Question

my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate Return to questi Mallard Incorporated (Mi) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The the accounting records reflected total assets of $650,000 and total liabilities of $275,000. During the current year, the following summarized events occurred: company has been in business for five years. At the end of the previous year a. Issued additional shares of codhmon stock for $145,000 cash. b. Borrowed $161,000 cash from the barık and s.jned a 10-year note. c. Built an addition on the buildings fur $270,000 and paid cash to the contractor d. Purchased e. Returned a $4,450 piece of equipment, from (d), because it proved to be defective; received a reduction of the notes f Purchased a delivery truck (equipment) for $32,250; paid $22,575 cash and signed a two-year note for the remainder g. A stockholder sold $5,950 of his stock in Mallard Incorporated to his neighbor equipment for the new addition for $44,500, paying $4,450 in cash and signing a note for the balance due in two years Required 1. Complete the spreadsheet that follows. The first transaction is used as an example. 3. Based on beginning balances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders' equity at the end of year 4. As of the current year-end, has the financing for MI's investment in assets primarily come fromli Answer is not complete Complete this question by entering your answers in the tabs below. < Prev 10, 9 Next >

Answer 1

Liabilities Assets Stock holder's equity Cash Equipment Buildings Notes payables Common Stock Retained earnings 1.45.000 b. $61,000 1,45,000 S61.000 $ 2,70.000 c. 2.70.000 d. $ -4,450 44,500 40,050 4.450 4.450 e. f.$ -22.575$ 32.250 9.675 No change in Assets & Liabilities for Stock holder of his stock to neighbor