Southern Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United...

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Southern Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Southern Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Software $ 112 26 132 22 355 168 215 2 24 373 36 55 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 $15 in cash. c. Purchased equipment for $250; paid $120 in cash and signed a note to pay the remaining $130 in two years. d. Signed a short-term note to borrow $11 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $30. 6. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Southern Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Southern Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Software $ 112 26 132 22 355 168 215 2 24 373 36 55 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 $15 in cash. c. Purchased equipment for $250; paid $120 in cash and signed a note to pay the remaining $130 in two years. d. Signed a short-term note to borrow $11 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $30. 6. Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

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To prepare a classified balance sheet at September 30 2019 we need to take into account the events that occurred in the following quarter Lets update ... View the full answer