Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need income statement, balance sheet, and stockholders equity 1. Paid a $44,000 cash dividend previously declared for stockholders 2. Paid wages payable accrued in previous

Need income statement, balance sheet, and stockholders equity

1. Paid a $44,000 cash dividend previously declared for stockholders

2. Paid wages payable accrued in previous month

3. Acquired $450,000 in January by signing a note payable with a local bank

4. Sold 15,000 shares of $10 par Common Stock for $220,000

5. Sold 4,000 shares of $40 par, 3% cumulative preferred stock for $240,000

6. Purchased a Truck and piece of Equipment for $138,000. The truck has a market value of 63,000 and the equipment has a market value of 77,000.

7. Purchased 45,000 Units of Inventory on Account for $8.15 per unit

8. Sold 65,000 units at $44.50 on Account

9. Record COGS for Sale of 65,000 units on Account (from previous event)

10. Collect $1,570,000 on Account

11. Paid $540,250 of Accounts Payable

12. Purchased 70,000 Units of Inventory on Account for $8.50 per unit

13. Sold 75,000 units at $44.50 on Account

14. Record COGS for Sales of 75,000 units on Account

15. Collect $2,474,500 on Account

16. Paid $438,500 of Accounts Payable

17. Collect $1,735,000 on Account

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

Principles Of Corporate Finance

Authors: Richard A Brealey, Stewart C Myers, Franklin Allen

8th Edition

0073130826, 9780073130828

More Books

Students also viewed these Accounting questions

Question

What is the difference between aggression and passive-aggression?

Answered: 1 week ago

Question

=+d. Is there another print vehicle you would suggest?

Answered: 1 week ago