Survey of Accounting Comprehensive Simulation Assignment - Financial Statements & Flexible Budget Transaction List: 1. Acquired $500,000 by signing a note payable with a local bank 2. Sold 25,000 shares of $22 par value Common Stock for $1,500,000 3. Purchased Equipment for $300,00Cycash 4. Purchased 25,000 Units of Inventory on Account at $1.15 per unit 5. Sold 20,000 units at $3.50 on Account 6. Collected $70,000 of Accounts Receivable 7. Paid $17.250 of Accounts Payable 8. Purchased 170,000 Units of Inventory on Account at $1.05 per unit 9. Sold 153,000 units at $3.50 on Account 10. Collected $472,500 of accounts receivable 11. Paid $118,600 of Accounts Payable 12. Purchased 275,000 Units of Inventory on Account at $1.35 per unit 14. Collected $735,000 of accounts receivable 15.Paid $294,150 of Accounts Payable 16. Purchased 300,000 Units of Inventory on Account at $1.15 per unit 17. Record Sales & Marketing Expenses of $30,000 (paid in cash) 18. Record Operating Expenses of $75,708 (paid in cash) 19. Record Wage Expenses of $40,000 (paid in cash) 20. Record Product Line Research & Development Expenses of $150,000 (paid in cash) 21. Record Advertising Expenses of $87,500 (paid in cash) 22. 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. 23. Record Yc 1 Depreciation on Equipment with Salvage Value of $38,000 and useful life of 7 Yrs (straight-line depreciation) 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders Balance Sheet Events Income Statement Statement of Cash Flows Cash Acct Rec Assets Equipment Inventory Land Building - Accum Depr Acct Payable Lab Div Payable Notes Payable Common Stock Equity APIC Retained Earnings Revenue Expenso Net Income Type Amount 25 Net Change in Cash Ending Balance