Use the following to calculate gross profit, net income, ending retained earnings, ending inventory balance, ending inventory balance in units, ending cash balance, total assets at month end, total liabilities, total stockholder equity, number of common stock shares, number of common stock shares outstanding May 1, The W Corp Authorized 200,000 shares of $1 par value stock May 2, The W Corp Issued 50,000 shares of Common stock for $5 each May 3, The W Corp Issued 300 Bonds for $1,000 Each (Face Value $1,000 and Face Rate of 12 paid Annually on December 31) May 4, The W Corp Bought Equipment (10 Year Life) for $240,000 on account May 5, The W Corp Bought 500 Bikes for $60 each, total of $30,000 with a check FYI The Business Uses the Perpetual FIFO method of Inventory May 10, The W Corp Bought 500 Bikes for $80 each, total of $40,000 on Account May 15, The W Corp paid this Months Operating Expenses of $22,000 with checks May 20, The W Corp Sold 700 Bikes to the Gavilan Bike Shop for $200 each, on Account May 25, The W Corp Bought Back 5,000 shares of Common stock for $3 00 each from the Investors May 31, The W Corp Recorded 1 month of Depreciation on the Equipment using the Straight Line method May 31, The W Corp Recorded one month of Interest Payable on the Bonds May 31, The W Corp Paid Dividends in the amount of $1 20 per share of Common Stock Outstanding

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 30, 2024

Use the following to calculate gross profit, net income, ending retained earnings, ending inventory balance, ending inventory balance in units, ending cash balance, total assets

Use the following to calculate gross profit, net income, ending retained earnings, ending inventory balance, ending inventory balance in units, ending cash balance, total assets at month end, total liabilities, total stockholder equity, number of common stock shares, number of common stock shares outstanding

May 1, The W-Corp Authorized 200,000 shares of $1 par value stock.
May 2, The W-Corp Issued 50,000 shares of Common stock for $5 each.
May 3, The W-Corp Issued 300 Bonds for $1,000 Each. (Face Value $1,000 and Face Rate of 12% paid Annually on December 31)
May 4, The W-Corp Bought Equipment (10 Year Life) for $240,000 on account.
May 5, The W-Corp Bought 500 Bikes for $60 each, total of $30,000 with a check. FYI = The Business Uses the Perpetual FIFO method of Inventory.
May 10, The W-Corp Bought 500 Bikes for $80 each, total of $40,000 on Account.
May 15, The W-Corp paid this Months Operating Expenses of $22,000 with checks
May 20, The W-Corp Sold 700 Bikes to the Gavilan Bike Shop for $200 each, on Account.
May 25, The W-Corp Bought Back 5,000 shares of Common stock for $3.00 each from the Investors
May 31, The W-Corp Recorded 1 month of Depreciation on the Equipment using the Straight Line method
May 31, The W-Corp Recorded one month of Interest Payable on the Bonds
May 31, The W-Corp Paid Dividends in the amount of $1.20 per share of Common Stock Outstanding