6. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) SOUTHERN ALLEN INTERIORS, INCORPORATED Balance Sheet At September 30, 2019 (in millions of dollars) Assets $ 0 0

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Chapter1: Financial Statements And Business Decisions
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6. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as
10).)
SOUTHERN ALLEN INTERIORS, INCORPORATED
Balance Sheet
At September 30, 2019
(in millions of dollars)
Assets
$
$
0
0
0
0
0
0
Transcribed Image Text:6. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) SOUTHERN ALLEN INTERIORS, INCORPORATED Balance Sheet At September 30, 2019 (in millions of dollars) Assets $ $ 0 0 0 0 0 0
Required information
PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the
Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[The following information applies to the questions displayed below.]
Southern Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and
abroad. The following is adapted from Southern Allen's June 30, 2019, trial balance. (The amounts shown represent
millions of dollars.)
Accounts Payable
Accounts Receivable
Cash
Common Stock
Equipment
Inventory
Notes Payable (long-term)
Notes Payable (short-term)
Prepaid Rent
Retained Earnings
Salaries and Wages Payable
Software
$112
26
132
22
355
168
215
2
24
373
36
55
Assume that the following events occurred in the following quarter.
a. Paid $50 cash for additional inventory.
b. Issued additional shares of common stock for $15 in cash.
c. Purchased equipment for $250; paid $120 in cash and signed a note to pay the remaining $130 in two years.
d. Signed a short-term note to borrow $11 cash.
e. Conducted negotiations to purchase a sawmill, which is expected to cost $30.
Transcribed Image Text:Required information PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Southern Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Southern Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Software $112 26 132 22 355 168 215 2 24 373 36 55 Assume that the following events occurred in the following quarter. a. Paid $50 cash for additional inventory. b. Issued additional shares of common stock for $15 in cash. c. Purchased equipment for $250; paid $120 in cash and signed a note to pay the remaining $130 in two years. d. Signed a short-term note to borrow $11 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $30.
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