Description of this paper

Quigley Corporations trial balance at December 31 2014




Quigley Corporations trial balance at December 31 2014;Quigley Corporation"s trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described below.;Cash;Accounts Receivable;Inventory Land;Buildings Equipment;Debit;Credit;$ 23,000 51,000 22,700 65,000 95,000 40,000;Allowance for Doubtful Accounts;$ 450;Accumulated Depreciation?Buildings;30,000;Accumulated Depreciation?Equipment;14,400;Accounts Payable;19,300;Interest Payable;-0-;Dividends Payable;-0-;Unearned Rent Revenue;8,000;Bonds Payable (10%);50,000;Common Stock ($10 par);30,000;Paid-in Capital in Excess of Par?Common Stock;6,000;Preferred Stock ($20 par);-0-;Paid-in Capital in Excess of Par?Preferred Stock;-0-;Retained Earnings;75,050;Treasury Stock;-0-;Cash Dividends;-0-;Sales Revenue;570,000;Rent Revenue;-0-;Bad Debt Expense;-0-;Interest Expense;2,500;Cost of Goods Sold;400,000;Depreciation Expense;-0-;Other Operating Expenses;39,000;Salaries and Wages Expense;65,000;Total;$803,200;$803,200;Unrecorded transactions;On January 1, 2014, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000.;On January 1, 2014, Quigley also issued 1,000 shares of common stock for $23,000.;Quigley reacquired 300 shares of its common stock on July 1, 2014, for $49 per share.;On December 31, 2014, Quigley declared the annual preferred stock dividend and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2015.;Quigley estimates that un collectible accounts receivable at year-end is $5,100.;The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,000.;The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,000.;The unearned rent was collected on October 1, 2014. It was receipt of 4 months? rent in advance (October 1, 2014 through January 31, 2015).;The 10% bonds payable pay interest every January 1 and July 1. The interest for the 6 months ended December 31, 2014, has not been paid or recorded.;Instructions;(Ignore income taxes.);(a)Prepare journal entries for the transactions listed above.;(b)Prepare an updated December 31, 2014, trial balance, reflecting the unrecorded transactions.;(c)Prepare a multiple-step income statement for the year ending December 31, 2014.;(d)Prepare a retained earnings statement for the year ending December 31, 2014.;(e)Prepare a classified balance sheet as of December 31, 2014.


Paper#28727 | Written in 18-Jul-2015

Price : $57