Question: Please show all computation and underline your final answer in your submission. Record the following transactions for Mouser Pet Foods, Inc., in the financial statements
- Please show all computation and underline your final answer in your submission.
- Record the following transactions for Mouser Pet Foods, Inc., in the financial statements effects template below (in thousands).
- Sell stock in company for $78,000
- Obtain long-term bank loan of $30,000.
- Purchase manufacturing equipment for $20,400 cash.
- Rent manufacturing and warehousing space and pay $34,800 in advance for the year.
- Purchase $30,000 of inventory, paying $6,000 in cash and the remaining amount on credit.
- Sell half of the inventory purchased in Transaction e for $33,900 on account.
- Pay $24,000 to creditors.
- Make loan payment of $4,800 of which interest is $480 and the rest is principal.
| ($ thousands) | Balance Sheet | Income Statement | ||||||||||||
| Transaction | Cash Asset | + | Noncash Assets | = | Liabil- ities | + | Contrib. Capital | + | Earned Capital | Rev-enues |
| Expen-ses | = | Net Income |
| a) | = |
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| b) | = |
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| c) | = |
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| d) | = |
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| e) | = |
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| f) | = |
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| g) | = |
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| h) | = |
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