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Quigley Corporation’s trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described below.
DebitCreditCash$27,200Accounts Receivable51,400Inventory23,400Land67,000Buildings96,100Equipment40,800Allowance for Doubtful Accounts$480Accumulated Depreciation—Buildings30,100Accumulated Depreciation—Equipment14,688Accounts Payable19,310Interest Payable–0–Dividends Payable–0–Unearned Rent Revenue8,200Bonds Payable (10%)50,400Common Stock ($10 par)35,000Paid-in Capital in Excess of Par—Common Stock7,000Preferred Stock ($20 par)–0–Paid-in Capital in Excess of Par—Preferred Stock–0–Retained Earnings30,642Treasury Stock–0–Cash Dividends–0–Sales Revenue614,600Rent Revenue–0–Bad Debt Expense–0–Interest Expense2,520Cost of Goods Sold402,700Depreciation Expense–0–Other Operating Expenses36,200Salaries and Wages Expense63,100 Total$810,420$810,420
Unrecorded transactions
1.On January 1, 2014, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000.2.On January 1, 2014, Quigley also issued 1,100 shares of common stock for $25,300.3.Quigley reacquired 270 shares of its common stock on July 1, 2014, for $46 per share.4.On December 31, 2014, Quigley declared the annual preferred stock dividend and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2015.5.Quigley estimates that uncollectible accounts receivable at year-end is $5,140.6.The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,800.7.The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,080.8.The unearned rent was collected on October 1, 2014. It was receipt of 4 months’ rent in advance (October 1, 2014 through January 31, 2015).9.The 10% bonds payable pay interest every January 1 and July 1. The interest for the 6 months ended December 31, 2014, has not been paid or recorded.
(Ignore income taxes.)Prepare journal entries for the transactions listed abovePrepare an updated December 31, 2014, trial balance, reflecting the unrecorded transactions.Prepare a multiple-step income statement for the year ending December 31, 2014Prepare a retained earnings statement for the year ending December 31, 2014.Prepare a classified balance sheet as of December 31, 2014.(List current assets in order of liquidity. List property, plant and equipment in the order of Land, Buildings and Equipment. For Bonds Payable, Notes Payable and Mortgage payable enter the account name only and do not provide any additional descriptive information e.g. due 2017. For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)

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