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Assume that the following events occurred in the following quarter. Paid $55 cash for additional inventory. Issued additional shares of common stock for $45 in cash. Purchased equipment for $170; paid $80 in cash and signed a note to pay the remaining $90 in two years. Signed a short-term note to borrow $15 cash. Conducted negotiations to purchase a sawmill, which is expected to cost $38. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Assume that the following events occurred in the following quarter. Paid $55 cash for additional inventory. Issued additional shares of common stock for $45 in cash. Purchased equipment for $170; paid $80 in cash and signed a note to pay the remaining $90 in two years. Signed a short-term note to borrow $15 cash. Conducted negotiations to purchase a sawmill, which is expected to cost $38. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 1P: Each of the following independent situations relates to the recognition of revenue: a. On June 2,...
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Business Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Business Allen’s June 30, 2019, trial balance. (The amounts shown represent millions of dollars.)

 

Accounts Payable $ 132
Accounts Receivable 18
Cash 116
Common Stock 31
Equipment 315
Inventory 152
Notes Payable (long-term) 175
Notes Payable (short-term) 2
Prepaid Rent 33
Retained Earnings 341
Salaries and Wages Payable 28
Software 75

 

Assume that the following events occurred in the following quarter.

  1. Paid $55 cash for additional inventory.
  2. Issued additional shares of common stock for $45 in cash.
  3. Purchased equipment for $170; paid $80 in cash and signed a note to pay the remaining $90 in two years.
  4. Signed a short-term note to borrow $15 cash.
  5. Conducted negotiations to purchase a sawmill, which is expected to cost $38.
  1. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Business Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Business 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 $ 132 18 BUSINESS ALLEN INTERIORS, INCORPORATED Balance Sheet 116 31 315 152 175 Assume that the following events occurred in the following quarter. a. Paid $55 cash for additional inventory. b. Issued additional shares of common stock for $45 in cash. c. Purchased equipment for $170; paid $80 in cash and signed a note to pay the remaining $90 in two years. d. Signed a short-term note to borrow $15 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $38. (in millions of dollars) 2 33 341 28 75 Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Transcribed Image Text:Business Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Business 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 $ 132 18 BUSINESS ALLEN INTERIORS, INCORPORATED Balance Sheet 116 31 315 152 175 Assume that the following events occurred in the following quarter. a. Paid $55 cash for additional inventory. b. Issued additional shares of common stock for $45 in cash. c. Purchased equipment for $170; paid $80 in cash and signed a note to pay the remaining $90 in two years. d. Signed a short-term note to borrow $15 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $38. (in millions of dollars) 2 33 341 28 75 Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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