Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with these questions please. O Required information [The following information applies to the questions displayed below! Doyle Company issued $380,000 of 10-year,

I need help with these questions please.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
O Required information [The following information applies to the questions displayed below! Doyle Company issued $380,000 of 10-year, 7 percent bonds on January 1, Year 2. The bonds were issued at foce value Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $56,000 of cash revenue, which was collected on December 31 of each year, beginning December 31. Year 2 Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and Year 3 (Enter any decreases to account balances with a minus sign. Not all cells in the "Account Titles for Retained Earnings column may require an input- leave cells blank If there is no corresponding input needed.) DOYLE COMPANY Effect of Events on the Accounting Equation Year 2 and Year Liabilities Stockholders' + Equity Bonds Retained Payable Earnings Event Assets Cash Land Account Titles for Retained Earnings ---- + Year 2 1/1 1/1 12/31 12/31 Bal Year 3 Bog bal 12/31 12/31 Endbal 0 + 0 0 + 0 0 + 0 0 0 -- + . 0 0 0 0 ! Required information [The following information applies to the questions displayed below) Doyle Company issued $380,000 of 10-year, 7 percent bonds on January 1. Year 2. The bonds were issued at face value Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land, The land was leased for an annual $56,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Inc Simt Req B Bal Sheet Req B Stmt Cash Flows Prepare the income statement for Year 2 and Year 3. DOYLE COMPANY Income Statements For the Year Ended December 31 Year 2 Year 3 RES Req B Bal Sheet > ! Required information [The following information applies to the questions displayed below.) Doyle Company issued $380,000 of 10-year, 7 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $56,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Bal Sheet Req B Stmt Cash Flows Prepare the balance sheet for Year 2 and Year 3. DOYLE COMPANY Balance Sheet As of December 31 Year 2 Assets Year 3 Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity ( ReqB Inc Simt Req B Stm Cash Flows > Required information [The following information applies to the questions displayed below) Doyle Company issued $380,000 of 10-year, 7 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $56,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Inc Reg B Bal Req B Stmt Stmt Sheet Cash Flows Prepare the statement of cash flows for Year 2 and Year 3. (Amounts to be deducted and cash outflows should be indicated with minus sign.) DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Year 2 Cash flows from operating activities Year 3 Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Not change in cash Ending cash balance

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

Accounting And Business Ethics An Introduction

Authors: Ken McPhail, Diane Walters

1st Edition

0674018788, 9780415362368

More Books

Students also viewed these Accounting questions

Question

What are the potential strengths of group discussion?

Answered: 1 week ago

Question

Why are groups and teams becoming increasingly popular?

Answered: 1 week ago