Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Debit $ 5,000 Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings $30,000 90,000 2,000 247,00e 10,000 ash8s Common

image text in transcribed

Debit $ 5,000 Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings $30,000 90,000 2,000 247,00e 10,000 ash8s Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 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 casih 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 inco taxes.) General Journal General Ledger Debt to Assets Ratio Requirement Trial Balance Balance Sheet Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio Calculate the debt-to-assets ratio at January 1 and December 31. (Round your answer to 2 decimal places.) Debt to Assets Ratio 0.001%

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

Principles Of Food Beverage And Labor Cost Controls

Authors: Paul R. Dittmer, Gerald G. Griffin

6th Edition

0471293253, 978-0471293255

More Books

Students also viewed these Accounting questions

Question

Why are companies more aware now of the need to manage risk?

Answered: 1 week ago

Question

Excel caculation on cascade mental health clinic

Answered: 1 week ago

Question

6 Compare and contrast mentoring and coaching.

Answered: 1 week ago