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Hey, I am in accounting and I need help with my t charts for the following problems: Issues 1,500 shares of common stock ($4 par)
Hey, I am in accounting and I need help with my t charts for the following problems:
Issues 1,500 shares of common stock ($4 par) at $90/share |
Purchased a delivery truck for $60,000 by issuing a 5-year, 6% note payable. Truck has a useful life of 10 years and no salvage value. |
Purchasd inventory of $111,800 (520 windows at $215) with cash. |
Purchased inventory of $11,700 (65 windows at $180) with cash. |
Sold $115,200 of inventory (320 windows at $360) on account. |
COGS using LIFO $66,525 |
Estimates that 10% of windows will have problems, costing $90 each to fix. |
Estimates that 5% of its credit sales (on account) will never be collectible. |
Write off uncollectable account (A/R) for two windows due to customers bankrupcy |
Pays $450 ($75 for 6 windows) in repairs for Lanes Bowling Alley under warranty. |
Records interest related to Jan. 1st note payable |
Records straight line depreciation for the delivery truck purchased on Jan. 1st |
And if you do not mind, I would GREATLY appreciate an income statement, trial balance, statement of retained earnings and balance sheet...
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