Need Income statement and cash flows  from the given data

1. Paid a $44,000 cash dividend previously declared for stockholders

2. Paid wages payable accrued in previous month 

3. Acquired $450,000 in January by signing a note payable with a local bank 

4. Sold 15,000 shares of $10 par Common Stock for $220,000

5. Sold 4,000 shares of $40 par, 3% cumulative preferred stock for $240,000 

6. Purchased a Truck and piece of Equipment for $138,000. The truck has a market value of 63,000 and the equipment has a market value of 77,000. 

7. Purchased 45,000 Units of Inventory on Account for $8.15 per unit 

8. Sold 65,000 units at $44.50 on Account 

9. Record COGS for Sale of 65,000 units on Account (from previous event) 

10. Collect $1,570,000 on Account 

11. Paid $540,250 of Accounts Payable 

12. Purchased 70,000 Units of Inventory on Account for $8.50 per unit 

13. Sold 75,000 units at $44.50 on Account 

14. Record COGS for Sales of 75,000 units on Account

15. Collect $2,474,500 on Account 

16. Paid $438,500 of Accounts Payable

17. Collect $1,735,000 on Account 

18. Paid $383,150 of Accounts Payable 

19. Purchased 175,000 Units of Inventory on Account for $8.75 per unit 

20. Paid Advertising & Marketing Expenses of $103,000 

21. Paid Operating Expenses of $475,708 

22. Paid Wages of $1,435,000 

23. Record Wages Payable of $415,000 

24. Made the yearly required payment on the note payable from event #3. The note carries a 8% interest rate and requires payments of $45,000 plus interest each December 31. (Record Principle & Interest as two separate entries) 

25. Record first year of depreciation expense on truck purchased in Year 2 with salvage value of $14,000 & useful life of 5 Years 

26. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $36,000 & useful life of 7 Years

27. Record 2nd year of depreciation expense on building purchased in Year 1 with salvage value of $58,000 & useful life of 30 Years

28. Declared a $4.00 per share cash dividend for all shares outstanding for common stockholders

29. Declared a dividend on preferred shares outstanding

Answer rating: 100% (QA)

Income Statement Revenues Sales of 15000 shares of 10 par Common Stock 220000 Sales of 4000 shares o... View the full answer