I NEED HELP WITH STATEMENT OF STOCKHOLDERS' EQUITY. MY EQUITY AND LIABILITIES BALANCE IS NOT MATCHING UP WITH THE ASSETS. WHERE AM I DOING WRONG?
ANY HELP WILL BE HIGHLY APPRECIATED. INFO IS GIVEN (That is all the info I have since A3 sheet is based upon A1 & A2 sheet)
stbesdi mud4 gelese Eel lell me what you want to do & Share Home Insert Page Layout Formulas Cats Hesuew View Develope Ntro Pro 10 vkas bed AutuSum Cul 11-A =- Whap Tot Normal FmE Check Cell Neutral Calculation Calbri General Bad Gond hCopy Fi BU A == Mege & Center Explonatory Input Canditiona Dlste Formt Sort & Find & Linked Cell Noto Fomat Panter iter: Selert: Clear- Fomatbng Table Oipboard Algnnert unbe Styles Editing J A B n G L M N C Debil 1 Credil Journal Entry Solution: 04/01/19 Cash 42.500 Background Information: Stock Paid CK Capital CS 17.500 6 7 06/01/19 Cash 129.800 Preferred Stock 8 During the year ending 2019, Toys for You, Inc. completed the equity transactions in Exhibit 1. The account 110,000 9 balances in Exhibit 2 are Pre-Closing amounts for Year-End December 31, 2019 balances and, DO NOT Paid in Capilal-PS 19.800 10 INCLUDE any of the transactions 1 through 6 listed in Exhibit 1. Update the Cash and Equity T-Account 11 Balances in Part A2 08/01/19 Cash 8.750 Common Stock 12 5,000 13 A1. Prepare the Journal Entries for the items listed below in Exhibit 1. Be sure to date your entries. You do 14 not need to provide explanations. Paid in Capital CS 3.750 10/01/19 Cash 24,000 15 16 Exhibit 1: Preferred Stok 20,000 Paid in Capital-PS 4,000 17 , On April 1, the coni lectied 1.100 shares of 3 5 % Cumulative Preferred Stock for $119 nor share. The issued 2,500 shares of their $10 PAR value Common Stock for $17 per share 19 2, On June 1 the ce 11/01/19 Treasury Stock 3.600 20 PAR value of this Preferred Stock is $100 per share Cash 3,600 21 3. On August 1, the company issued an additional 500 shares of their $10 PAR value Common Stock for 22 $17.50 per share. 12/23/19 Retained Earnings 4.550 23 Preferred Dividends Payable 4,550 24 4, On October 25 per share. The PAR value the company issued an additional 200 shares of 3.5 % Cumulative Preferred Stock for $120 these shares is $100 per share. 12/30/19 Preferred Dividends Payable 4.550 Cash 26 4,550 27 5. On November 1, the company decided to purchase 200 shares of its Common Stock from shareholders to 28 be held in treasury for Emplovee Bonuses. The company uses the Cust Method to aLount for Treasury Slock. 12/31/19 Income Summarv. 61.332 stbesdi mud4 gelese Eel lell me what you want to do & Share Home Insert Page Layout Formulas Cats Hesuew View Develope Ntro Pro 10 vkas bed AutuSum Cul 11-A =- Whap Tot Normal Calculation Caleri General Bad aad Neutral hCopy Fi Canditional Fom Fomatting lshle BU A E Mege & Center S%, Check Cell Explanatory Input mart Dlst Forma Sort & Find & Linked Cell Noto Fomat Parter iter: Selert: Clear- tunher Oisboard Alignert Styles Eiting 1 G H M D J L N C 22 $17.50 per share. 12/23/19 Relained Earnings 4,550 Preferred Dividends Payable 23 4,550 5sued an additional 200 shares of 3.5 % Cumulative Preferred Stock for $120 . On October 25 per share. The PAR value of these shares is $100 per share. 12/30/19 Preferred Dividends Payable 4.550 Cash 26 4,550 27 5. On November 1, the company decided to purchase 200 shares of its Common Stock from shareholders to 28 be held treasury for Employee Bonuses. The company uses the Cost Method to account for Treasury Stock. 12/31/19 Income Summary 61,332 29 They paid $18 per share for the stock. Retained Earnings 61,332 30 31 6. On December 23, the company declared a Preferred Dividend that totaled $4,550. 32 7. The company paid the dividends on Decermber 30, 2019 33 8. The company has asked you to create the journal entry to close the income statement accounts (presented 34 in Exhibil 2) on December 31, 2019. 35 Exhibit 2: Toys for You, Inc Pre Closing (and Before Equity JEs) Account Balances YE 2019 37 38 39 4C Debit Credit 41 Cash 207,356 42 Accounts Receivable 190.440 Doublful Accounts 1.904 43 Alluwance 44 Merchandise Inventory 53,440 45 Prepaid Insurance 164 16 Building 47 Accumulated Depreciation-Building 48 Display Equipment A9 Accumlat nlav Enuinment 260.000 18,958 1,800 525 1. Statement of Cash Flow R2. A3, Stmt of Stortholders Fquity stbesdi mud4 gelese Eel lell me what you want to do & Share Home Insert Page Layout Formulas Cats Hesuew View Drveinne Ntro Pro 10 vkas bed AuloSum Cul -11A A = Whap Trot Normal Neutral Calculation Caleri General Bad Gond hCopy Fi Canditional Fom Fomatbng able BU A Explanatory Input EE Mege & Center S% Check Cell mart Dlst Forma Sort & Find & Linkod Cell Noto Clear Fomat Parter iter: Selert: Algnert Cioard tunbe Styles Editing 1 B C n G H M N C 46 Building 260,000 47 Accumulated Depreciation-Building 48 Display Equipment 49 Accumula e 18,958 1,800 reciation-Display Equipment 525 7625 51 Salaries and Wages Payable 5.920 52 Bank Loan Payable 124,000 53 Mortgage Note Payable 54 Common Stock (10,000 shares issued at PAR value) 55 Retained Earnings 56 Sales Revenue 166,400 100,000 226,535 634,800 57 Cost of Goods Sold 399,924 58 Insurance Expense 2,008 59 Salaries & Wages Expense 60 Advertising Expense 61 Bad Debt Expense 125,609 4,335 1,230 62 Supplies Expense 4,310 63 Depreciation Expense 6,680 G4 Interest Expense Income Tax Expense 16,304 66 67 1.286.668 1,286,668 68 70 71 72 1. Equity Journal Entries 2. EFouty T-Accounts A3. Stmt ot Stortholders Fquity 1. Statement of Cash Flows R2 busdi mud4 saalabs Exx lell me what you want to do & Share Home Insert Page Layout Formulas Cats Hesuew View Developes Ntro Pro 10 vkas bed AutuSum Cul -11A A = Wap Tet EE Mega &Cente Normal mec Coll Neutral Calculation Caleri General Bad aad hCopy Fi S%, Explonatory..Input Canditional Fom Dlste Formt Sort & Find & Linkod Cell Noto fomat Painter Clear Fomatbng able iter: Selert: Snde Cipboard Eant Alignert unbe Editing 2. Post the loumal Entries, including the Clesing Entry, you made in Part A1 to the Cash and Equity Acoount T-Accounts. The T-Aecounts show the Pre-Closing M A L M D F F G H K N P Q S. T V wxY AL AB Check Figure for Part A2: Total Ending Assets $888,7112. 9 10 11 T-Account Solution: Retained Earnings A550 Advertising Expense 4335 Cash Accounts Pavable Sales Revenue 14 PCB 207,356 3,600 7,625 PCB 226,535 PCB 634.800 PCB PC 4,550 7.625 634,800 (4,335" 15 42,500 61.332 283.31 16 129,800 17 8,750 Salaries & Wages Payable Bad Debt Expense 18 24,000 Cost of Goods Sold 5,920 PCB 19 404.256 Common Stock PCB 399.924 PCB 1,230 (399,924) (1,230) 20 5,920 100,000 PCB 21 25,000 Accounts Receivable 22 5,000 Salaries & Wages Expense Dividends Pavable 130,000 23 PCB 190,440 Depreciation Fxpense 190.440 4.550 DCI 24 4,550 125,609 PCR 6,680 (125,609) (6,680) 25 APIC-Common 26 Allowance for Doubtful 500 counts 3.750 Bank Loan Payable Supplies Expense Interest Expense 1.904 PCB 21,250 PCB 13.068 29 1,904 124,000 PCB 4310 (13,068) 124.000 (4,310) 30 31 Merchandise Inventory 32 Preterred Stock 33 PCB Insurance Expense Income Tax Expense 53,440 Mortgage Payable 20,000 166,400 PCB 110.000 34 53,440 2,008 PCB 16,304 130 000 (2,008) (16.304) 35 166.400 A1. Fouty lournal Entries 1 Statement of Cash Flows A2. Equity T-Accounts A3. Stmt at Stockthalders Equity R2 sbasdi mud4 gaa Labs Exel lell me what you want to do & Share Home Insert Page Layout Formulas Cats Hesuew View Developes Ntro Pro 10 vkas bed AutuSum Cul -11A A =_ Whap Tret Mege & Certa Normal mec Coll Calculation Calbri General Bad aad Neutral hCopy Fi S%, Explanatory Input EE Canditional Fom Dlste Formt Sort & Find & Linkad Cell Noto fomst Painter Fomatbng able Clear- iter Select Sdes Cipboard Eam Alignnert unbe Cela Eciting 2, Post the ioumel Entries, indlasine the Closine Entry, you made in Part A1 to the Cash and fgaity Acrot T-berounts The T-0caunts show the Pre-Closing M A E F G L M H K N C P Q V WXY AA AB Murlgage Payable Insurance Expense Income Tax Expense 33 PCR 53,440 20,000 PCI 34 53,440 166,400 PCB 110.000 2,008 PCB 16,304 166,400 (2,008) (16,304) 35 130,000 Prepaid Insurance APIC-Preferred 38 PCB 164 164 39 4,000 19.800 A1 41 23.800 42 Building 43 PCB 260,000 44 260.000 Treasury Stock 45 3.600 (3,600) 46 47 Accum Deprer Building 48 18,958 PCB 18.958 44 50 Display Equipment 57 53 PCB 1.800 54 1,800 55 56 Accum Depre-Display Equip 57 525 PCB 58 525 50 R 1. Statement of Cash Flows A1. Equity lounnal Entries A2. Eauity T-Accounts A3. Stmt at Stoctholders Equity stbesdi mud4 gelese Eel lell me what you want to do & Share Neo Pro 10 Home Insert Page Layout Formulas Cats Hesuew View Develoger vkas bed AutuSum Cul Whap Tot 11 A A ==_ Calculation Normal FmE Check Cell Calbri General Bad ond Neutral Cop Fi B U m ,A Mege & Centar Explanatory Input Canditiona Dlste Formt Sort & Find & Linkod Cell Noto fomat Painter Clear Fomattbng Table iter: Selert: tunber gnert Cipboard Svies Editing Toys for You, In H63 A E W XY B C G K L M N P Q T V AL AB Accum Depre-Display Equip 57 58 525 PCB 59 525 62 = Total Llab 61,332 I don't know why there is difference whei Total Assets 303.945 Total Equity 63 888.712 646.100 950,045 64 Pre-Closing: 691.812 65 66 67 Post-Closing: 888.712 68 69 Post Closing: Toys for You, Inhc 913700 Post Closing Trial Balance 70 71 72 Cash 404.256 73 Accounts Receivable 190.440 Doubful Debls 74 Alluwance 1,904 75 Merchandise Inventory 53,440 Insurance 77 Building 260.000 78 Accumulated Depreciation Building 18.958 79 Di equipment 1.800 reciation Display Equipment 525 81 Accounts Payable 82 Salaries and Wages Payables 83 Bank Loan Payable 7.625 5.920 124,000 A1. Fouty Iournal Fetries A2. Equity T-Accounts A3, Stmt ot Stoctholders Equty 1. Statement of Cash Flows R2 stbesdi mud4 gelese Eel lell me what you want to do & Share Home Insert Page Layout Formulas Cats Hesuew View Drvelocer Ntro Pro 10 vkas bed AutuSum 11 A A ==_ Whap Tet Mege &Center Cul Calculation Normal Caleri General Bad ond Neutral hCopy Fi Curditionel Fome Check Cell Fomattbng Table Explanatory Input Dlste Formt Sort & Find & s% Linkod Cell Noto fomst Painter Clear iter: Selert: Sant gnert Cipboard baurshe Svies Editing &Toys for You, Inc A W XY B F K L M N O P Q T V AL AB 72 Cash 404,256 73 Accounts Receivable 190,440 74 Allowance r Doubtful Debts 1,904 75 Merchandise Inventory 53,440 Insurance 77 Building 260.000 78 Accumulated Depreciation Building 19 Display equipment 80 Accumulated Depreciation Display Equipment 81 Accounts Payable 82 Salaries and Wages Payable 18.958 1.800 525 7,625 5,920 124.000 83 Bank Loan Payable 84 Mortgage Note Payables 166,400 85 Common Stock 130.000 86 APIC Common Stock 21,250 87 Preferred Stock 130.000 88 APIC Preferred 89 Relained Earnings 0Treasury Slock 23.800 283,317 3,G00 92 Total 913700 913700 93 94 oc 97 98 41. Equity Journal Fetries R 1. Statement of Cash Flows A2, Equity T-Accounts A3. Stm ot Storthalders Equity sbusdi mud4 gsales El lell me what you want to do & Share Neo Pro 10 Home Insert Page Lasour Formulas Cats Hesuew View Drvelnner vkas bed AutuSum Cul Whap Tet 11 A A ==_ s0%-Accente Accent3 Caliri Cutom Accenti Accent2 Accent4 hCopy Fi B U A Mege &Center Canditional Format an Accents Fomatbng Iable Comma o mart Delte Fommat Sort & Find & Accont Comma n Clear fomat Painter iter Select igntert Oipoard baurnha Syles e l Editing 1 F M P H C D G N O Q F 1 2 5 Based on your results n Parts A1 and A2, create the Statement of Stockholders' Equity for Toys for You, Inc. for the Year Ending 2019 in proper format Your 6 Column Totals should match the appropriate T-Account balances in Part A2. Your Total Equity should match the total equity calculated in Part AZ. 7 8 Solution: 10 11 12 13 14 15 16 17 18 21 24 26 27 82. Ratio Analysis A2. Eauty T-Accounts A3. Stmt of Stockholders Equity 1.Statemert at Cash Flows
