PLZ add explanation. Shown below is the balance sheet for Consolidated Metal Bashers, on...
90.2K
Verified Solution
Link Copied!
Question
Accounting
PLZ add explanation.
Shown below is the balance sheet for Consolidated Metal Bashers, on 30 September, 2010 Consolidated Metal Bashers, Balance Sheet as at 30 September, 2010 Management, 1265 Military Trail, Toronto, ON, MIC 1A4, Canada Page 11 MGTA04 Midtem October 20 (in S'000) ASSETS LIABILITIES Current Assets Cash Inventory Accounts Receivable Current Liabilities 5 Accounts Payable 20 20 30 Long Term Liabilities 40 Fixed Assets Furniture Machinery Bank Loan EQUITY Retained Earnings 10 45 Common Shares 20 10 TOTAL ASSETS 100 TOTAL LIABS. +EQUITY 100 Between 30 September, 2010 and 7 October, 2010 the Corporation completed a number of financial transactions. Specifically, Consolidated Metal bashers: Raised $20,000 by selling shares to new com Used 1/2 of the proceeds of the share sale to purchase a delivery van. Used $5,000 to buy more raw materials Put the rest of the proceeds into the bank. mon shareholders. 2. 3. 4
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
