Accounting Cycle Review 15 a-e trial balence at December 31, 2020, is presented below. All 2020 transactions have been recorded $27,600 56,000 22,900 64,900 80,500 32,000 Accounts Receivable Land Equipment Allowance for Doubtful Accounts Accumuleted Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par--Common $480 25,500 12,800 19,400 7,600 44,000 29,000 5,800 Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred -0 Stock Retained Earnings Treesury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Saleries and Wages Expense 597,000 410,000 39,100 66,000 $799,000 $799,000 Total Unrecorded transactions and adjustments 1. On January 1, 2020, wildhorse issued 1,200 shares of $20 par, 6% preferred stock for $26,400. 2. On Jenuary 1, 2020, wildhorse also issued 1,000 shares of common stock for $25,000o. Unrecorded transactions and adjustments: 1. On 2. On Jenuary 1, 2020, Wildhorse also issued 1,000 shares of common stock for $25,000. 3. Wildhorse reacquired 320 shares of its common stock January 1, 2020, wildhorse issued 1,200 shares of S20 par, 6% preferred stock for S26.400. op July 1, 2020, for $49 per share. declared the annual cash dividend on the preferred stock and a $1.20 per share dividend on the outstanding common stock, all payabie on Jenuary 15, 2021 5. Wildhorse estimates that uncollectible accounts receivable at year-end is $5,600 6. The building is being depreciated using the straight-line method over 30 years. The value is $4,000 The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,200. 7. 8. The unearned rent was collected on October 1, 2020. It was receipt of 4 months' rent in advance (October 1, 2020 through January 31, 2021). 9. The 10% bonds payable pay interest every January 1 . The interest for the 12 months ended December 31, 2020, has not been paid or recorded. Ignore income taxes.) Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically Indented when amount is entered. Do not Indor Credit Debit 2. 3. 5. Prepare an updated 31, 2020, trial balance, reflecting the journal entries in part(a). WILDHORSE CORPORATION Trial Balance Deblt Credit Prepare a multiple-step income statement for the year ending r 31, 2020. (List other revenues before other WILDHORSE CORPORATION St Prepare a retained earnings statement for the year ending December 31, 2020. (LIst Items that Increase retained earning first.) WILDHORSE CORPORATION Retained Earnings Staten Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquldity. List Property, Plant and Equipment in order o Equipment. Enter account name only and do not provide descriptive information.)
