Question
In: Finance
Please show all computation and underline your final answer in your submission. Record the following transactions...
- Please show all computation and underline your final answer in your submission.
- Record the following transactions for Mouser Pet Foods, Inc., in the financial statements effects template below (in thousands).
- Sell stock in company for $78,000
- Obtain long-term bank loan of $30,000.
- Purchase manufacturing equipment for $20,400 cash.
- Rent manufacturing and warehousing space and pay $34,800 in advance for the year.
- Purchase $30,000 of inventory, paying $6,000 in cash and the remaining amount on credit.
- Sell half of the inventory purchased in Transaction e for $33,900 on account.
- Pay $24,000 to creditors.
- 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 | ||||||
jeff jeffy answered 2 years agoRelated Solutions
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