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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Fill in the wrong answer
![Mc
Graw
FATHE
[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 and
abroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent millions
of dollars.)
Accounts Payable
$ 120
Accounts Receivable
16
112
Cash
Common Stock
27
Equipment
305
Inventory
148
Notes Payable (long-term)
165
Notes Payable (short-term)
4
Prepaid Rent
29
Retained Earnings
333
26
Salaries and Wages Payable
Software
65
Assume 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 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
+
+
40 X +
+
+
a
b.
C.
d.
e.
(45)
35
(70)
13
Equipment
=
150-
.
-
m
40 X
13✔
35
"
Prou
www](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9abd931e-a327-4ec6-a985-049e145416b1%2F31c13d9f-6c0f-4c3e-a263-5dacaaad5f52%2Fkp8kg5b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mc
Graw
FATHE
[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 and
abroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent millions
of dollars.)
Accounts Payable
$ 120
Accounts Receivable
16
112
Cash
Common Stock
27
Equipment
305
Inventory
148
Notes Payable (long-term)
165
Notes Payable (short-term)
4
Prepaid Rent
29
Retained Earnings
333
26
Salaries and Wages Payable
Software
65
Assume 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 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
+
+
40 X +
+
+
a
b.
C.
d.
e.
(45)
35
(70)
13
Equipment
=
150-
.
-
m
40 X
13✔
35
"
Prou
www
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