Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just need last 2 journal entries. also would help if you could take a look at my balance sheet and debt to asset ratio to

just need last 2 journal entries. also would help if you could take a look at my balance sheet and debt to asset ratio to see if it is correct, thanks.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
C11-1 (Algo) Financial Reporting of Depreciation, Write-off, Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends [Chapters 4, 8, 9, 10, and 11) [LO 4-2, 4.5, 8-2, 9-3, 10-3, 11-2, 11-3] National Companies, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 20,000 shares of $1 par comon stock for $80,000 cash. January 31 collected $3,000 tron cuatoeers on aecount. February 15 Reacquired 3,300 share of $1 par coenon stock into treasury for $36,300 eanh. March 25 Reissued 2,300 shares of treasury atock for $27,300 cash. Nugust 15 Reissued 600 mharen of treasury stock for $4,600cash. september 15 Declared (but did not yot pay) a $1 cash dividend on each outntanding share of conwon atock. october 1 Issued 100, 10-year, $1,160 bonds, at a quotod bond price of 101 . October 3 wrote off a $1,500 balance doe from a custoser who went bankrupt. Decenber 29 recorded $260,000 of service revenue, a11 of which was collected in cash. Deceaber 30 paid $230,000 cash for this year's wages through Decenber 31. (Ignore payro11 taxes and payro11 deductions.) Decenber 31 Caleulated $10,000 of depreciation for the year to be recorded. (Igaore accrual adjuatmonts for interest and incoee taxes.) 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. Note: Enter debits before credits. Journal entry worksheet Prepare the closing entry for Dividends. Record the transaction. Note: Enter debits before credits. 11 Home Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 de places.)

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

Investing In People Financial Impact Of Human Resource Initiatives

Authors: John W. Boudreau, Wayne F. Cascio, Alexis A. Fink

3rd Edition

1586446096, 978-1586446093

More Books

Students also viewed these Accounting questions

Question

What should Belindas and Marcus next steps be?

Answered: 1 week ago