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Please complete entire balance sheet. Cullumber Company's balance sheet at December 31, 2021, is presented below. Cullumber Company Balance Sheet December 31, 2021 Cash $13,300
Please complete entire balance sheet.
Cullumber Company's balance sheet at December 31, 2021, is presented below. Cullumber Company Balance Sheet December 31, 2021 Cash $13,300 Accounts payable Accounts receivable 19,300 Common stock Allowance for doubtful accounts (840) Retained earnings Inventory 9,090 $40,850 $9,520 19.900 11,430 $40,850 During January 2022, the following transactions occurred. Cullumber uses the perpetual inventory method. Jan. 1 3 8 11 15 Cullumber accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $6,000 account. Cullumber wrote off as uncollectible the accounts of Walter Corporation ($400) and Drake Company ($300). Cullumber purchased $15,530 of inventory on account. Cullumber sold for $26,400 on account inventory that cost $17,530. Cullumber sold inventory that cost $720 to Jack Rice for $900. Rice charged this amount on his Visa First Bank card. The service fee charged Cullumber by First Bank is 3%. Cullumber collected $23.600 from customers on account. Cullumber paid $16,130 on accounts payable. Cullumber received payment in full ($300) from Drake Company on the account written off on January 3. Cullumber purchased advertising supplies for $1.280 cash. Cullumber paid other operating expenses, $3,170. 17 21 24 27 31 Adjustment data: 1. 2. 3. 4. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2022, accounts receivable. A count of advertising supplies on January 31, 2022, reveals that $540 remains unused. The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount; round to whole dollars.) (You may want to set up T-accounts to determine ending balances.) Prepare a classified balance sheet as of January 31, 2022. (List Current Assets in order of liquidity. Round answers to decimal places, eg. 1,250.) CULLUMBER COMPANY Balance Sheet January 31, 2022 Assets $ $ $ Liabilities and Stockholders' Equity $ $ $ V $Step by Step Solution
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