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The balance sheet items for Frankin Bakery (arranged in alphabetical order) were as follows at August 1, current year. (You are to compute the missing

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The balance sheet items for Frankin Bakery (arranged in alphabetical order) were as follows at August 1, current year. (You are to compute the missing figure for Retained Earnings) Duning the next two days, the following transactions occurred: August 2 Additional capital stock was issued for $25,000 The accounts payable were paid in full. (No payment was made on the notes payable or salaries payable) August 3 Equipment was purchased at a cost of $7,200 to be pald within 10 days. Supplies were purchased for $1,250 cash from a restaurant supply center that was going out of business. These supplies would have cost $1,890 if purchased through normal channels Required: a. Prepare a balance sheet at August 1, current year. b-1. Prepare a balance sheet at August 3, current year. b-2. Prepare a statement cash nows for August 1 to 3 c. Assume the notes payabie do not come due for several years. is Frankin Bakery in a stronger financial position on August 1 or on August 3? During the next two days, the following transactions occurred: August 2 Additional capital stock was issued for $25,000. The accounts payable were paid in full. (No payment was ma payable or salarles payable.) August 3 Equipment was purchased at a cost oh\$7,200 to be pald within 10 days. Supplies were purchased for $1,250 restaurant supply center that was going out of business. These supplies would have cost $1,890 if purchased through n channels. Required: o. Prepare a balance sheet at August 1, current year. b-1. Prepare a balance sheet at August 3, current year: b-2. Prepare a statement cash flows for August 1 to 3. c. Assume the notes payable do not come due for several years. Is Frankiln Bakery in a stronger financial position on Au August 3 ? Answer is not complete. Complete this question by entering your answers in the tabs below. Assume the notes payable do not come due for several years. Is Franklin Bakery in a stronger financial position on August 1 or on August 3 ? Is Frankin Bakery in a stronger financial position on August 1 or on August 3 ? Prepare a balance sheet at Aupust 1, current year. Prepare a statement cash flows for August 1 to 3 . Note: List any deduction in cash and cash outflows with a minus sign. \begin{tabular}{lr} Equipment and fixtures & $44,500 \\ Land & 67,000 \\ Notes payable & 74,900 \\ Retained earnings & ? \\ Salaries payable & 8,900 \\ Supplies & 7,000 \end{tabular} \begin{tabular}{lr} Accounts payable & $16,200 \\ Accounts receivable & 11,260 \\ Building & 84,000 \\ Capital stock & 80,000 \\ Cash & 6,940 \end{tabular} Prepare a balance sheet at August 3 , current year

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Part a Balance Sheet as of August 1 We are given the following information for Franklin Bakery as of August 1 with some items missing particularly retained earnings We need to calculate retained earni... blur-text-image

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