Fill in the wrong answer McGrawFATHE[The following Information applies to the questions displayed below.]Barnett Allen Interiors Incorporated is a leading manufacturer and retaller of home furnishings in the United States andabroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent millionsof dollars.)Accounts Payable$ 120Accounts Receivable16112CashCommon Stock27Equipment305Inventory148Notes Payable (long-term)165Notes Payable (short-term)4Prepaid Rent29Retained Earnings33326Salaries and Wages PayableSoftware65Assume that the following events occurred in the following quarter.a. Pald $45 cash for additional Inventory.b. Issued additional shares of common stock for $35 In cash.c. Purchased equipment for $150; paid $70 in cash and signed a note to pay the remaining $80 In two years.d. Signed a short-term note to borrow $13 cash.e. Conducted negotiations to purchase a sawmill, which is expected to cost $34.PA2-3 (Algo) Part 242. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances witha minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).)Answer is complete but not entirely correct.AssetsLiabilitiesStockholders'EquityCashInventoryNotesPayable(short-term)NotesPayable(long-term)+CommonStock45++40 X +++ab.C.d.e.(45)35(70)13Equipment=150-.-m40 X13✔35"Prouwww

Solution Concept Accounting equation Accounting equation is expressed as Asset = liabilities +…

PA2-3 (Algo) Part 2 4 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. Assets Liabilities + Stockholders' Equity Cash Inventory Notes Payable (short-term) Notes Payable (long-term) Common Stock 45 + + + + a. C. d e. (45) 35 (70) - 13 Equipment 150 = W 40 13 40 35

PA2-3 (Algo) Part 2 4 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. Assets Liabilities + Stockholders' Equity Cash Inventory Notes Payable (short-term) Notes Payable (long-term) Common Stock 45 + + + + a. C. d e. (45) 35 (70) - 13 Equipment 150 = W 40 13 40 35

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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