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Please show working notes on anything that's not directly given.... Instructions: (a) Prepare a classified balance sheet as it would appear at December 31, 2021
Please show working notes on anything that's not directly given....
Instructions:
(a) Prepare a classified balance sheet as it would appear at December 31, 2021
(b) Prepare a statement of stockholder's equity as of December 31, 2021
...... and if you have the time
(c) Prepare a statement of cash flows for 2021
RJC Inc. had the following balance sheet at December 31, 2020. RJC INC. Balance Sheet December 31, 2020 Cash $ 20,000 Accounts payable $ 30,000 Accounts receivable, net 21,200 Notes payable (long-term) 41,000 Investments 32,000 Stockholders' Equity 123,200 Equipment (net) 81,000 Land 40.000 $194,200 $194,200 Additional information for 2020: 1.) Accounts receivable net includes an allowance for doubtful accounts of $5,000. No additional allowance is required for 2021. 3.) Accumulated depreciation for equipment is $20,000 as of 12/31/20 5.) Total Stockholders' Equity includes the following: Common stock has a par value of $1.00, Authorized shares are 400,000; Total shares issued as of 12/31/20 are 40,000 at an average issue price of $2.50. The balance in stockholders' equity is retained earings. During 2021, the following occurred. 1. RJC Inc. sold .equipment (cost 20,000 and accumulated depreciation 8,400) for $15,000. 2. Equipment was purchased for $13,000 cash. 3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash. 4. An additional 7,000 shares of common stock was issued for $20,000. . 5. Dividends of $8,200 were declared and paid to stockholders. 6. Net income for 2021 was $32,000 after allowing for depreciation of $11,000. 7. Land valued at $35,000 was purchased through the issuance 10,000 shares of common stock. 8. At December 31, 2021, Cash was $37,000, Accounts Receivable was $41,600, and Accounts Payable remained at $30,000. Additional information for 2021: 1.) The company expects to sale $10,000 of it's equity investments in the next year. The balance is expected to be held for more than one year. 2.) Land includes land held for speculation of $5,000. . Statement of Shareholders' Equity Accumulated Other Comprehensive Income Retained Earnings Common Stock Total APIC Beginning Balances Net Income OCI Dividends Ending BalanceStep by Step Solution
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