Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
On December 1 of the curtent yeat, the folowing accounts and their balances appear in the lodger of Latte Corp. a coffee processor N the
On December 1 of the curtent yeat, the folowing accounts and their balances appear in the lodger of Latte Corp. a coffee processor N the annsal slockbblders' meeting on March 31, the board of orectors presented a plan for modernizing and expanding plant operabions at a cost of aperoximately $11,000,000. The plan provided (a) that a bulding. valued at $3,422,000 and the land on which it is tocated, vakied at 51,570,000, be acouire0 in accordance with preliminary negobations by the issuance of 128,000 shates of common steck valued at 539 per share, (0) that 41,800 shares of tha accompinted by the foliowng transaction May 11 isued 120.000 shares of common seck in exchange tor ahd and a buiding, according to the plan 20 issued 41,800 thares of preterted stock, receing 355 per stwie in cain 31. Bocrowed $4,450,000 trom Laurei National pring a bh mortgage nate Chart of Accounts Latte Corp. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132. Interest Receivable EXPENSES 141 Merchandise inventory 510 Cost of Merchandise Sold 145 Ofice Supplies 515 Credit Card Expense 151 Prepaid insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Buliding 532 Delivery Expense 192 Accumulated Depreciation-Buildings 533 Selling Expenses 534 Rent Expense LABILITIES 535 Insurance Expense hart of Accounts 192 Accumulated Depreciabon-Buidings 535 seing expenses 534 Rent Expense LIABIUTIES 535 Insurance Expense 210 Accounts Paryable 536 Office Supplies Expense 221 Notes Payable 537 Organizational Expenses 226 Interest Payable 561 Depreciation Expense-Building 231 Cash Dividends Payable 590 Miscellaneous Expense 236 Stock Dividends Distnbutable 710 interest Expense 241 Salaries Payable 261 Mortgage Note Payable EQUITY 31 Common.Stock 312 Paid-in Captal in Excess of Par-Common Stock 315 Treasury Stock 321 Pretetred Stock wourew ACCOEATHO EQUATION b ascurticen Fist krr ce citat ASSTS LAimb EQuT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started