URGENT HELP NEEDED!!!!!
Prepare worksheet and journal entries and statement of cash flows using indirect method.
Supplemental Problem Dec 31, 2018 Post-Closing Trial Balance Debits Credits Additional Information: 2,700 a Bonds with a face value, book value and market value of $14000 were retired on June 30,2019. 5,900 15,300 1,400 8,300 16,300 68,700 b. Bonds payable with a face value of $8000 were issued at 90.25 on August 1, 2019. They mature on August 1, 2024. The company uses the straight-line method to amortize bond discount 35,000 Dec 31, 2019 ADJUSTED TRIAL BALANCE Debits Credits 3,520 6,215 15,530 1,000 7,300 19,000 60,700 34,500 25,600 14,700 9,185 9,195 300 2,600 17,000 715 22,650 15,970 35,350 Cash A/R Inventories Prepaid Items Investment in Bonds long-term) Land Buildings A/D. Aldg. Equipment A/D Equipment Patents(net) A/P Interest Payable Wages Payable Bonds Payable Discount on Bonds Pay Common Stock, 510 par Addtl. PIC RE 29,600 14,200 C. c The company sold a building that had an original cost of $8000 and a book value of $4800. They received $2200 in cash for building and recorded a loss of $2600 8,700 8,900 630 2,500 23,000 d. Equipment with a cost of $4000 and a book value of $1400 was exchanged for an acre of land valued at $2700. No cash was exchanged 22,000 15,320 35,350 156,900 156,900 49,550 e Long-term investments in bonds being held to maturity with a cost of $1000 were sold for $800. 23,800 16,510 1,100 2,700 3,100 815 1,715 200 f. Sales (net) CGS Wages Exp. Other Oper. Exp. Dep. Exp. Bide Dep. Exp. - Equipment Patent Amortization Interest Expense Loss on Sale of Investments Interest Revenue Gain on Exchange of Assets Income Tax Expense Loss on Sale of Building Dividends Declared 65 shares of common stock were exchanged for a patent. The common stack was selling for $20 per share at the time of exchange. 790 1,300 500 2,600 2,100 203,905 203,905 HINT: since this is an adjusted trial balance; the temporary accounts are not closed; meaning net income/loss nar dividends have been closed to Retained Earnings! Supplemental Problem Dec 31, 2018 Post-Closing Trial Balance Debits Credits Additional Information: 2,700 a Bonds with a face value, book value and market value of $14000 were retired on June 30,2019. 5,900 15,300 1,400 8,300 16,300 68,700 b. Bonds payable with a face value of $8000 were issued at 90.25 on August 1, 2019. They mature on August 1, 2024. The company uses the straight-line method to amortize bond discount 35,000 Dec 31, 2019 ADJUSTED TRIAL BALANCE Debits Credits 3,520 6,215 15,530 1,000 7,300 19,000 60,700 34,500 25,600 14,700 9,185 9,195 300 2,600 17,000 715 22,650 15,970 35,350 Cash A/R Inventories Prepaid Items Investment in Bonds long-term) Land Buildings A/D. Aldg. Equipment A/D Equipment Patents(net) A/P Interest Payable Wages Payable Bonds Payable Discount on Bonds Pay Common Stock, 510 par Addtl. PIC RE 29,600 14,200 C. c The company sold a building that had an original cost of $8000 and a book value of $4800. They received $2200 in cash for building and recorded a loss of $2600 8,700 8,900 630 2,500 23,000 d. Equipment with a cost of $4000 and a book value of $1400 was exchanged for an acre of land valued at $2700. No cash was exchanged 22,000 15,320 35,350 156,900 156,900 49,550 e Long-term investments in bonds being held to maturity with a cost of $1000 were sold for $800. 23,800 16,510 1,100 2,700 3,100 815 1,715 200 f. Sales (net) CGS Wages Exp. Other Oper. Exp. Dep. Exp. Bide Dep. Exp. - Equipment Patent Amortization Interest Expense Loss on Sale of Investments Interest Revenue Gain on Exchange of Assets Income Tax Expense Loss on Sale of Building Dividends Declared 65 shares of common stock were exchanged for a patent. The common stack was selling for $20 per share at the time of exchange. 790 1,300 500 2,600 2,100 203,905 203,905 HINT: since this is an adjusted trial balance; the temporary accounts are not closed; meaning net income/loss nar dividends have been closed to Retained Earnings
