Survey of Accounting READ CAREFULLY Comprehensive Assignment - Financial Statements & Flexible Budget Year 2 Transaction List: 1. Paid a $42,000 cash dividend previously declared for stockholders 2. Paid wages payable accrued in previous month 3. Acquired $150,000 by signing a note payable with a local bank 4. Sold 5,000 shares of $5 par Common Stock for $110,000 5. Sold 2,000 shares of $40 par, 3% cumulative preferred stock for $120,000 6. Purchased a Truck and piece of Equipment for $128,000. The truck has a market value of 65,000 and the equipment has a market value of 95,000. 7. Purchased 25,000 Units of Inventory on Account for $8.15 per unit 8. Sold 45,000 units at $24.50 on Account 9. Record COGS for Sale of 45,000 units on Account (from previous event) 10. Collect $570,000 on Account 11. Paid $540,250 of Accounts Payable 12. Purchased 70,000 Units of Inventory on Account for $8.50 per unit 13. Sold 75,000 units at $24.50 on Account 14. Record COGS for Sales of 75,000 units on Account 15. Collect $1,472,500 on Account 16. Paid $438,500 of Accounts Payable 17. Purchased 115,000 Units of Inventory on Account for $9.35 per unit 18. Sold 102,000 units at $24.50 19. Record COGS for Sale of 102,000 units 20. Collect $735,000 on Account 21. Paid $883,150 of Accounts Payable 22. Purchased 175,000 Units of Inventory on Account for $8.75 per unit 23. Paid Sales & Marketing Expenses of $130,000 24. Paid Fixed Operating Expenses of $275,708 25. Paid Wages of $1,235,000 26. Record Wages Payable of $215,000 27. Paid Product Line Research & Development Expenses of $450,000 28. Made the yearly required payment on the note payable. The note carries a 6% interest rate and requires payments of $15,000 plus interest each December 31. (Record Principle & Interest as one entry) 29. Record first year of depreciation expense on truck purchased in Year 2 with salvage value of $12,000 & useful life of 5 Years 30. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $36,000 & useful life of 7 Years of $58,000 & useful life of 30 Years 31. Record 2nd year of depreciation expense on building purchased in Year 1 with salvage value 32. Declared a $2.00 per share cash dividend for common stockholders 33. Declared a dividend on preferred shares outstanding The password for the Canvas Quiz is: A2003Sp22