5. Prepare a classified balance sheet at July 31. Answer is not complete. BEARINGS & BRAKES...

 

  

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5. Prepare a classified balance sheet at July 31. Answer is not complete. BEARINGS & BRAKES CORPORATION Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable Supplies Total Current Assets 0 Total Current Liabilities 0 Equipment 494,000 Notes Payable (long-term) Buildings 786,000 Land 268,000 0 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 0 Total Assets $1,548,000 Total Liabilities and Stockholders' Equity 0 Required information [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $ 79,000 600,000 100,000 Buildings Cash Common Stock 270,000 Equipment 168,000 Land 494,000 Notes Payable (long-term) 3,000 Retained Earnings 1,016,000 6,000 Supplies During the month of July, the company had the following activities: a. Issued 3,900 shares of common stock for $390,000 cash. b. Borrowed $110,000 cash from a local bank, payable in four years. c. Bought a building for $186,000; paid $76,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $100,000 on account. 5. Prepare a classified balance sheet at July 31. 5. Prepare a classified balance sheet at July 31. Answer is not complete. BEARINGS & BRAKES CORPORATION Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable Supplies Total Current Assets 0 Total Current Liabilities 0 Equipment 494,000 Notes Payable (long-term) Buildings 786,000 Land 268,000 0 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 0 Total Assets $1,548,000 Total Liabilities and Stockholders' Equity 0 Required information [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $ 79,000 600,000 100,000 Buildings Cash Common Stock 270,000 Equipment 168,000 Land 494,000 Notes Payable (long-term) 3,000 Retained Earnings 1,016,000 6,000 Supplies During the month of July, the company had the following activities: a. Issued 3,900 shares of common stock for $390,000 cash. b. Borrowed $110,000 cash from a local bank, payable in four years. c. Bought a building for $186,000; paid $76,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $100,000 on account. 5. Prepare a classified balance sheet at July 31.

Answer rating: 100% (QA)

Balance sheet as at July 31 Assets Current Assets Cash 100000390000110000... View the full answer