Question

In: Finance

Please show all computation and underline your final answer in your submission. Record the following transactions...

  1. Please show all computation and underline your final answer in your submission.
  1. Record the following transactions for Mouser Pet Foods, Inc., in the financial statements effects template below (in thousands).
  2. Sell stock in company for $78,000
  3. Obtain long-term bank loan of $30,000.
  4. Purchase manufacturing equipment for $20,400 cash.
  5. Rent manufacturing and warehousing space and pay $34,800 in advance for the year.
  6. Purchase $30,000 of inventory, paying $6,000 in cash and the remaining amount on credit.
  7. Sell half of the inventory purchased in Transaction e for $33,900 on account.
  8. Pay $24,000 to creditors.
  9. Make loan payment of $4,800 of which interest is $480 and the rest is principal.

($ thousands)

Balance Sheet

Income Statement

Transaction

Cash Asset

+

Noncash Assets

=

Liabil-

ities

+

Contrib. Capital

+

Earned

Capital

Rev-enues

Expen-ses

=

Net

Income

a)    

=

=

b)    

=

=

c)    

=

=

d)    

=

=

e)    

=

=

f)     

=

=

g)    

=

=

h)    

=

=

Solutions

Expert Solution

I assume that amount is to be posted in 1000 and therefore i divided all the values by 1000.

($ thousands) Balance Sheet Income Statement
Transaction Cash Asset + Noncash Assets = Liabil- + Contrib. Capital + Earned Rev-enues Expen-ses = Net
ities Capital Income
a)     78 = 78 =
b)     30 = 30 =
c)     -20.4 20.4 = =
d)     -34.8 34.8 = =
e)     -6 30 = 24 =
f)      33.9 -16.95 = 16.95 33.9 16.95 = 16.95
g)     -24 = -24 =
h)     -4.8 = -4.32 -0.48 -0.48 = -0.48

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