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5 things within this accounting worksheet are wrong. I know 11, 17, and 23 are wrong, but I can't figure out the other 2. Events
5 things within this accounting worksheet are wrong. I know 11, 17, and 23 are wrong, but I can't figure out the other 2.
Events Acct Rec Balance Sheet Assets Inventory Equipment Land Building - Accum Depr Acct Payable Div Payable 200,000 28.7501 28.750 Equity APIC Cash (200.000 Liab Notes Payable Wages Payable Common Stock Retained Earnings 52.500 (17.250 52,500 (17.2501 (70,000 70.000 (17.250 (17.2501 255,000 255,000 612.500 612.500 (201.2501 (201,250 (472,500) 472.500 (118,600) (118.600 l 398.750 398.750 700,000 700,000 (270.750 (270.7501 3. Purchased Equipment 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 5a. Sold 15,000 units at $3.50 on Account 5b. COGS for Sales on Account 6. Collect $70,000 on Account 9. Collect on Account 8. do 17:250 of Accounts Payable 9a. Sold 175,000 units at $3.50 on Account Purchased Inventory on Account - 170,000 Units at $1.50 per unit 9b. COGS for Sales on Account 10. Collect $472.500 on Account 11. Paid $118,600 of Accounts Payable 12. Purchased Inventory on Account - 275,000 Units at $1.45 per unit 13a. Sold 200,000 units at $3.50 on Account 13b. COGS for Sales on Account 14. Collect $735,000 on Account 15. Paid $294,150 of Accounts account 10. Purchased Inventory on Account - 300,000 Units at $1.15 per unit He paid Sales & Marketing Expenses of $30,000 Expenses of $75,708 19. Paid Wage Expenses of $40,000 20. Paid Product Line Research & Development Expenses of $150,000 21. Paid Advertising Expenses of $87,500 22. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 23. Record Yr 1 Depreciation on Equipment with Salvage Value of $38,000 & useful life of 7 Yrs 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders Balance at end of Yr 1 735,000 (294,1501 (735,000) Hvor Accounts Payable (294,150) 345.000 345.000 30.000 18. Paid Operating (75,708) (40.000) (150.000 (87.500) 130.000) (75.708) (40.0001 (150.000 (87.500) (88,500) (50,000) (38,500) 37,4291 (37,429) (10.000) 10,000 (10,000 (10,000 2.245.792 87,500 538.250 200,000 37,429 746,100 381,400 550.000 950,000 406,613 $ Total Assets Total Liabilities & Equity 3,034,113 3,034,113Step by Step Solution
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