Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term)

image text in transcribed

Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS $ 5,000 $ 30,000 90,000 2,000 247,000 10,000 10,000 10,000 120,000 $262,000 $262,000 The company entered into the following transactions during the year. Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt Dec. 29 Recorded $230,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and ind taxes.) General Journal General Ledger Debt to Assets Ratio Requirement Trial Balance Balance Sheet Use the dropdowns to select the accounts properly included on the classified balance sheet. However, you will need to enter the amount of Retained earnings. At the end of the year, the adjusted net income was $20,000 AMERICAN LASER, INC Classified Balance Sheet At December 31 Liabilities Noncurrent Liabilities Notes Payable (long-term) Bonds Payable Premium on Bonds Payable 10,000 100,000 1,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Decision Makers

Authors: Peter Atrill

8th Edition

1292099046, 978-1292099040

More Books

Students also viewed these Accounting questions

Question

How is safety stock included in a material requirements plan?

Answered: 1 week ago