Question 1 of 1 3.01 / 25 Ili Concord Corporation's balance sheet at December 31, 2021, is presented as follows. CONCORD CORPORATION Balance Sheet December 31, 2021 Cash $24,300 Accounts payable Accounts receivable 49.000 Common stock ($10 par) Allowance for doubtful accounts (1.500) Retained earnings Supplies 4,800 Land 40.700 Buildings 147,200 Accumulated depreciation-buildings (22.800) $241,700 $23.700 72,000 146.000 $241.700 During 2022, the following transactions occurred. 1. 2 3. 4 5. On January 1, 2022. Concord issued 1,300 shares of $40 par.7% preferred stock for $53,300 On January 1, 2022. Concord also issued 800 shares of the $10 par value common stock for $20.500 Concord performed services for $343,000 on account. On April 1.2022. Concord collected fees of $37,600 in advance for services to be performed from April 1, 2022. to March 31, 2023 Concord collected $282.900 from customers on account. Concord bought $37,600 of supplies on account, Concord paid $30,100 on accounts payable. Concord reacquired 300 shares of its common stock on June 1, 2022 for $29 per share. Paid other operating expenses of $183,300. On December 21 2022. Concord declared the needstock didendid 12cdiddodiaith 6. 7 9. 10 3.01 / 25 E During 2022, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. On January 1, 2022. Concord issued 1,300 shares of $40 par. 7% preferred stock for $53,300 On January 1, 2022. Concord also issued 800 shares of the $10 par value common stock for $20,500. Concord performed services for $343,000 on account. On April 1, 2022. Concord collected fees of $37,600 in advance for services to be performed from April 1, 2022 to March 31, 2023 Concord collected $282,900 from customers on account. Concord bought $37,600 of supplies on account Concord paid $30,100 on accounts payable. Concord reacquired 300 shares of its common stock on June 1, 2022, for $29 per share. Pald other operating expenses of $183,300. On December 31, 2022. Concord declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. An account receivable of $1,500 which originated in 2021 is written off as uncollectible. 10. 11 Adjustment data: 1 A count of supplies indicates that $6,400 of supplies remain unused at year-end. 2 Recorded revenue from item 4 above. 3 The allowance for doubtful accounts should have a balance of $3,500 at year end. 4 Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10.400. 5. 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.) MacBook Pro Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. Cash 53300 Preferred Stock 1 2. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 3. Accounts Receivable 343.000 Service Revenue 343.000 Cash Unearned Service Revenue 5. Cash Accounts Receivable 6. Supplies Accounts Payable 7. Accounts Payable MacBook Pro Question 1 of 1
