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Classified Balance sheet as of December 31, 2017.... please help and fast es.Comedugenishare/assighment/test/qprint.uni omprehensive Accounting Cycle Review 11-1 ayai Corp.'s balance sheet at December 31,
Classified Balance sheet as of December 31, 2017.... please help and fast es.Comedugenishare/assighment/test/qprint.uni omprehensive Accounting Cycle Review 11-1 ayai Corp.'s balance sheet at December 31, 2016, is presented below. AYAYAF CORP Balance Sheet December 31, 2016 ash ccounts receivable llowance for doubtful accounts upplies and uildings ccumulated depreciation-buildings $26,000Accounts payable $27,000 75,000 138,650 46,000 Common stock ($10 par) (1,900) Retained earnings 4,800 44,500 144,000 (22,750) $240,650 $240,650 During 2017, the following transactions occurred. 1. on January 1, 2017, Ayayai issued 1,300 shares of $49 par, 8% preferred stock for $66,300. 2. On January 1, 2017, Ayayai also issued 840 shares of the $10 par value common stock for $20,500. 3. Ayayai performed services for $322,000 on account. 4. On April 1, 2017, Ayayai collected fees of $37,000 in advance for services to be performed from April 1, 2017, to March 31, 2C 5. Ayayai collected $285,000 from customers on account. 6. Ayayai bought $36,000 of supplies on account. 7. Ayayal paid $30,000 on accounts payable. 8. Ayayai reacquired 470 shares of its common stock on June 1, 2017, for $27 per share. 9. Paid other operating expenses of $180,000. 10. On December 31, 2017, Ayayai declared the annual preferred stock dividend and a $1.00 per share dividend on the outstanding 2018 11. An account receivable of $1,900 which originated in 2016 is written off as uncollectible. Adjustment data: 1 A count of supplies indicates that $5,900 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 $3,400 at year end 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $7,500. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amo
Classified Balance sheet as of December 31, 2017.... please help and fast
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