Project #16782 - accounying

Instructions: Prepare the journal entries for the following transactions.  After completing the journal entries, post the transactions to the ledger (t-accounts) and create an adjusted trial balance.  Create the income statement, statement of retained earnings, and balance sheet for the following company.  This is the first year of operations for Fielder Corporation, a merchandise corporation that specializes in baseball apparel.

the book is just for how to do it (Financial Accounting, 1st Edition, Jeffrey Waybright, Robert Kemp, ISBN-10: 013606048X) there is nothing on the book.

1-2-12:  Issued 1000 shares of common stock for $50 per share, the par value of the stock is $1.00 each.  (chapter 10, page 491-492).

1-2-12:  Purchased equipment costing 10,000, paying cash.  The equipment will have a useful life of 4 years and no salvage value, the company uses the straight-line method of depreciation.  (chapter 8, page 392)

1-3-12: Purchased 500 jerseys on account for $20 each.  Fielder Corporation will resell these jerseys in the future and uses the FIFO method.  (chapter 5, page 239).

1-3-12: Issued $25,000 of 4% bonds at par that mature on January 3, 2022.  The bonds pay interest on July 1, and January 1 of every year.  (chapter 9, page 451).

1-31-12: During the month of January sold 100 jerseys on account for $50 each and 300 jerseys for cash at $50 each. (chapter 4, page 182).

1-31-12: Fielder Corporation uses the percent of sales method to estimate uncollectible accounts.  Fielder estimates that 5% of credit sales will be uncollectable.  (chapter 7, page 335)

1-31-12:  Fielder Corporation had sales returns of 5 jerseys.  Fielder refunded the customer the cash paid.  (chapter 4, page 183-184).   

1-31-12: Paid cash salaries of 5,000 to employees for the month of January.  In addition, paid $2,000 for utilities on 1-31-12 for the month of January.  (chapter 2, page 65)

1-31-12: Record the depreciation for the equipment for the month of January.  (chapter 8, page 395)

1-31-12: Record the interest expense for the note payable for the month of January. (chapter 9, page 451)

1-31-12: Declared and paid a cash dividend on 1-31-12 of $2.00 per share. (chapter 10, page 495).

Subject Business
Due By (Pacific Time) 11/14/2013 11:00 am
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