v R GO education.wiley.com C + 88 Comprehensive Problem 2 W NWP Assessment Player UI Ap... Course Hero Sight Words Level 1 - Preschool... M Super Micro Computer, Inc. is h... P (29) Pinterest Comprehensive Problem 2 Question 1 of 1 70.64 / 75 Hawkeye Corporation's balance sheet at December 31, 2021, is presented as follows. HAWKEYE CORPORATION Balance Sheet December 31, 2021 Cash $24,600 Accounts payable $25,600 Accounts receivable 45,500 Common stock ($ 10 par) 80,000 Allowance for doubtful accounts 1,500 ) Retained earnings 127,400 Supplies 4,400 Land 0,000 Buildings 142,000 Accumulated depreciation-buildings (22,000 ) $233,000 $233,000 During 2022, the following transactions occurred. 1. On January 1, 2022, Hawkeye issued 1,200 shares of $40 par, 7% preferred stock for $49,200. 2. On January 1, 2022, Hawkeye also issued 900 shares of the $10 par value common stock for $21,000. 3. Hawkeye performed services for $320,000 on account 4. On April 1, 2022, Hawkeye collected fees of $36,000 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Hawkeye collected $276,000 from customers on account. 6. Hawkeye bought $35,100 of supplies on account. 7. Hawkeye paid $32,200 on accounts payable. 8. Hawkeye reacquired 400 shares of its common stock on June 1, 2022, for $28 per share. 9. Paid other operating expenses of $188,200. 10. On December 31, 2022, Hawkeye declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $1,700 which originated in 2021 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $5,900 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3,500 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount.) (a1)v R GO education.wiley.com C + 88 Comprehensive Problem 2 W NWP Assessment Player UI Ap... Course Hero Sight Words Level 1 - Preschool... M Super Micro Computer, Inc. is h... P (29) Pinterest Comprehensive Problem 2 Question 1 of 1 70.64 / 75 Your answer is pa Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land and Buildings.) HAWKEYE CORPORATION Balance Sheet At December 31, 2022 Assets Current Assets Cash Accounts Receivable Less #: Allowance for Doubtful Accounts Supplies Total Current Assets Property, Plant and Equipment Land Buildings 142000 Less : Accumulated Depreciation-Buildings 26400 i Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Dividends Payable Innni Income Taxes Payable Service Revenue Total Current Liabilities Stockholders' Equity Capital Stock Additional Paid-in Capital Preferred Stock $ 1200v R GO education.wiley.com C + 88 Comprehensive Problem 2 W NWP Assessment Player UI Ap... Course Hero Sight Words Level 1 - Preschool... M Super Micro Computer, Inc. is h... P (29) Pinterest Comprehensive Problem 2 Question 1 of 1 70.64 / 75 Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Dividends Payable Innni Income Taxes Payable Service Revenue Total Current Liabilities Stockholders' Equity Capital Stock Additional Paid-in Capital Preferred Stock 1200 Common Stock 120000 Total Capital Stock C Retained Earnings Less : Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit