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Results for 2 0 2 2 Sales $ 2 8 1 , 8 0 0 All sales on credit Inventory Purchases on credit = 1
Results for
Sales
$ All sales on credit
Inventory Purchases on credit and ending inventory $you calculate COGS
Depreciation expense $ not including assets sold, bought or found
Patent purchased in and determined to have remaining useful life of years in
Wages Expense $ $ Paid in cash additional owed at end of this should be the amount in the payable
Insurance policy indicates that $ was paid in May for month coverage starting May
During found an asset purchased and recorded in that had not been depreciated cost no salvage year useful life an error.
Sold AFS Debt Securities that cost for in cash $ loss in AOCI recorded previously
Sold equipment that cost with accumulated depreciation of for $ in cash.
Purchased new equipment costing $ with $ down payment and note payable on December first payment due January ;
year useful life and no salvage
Collections on
Payments on all accounts payable deal with inventory
All service agreements sold to customers in completed in New service agreements sold for $ in cash during percent of the services provided
during
Bond terms interest onlv for paid annually on September Firm agreement with a bank signed on December to refinance bond to a year note in :
Note Payable payments of $ made March June Sept and December interest of per year per quarter
Each note payment pays the interest since the last payment with any remaining amount going toward principle
Fair value of remaining AS Debt Securities $
Other Information
Tax rate is unlike income taxes have not been paid and need to be recorded
Half year convention for depreciation
Required:
Show journal entries or T accounts for results of operations.
Create an income statement including taxes and required EPS disclosures for
Create a statement of comprehensive income for
Create a statement of changes in stockholders equity for
Create a balance sheet for the end of
Create a cash flow statement for using the indirect method.
Show any necessary disclosures for that would be needed if both and were to be reported
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