Reference no: EM131071809
EXHIBIT 1
Biwheels Company
Analysis of Transactions for January 2 to January 12, 20X2
|
Description of Transactions
|
Assets
|
=
|
Liabilities + Owner's Equity
|
|
Cash
|
+
|
Merchandise
|
+
|
Store
|
=
|
Note
|
+
|
Accounts
|
Lopez, + Capital
|
|
Inventory
|
Equipment
|
Payable
|
Payable
|
|
(1) Initial investment
|
+400,000
|
+
|
|
+
|
115
|
=
|
1,100,000
|
+
|
|
+400,000
|
|
(2) Loan from bank
|
+100,000
|
|
|
=
|
|
|
(3) Acquire store equipment for cash
|
-15,000
|
|
+15,000
|
=
|
|
|
(4) Acquire inventory for cash
|
-120,000
|
+120,000
|
|
=
|
|
|
(5) Acquire inventory on credit
|
|
+10,000
|
|
=
|
+10,000
|
|
(6) Acquire inventory for cash plus credit
|
-10,000
|
+30,000
|
|
=
|
+20,000
|
|
(7) Sale of equipment
|
+1,000
|
|
-1,000
|
=
|
|
|
(8) Return of inventory acquired on January 6
|
|
-800
|
|
=
|
-800
|
|
(9) Payment to creditor Balance, January 12, 20X2
|
-4,000
|
|
|
=
|
-4,000
|
|
|
352
|
159.2
|
14
|
=
|
100
|
25 200+
|
400
|
|
|
525,200
|
|
525,200
|
Analysis of Transactions
Nike. Inc. had the following condensed balance sheet on May 31, 201 1 ($ in millions):
|
Assets
|
|
Liabilities and Stockholders' Equity
|
|
Cash
|
$ 1,955
|
Total liabilities
|
$ 5,155
|
|
Inventories
|
2,715
|
Stockholders' equity
|
9,843
|
|
Property, plant, and equipment
|
2,115
|
Total liabilities and stockholders equity
|
$14.998
|
|
Other assets
|
8,213
|
|
|
|
Total assets
|
$14.998
|
|
|
Suppose the following transactions occurred during the first 3 days of June ($ in millions):
1. Nike acquired inventories for cash, $28.
2. Nike acquired inventories on open account, $19.
3. Nike returned for full credit, $4, some unsatisfactory shoes that it acquired on open account in May.
4. Nike acquired $14 of equipment for a cash down payment of $5, plus a 2-year promissory note of $9.
5. To encourage wider displays, Nike sold some special store equipment to New York area stores for $40 cash. The equipment had cost $40 in the preceding month.
6. Clint Eastwood produced, directed, and starred in a movie. As a favor to a Nike executive, he agreed to display Nike shoes in a basketball scene. Nike paid no fee.
7. Nike disbursed cash to reduce accounts payable, $16.
8. Nike borrowed cash from a bank, $50.
9. Nike sold additional common stock for cash to new investors, $90.
10. The president of the company sold 5.000 shares of his personal holdings of Nike stock through his stockbroker.
Required
By using a format similar to Exhibit 1, prepare an analysis showing the effects of the June transactions on the financial position of Nike. Prepare a balance sheet as of June 3.
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