The net changes in the balance sheet accounts of Zack, Inc. for the year 2021 are...
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The net changes in the balance sheet accounts of Zack, Inc. for the year 2021 are shown below: Account Debit Credit $ 100,600 Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Long-term investments Land Buildings Machinery Equipment Accumulated depreciation: Buildings Machinery Equipment Accounts payable Accrued liabilities Dividends payable Premium on bonds Bonds payable Preferred stock (S50 par) Common stock ($10 par) Additional paid-in capital-common Retained earnings 197,200 20,000 405,000 650,000 100,000 12,000 183,200 70,000 67.200 $1.805.200 $ 64,000 10,000 144,000 28,000 24,000 20,000 72,000 128,000 36,000 900,000 156,000 223,200 $1.805.200 Additional information: 1. Net income for 2021 $160.000 2. Cash dividends of $128,000 were declared December 15, 2021, payable January 15, 2022. A 5% stock dividend was issued March 31, 2021, when the market value was $22.00 per share. 3. The long-term investments were sold for $140,000. 4. A building and land which cost $480,000 and had a book value of $350,000 were sold for $400,000. The cost of the land, included in the cost and book value above, was $20,000. 5. The following entry was made to record an exchange of an old machine for a new one: Machinery 160,000 Accumulated Depreciation Machinery 40,000 Machinery Cash 6. A fully depreciated copier machine which cost $28,000 was written off 7. Preferred stock of $70,000 par value was redeemed for $90,000. 60,000 140,000 8. The company sold 12,000 shares of its common stock ($10 par) on June 15, 2021 for $25 a share. There were 87,600 shares outstanding on December 31, 2021. 9. Bonds were sold at 104 on December 31, 2021. 10. Land that was condemned had a book value of $240,000. Proceeds received totaled $108,000. The net changes in the balance sheet accounts of Zack, Inc. for the year 2021 are shown below: Account Debit Credit $ 100,600 Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Long-term investments Land Buildings Machinery Equipment Accumulated depreciation: Buildings Machinery Equipment Accounts payable Accrued liabilities Dividends payable Premium on bonds Bonds payable Preferred stock (S50 par) Common stock ($10 par) Additional paid-in capital-common Retained earnings 197,200 20,000 405,000 650,000 100,000 12,000 183,200 70,000 67.200 $1.805.200 $ 64,000 10,000 144,000 28,000 24,000 20,000 72,000 128,000 36,000 900,000 156,000 223,200 $1.805.200 Additional information: 1. Net income for 2021 $160.000 2. Cash dividends of $128,000 were declared December 15, 2021, payable January 15, 2022. A 5% stock dividend was issued March 31, 2021, when the market value was $22.00 per share. 3. The long-term investments were sold for $140,000. 4. A building and land which cost $480,000 and had a book value of $350,000 were sold for $400,000. The cost of the land, included in the cost and book value above, was $20,000. 5. The following entry was made to record an exchange of an old machine for a new one: Machinery 160,000 Accumulated Depreciation Machinery 40,000 Machinery Cash 6. A fully depreciated copier machine which cost $28,000 was written off 7. Preferred stock of $70,000 par value was redeemed for $90,000. 60,000 140,000 8. The company sold 12,000 shares of its common stock ($10 par) on June 15, 2021 for $25 a share. There were 87,600 shares outstanding on December 31, 2021. 9. Bonds were sold at 104 on December 31, 2021. 10. Land that was condemned had a book value of $240,000. Proceeds received totaled $108,000.
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Related Book For
Managerial Accounting
ISBN: 978-0078111006
14th edition
Authors: Ray Garrison, Eric Noreen and Peter Brewer
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