Answered Essay: Ethan Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is a

Ethan Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ethan Allens September 30, 2013, trial balance. (The amounts shown represent millions of dollars.) and Interpreting the Daa $150 Accounts Payable $121 Notes Payable long-term) ccounts Receivable Cash Common Stock 13 Notes Payable (short-term) 106 Prepaid Rent 21 Retained Earnings 290 Salaries and Wages Payable 142 Short-term Investments 23 321 23 13 50 Equipment nventory -Software Assume that the following events occurred in the following quarter a. Paid $30 cash for additional inventory b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $170: paid S80 in cash and signed a note to pay the remaining $90 in two years d. Signed a short-term note to borrow $10 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $36.

Ethan Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ethan Allen’s September 30, 2013, trial balance. (The amounts shown represent millions of dollars.) and Interpreting the Daa $150 Accounts Payable $121 Notes Payable long-term) ccounts Receivable Cash Common Stock 13 Notes Payable (short-term) 106 Prepaid Rent 21 Retained Earnings 290 Salaries and Wages Payable 142 Short-term Investments 23 321 23 13 50 Equipment nventory -Software Assume that the following events occurred in the following quarter a. Paid $30 cash for additional inventory b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $170: paid S80 in cash and signed a note to pay the remaining $90 in two years d. Signed a short-term note to borrow $10 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $36.

Expert Answer

 

Answer 1.
Asset = Liabilities + Equity
Cash + Accounts Receivable + Inventory + Short Term Investment + Prepaid Rent + Software + Equipment = Accounts Payable + Notes Payable (Short Term) + Salaries & Wages Payable + Notes Payable (Longt Term) + Common Stock + Retained Earnings
Beg. Bal.               106 +                   13 +               142 +                           13 +                23 +                    50 +                 290 =                   121 +                              1 +                               23 +                          150 +                  21 +                321
a.               (30) + +                  30 + + + + = + + + + +
b.                 20 + + + + + + = + + + +                  20 +
c.               (80) + + + + + +                 170 = + + +                            90 + +
d.                  – +                    – +                   – +                            – +                 – +                     – +                    – =                      – +                             – +                                – +                             – +                   – +                   –
e.                  – +                    – +                   – +                            – +                 – +                     – +                    – =                      – +                             – +                                – +                             – +                   – +                   –
                16 +                   13 +               172 +                           13 +                23 +                    50 +                 460 =                   121 +                              1 +                               23 +                          240 +                  41 +                321
Total Assets = $747 = Total Liabilities = $385 + Total equity = $362
Total Liabilities & Shareholders’ Equity = $747
Answer 2.
Journal Entry
Date Particulars Dr. Amt. Cr. Amt.
a. Inventory                                Dr. 30
   To Cash 30
b. Cash                                           Dr. 20
   To Common Stock 20
c. Equipment                              Dr. 170
   To Cash 80
   To Notes Payable (Long Term) 90
d. No Journal Entry
(No Financial transaction has done only agreement has signed)
e. No Journal Entry
(No Financial transaction has done only negogtiation has completed)
Answer 3.
Cash Equipment Inventory
Beg. Bal.                106                30 a. Beg. Bal.             290 Beg. Bal.             142
b.                  20                80 c. c.             170 a.               30
End. Bal.                  16 End. Bal.             460 End. Bal.             172
Notes Payable (Long Term). Common Stock
Beg. Bal.             150 Beg. Bal.               21
               90 c.               20 b.
End. Bal.             240 End. Bal.               41
Answer 4.
No Entry to be passed in books of accounts as no financial transaction has occurred, only negotiations to purchase of land is in the finanlization state
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