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
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Noncash Assets
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Liabil-
ities
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Contrib. Capital
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Earned
Capital
Rev-enues
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Expen-ses
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Net
Income
a)
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–
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b)
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c)
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–
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d)
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–
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e)
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–
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f)
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–
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g)
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–
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h)
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–
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