Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the following at June 30:Accounts Payable $ 61,000Buildings 580,000Cash 98,000Common Stock 250,000Equipment 164,000Land 484,000Notes Payable (long-term) 13,000Retained Earnings 1,006,000Supplies 4,000During the month of July, the company had the following activities:Issued 3,700 shares of common stock for $370,000 cash.Borrowed $100,000 cash from a local bank, payable in four years.Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance.Paid cash for equipment that cost $98,000.Purchased supplies for $98,000 on account.PB2-2 Part 5Prepare a classified balance sheet at July 31.

Question

Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the following at June 30:

Accounts Payable $ 61,000
Buildings 580,000
Cash 98,000
Common Stock 250,000
Equipment 164,000
Land 484,000
Notes Payable (long-term) 13,000
Retained Earnings 1,006,000
Supplies 4,000

During the month of July, the company had the following activities:

Issued 3,700 shares of common stock for $370,000 cash.
Borrowed $100,000 cash from a local bank, payable in four years.
Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance.
Paid cash for equipment that cost $98,000.
Purchased supplies for $98,000 on account.
PB2-2 Part 5
Prepare a classified balance sheet at July 31.

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