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

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Description: do not give solution in image 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 thefollowing at June 30:

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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