@ Chaoter 6Quiz-201 730 x \\ G advantages in simply ti x/ connect × eAccounting
ID: 2573784 • Letter: #
Question
@ Chaoter 6Quiz-201 730 x G advantages in simply ti x/ connect × eAccounting question ICI x C | connect.htrri I https://new cor Down nad music, Secure ::: Apps Ro k marks m- Ru utemame Rlackboard earn The Ricklist Watch O "atm Ma es Onlir HRU Port -Top 100 M ies of A How to Dr etNa e Tool TH2 w r Rase l my it k Chap 7 Probs 26 & 30 G Help Save & Exit Submit Check my work 3 Required information Part 2 of 4 The following information applies to the questions displayed belowj On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $70,500 face value, four-year term note that had an 5 percent annual interest rate. The note is to be repaid by making annual cash payments of $19,882 that include both Interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $35,250 cash per year. 10 points cBonk b. Organize the information in accounts under an accounting equation. (Round your answers to the nearest whole dollar amount. References Enter any decreases to account balances with a minus sign. Select "NA" If there is no effect on the "Accounts Titles Retained Earnings") BROWN co Effect of Events on the Accounting Equation 2018, 2019, 2020 and 2021 Stockholders Equity Retained Assets : Llabillties Accounts Titles Retained Earnings Event Notes Cash Land E Payable Earnings 2018 Hill O Type here to search ^d, ING 11/16/2017Explanation / Answer
BROEN CO.,
Effects of Events on the Accounting Equations
2018, 2019, 2020 and 2021
Event
Assets
Liabilities
+
Stockholder's Equity
Accounts Titles / Retained Earnings
Cash
+
Land
=
Notes Payable
Retained Earnings
2018
1/1
$70,500
$70,500
1/1
-$70,500
$70,500
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$16,357
$31,725
-$3,525
Interest
Bal
$15,368
$70,500
$54,143
$31,725
$31,725
2019
Beg. Bal.
$15,368
$70,500
$54,143
$31,725
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$17,175
$32,543
-$2,707
Interest
End Bal
$30,736
$70,500
$36,968
$64,268
2020
Beg. Bal.
$30,736
$70,500
$36,968
$64,268
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$18,034
$33,402
-$1,848
Interest
End Bal
$46,104
$70,500
$18,935
$97,669
2021
Beg. Bal.
$46,104
$70,500
$18,935
$97,669
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$18,935
$34,303
-$947
Interest
End Bal
$61,472
$70,500
-$1
$1,31,973
BROEN CO.,
Effects of Events on the Accounting Equations
2018, 2019, 2020 and 2021
Event
Assets
Liabilities
+
Stockholder's Equity
Accounts Titles / Retained Earnings
Cash
+
Land
=
Notes Payable
Retained Earnings
2018
1/1
$70,500
$70,500
1/1
-$70,500
$70,500
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$16,357
$31,725
-$3,525
Interest
Bal
$15,368
$70,500
$54,143
$31,725
$31,725
2019
Beg. Bal.
$15,368
$70,500
$54,143
$31,725
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$17,175
$32,543
-$2,707
Interest
End Bal
$30,736
$70,500
$36,968
$64,268
2020
Beg. Bal.
$30,736
$70,500
$36,968
$64,268
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$18,034
$33,402
-$1,848
Interest
End Bal
$46,104
$70,500
$18,935
$97,669
2021
Beg. Bal.
$46,104
$70,500
$18,935
$97,669
12/31
$35,250
$35,250
rent rev.
12/31
-$19,882
-$18,935
$34,303
-$947
Interest
End Bal
$61,472
$70,500
-$1
$1,31,973
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.