- Cash Hawkeye Corporation Balance Sheet December 31 2021 24 600 Accounts Payable 45 500 Common Stock 10 Par 1 500 1 (38.35 KiB) Viewed 71 times
Cash HAWKEYE CORPORATION Balance Sheet December 31, 2021 $24,600 Accounts payable 45,500 Common stock ($10 par) (1.500) Retained earnings $25,600 80,000 Accounts receivable Allowance for doubtful accounts Supplies 127,400 4,400 Land 40,000 Buildings 142,000 Accumulated depreciation-buildings (22,000) $233,000 $233,000 During 2022, the following transactions occurred. 1. 2. 3. 4 5. . 6. On January 1, 2022, Hawkeye issued 1,200 shares of $40 par, 7% preferred stock for $49,200. On January 1, 2022, Hawkeye also issued 900 shares of the $10 par value common stock for $21,000. Hawkeye performed services for $320,000 on account. On April 1, 2022, Hawkeye collected fees of $36,000 in advance for services to be performed from April 1, 2022, to March 31, 2023 Hawkeye collected $276,000 from customers on account. Hawkeye bought $35,100 of supplies on account. Hawkeye paid $32,200 on accounts payable. Hawkeye reacquired 400 shares of its common stock on June 1, 2022, for $28 per share. Paid other operating expenses of $188,200. On December 31, 2022, Hawkeye declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. An account receivable of $1,700 which originated in 2021 is written off as uncollectible. 7. 8. 9. 10. 11.
7. 8. 9. Hawkeye paid $32,200 on accounts payable. Hawkeye reacquired 400 shares of its common stock on June 1, 2022, for $28 per share. Paid other operating expenses of $188,200. On December 31, 2022, Hawkeye declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. An account receivable of $1,700 which originated in 2021 is written off as uncollectible. 10. 11. Adjustment data: 1. 2. 3. A count of supplies indicates that $5,900 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $3,500 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,000. The income tax rate is 30%. (Hint: Prepare the income
statement up to income before income taxes and multiply by 30% to compute the amount.) 4. . 5.
Prepare an adjusted trial balance at December 31, 2022. HAWKEYE CORPORATION Adjusted Trial Balance For the Year Ending December 31, 2022 Debit $
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