Required Information PA2-3 (Algo) Recording Transactions (In a Journal and T-Accounts); Preparing and Interpreting the...
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Required Information PA2-3 (Algo) Recording Transactions (In a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Southern Allen Interiors Incorporated is a leading manufacturer and retaller of home furnishings in the United States and abroad. The following is adapted from Southern Allen's June 30, 2019, trlal balance. (The amounts shown represent millions of dollars.) Assume that the following events occurred in the following quarter. a. Paid $50 cash for additional inventory. b. Issued additional shares of common stock for $40in cash. c. Purchased equipment for $160; pald $75 in cash and signed a note to pay the remaining $85 in two years. d. Signed a short-term note to borrow $14 cash. e. Conducted negotlations to purchase a sawmill, which is expected to cost $36. A2-3 (Algo) Part 6 5. Prepare a classlfied balance sheet at September 30, 2019. (Enter your answers In milllons (l.e., 10,000,000 should be entered as 10).) . Prepare a classified balance sheet at September 30, 2019. (Enter your answers In milllons (I.e., 10,000,000 should be entered as 10).)
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Required Information PA2-3 (Algo) Recording Transactions (In a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Southern Allen Interiors Incorporated is a leading manufacturer and retaller of home furnishings in the United States and abroad. The following is adapted from Southern Allen's June 30, 2019, trlal balance. (The amounts shown represent millions of dollars.) Assume that the following events occurred in the following quarter. a. Paid $50 cash for additional inventory. b. Issued additional shares of common stock for $40in cash. c. Purchased equipment for $160; pald $75 in cash and signed a note to pay the remaining $85 in two years. d. Signed a short-term note to borrow $14 cash. e. Conducted negotlations to purchase a sawmill, which is expected to cost $36. A2-3 (Algo) Part 6 5. Prepare a classlfied balance sheet at September 30, 2019. (Enter your answers In milllons (l.e., 10,000,000 should be entered as 10).) . Prepare a classified balance sheet at September 30, 2019. (Enter your answers In milllons (I.e., 10,000,000 should be entered as 10).) 