Answer Questions 1-4 and show work. The following are the summary account balances...
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Accounting
Answer Questions 1-4 and show work.
The following are the summary account balances from the statement of financial position of Granger Inc. as at October 31, 2017. The accounts are followed by a list of transactions for the month of November 2017. The following accounts have normal debit or credit balances. The amounts shown are in millions of dollars $ 124 Accounts payable $334 Cash Accounts receivable Inventories Prepaid expenses Property, plant, and equipment, net Other non-current assets 228 Income tax payable 240 42 1,480 136 687 Long-term debt 21 Deferred income taxes (credit) 1,162 Retained earnings 18 Contributed capital The following transactions occurred in November 2017: a. Purchased new equipment costing $56 by issuing long-term debt. b. Received $79 on accounts receivable. C. Received and paid the telephone bills for $1. d. Earned $136 in sales to customers on account; the cost of sales was $88 e. Paid employees $17 for salaries earned in November. f. Paid half of the income taxes payable g. Purchased inventory for $41 on account. h. Prepaid rent for December for a warehouse for $7. i. Paid $10 of long-term debt and $1 in interest on the debt j. Purchased a patent (an intangible asset) for $8 cash
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