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just need the last few journal entries and then the classified balance sheet and debt to assets ratio American Laser, Inc, reported the following account
just need the last few journal entries and then the classified balance sheet and debt to assets ratio
American Laser, Inc, reported the following account balances on January 1 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 18,eee shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS $ 5,00e $ 30,086 99,800 2,000 247,800 18,800 10,880 10,080 120,000 $262,000 $262,e00 The company entered into the following transactions during the year an. 15 Issued 5,ee0 shares of $1 par common stock for $50,000 cash. an. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,600 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 1e0, 10-year, $1,000 bonds, at a quoted bond price of 101 Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $238,000 of service revenue, a1l of which was collected in cash. Dec. 30 Paid $20e,eee cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and Income taxes.) Step by Step Solution
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