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Alment sent to Gradebook Your grade is being recorded Sun Apr 26. 2020. 9:16:07 PM (America/New York-04.00 Question 1 View Policies Show Attempt History Current
Alment sent to Gradebook Your grade is being recorded Sun Apr 26. 2020. 9:16:07 PM (America/New York-04.00 Question 1 View Policies Show Attempt History Current Attempt in Progress Grouper Corp's balance sheet at December 31, 2021. is presented below. GROUPER CORP Balance Sheet December 31, 2021 Cash Accounts receivable $30.720 96,000 152.880 Allowance for doubtful accounts $29,520 Accounts payable 54,600 Common stock (510 par 11,800) Retained earnings 5,280 48.000 170.400 Supplies Land Buildings Accumulated depreciation-buildings 126,400) $279.600 $279.00 During 2022, the following transactions occurred 1 On January 1. Grouper issued 1.440 shares of $40 par, 7% preferred stock for $59.040 2 On January 1, Grouper also issued 1.080 shares of the $10 par value common stock for $25.200 3. Grouper performed services for 5384.000 on account. 4. On April 1.2022. Grouper collected fees of $43.200 in advance for services to be performed from April 1, 2022, to March 31, 2023 5. Grouper collected 5331.200 from customers on account 6. Grouper bought $42.120 of supplies on account 7. Grouper paid 538,640 on accounts payable. & Grouper reacquired 480 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $225,840. 10 On December 31, 2022. Grouper declared the annual preferred stock dividend and a 5120 per share dividend on the outstanding com payable on January 15, 2023. 11 An account receivable of $2,040 which originated in 2022 is written off as uncollectible Adjustment data 1 Acount of supplies indicates that 57.080 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above 3. The allowance for doubtful accounts should have a balance of $4.200 at year end Depreciation is recorded on the building on a straight-line basis based on a 30 year life and a salvage value of $12,000 5. The income tax rate is 30. Hint. Prepare the income statement up to income before taves and multiply by 30% to compute the amount Prepare journal entries for the transactions sted above and adjusting entries. Credit account titles are automatically indented when amount anter Do not indent mar i ne entry is required, select "No Entry for the account titles and enter for the amounts Record journal entries in the order preser Debit Credit No. Account Titles and Explanation 2 Cash Push Essor Valeherred Stock Poldalucesso Per Common Stock I 3. Account Recevable . 43200 Uneared Serviceleverde 5. Cash 39:200 Accounts Receivable Account Pay Other Operations 22540 10. R arings Med Payable 2040 Adjusting entries e Textbook and Media List of Accounts Save for Later Attempts: unlimited
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