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On January 1, 2022, Good Dog! Academy reported the following account balances: Accounts Cash Accounts Receivable Debit $ 44,500 48,100 Credit Supplies Equipment 9,300
On January 1, 2022, Good Dog! Academy reported the following account balances: Accounts Cash Accounts Receivable Debit $ 44,500 48,100 Credit Supplies Equipment 9,300 82,000 Accumulated Depreciation Accounts Payable Common Stock, $1 $ 10,800 16,400 par value 18,000 Additional Paid-in Capital 98,000 Retained Earnings 40,700 Totals $183,900 $183,900 During January 2022, GoodDog! reported the following transactions: January 2 Issued 2,000 shares of $1 par value common stock for $40,000. January 9 Provided services to customers on account, $19,500. January 10 Purchased supplies on account, $6,700. January 12 Purchased 1,200 shares of treasury stock for $21 per share. January 15 Paid $18,300 on account. January 21 Provided services to customers for cash, $50,900. January 22 Received $18,400 from customers on account. January 29 Declared dividend of $0.30 per share to all shares outstanding on January 29. Dividend will be paid on February 15. At the beginning of the year, the company had 18,000 shares outstanding. January 30 Reissued 600 shares of treasury stock for $23 per share. January 31 Paid $43,800 for January salaries. The following information is available on January 31, 2022. a. Owed $8,000 for utilities used in January. b. $6,900 in supplies were on hand on January 31. c. The straight-line method is used to compute depreciation on equipment. The estimated service life is three years; the residual value is estimated to be $11,800. On January 31, one month of depreciation is recorded. d. Owed income taxes of $2,900 at the end of January.
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