Edward Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Edward Allen’s September 30, 2016, trial balance. (The amounts shown represent millions of dollars.)
Accounts Payable $ 147
Accounts Receivable 33
Cash 146
Common Stock 36
Equipment 390
Inventory 182
Notes Payable (long-term) 250
Notes Payable (short-term) 2
Prepaid Rent 38
Retained Earnings 401
Salaries and Wages Payable 43
Software 90
Assume that the following events occurred in the following quarter.
Paid $50 cash for additional inventory.
Issued additional shares of common stock for $30 in cash.
Purchased equipment for $240; paid $115 in cash and signed a note to pay the remaining $125 in two years.
Signed a short-term note to borrow $12 cash.
Conducted negotiations to purchase a sawmill, which is expected to cost $44.
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