Annabella Ngo

0 Following
0 Helped




Answer: dededdStep-by-step explanation:ddddd
Answer: joojoStep-by-step explanation:jojo

Alex’s Interiors, Inc., is an international manufacturer and retailer of home furnishings. The following is from Alex’s balance sheet as of September 30, 2020 (dollars are in millions).

              Cash $ 120.00    Accounts Payable $ 46.00      Accounts Receivable   32.00    Wages and Other Expenses Payable   171.00      Inventories   248.00    Notes Payable, (long-term)   263.00      Other Current Assets   46.00    Other Long-Term Liabilities   64.00      Property, Plant, and Equipment   435.00    Contributed Capital   436.00      Other Assets   139.00    Retained Earnings   40.00   

Assume that the following events occurred in the quarter ended December 31 (amounts provided are in whole dollars):

a. Paid $12,000,000 cash for an additional other asset.

b. Issued additional shares for $12,000,000 in cash.

c. Purchased property, plant, and equipment; paid $12,000,000 in cash and signed a note to pay the remaining $29,000,000 in two years.

d. Sold, at cost, other assets for $2,000,000 cash.

e. Conducted negotiations to purchase a sawmill, which is expected to cost $56,000,000.

1. Analyze transactions (a) through (e) to determine their effects on the accounting equation. 

2. Record the transaction effects determined in requirement 1 using journal entries. 

3. Summarize the journal entry effects from requirement 2 using T-accounts. Use the September 2020 ending balances as the beginning balances for the October to December 2020 quarter.

4. Prepare a classified balance sheet at December 31, 2020

5. As of December 31, 2020, has the financing for Alex’s Interiors’ investment in assets primarily come from liabilities or from shareholders’ equity?

Answer: dwStep-by-step explanation:ddd
Answer: not sureStep-by-step explanation:sorry
Answer: efkekjfeujfhrStep-by-step explanation:fefef
Answer: Green is the colour.Step-by-step explanation:the grass is green!

Weekly leaderboard

Start filling in the gaps now
Log in