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CHART OF ACCOUNTS:
Cash
Accounts Receivable
Prepaid Insurance
Land
Equipment
Accumulated Depreciation
Vacation Pay Payable
Interest Payable
Notes Payable
Common Dividends Payable
Preferred Dividends Payable
Bonds Payable
Bond Discount
Common Stock
PIC in Excess of Par - Common Stock
Preferred Stock
PIC in Excess of Par - Preferred Stock
PIC - Treasury Stock
Stock Dividend Distributable
Retained Earnings
Treasury Stock
Fees Earned
Advertising Expense
Commissions Expense
Depreciation Expense
Insurance Expense
Legal & Accounting Expense
Medical Insurance Expense
Miscellaneous Expense
Rent Expense
Salary Expense
Utilities Expense
Vacation Pay Expense
Interest Expense
Homework Answers
From the Adjusted Trial Balance, find the entry for the: Income Statement, Statement of Retained Earnings,...
From the Adjusted Trial Balance, find the entry for the: Income Statement, Statement of Retained Earnings, and the Balance Sheet. (I have done the income statement, but couldn't get the answer for statement of retained earnings and balance sheet). Please let me know if you need more information and thank you so much for the help. Sharpe Incorporated Adjusted Trial Balance December 31, 2020 Account Name Debit Credit Cash 947,725 Accounts Receivable 1,475,000 Prepaid Insurance 22,875 Land 352,000 Equipment 195,000...
On April 1, 10,000 shares of $8 par common stock were issued at $25, and on...
On April 1, 10,000 shares of $8 par common stock were issued at $25, and on April 7, 3,000 shares of $80 par preferred stock were issued at $107. Required: Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts 193 Equipment 534 Insurance Expense 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building 562 Depreciation Expense-Equipment...
The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a...
The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a corporation's common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. 151 Prepaid Insurance 181 Land 520 Salaries Expense 531 Advertising Expense 193 Equipment 532 Delivery Expense 533 Selling Expenses 194 Accumulated Depreciation-Equipment LIABILITIES...
Entries for Treasury Stock On January 31, Wilderness Resorts Inc. reacquired 22,500 shares of its common...
Entries for Treasury Stock On January 31, Wilderness Resorts Inc. reacquired 22,500 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 12,800 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold the remaining shares at $28 per share. Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles. X Chart of Accounts CHART OF ACCOUNTS Wilderness...
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10...
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par common stock at $12, and on November 19, it issued for cash 15,640 shares of preferred stock, $40 par at $56. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Chart of...
Instructions On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for...
Instructions On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 7,400 shares of $5 par common stock valued at $35 per share. Journalize the entry to record the transaction. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable EXPENSES 510 Cost of Merchandise Sold 141 Merchandise Inventory 145...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 Issued 213,000 shares of common stock at par for cash. 5 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing...
On May 23, Stoltz Realty Inc. issued for cash 128,000 shares of no-par common stock (with...
On May 23, Stoltz Realty Inc. issued for cash 128,000 shares of no-par common stock (with a stated value of $5) at $6. On July 6, Stoltz Realty Inc. issued at par value 41,000 shares of preferred 1% stock, $10 par for cash. On September 15, Stoltz Realty Inc. issued for cash 17,000 shares of preferred 1% stock, $10 par at $11. Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $4,095,000 Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) Paid-In Capital in Excess of Par–Common Stock Retained Earnings 155,610 5,340,000 1,602,000 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:...
Should be 13 Entries Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current...
Should be 13 Entries
Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Split the common stock 2 for 1 and reduced the par from S80 to $40 per share. After the split, there were 150,000 common shares outstanding. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1 Jan. 8 Apr 30 Jul. 1 Paid the cash dividends Oct. 31...
On April 1, 10,000 shares of $8 par common stock were issued at $25, and on April 7, 3,000 shares of $80 par preferred stock were issued at $107. Required: Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts 193 Equipment 534 Insurance Expense 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building 562 Depreciation Expense-Equipment...
The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a corporation's common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. 151 Prepaid Insurance 181 Land 520 Salaries Expense 531 Advertising Expense 193 Equipment 532 Delivery Expense 533 Selling Expenses 194 Accumulated Depreciation-Equipment LIABILITIES...
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par common stock at $12, and on November 19, it issued for cash 15,640 shares of preferred stock, $40 par at $56. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Chart of...
Instructions On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 7,400 shares of $5 par common stock valued at $35 per share. Journalize the entry to record the transaction. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable EXPENSES 510 Cost of Merchandise Sold 141 Merchandise Inventory 145...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $4,095,000 Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) Paid-In Capital in Excess of Par–Common Stock Retained Earnings 155,610 5,340,000 1,602,000 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:...
Should be 13 Entries
Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Split the common stock 2 for 1 and reduced the par from S80 to $40 per share. After the split, there were 150,000 common shares outstanding. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1 Jan. 8 Apr 30 Jul. 1 Paid the cash dividends Oct. 31...
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