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Prepare journal entries for the transactions listed above and adjusting journal entries. - Prepare an adjusted trial balance at December 31, 2025 - Prepare a 2025 income statement - Prepare a 2025 retained earnings statement - Prepare a December 31,2025, balance sheet

Prepare journal entries for the transactions listed above and adjusting journal entries. - Prepare an adjusted trial balance at December 31, 2025 - Prepare a 2025 income statement - Prepare a 2025 retained earnings statement - Prepare a December 31,2025, balance sheet

Intermediate Accounting: Reporting And Analysis
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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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- Prepare journal entries for the transactions listed above and adjusting journal entries.

- Prepare an adjusted trial balance at December 31, 2025

- Prepare a 2025 income statement

- Prepare a 2025 retained earnings statement

- Prepare a December 31,2025, balance sheet

 

Concord Corporation's unadjusted trial balance at December 1, 2025, is presented below. Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2026) Income Taxes Payable Interest Payable Notes Payable (due in 2031) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Debit $37,840 63,296 17,100 62,264 6,192 34,400 258,000 103,200 15,490 20,640 0 Credit $860 86,000 41,280 46,956 0 18.920 0 0 60,200 86,000 109,292 1,548,000 o 0
Transcribed Image Text:Concord Corporation's unadjusted trial balance at December 1, 2025, is presented below. Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2026) Income Taxes Payable Interest Payable Notes Payable (due in 2031) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Debit $37,840 63,296 17,100 62,264 6,192 34,400 258,000 103,200 15,490 20,640 0 Credit $860 86,000 41,280 46,956 0 18.920 0 0 60,200 86,000 109,292 1,548,000 o 0
Cast of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total Dec. 2 1 2 5. Adjustment data: 6. The following transactions occurred during December. 7. 2 10 15 23 1,083,600 0 0 106,296 0 199,200 $1,997,508 $1,997,508 Purchased equipment for $27,520, plus sales taxes of $1,376 (paid in cash). Concord sold for $6,020 equipment which originally cost $8,600. Accumulated depreciation on this equipment at January 1, 2025, was $3,096; 2025 depreciation prior to the sale of equipment was $1,419. Concord sold for $8,600 on account inventory that cost $6,020. (Concord records sales under a perpetual inventory system.) Salaries and wages of $11,352 were paid. Concord estimates that uncollectible accounts receivable at year-end are $6,880. The note receivable is a one-year, 8% note dated April 1, 2025. No interest has been recorded. The balance in prepaid insurance represents payment of a $6,192, 6-month premium on September 1, 2025. The building is being depreciated using the straight-line method over 30 years. The salvage value is $51,600. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. The equipment purchased on December 2, 2025, is being depreciated using the straight-line method over 5 years, with a salvage value of $3,096. The patent was acquired on January 1, 2025, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2025, total $3,784. Both the short-term and long-term notes payable are dated January 1, 2025, and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $25,800. It was unpaid at December 31.
Transcribed Image Text:Cast of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total Dec. 2 1 2 5. Adjustment data: 6. The following transactions occurred during December. 7. 2 10 15 23 1,083,600 0 0 106,296 0 199,200 $1,997,508 $1,997,508 Purchased equipment for $27,520, plus sales taxes of $1,376 (paid in cash). Concord sold for $6,020 equipment which originally cost $8,600. Accumulated depreciation on this equipment at January 1, 2025, was $3,096; 2025 depreciation prior to the sale of equipment was $1,419. Concord sold for $8,600 on account inventory that cost $6,020. (Concord records sales under a perpetual inventory system.) Salaries and wages of $11,352 were paid. Concord estimates that uncollectible accounts receivable at year-end are $6,880. The note receivable is a one-year, 8% note dated April 1, 2025. No interest has been recorded. The balance in prepaid insurance represents payment of a $6,192, 6-month premium on September 1, 2025. The building is being depreciated using the straight-line method over 30 years. The salvage value is $51,600. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. The equipment purchased on December 2, 2025, is being depreciated using the straight-line method over 5 years, with a salvage value of $3,096. The patent was acquired on January 1, 2025, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2025, total $3,784. Both the short-term and long-term notes payable are dated January 1, 2025, and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $25,800. It was unpaid at December 31.
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