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of 6 28:31 LO 2-5] [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) $91,000 660,000 106,000 330,000 180,000 524,000 9,800 1,046,000 6,000 ces Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 4,500 shares of common stock for $450,000 cash. b. Borrowed $140,000 cash from a local bank, payable in four years. c. Bought a building for $198,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $106,000. e. Purchased supplies for $106,000 on account. PB2-2 (Algo) Part 5 Required: 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Assets Balance Sheet At July 31 0 Liabilities 0 0 0 $ 0

of 6 28:31 LO 2-5] [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) $91,000 660,000 106,000 330,000 180,000 524,000 9,800 1,046,000 6,000 ces Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 4,500 shares of common stock for $450,000 cash. b. Borrowed $140,000 cash from a local bank, payable in four years. c. Bought a building for $198,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $106,000. e. Purchased supplies for $106,000 on account. PB2-2 (Algo) Part 5 Required: 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Assets Balance Sheet At July 31 0 Liabilities 0 0 0 $ 0

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.1.2MBA
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of 6 28:31 LO 2-5] [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) $91,000 660,000 106,000 330,000 180,000 524,000 9,800 1,046,000 6,000 ces Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 4,500 shares of common stock for $450,000 cash. b. Borrowed $140,000 cash from a local bank, payable in four years. c. Bought a building for $198,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $106,000. e. Purchased supplies for $106,000 on account. PB2-2 (Algo) Part 5 Required: 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Assets Balance Sheet At July 31 0 Liabilities 0 0 0 $ 0
Transcribed Image Text:of 6 28:31 LO 2-5] [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) $91,000 660,000 106,000 330,000 180,000 524,000 9,800 1,046,000 6,000 ces Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 4,500 shares of common stock for $450,000 cash. b. Borrowed $140,000 cash from a local bank, payable in four years. c. Bought a building for $198,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $106,000. e. Purchased supplies for $106,000 on account. PB2-2 (Algo) Part 5 Required: 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Assets Balance Sheet At July 31 0 Liabilities 0 0 0 $ 0
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