Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction 1 Collected $3,000 from customers on account. Record the transaction 3 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Record the transaction Reissued 2,000 shares of treasury stock for $24,000 cash. Record the transaction. Reissued 600 shares of treasury stock for $4,600 cash. 5 Record the transaction. Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction 6 7 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Record the transaction. 8 Wrote off a $2,000 balance due from a customer who went bankrupt. Record the transaction. Recorded $230,000 of service revenue, all of which was collected in cash. Record the transaction 10 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions Record the transaction. 11 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Record the transaction. 12 Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. Record the transaction 13 Prepare the closing entry for Dividends. Record the transaction American Laser, Inc., reported the following account balances on January 1 Debit 5,000 Credit Accounts Receivable $ 30,000 Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful 90,000 2,000 0 Accounts Bonds Payable Buildings 247,000 10,000 Cash Common Stock, 10,000 shares of $1 par 10,000 10,000 120,000 Notes Payable (long-term) Retained Earnings Treasury Stock $262,000 $262,000 TALS The company entered into the following transactions during the year. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash 31 Collected $3,000 from customers on account 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash 15 Reissued 2,000 shares of treasury stock for $24,000 cash 15 Reissued 600 shares of treasury stock for $4,600 cash. Jan Jan Feb. Mar Aug Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101 3 Wrote off a $2,000 balance due from a customer who went bankrupt 29 Recorded $230,000 of service revenue, all of which was collected in cash. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payrol1 taxes and payroll deductions 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Oct Oct Dec Dec Dec. Debt to General General Trial Balance Balance Require... Sheet Assets Journal Ledger Use the dropdowns to select the accounts properly included on the classified balance sheet However, you will need to enter the amount of Retained earnings. At the end of the year, the adjusted net income was $20,000. Show less A AMERICAN LASER, INC Classified Balance Sheet At December 31 0 0 0 0 0 0 0 American Laser, Inc., reported the following account balances on January 1 Debit 5,000 Credit Accounts Rece ivable Accumulated Depreciation Additional Paid-in $30,000 Capital Allowance for Doubt ful 90,000 2,000 0 Accounts Bonds Payable Buildings Cash 247,000 10,000 Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock 10,000 10,000 120,000 $262,000 $262,000 TOTALS es The company entered into the following transactions during the year 15 Issued 5,000 shares of $1 par common stock for $50,000 cash 31 Collected $3,000 from customers on account. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash 15 Reissued 2,000 shares of treasury stock for $24,000 cash. 15 Reissued 600 shares of treasury stock for $4,600 cash Jan Jan Feb. Mar Aug Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. 29 Recorded $230 ,000 of service revenue, all of which was collected in cash. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions . 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjus tments for interest and income taxes.) Dec. Dec. Dec Trial Debt to General General Balance Require... Ledger Assets Journal Balance Sheet Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. Calculate the debt-to-assets ratio at January 1 and December 31. (Round your answer to 2 decimal places.) Debt to Assets Ratio % Does the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? OMore OLess