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

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American Laser, Inc., reported the following account balances on January 1. Debit Credit $5,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,ee0 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS $30,000 106,000 2,000 263,000 14,000 10,000 14,000 120,000 $282,000 $282,000 The company entered into the following transactions during the year Jan. 15 Issued 13,ee0 shares of $1 pan common stock for $66,000 cash. Jan. 31 Collected $3,080 from customers on account. Feb. 15 Reacquired 3,160 shares of $1 par common stock into treasury for $34,760 cash. Mar. 15 Reissued 2,160 shares of treasury stock for $25,760 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but di Oct. 1 Issued 10e, 10-year, $1,e1e bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,e80 balance due from a customer who went bankrupt. Dec. 29 Recorded $246,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $216, 0ee cash for this year's wages through December 3 d not yet pay) a $1 cash dividend on each outstanding share of common stock. 3 1. 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.) Aug. 15 Reissued 6e0 shares of treasury stock for $4,6e0 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock oct. 1 Issued 100, 1e-year, $1,010 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,008 balance due from a customer who went bankrupt. Dec. 29 Recorded $246,e00 of service revenue, all of which was collected in cash. Dec. 30 Paid $216,eee cash for this year's wages through December 31. Ignore payroll taxes and payroll 1 deductions. Dec. 31 Calculated $10,00e of depreciation for the year to be recorded. (Ignore accrual adjustments fo interest and income taxes.) General Journal General Ledger Debt to Assets Ratio Requirement Trial Balance Balance Sheet General Journal tab - Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab Each journal entry is posted automatically to the general ledger. Trial Balance tab The option you choose will be the values used to populate the balance sheet tabs. Balance Sheet tab Prepare the noncurrent liabilities and stockholders equity sections of the balance sheet at December 31. At the end of the year, the adjusted net income was $20,000. General Journal tab- Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. General Journal tab After preparing the financial statements, record the closing entry for Dividends Impact on Debt to Assets Ratio tab - Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio Requ General Journal > nt Journal entry worksheet 8....13 Issued 13,000 shares of $1 par common stock for $66,000 cash. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Jan 15 Record entry Clear entry View general journal Next Journal entry worksheet 1 23 4 56 7 8 13 Reacquired 3,160 shares of $1 par common stock into treasury for $34,760 cash. Record the transaction Note: Enter debits before credits. Date General Journal Debit Credit Feb 15 Record entry Clear entry View general journal Journal entry worksheet 5 6 78 13 Reissued 2,160 shares of treasury stock for $25,760 cash. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Mar 15 Record entry Clear entry View general journal 5 of 5 Journal entry worksheet 2 4 8 13 Reissued 600 shares of treasury stock for $4,600 cash. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Aug 15 Record entry Clear entry View general journal K Prev 5 of 5 Next Journal ehtry worksheet K1 2 3 4 567 8... 13 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Sep 15 Record entry Clear entry View general journal Prev 5 of 5 Journal entry worksheet Issued 100, 10-year, $1,o00 bonds, at a quoted bond price of 101. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Oct 01 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8m13 Wrote off a $2,000 balance due from a customer who went bankrupt. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Oct 03 Record entry Clear entry View general journal Journal entry worksheet 4 6 7 Recorded $246,000 of service revenue, all of which was collected in cash. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Dec 29 Record entry Clear entry View general journal Journal entry worksheet K1 5 6 7 8 9 10. 13 Paid $216,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Dec 30 Record entry Clear entry View general journal Journal entry worksheet 7 8 10 13 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet >I K1 6 7 8 9 10 11 1213 Prepare a closing journal entry for the income statement accounts, assuming the ev statement accounts. Record the transaction. ents on December 29-31 were the only transactions to affect income Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet 10 11 126 9 1 678 Prepare the closing entry for Dividends. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal General Ledger Debt to Assets Ratio General Requirement ournal Trial Balance Balance Sheet The option you choose will be the values used to populate the balance sheet tabs. AMERICAN LASER, INC Trial Balance December 31, 2019 Account Title Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts 14,000 5,000 2,000 263, 30,000 14,000 10,000 106,000 120,000 282,000 Accumulated Depreciation-Buildings Notes Payable (long-term) Common Stock Additional Paid-In Capital, Common Stock Retained Eamings Total 282,000 S General Ledger Balance Sheet ) AMERICAN LASER, INC Classified Balance Sheet At December 31 Requirement General Journal General Ledger Triai Balance Balance Sheet Debt to Assets SheetRatio Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. and December 31. (Round your answer to 2 decimal places.) culate the debt-to-assets ratio at January 1 Debt to Assets Ratio the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? OMore Less Dabt to Ausots Ratio K Balance Sheet

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