Answered step by step
Verified Expert Solution
Question
1 Approved Answer
urgent!! pls help Heckler Machinery, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15
urgent!! pls help Heckler Machinery, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 10,000 shares of $1 par common stock for $60,000 cas January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,100 shares of \$1 oar account. Ine company entered into the following transactions during the year. January 15 Is sued 10,000 shares of $1 par common stock for $60,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,108 shares of $1 par common stock into treasury for $34,108 cash. March 15 Reissued 2,100 shares of treasury stock for $25,100 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. Septenber 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. 0ctober 1 Issued 100, 10-year, \$1,060 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $240, 00e of service revenue, all of which was collected in cash. December 30 Paid $210,000 cash for. this year's wages through December 31 . (Ignore payroll taxes and payroll December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adfustments for interest Journal entry worksheet Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Prepare the closing entry for Dividends. Record the transaction. Note: Enter debits before credits. Use the dropdowns to select the accounts properly included on the classified balance sh the amount of Retained earnings. At the end of the year, the adjusted net income was $ December 29 Recorded $240,000 of service revenue, all of which was collected in cash. December 30 Paid $210,000 cash for this year's wages through December 31. (Ignore payroll taxe deductions.) December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual ad) and income taxes.) Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 places.)
urgent!!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started