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Accounting
Other non-current assets 4,702 Total assets $ 75,965 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Trade payables and other liabilities 5,635 Interest payable Current tax liabilities Dividends payable Debt due within one year Other current liabilities Total current liabilities Non-current liabilities Long-term debt Other Non-Current Liabilities 1,072 1,064 1,616 4,117 1,567 15,071 25,606 8,859 Total non-current liabilities 34,465 Total liabilities 49,536 Stockholders' equity: 26,429 Total liabilities and shareholders' equity $ 75,965 Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021 (ended on December 31, 2021): a. Issued additional shares for $1,050 in cash. b. Borrowed $8,000 from creditors; due in 10 years. c. Purchased additional investments for $3,200 cash; one-fifth were long-term and the rest were short-term. d. Purchased property, plant and equipment; paid $7,200 in cash and $1,700 with additional long-term bank loans. e. Lent $1,100 to associated companies that signed a six-month note. {Sold Short-Term Investments costing $1,050 for $1,050 cash. Required: 1. Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" i

Other non-current assets 4,702 Total assets $ 75,965 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Trade payables and other liabilities 5,635 Interest payable Current tax liabilities Dividends payable Debt due within one year Other current liabilities Total current liabilities Non-current liabilities Long-term debt Other Non-Current Liabilities 1,072 1,064 1,616 4,117 1,567 15,071 25,606 8,859 Total non-current liabilities 34,465 Total liabilities 49,536 Stockholders' equity: 26,429 Total liabilities and shareholders' equity $ 75,965 Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021 (ended on December 31, 2021): a. Issued additional shares for $1,050 in cash. b. Borrowed $8,000 from creditors; due in 10 years. c. Purchased additional investments for $3,200 cash; one-fifth were long-term and the rest were short-term. d. Purchased property, plant and equipment; paid $7,200 in cash and $1,700 with additional long-term bank loans. e. Lent $1,100 to associated companies that signed a six-month note. {Sold Short-Term Investments costing $1,050 for $1,050 cash. Required: 1. Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" i

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Other non-current assets 4,702 Total assets $ 75,965 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Trade payables and other liabilities 5,635 Interest payable Current tax liabilities Dividends payable Debt due within one year Other current liabilities Total current liabilities Non-current liabilities Long-term debt Other Non-Current Liabilities 1,072 1,064 1,616 4,117 1,567 15,071 25,606 8,859 Total non-current liabilities 34,465 Total liabilities 49,536 Stockholders' equity: 26,429 Total liabilities and shareholders' equity $ 75,965 Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021 (ended on December 31, 2021): a. Issued additional shares for $1,050 in cash. b. Borrowed $8,000 from creditors; due in 10 years. c. Purchased additional investments for $3,200 cash; one-fifth were long-term and the rest were short-term. d. Purchased property, plant and equipment; paid $7,200 in cash and $1,700 with additional long-term bank loans. e. Lent $1,100 to associated companies that signed a six-month note. {Sold Short-Term Investments costing $1,050 for $1,050 cash. Required: 1. Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" i
Transcribed Image Text:Other non-current assets 4,702 Total assets $ 75,965 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Trade payables and other liabilities 5,635 Interest payable Current tax liabilities Dividends payable Debt due within one year Other current liabilities Total current liabilities Non-current liabilities Long-term debt Other Non-Current Liabilities 1,072 1,064 1,616 4,117 1,567 15,071 25,606 8,859 Total non-current liabilities 34,465 Total liabilities 49,536 Stockholders' equity: 26,429 Total liabilities and shareholders' equity $ 75,965 Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021 (ended on December 31, 2021): a. Issued additional shares for $1,050 in cash. b. Borrowed $8,000 from creditors; due in 10 years. c. Purchased additional investments for $3,200 cash; one-fifth were long-term and the rest were short-term. d. Purchased property, plant and equipment; paid $7,200 in cash and $1,700 with additional long-term bank loans. e. Lent $1,100 to associated companies that signed a six-month note. {Sold Short-Term Investments costing $1,050 for $1,050 cash. Required: 1. Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" i
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