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please help me fill out the correct accounting equation! I was told my inventory and retained earnings were a bit off. The beginning balances are
please help me fill out the correct accounting equation! I was told my inventory and retained earnings were a bit off. The beginning balances are provided.
Year 2 Transaction List: . a . . . . . . . . . Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of $22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account Record COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account Record COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account Record COGS for Sales on Account Collect $735,000 on Account Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid $494,150 of Accounts Payable Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $38,000 & useful life of 7 Yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders . . . . . . . . . 10 11 9 Tiance Assets Cash Accts Rec Livno Lumen cond Beginning Baloncesto Do Yo Bulong ACCUMOASION $27.600.00317.500.00 512X.CO DANO.000 note pablo with a local bond 5000 350.00 0.33300 000 DO $ 560.00 2. Sold 75,000 shares of $72 Common stock for $1.500.000 3 500.000 Purchased Equipment for $330.000 $ 200.000 300.000 4. Porchonwentary on Account 25.000 Urts at 116 per unit 2,70 5 20750 sa Sold 10.000 unit of Account 3 320 5 Color Account S 1220 Collect 10.000 on Account 70.00 good cid1112 of Accountsovable $ LIZZO n. Purchased inventoren ACCOUNT 170.000 per un 250.000 Pa, Sold 75,000 unitats on Account ! 612,800 COCS Toron Account 10. Coboc $472.500 on Accoun 22.500.00 1. Poid 210.000 ot Account Adyable 5 12. 3.000 12 Purchased inventorn de 27.035 per unit SO 1 DI 130. Sola 200.000 units of 150 on ACCOUNT 5 700.000 EN COLLOTSON ARCOURT 0.0001 1 collec35.000 on Ascount 735.000 SOOS Paid Of About Payable E 4 10.00 3 000 541 obo Purchase invention de 100.000 RSD 17. Podales & Marketing Expenses of 30.000 3 20.000 Bidering tot 70203 RAM Accounting Equation to submit Inventory Tracking Budget Template income stat I! O 2 US20 Assets Cash Accts Rec Inventory Equipment $ 257,000.00 $ 17,500.00 $ 28,000.00 Land Building $ 50,000.00 $ 250,000.00 10 Formatting Table Styles Pant Format - Cels AR Number Select Fating Data Anal Smut N Blanche Ligo Luty ing ACCU LAGGIO DIV Poyobo Nolesale Wege Commons AMIC Lomi 53 000 000 0.333.000.000.00 000000 100.000.000 Actos forranada Step by Step Solution
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