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Hello, this is a multiple answer question.(part A,B,C,D) i need your help with all parts. thank you in advance. Cullumber Corporations trial balance at December

Hello, this is a multiple answer question.(part A,B,C,D) i need your help with all parts. thank you in advance.

Cullumber Corporations 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

Accumulated DepreciationBuildings

25,200

Accumulated DepreciationEquipment

12,096

Accounts Payable

16,212

Interest Payable

0

Dividends Payable

0

Unearned Rent Revenue

6,720

Bonds Payable (10%)

42,000

Preferred Stock ($20 par)

0

Paid-in Capital in Excess of ParPreferred Stock

0

Common Stock ($10 par)

25,200

Paid-in Capital in Excess of ParCommon 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. Cullumber reacquired 252 shares of its common stock on July 1, 2022, for $49 per share.
4. On December 31, 2022, Cullumber declared the annual cash dividend on the preferred stock and a $1.50 per share dividend 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. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,200.
7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,360.
8. 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).
9. 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.

(Ignore income taxes.)image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

(a) Your answer is partially correct. Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Cash 18480 Preferred Stock 16800 Paid-in Capital in Excess of Par-Preferred Stock 2040 2. cash 19320 Common Stock 8400 Paid-in Capital in Excess of Par-Common Stock 10920 3 Treasury Stock 12348 Cash 12348 4. Cash Dividends 5670 Dividends Payable 5670 5. 5. Bad Debt Expense 4284 Allowance for Doubtful Accounts 4284 6. Depreciation Expense 2520 Accumulated Depreciation-Buildings 2520 7. Depreciation Expense 3024 Accumulated Depreciation Equipment 3024 8. Unearned Rent Revenue 5040 Rent Revenue 5040 9. Interest Expense 4200 Interest Payable 4200 (b) Your answer is partially correct. Prepare an updated December 31, 2022, trial balance, reflecting the journal entries in part(a). CULLUMBER CORPORATION Adjusted Trial Balance December 31, 2022 V Debit Credit Cash $ Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense (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) (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

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