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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. Ramos Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ramos 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 $ 148 21 122 37 330 158 190 1 39 353 31 90 Assume that the following events occurred in the following quarter. a. Paid $25 cash for additional inventory. b, issued additional shares of common stock for $20 in cash. e Purchased equipment for $200: paid $95 in cash and signed a note to pay the remaining $105 in two years. d. Signed a short-term note to borrow $12 cash. e Conducted negotiations to purchase a sawmill, which is expected to cost $44.

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. Ramos Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ramos 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 $ 148 21 122 37 330 158 190 1 39 353 31 90 Assume that the following events occurred in the following quarter. a. Paid $25 cash for additional inventory. b, issued additional shares of common stock for $20 in cash. e Purchased equipment for $200: paid $95 in cash and signed a note to pay the remaining $105 in two years. d. Signed a short-term note to borrow $12 cash. e Conducted negotiations to purchase a sawmill, which is expected to cost $44.

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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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. Ramos Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ramos 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 $ 148 21 122 37 330 158 190 1 39 353 31 90 Assume that the following events occurred in the following quarter. a. Paid $25 cash for additional inventory. b, issued additional shares of common stock for $20 in cash. e Purchased equipment for $200; paid $95 in cash and signed a note to pay the remaining $105 in two years, d. Signed a short-term note to borrow $12 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $44.
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. Ramos Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ramos 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 $ 148 21 122 37 330 158 190 1 39 353 31 90 Assume that the following events occurred in the following quarter. a. Paid $25 cash for additional inventory. b, issued additional shares of common stock for $20 in cash. e Purchased equipment for $200; paid $95 in cash and signed a note to pay the remaining $105 in two years, d. Signed a short-term note to borrow $12 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $44.
PA2-3 (Algo) Part 2 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 (i.e., 10,000,000 should be entered as 10).) a. PAPOP Cash Assets Inventory Equipment Liabilities Notes Payable (short-term) Notes Payable long-term) + Stockholders Equity Common Stock
Transcribed Image Text:PA2-3 (Algo) Part 2 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 (i.e., 10,000,000 should be entered as 10).) a. PAPOP Cash Assets Inventory Equipment Liabilities Notes Payable (short-term) Notes Payable long-term) + Stockholders Equity Common Stock
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