December 31, 2011 Cash 137,000 Bonds payable (due 2050) 100,000 Accounts payable 22,000 Dividends 20,000 Treasury stock, common (22,000 shares) 98,000 Preferred stock ($10 par) 80,000 Land 220,000 Paid-in Capital in excess of par value, preferred 8,000 Equipment 240,000 Accounts receivable 90,000 Common stock ($1 par) 400,000 Sales 940,000 Merchandise Inventory 70,000 Cost of Goods Sold 720,000 Unearned Revenue 18,000 Allowance for doubtful accounts 15,000 Operating expenses 95,000 Accumlated depreciation- equipment 40,000 paid in capital in excess of par value, common 40,000 Retained Earnings (1/1/2011) 27,000 1. The total debt percentage on December 31,2011 is 2. The gross margin percent for 2011 is
December 31, 2011 Cash 137,000 Bonds payable (due 2050) 100,000 Accounts payable 22,000 Dividends 20,000 Treasury stock, common (22,000 shares) 98,000 Preferred stock ($10 par) 80,000 Land 220,000 Paid-in Capital in excess of par value, preferred 8,000 Equipment 240,000 Accounts receivable 90,000 Common stock ($1 par) 400,000 Sales 940,000 Merchandise Inventory 70,000 Cost of Goods Sold 720,000 Unearned Revenue 18,000 Allowance for doubtful accounts 15,000 Operating expenses 95,000 Accumlated depreciation- equipment 40,000 paid in capital in excess of par value, common 40,000 Retained Earnings (1/1/2011) 27,000 1. The total debt percentage on December 31,2011 is 2. The gross margin percent for 2011 is
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 24E
Related questions
Question
December 31, 2011
Cash | 137,000 |
Bonds payable (due 2050) | 100,000 |
Accounts payable | 22,000 |
Dividends | 20,000 |
98,000 | |
80,000 | |
Land | 220,000 |
Paid-in Capital in excess of par value, preferred | 8,000 |
Equipment | 240,000 |
Accounts receivable | 90,000 |
Common stock ($1 par) | 400,000 |
Sales | 940,000 |
Merchandise Inventory | 70,000 |
Cost of Goods Sold | 720,000 |
Unearned Revenue | 18,000 |
Allowance for doubtful accounts | 15,000 |
Operating expenses | 95,000 |
Accumlated |
40,000 |
paid in capital in excess of par value, common | 40,000 |
27,000 |
1. The total debt percentage on December 31,2011 is
2. The gross margin percent for 2011 is
Expert Solution
Step 1
Prepare income statement and statement of retained earnings:
Step 2
Prepare balance sheet:
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning