Required information [The following information applies to the questions displayed below.] Doyle Company issued $395,000 of...
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Required information [The following information applies to the questions displayed below.] Doyle Company issued $395,000 of 10-year, 7 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $51,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req A1 Prepare the journal entries for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Req A2 View transaction list Journal entry worksheet 1 Date Jan 01 2 3 Record the issue of bonds payable. Note: Enter debits before credits. Record entry 4 5 6 General Journal Clear entry 7 < Req A1 8 Debit Credit View general journal Req A2 > > Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req A1 Post the entries to T-accounts for Year 1 and Year 2. (Select "cl" for all the closing entries.) Year 1 End. Bal. Year 2 End. Bal. Year 1 End. Bal. Year 1 End. Bal. Year 2 Req A2 End. Bal. Cash Bonds Payable Lease Revenue 0 Year 1 End. Bal. Year 1 End. Bal. Year 2 End. Bal. Year 1 End. Bal. Year 2 End. Bal. < Req A1 Land 0 Retained Earnings Interest Expense Reg A2 > b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Prepare the income statement for Year 1 and Year 2. (Amounts to be deducted and net loss amount should be indicated with minus sign.) DOYLE COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 < Req B1 Req B2 > Req B1 Assets Prepare the balance sheet for Year 1 and Year 2. Total assets Liabilities Req B2 Req B3 Stockholder's equity DOYLE COMPANY Balance Sheets For the Year Ended December 31 Year 1 Total stockholder's equity Total liabilities and stockholders' equity $ $ 0 $ 0 0 $ Year 2 < Req B1 0 0 Req B3 > Complete this question by entering your answers in the tabs below. Req B1 Req B2 Prepare the statement of cash flows for Year 1 and Year 2. (Cash outflows should be indicated with a minus sign.) DOYLE COMPANY Statements of Cash Flows For the Year Ended December 31 Year 1 Cash flows from operating activities: Req B3 Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities: Net change in cash Ending cash balance $ 0 0 0 $ Year 2 < Req B2 0 0 0 Req B3 > Required information [The following information applies to the questions displayed below.] Doyle Company issued $395,000 of 10-year, 7 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $51,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req A1 Prepare the journal entries for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Req A2 View transaction list Journal entry worksheet 1 Date Jan 01 2 3 Record the issue of bonds payable. Note: Enter debits before credits. Record entry 4 5 6 General Journal Clear entry 7 < Req A1 8 Debit Credit View general journal Req A2 > > Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req A1 Post the entries to T-accounts for Year 1 and Year 2. (Select "cl" for all the closing entries.) Year 1 End. Bal. Year 2 End. Bal. Year 1 End. Bal. Year 1 End. Bal. Year 2 Req A2 End. Bal. Cash Bonds Payable Lease Revenue 0 Year 1 End. Bal. Year 1 End. Bal. Year 2 End. Bal. Year 1 End. Bal. Year 2 End. Bal. < Req A1 Land 0 Retained Earnings Interest Expense Reg A2 > b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Prepare the income statement for Year 1 and Year 2. (Amounts to be deducted and net loss amount should be indicated with minus sign.) DOYLE COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 < Req B1 Req B2 > Req B1 Assets Prepare the balance sheet for Year 1 and Year 2. Total assets Liabilities Req B2 Req B3 Stockholder's equity DOYLE COMPANY Balance Sheets For the Year Ended December 31 Year 1 Total stockholder's equity Total liabilities and stockholders' equity $ $ 0 $ 0 0 $ Year 2 < Req B1 0 0 Req B3 > Complete this question by entering your answers in the tabs below. Req B1 Req B2 Prepare the statement of cash flows for Year 1 and Year 2. (Cash outflows should be indicated with a minus sign.) DOYLE COMPANY Statements of Cash Flows For the Year Ended December 31 Year 1 Cash flows from operating activities: Req B3 Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities: Net change in cash Ending cash balance $ 0 0 0 $ Year 2 < Req B2 0 0 0 Req B3 >
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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