tion applies ro the questions displayed below/ beans is a coffee company a big c

Question

tion applies ro the questions displayed below/ beans is a coffee company a big coffee company During a 10-year penod, the number of Starbeans Starbeans's Sta locations grew from 165 to over 8.800 stores in 50 countries. The following is adapted from I report for the year ended September 30, 2013, and dollars are reported in millions Accounts Payable Accounts Recelvable Cash $6,660 665 3.530 540 5,500 3,800 2,060 2.610 665 5,090 2.220 Equipment intangible Notes Payable (long-term) Prepaid Rent Retained Earnings Salarles and Wages Payable Short-Term Investments Assume that the following events occurred in the following quarter. which ended December 31, 2013. Dollars are in millions a Paid $1,950 cash for additional intangible assets Issued additional shares of common stock for $11,900 in cash Purchased equipment paid $3,800 in cash and signed additional long-term loans for $10.800 d. Paid $990 cash for salaries and wages owed at September 30 e. Conducted negotuations to purchase a coffee farm. which is expected to cost $9.800

Explanation / Answer

Event Assets = Liabilities + Stockholders' equity a Intangible assets 1950 = + Cash -1950 = + b Cash 11900 = + Comon Stock 11900 c Equipment 14600 = Long-Term Loan 10800 + Cash -3800 = + d Cash -990 = + Salaries -990 e No entry required

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