Chapter n Homework Saved Help Save & Exit Submit 3 Check my work American Laser, Inc., reported the following account balances on January 1 Debit $ 5,000 Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 14.32 points 30,000 116,000 2,000 03:08:30 273,000 16,500 10,000 16,500 120,000 eBook Print References $294,500 294,500 The company entered into the following transactions during the year. Jan 15 Issued 18,000 shares of 1 par common stock for 76,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,260 shares of $1 par common stock into treasury for $35,860 cash Mar. 15 Reissued 2,260 shares of treasury stock for $26, 860 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 Oct 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec 29 Recorded $256,000 of service revenue, all of which was collected in cash Dec. 30 Paid $226,000 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 1 Issued 100, 10-year, $1,010 bonds, at a quoted bond price of 101 income taxes. Chapter 11 Homework 6 Saved Help Save & Exit Submit 3 Check my work Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,260 shares of $1 par common stock into treasury for $35,860 cash Mar. 15 Reissued 2,260 shares of treasury stock for $26,860 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, $1,010 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 $256,000 of service revenue, all of which was collected in cash Dec. 30 Paid $226,000 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 14.32 points 03:08:12 income taxes.) Requirement General Journal General Ledger Debt to Assets Ratio eBook Trial Balance Balance Sheet Print General Journal tab Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab Each journal entry is posted automatically to the general ledger Trial Balance tab- The option you choose will be the values used to populate the balance sheet tabs. Balance Sheet tab - Prepare the noncurrent liabilities and stockholders' equity sections of the balance sheet at December 31. At the end of the year, the adjusted net income was $20,000 General Journal tab Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. General Journal tab - After preparing the financial statements, record the closing entry for Dividends Impact on Debt to Assets Ratio tab Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio Requirement General Journal Chapter n Homework Saved Help Save & Exit Submit 3 Check my work American Laser, Inc., reported the following account balances on January 1 Debit $ 5,000 Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 14.32 points 30,000 116,000 2,000 03:08:30 273,000 16,500 10,000 16,500 120,000 eBook Print References $294,500 294,500 The company entered into the following transactions during the year. Jan 15 Issued 18,000 shares of 1 par common stock for 76,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,260 shares of $1 par common stock into treasury for $35,860 cash Mar. 15 Reissued 2,260 shares of treasury stock for $26, 860 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 Oct 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec 29 Recorded $256,000 of service revenue, all of which was collected in cash Dec. 30 Paid $226,000 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 1 Issued 100, 10-year, $1,010 bonds, at a quoted bond price of 101 income taxes. Chapter 11 Homework 6 Saved Help Save & Exit Submit 3 Check my work Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,260 shares of $1 par common stock into treasury for $35,860 cash Mar. 15 Reissued 2,260 shares of treasury stock for $26,860 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, $1,010 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 $256,000 of service revenue, all of which was collected in cash Dec. 30 Paid $226,000 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 14.32 points 03:08:12 income taxes.) Requirement General Journal General Ledger Debt to Assets Ratio eBook Trial Balance Balance Sheet Print General Journal tab Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab Each journal entry is posted automatically to the general ledger Trial Balance tab- The option you choose will be the values used to populate the balance sheet tabs. Balance Sheet tab - Prepare the noncurrent liabilities and stockholders' equity sections of the balance sheet at December 31. At the end of the year, the adjusted net income was $20,000 General Journal tab Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. General Journal tab - After preparing the financial statements, record the closing entry for Dividends Impact on Debt to Assets Ratio tab Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio Requirement General Journal