash. c. Conducted negotiations to purchase o sawmill, which is expected to cost $28. SO 4. Summarize the journal entry effects from part 3 using Taccounts. Use the June 30, 2019, ending balances as the beginning balances for the July-September 2019 quarter. (Enter your answers in millions (... 10,000,000 should be entered as 10)) 4. Summarize the journal entry effects from part 3 using T-accounts. Use the June 30, 2019, ending balances as the beginning balances for the July-September 2019 quarter. (Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Cash Credit Debit Beginning Balance Accounts Receivable Dobit Beginning Balance Credit Ending Balance Ending Balance Inventory Prepaid Rent Credit Debit Beginning Balance Credit Debit Beginning Balance Ending Balance Ending Balance Equipment Software Credit Dobit Beginning Balance Credit Debit Beginning Balance Ending Balance Ending Balance Accounts Payable Salaries and Wages Payable Required Information Accounts Payable Credit Salaries and Wages Payable Dobit Credit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Credit Notes Payable (short-term) Debit Beginning Balance Notes Payable long-term) Dabit Credit Beginning Balance Ending Balance Ending Balance Retained Earnings Common Stock Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance 6. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (le, 10,000,000 should be entered as 10).) BARNETT ALLEN INTERIORS, INCORPORATED Balance Shoot (in millions of dollars) 0 7-a. Use your response to part 6 to calculate Barnett Allen's current ratio after the transactions listed in (a)-(e) 7-b. Compare Ethan Allen's current ratio at June 30, 2019 with its current ratio after the transactions listed in (al-le) and indicate whether the transactions increased or decreased the company's ability to pay current liabilities Complete this question by entering your answers in the tabs below. Reg 7A Req 78 Une your response to part 6 to calculate Bamett Alan's current ratio after the transactions listed in (a)-(e). (Round your answer to 2 decimal places.) Current ratio utter transactions (0) RATA Req 78 Ovo Common Stock Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Software 18 345 164 205 4 20 365 34 45 Required: Assume that the following events occurred in the following quarter. a. Paid $40 cash for additional inventory b. Issued additional shares of common stock for $35 in cash. c. Purchased equipment for $230; paid $110 in cash and signed a note to pay the remaining $120 in two years. d. Signed a short-term note to borrow $15 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $50. Requirement General General Journal Ledger Trial Balance Balance Sheet Current Ratio General Journal tab - Prepare the journal entries to record the transactions (a) through (C). Review the accounts as showh in the General Ledger and Trial Balance tabs General Ledger tab - Each journal entry is posted automatically to the general ledger Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Balance Sheet tab - Prepare a classified balance sheet at September 30, 2019. Current Ratio tab - Analyze the impact of the current ratio Reulement General Journal >
