Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hey everyone, I was hoping you guys could help me solve the below balance sheet. Some of the responses I have are incorrect but some

image text in transcribedHey everyone, I was hoping you guys could help me solve the below balance sheet. Some of the responses I have are incorrect but some of them are correct so if you could re-do the balance sheet so I can have the correct answer for future reference , that would be great.

American Laser, Inc., reported the following account balances on January 1 $ 5,000 30,000 90,000 2,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock 247,000 10,000 10,000 10,000 120,000 The company entered into the following transactions during the year Jan. Feb. Mar. Aug. Sept. Oct. Oct. 15 15 15 15 15 1 3 Issued 5,000 shares of $1 par common stock for $50,000 cash. Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Reissued 2,000 shares of treasury stock for $24,000 cash. Reissued 600 shares of treasury stock for $4,600 cash. Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101 Wrote off a $500 balance due from a customer who went bankrupt. General Journa General Ledger Requirement Trial Balance Balance Sheet Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of Common stock, Additional paid-in capital, Retained earnings, and Treasury stock. At the end of the year, the adjusted net income was $20,000 Show less Unadjusted AMERICAN LASER, INC Balance Sheet (partial) At December 31 urrent Assets Cash 156,600 otal Assets 156,600 Stockholders' Equity Contributed Capital 15,000 135,000 150,000 105.400 255,400 Common Stock Additional Paid-In Captal-Common Stock Total Contributed Capital Retained Earnings Total s: Treasury Stock otal Liabilities and Stockholders' Equity S 251,000 Trial Balance Balance Sheet

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

Audit And Management Of The Company

Authors: Trésor Ilunga KAMPELA, Bernard KAYIMBW MANETA

1st Edition

ISBN: 6205405253, 978-6205405253

More Books

Students also viewed these Accounting questions