Required information [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) Retained Earnings Supplies $ 58,000 550,000 95,000 220,000 158,000 469,000 10,000 991,000 7,000 During the month of July, the company had the following activities: a. Issued 3,400 shares of common stock for $340,000 cash. b. Borrowed $85,000 cash from a local bank, payable in four years. c. Bought a building for $176,000; paid $71,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $95,000. e Purchased supplies for $95,000 on account. 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Balance Sheet n n
Required information [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) Retained Earnings Supplies $ 58,000 550,000 95,000 220,000 158,000 469,000 10,000 991,000 7,000 During the month of July, the company had the following activities: a. Issued 3,400 shares of common stock for $340,000 cash. b. Borrowed $85,000 cash from a local bank, payable in four years. c. Bought a building for $176,000; paid $71,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $95,000. e Purchased supplies for $95,000 on account. 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Balance Sheet n n
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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)
Retained Earnings
Supplies
$ 58,000
550,000
95,000
220,000
158,000
469,000
10,000
991,000
7,000
During the month of July, the company had the following activities:
a. Issued 3,400 shares of common stock for $340,000 cash.
b. Borrowed $85,000 cash from a local bank, payable in four years.
c. Bought a building for $176,000; paid $71,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $95,000.
e Purchased supplies for $95,000 on account.
5. Prepare a classified balance sheet at July 31.
BEARINGS & BRAKES CORPORATION
Balance Sheet
nh
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Transcribed Image Text:Required information
[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)
Retained Earnings
Supplies
$ 58,000
550,000
95,000
220,000
158,000
469,000
10,000
991,000
7,000
During the month of July, the company had the following activities:
a. Issued 3,400 shares of common stock for $340,000 cash.
b. Borrowed $85,000 cash from a local bank, payable in four years.
c. Bought a building for $176,000; paid $71,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $95,000.
e Purchased supplies for $95,000 on account.
5. Prepare a classified balance sheet at July 31.
BEARINGS & BRAKES CORPORATION
Balance Sheet
nh
< Prev
n
8
9
of 9
⠀
Next >
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