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Help would be very much appreciated Events Beginning Balances as of Dec 31. Year 1/Jan 1, Year 2 1 Paid a $44,000 cash dividend previously
Help would be very much appreciated
Events Beginning Balances as of Dec 31. Year 1/Jan 1, Year 2 1 Paid a $44,000 cash dividend previously declared for stockholders 2 Paid wages payable accrued in previous month 3 Acquired $450,000 by signing a note payable with a local bank 4 Sold 15,000 shares of $10 par Common Stock for $220,000 Sold 4,000 shares of $40 par, 3% cumulative preferred stock for $240.000 Purchased a truck and piece of Equipment for $138,000. The truck has a market value of 63.000 and the equipment has a market value of 77.000. 6 7 Purchased 45,000 Units of Inventory on Account for $8.15 per unit 8 Sold 65.000 units at $44.50 on Account - Revenue 9 COGS on sale of 65,000 units on Account (from previous event) 10 Collect $1.570,000 on Account 11 Paid $540,250 of Accounts Payable 12 Purchased 70.000 Units of Inventory on Accourd for $8.50 per unit 13 Sold 75.000 units at $44.50 on Account 14 Record COGS for Sales of 75,000 units on Account 15 Collect $2,474,500 on Account 16. Paid $438,500 of Accounts Payable 17 Collect $1,735,000 on Account 18 Paid $383,150 of Accounts Payable 19 Purchased 175,000 Units of Inventory on Account for $8.75 per unit 20 Paid Advertising and Markefing Expenses of $103,000 21 Paid Operating Expenses of \$475,708 22 Paid Wages of $1,435,000 23 Record Wages Payable of $415,000 24 a Interest on Note Payable 24b Principle on Note Payable 25 Year 1 Depreciation on Truck 26 Year 1 Depreciation on Equipment 27 Year 2 Depreciation on Bullding 28 Common Stock Dividend Declaration 29 Prefered Stock Dividend Declaration Balance at December 31. Yr 2 Total Assots Total Labilines \& Equiy Beginning Balances Total Assets. Total Lablities \& Equity Income Statement Year 2 Sales Revenue Less: Gross Margin $ Less: Operating Expenses Total Operating Expenses Net Income (Loss) $ $ Balance Sheet Year 2 Assets: Current Assets Total Current Assets 5 Long Term Assets Total Long Term Assets 5 Total Assets 5 Liabilities Current Liabilities Total Current Liabilities 5 Long Term Liabilities Total Long Term Liabilities 5 Total Liabilities Stockholders Equity Total Stockholders Equity Total Liabilities and Stockholders Equity 5 5 Statement on Stockholders' Equity Year 2 Beginning Stock \& APIC Plus: Plus: Plus: Plus: Ending Stock \& APIC Beginning Retained Earnings Plus: Less: Ending Retained Earnings $ Total Stockholders' Equity $ Statement of Cash Flows Year 2 Cash flows from operating activities Cash receipts from revenue Cash payments for expenses Net cash flow from operating activities $ Cash flows from investing activities: Cash payments to purchase equipment $ Cash flows from financing activities: Cash receipts from borrowing funds Cash receipts from issuing stock Cash payments to repay borrowed funds Cash payments for dividends Net cash flow from financing activities Net increase/(decrease) in cash Plus: beginning cash balance Ending cash balance $ $ Ending cash balance $ Events Beginning Balances as of Dec 31. Year 1/Jan 1, Year 2 1 Paid a $44,000 cash dividend previously declared for stockholders 2 Paid wages payable accrued in previous month 3 Acquired $450,000 by signing a note payable with a local bank 4 Sold 15,000 shares of $10 par Common Stock for $220,000 Sold 4,000 shares of $40 par, 3% cumulative preferred stock for $240.000 Purchased a truck and piece of Equipment for $138,000. The truck has a market value of 63.000 and the equipment has a market value of 77.000. 6 7 Purchased 45,000 Units of Inventory on Account for $8.15 per unit 8 Sold 65.000 units at $44.50 on Account - Revenue 9 COGS on sale of 65,000 units on Account (from previous event) 10 Collect $1.570,000 on Account 11 Paid $540,250 of Accounts Payable 12 Purchased 70.000 Units of Inventory on Accourd for $8.50 per unit 13 Sold 75.000 units at $44.50 on Account 14 Record COGS for Sales of 75,000 units on Account 15 Collect $2,474,500 on Account 16. Paid $438,500 of Accounts Payable 17 Collect $1,735,000 on Account 18 Paid $383,150 of Accounts Payable 19 Purchased 175,000 Units of Inventory on Account for $8.75 per unit 20 Paid Advertising and Markefing Expenses of $103,000 21 Paid Operating Expenses of \$475,708 22 Paid Wages of $1,435,000 23 Record Wages Payable of $415,000 24 a Interest on Note Payable 24b Principle on Note Payable 25 Year 1 Depreciation on Truck 26 Year 1 Depreciation on Equipment 27 Year 2 Depreciation on Bullding 28 Common Stock Dividend Declaration 29 Prefered Stock Dividend Declaration Balance at December 31. Yr 2 Total Assots Total Labilines \& Equiy Beginning Balances Total Assets. Total Lablities \& Equity Income Statement Year 2 Sales Revenue Less: Gross Margin $ Less: Operating Expenses Total Operating Expenses Net Income (Loss) $ $ Balance Sheet Year 2 Assets: Current Assets Total Current Assets 5 Long Term Assets Total Long Term Assets 5 Total Assets 5 Liabilities Current Liabilities Total Current Liabilities 5 Long Term Liabilities Total Long Term Liabilities 5 Total Liabilities Stockholders Equity Total Stockholders Equity Total Liabilities and Stockholders Equity 5 5 Statement on Stockholders' Equity Year 2 Beginning Stock \& APIC Plus: Plus: Plus: Plus: Ending Stock \& APIC Beginning Retained Earnings Plus: Less: Ending Retained Earnings $ Total Stockholders' Equity $ Statement of Cash Flows Year 2 Cash flows from operating activities Cash receipts from revenue Cash payments for expenses Net cash flow from operating activities $ Cash flows from investing activities: Cash payments to purchase equipment $ Cash flows from financing activities: Cash receipts from borrowing funds Cash receipts from issuing stock Cash payments to repay borrowed funds Cash payments for dividends Net cash flow from financing activities Net increase/(decrease) in cash Plus: beginning cash balance Ending cash balance $ $ Ending cash balance $ Step by Step Solution
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