Reference no: EM13877509
Bearings & Brakes Corporation (B& B) was incorporated as a private company. The company's accounts included the following at June 30:
During the month of July, the company had the following activities:
a. Issued 6,000 shares of common stock for $ 600,000 cash.
b. Borrowed $ 60,000 cash from a local bank, payable in four years.
c. Bought a building for $ 166,000; paid $ 66,000 in cash and signed a three- year note for the balance.
d. Paid cash for equipment that cost $ 90,000.
e. Purchased supplies for $ 90,000 on account.
Required:
1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. Use the format shown in the demonstration case on page 69.
2. Record the transaction effects determined in requirement 1 using a journal entry format.
3. Summarize the journal entry effects from requirement 2 using T- accounts.
4. Prepare a trial balance at July 31.
5. Prepare a classified balance sheet at July 31.
6. As of July 31, has the financing for B& B's investment in assets primarily come from liabilities or stockholders' equity?
Describe the techniques used in criminal profiling
: On the basis of the vignette you read, respond to the following: Describe the techniques used in criminal profiling and report on the accuracy of offender's profiles. Indicate whether the offender's description is admissible in court. Your answer s..
|
What size has the higher mark up
: Q1:= 7500 - 40 P1 + 25P2 , Q2:= 8000 + 20 P1 - 30 P2 , where Q1 and Q2 are the quantity demanded and P1 and P2 are the prices of first and second model. Determine the quantity/price combination of models that maximizes the producer's profit. What ..
|
Explaining how the marketing mix differs for each segment
: A. Using the table below, select an everyday product (dog food, cell phones, shoes, etc.). Show how different versions of the product are aimed toward different market segments. Use the note section for explanatory comments or observations. Inclu..
|
Replacement of metallic automobile components
: Write an essay on the replacement of metallic automobile components by polymers and composite materials. Address the following issues:
|
Prepare a classified balance sheet at july
: Analyze transactions (a)-(e) to determine their effects on the accounting equation. Use the format shown in the demonstration case on page 69. Record the transaction effects determined in requirement 1 using a journal entry format. Summarize the jour..
|
What is the revenue maximizing price
: An apple grower charges $22 for a 40-pound crate of apple. If customers buy more than 5 crates, he reduces the price by $2 per additional crate. What number of crate per customer maximizes the grower's revenue per customer? What is the revenue max..
|
Which theory do you think offers a better explanation
: Which theory do you think offers a better explanation of manufacturing FDI from developed country firms to developing countries: Dunning's OLI paradigm or Vernon's Product Life Cycle theory? Explain your answer fully.
|
Prepare a classified balance sheet at december
: Analyze transactions (a)-(e) to determine their effects on the accounting equation. Use the format shown in the demonstration case on page 69. Record the transaction effects determined in requirement 1 using journal entries. Prepare a classified bala..
|
The global motor vehicle industry
: Question one: What are the key success factors for a successful firm in the global motor vehicle industry?
|