Reference no: EM132438940
Question - The company entered into the following transactions during the year. Make a classified balance sheet.
Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash.
Jan. 31 Collected $3,000 from customers on account.
Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash.
Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash.
Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash.
Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock.
Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101.
Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt.
Dec. 29 Recorded $230,000 of service revenue, all of which was collected in cash.
Dec. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions.
Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.)
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