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Accounting Cycle Review 11-01 a1-a2, b, c1-c3 Hawkeye Corporation's balance sheet at December 31, 2019, is presented below. HAWKEYE CORPORATION Balance Sheet December 31, 2019 Cash $25,400 Accounts payable Accounts receivable 44,300 Common stock ($10 par) Allowance for doubtful accounts (1,500) Retained earnings Supplies 4,400 Land 38,600 Buildings 151,200 Accumulated depreciation-buildings (23,400) $239,000 $23,800 78,000 137,200 $239,000 During 2020, the following transactions occurred. 1. 2. 3. 4. 5. 6. On January 1, 2020, Hawkeye issued 1,200 shares of $40 par, 6% preferred stock for $49,200. On January 1, 2020, Hawkeye also issued 1,000 shares of the $10 par value common stock for $21,800. Hawkeye performed services for $350,000 on account. On April 1, 2020, Hawkeye collected fees of $33,600 in advance for services to be performed from April 1, 2020, to March 31, 2021. Hawkeye collected $253,600 from customers on account. Hawkeye bought $34,100 of supplies on account. Hawkeye paid $29,600 on accounts payable. Hawkeye reacquired 500 shares of its common stock on June 1, 2020, for $27 per share. Paid other operating expenses of $199,500. On December 31, 2020, Hawkeye declared the annual preferred stock dividend and a $1.30 per share dividend on the outstanding common stock, all payable on January 15, 2021. An account receivable of $1,600 which originated in 2019 is written off as uncollectible. 7. 8. 9. . 10. 11. Adjustment data: 1. 2. 3. 4. A count of supplies indicates that $6,500 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $3,900 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,800. The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount.) 5. Prepare joumal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts. Record Journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5. 6. 7. . 10. 11. Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. Prepare an adjusted trial balance at December 31, 2020. HAWKEYE CORPORATION Adjusted Trial Balance 12/31/20 Debit Credit $ Totals $ Prepare an income statement for the year ending December 31. HAWKEYE CORPORATION Income Statement Prepare a retained earnings statement for the year ending December 31, 2020. (List items that increase retained earnings first.) HAWKEYE CORPORATION Statement of Retained Earnings $ $ Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) HAWKEYE CORPORATION Balance Sheet Assets $ Liabilities and Stockholders' Equity V