Answer Happy

Badger World Wide, Incorporated, manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Moth, Lovlies, Walkers, and Bill Ladde. The following transactions occurred during a recent month. a. Made cash sales of $54,600 (example). b. Purchased $4,650 of additional supplies on account. c. Borrowed $62,600 on long-term notes. d. Purchased $25,200 in additional equipment, paying in cash. e. Incurred $29,700 in selling expenses, paying two-thirds in cash and owing the rest on account. f. Paid $8,200 in rent for this month, and also paid $8,200 for next month. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect (+ for increase and- for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example. 2. Determine the company's preliminary net income.
Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect (+ for increase and for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Stockholders' City 54,600 Cash a 54,000 Sales Revenue b d d T t M .. W * + . + Required 2 >
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the company's preliminary net income. Preliminary Net Income < Required 1 Required 2 >