American Laser, Inc , reported the following account balances on January 1 Debit Credit Accounts Receivable $ 5,000 Accumulated Depreciation $ 30,000 Additional Paid in Capital 122,000 Allowance for Doubtful Accounts 2,000 Bonds Payable 0 Buildings 279,000 Cash 18,000 Common Stock, 10,000 shares of $1 par 10,000 Notes Payable (long term) 18,000 Retained Earnings 120,000 Treasury Stock 0 TOTALS $ 302,000 $ 302,000 The company entered into the following transactions during the year Jan 15 Issued 21,000 shares of $1 par common stock for $82,000 cash Jan 31 Collected $3,000 from customers on account Feb 15 Reacquired 3,320 shares of $1 par common stock into treasury for $36,520 cash Mar 15 Reissued 2,320 shares of treasury stock for $27,520 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, $1,010 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 $262,000 of service revenue, all of which was collected in cash Dec 30 Paid $232,000 cash for this years 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 income taxes ) Dec 31 Close the revenue and expense accounts Dec 31 Close the dividends account prepare a 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 Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio Prepare the journal entries to record each transaction Review the accounts as shown in the General Ledger and Trial Balance tabs (Do not round intermediate calculations If no entry is required for a transaction event, select No journal entry required in the first account field )

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American Laser, Inc., reported the following account balances on January 1. Debit Credit Accounts Receivable $ 5,000 Accumulated Depreciation $ 30,000 Additional Paid-in Capital 122,000

American Laser, Inc., reported the following account balances on January 1.

	Debit		Credit
Accounts Receivable	$	5,000
Accumulated Depreciation			$	30,000
Additional Paid-in Capital				122,000
Allowance for Doubtful Accounts				2,000
Bonds Payable				0
Buildings		279,000
Cash		18,000
Common Stock, 10,000 shares of $1 par				10,000
Notes Payable (long-term)				18,000
Retained Earnings				120,000
Treasury Stock		0
TOTALS	$	302,000	$	302,000

The company entered into the following transactions during the year.

Jan.	15	Issued 21,000 shares of $1 par common stock for $82,000 cash.
Jan.	31	Collected $3,000 from customers on account.
Feb.	15	Reacquired 3,320 shares of $1 par common stock into treasury for $36,520 cash.
Mar.	15	Reissued 2,320 shares of treasury stock for $27,520 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, $1,010 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 $262,000 of service revenue, all of which was collected in cash.
Dec.	30	Paid $232,000 cash for this years 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 income taxes.)

Dec.

Close the revenue and expense accounts.

Dec.

Close the dividends account.

prepare a 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.

Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)