Answered step by step
Verified Expert Solution
Question
1 Approved Answer
This is my journal entry for each transaction: These are the T accounts that I did: And this is the new balance sheet that I've
This is my journal entry for each transaction:
These are the T accounts that I did:
And this is the new balance sheet that I've obtained as a result:
But my Liabilities + Shareholders Equity doesn't equal Assets.
Can you correct me, or better yet, do the journal, T accounts, and new balance sheet please.
STARFRUIT INC. CONSOLIDATED BALANCE SHEET September 27, 2014 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories Other current assets $ 13,884 11,265 17509 2,116 23,939 68,713 130,508 20,679 12,556 232,456 Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: 30,277 18,503 8,515 6,325 63,620 29,066 27,932 120,618 Accounts payable Accrued expenses Unearned revenue Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings 23,712 88,125 111,838 $232,456 Total stockholders' equity Total liabilities and shareholders' equity a. Borrowed $18,274 from banks due in two years. b. Purchased additional investments for $21,700 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,578 in cash and signed a short-term note for $1,418. d. Issued additional shares of common stock for $1,476 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,016 for $19,016 cash. f. Declared $11,133 in dividends to be paid at the beginning of the next fiscal year. Credit Debit Transaction General Journal Cash 18,274 18,274 Long-term debt 2 Short-term investments 17,360 Long-term investments 4,340 Cash 21,700 10,996 Property, plant and equipment Cash 9,578 1,418 Short-term notes payable Cash 1,476 4 Common stock 1,475 Additional paid-in capital 19,016 5 Cash 19,016 Short-term investments Retained earnings 11,133 Dividends payable 11,133 Cash Short-term Investments 13,884 18,274 21,700 (b) 11,265 17,360 19,016 (e) Beg. Bal Beg. Bal 1,476 9,578 (c) 19,016 End. Bal 9,609 End. Bal 21,372 Accounts Receivable Inventories 2,116 Beg. Bal Beg. Bal 17,509 2,116 End. Bal End. Bal 17,509 Other Current Assets Long-term Investments Beg. Bal 130,508 4,340 Beg. Bal. 23,939 End. Bal 23,939 End. Bal.134,848 Property, Plant, and Equipment Beg. Bal. Other Noncurrent Assets Beg. Bal. 12,556 20,679 10,996 End. Bal.31,675 End. Bal :| 12.556 Accounts Payable 30,277 Accrued Expenses 18,503 Beg. Bal. Beg. Bal 18,503 End. Bal End. Bal. Unearned Revenue Short-term Notes Payable 8,515 Beg. Bal. Beg. Bal. 6,325 End. Bal End. Bal Dividends Payable Long-term Debt 29,066 18,274 (a) Beg. Bal. Beg. Bal. 11,133 () End. Bal End. Bal Other Noncurrent Liabilities Common Stock 27.9321 Beg. Bal. Beg. Bal End. Bal End. Bal. 27,932 2 Additional Paid-in Capital Retained Earnings 88,125 23,712 Beg. Bal. Beg. Bal. 1,475 (d) End. Bal End. Bal. 25,187 STARFRUIT INC Balance Sheet (in millions) Assets urrent assets Cash $21.372 9,609 17,509 2,116 Accounts receivable Inventories Other current assets Total current assets 74,545 134,848 31,675 12,556 Long-term investments Other noncurrent assets 253,624 Liabilities and stockholders equity Current liabilities: ccounts payable 30,277 18,503 8,515 325 11,133 neaned revenue Short-term notes payable Dividends payable Total current liabilities Long-term debt 74,753 47,340 27,932 150,025 Total liabilities tockholders' equity: Common stock 25,187 88,125 Retained earnings 113,314 Total stockholders' equitStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started