hello, Need your help with these two part question.
Cullumber Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Debit Credit Cash $21,420 Accounts Receivable 42,840 Inventory 19,068 Land 54,600 Buildings 79,800 Equipment 33,600 Allowance for Doubtful Accounts $378 25,200 Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable 12,096 16,212 Interest Payable -0- Dividends Payable -0- Unearned Rent Revenue 6,720 42,000 Bonds Payable (10%) Preferred Stock ($20 par) $) -0- Paid-in Capital in Excess of Par-Preferred Stock -0- 25,200 Common Stock ($10 par) $ Paid-in Capital in Excess of Par-Common Stock 5.040 Retained Earnings 63,042 Treasury Stock -0- Cash Dividends -0- Sales Revenue 478.800 Rent Revenue -0- Bad Debt Expense -0- Interest Expense -0- Cost of Goods Sold 336,000 Depreciation Expense -0- Other Operating Expenses 32,760 Salaries and Wages Expense 54,600 Total $674,688 $674,688 Unrecorded transactions and adjustments: 1. On January 1, 2022, Cullumber issued 840 shares of $20 par, 6% preferred stock for $18,480. 2. On January 1, 2022, Cullumber also issued 840 shares of common stock for $19,320. 3. 4. Cullumber reacquired 252 shares of its common stock on July 1, 2022, for $49 per share. , $. On December 31, 2022, Cullumber declared the annual cash dividend on the preferred stock and a $1.50 per share dividend a $ on the outstanding common stock, all payable on January 15, 2023. 5. Cullumber estimates that uncollectible accounts receivable at year-end are $4,284. 6. 7. 8. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,200. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,360. The unearned rent was collected on October 1, 2022. It was receipt of 4 months' rent in advance (October 1, 2022 through January 31, 2023). The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded. 9. (Ignore income taxes.) (d) Your answer is partially correct. Prepare a retained earnings statement for the year ending December 31, 2022. (List items that increase retained earning first.) CULLUMBER CORPORATION Retained Earnings Statement For the Year Ended December 31, 2022 Retained Earnings, January 1 $ 63042 Add Net Income /(Loss) INI Less Cash Dividends Retained Earnings, December 31 V 63042 (c) Your answer is partially correct. Prepare a multiple-step income statement for the year ending December 31, 2022. (List other revenues before other expenses.) CULLUMBER CORPORATION Income Statement For the Year Ended December 31, 2022 Sales Revenue Cost of Goods Sold IM Gross Profit/(Loss) Operating Expenses Salaries and Wages Expense Depreciation Expense Bad Debt Expense Other Operating Expenses Total Operating Expenses Income From Operations IT DODO DI ID Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Net Income /(Loss)
