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Sheridan Corporation's balance sheet at December 31, 2021, is presented as follows. Cash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 1. SHERIDAN CORPORATION Balance Sheet December 31, 2021 2. 3. $25,900 46,100 (1.300) 4,100 39.700 139,800 (21.500 ) $232,800 Accounts payable Common stock ($10 par) Retained earnings During 2022, the following transactions occurred. On January 1, 2022, Sheridan issued 1,200 shares of $40 par, 7% preferred stock for $49,200. On January 1, 2022. Sheridan also issued 900 shares of the $10 par value common stock for $21,400. Sheridan performed services for $351,000 on account. $25,900 72,000 134,900 $232,800

Sheridan Corporation's balance sheet at December 31, 2021, is presented as follows. Cash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 1. SHERIDAN CORPORATION Balance Sheet December 31, 2021 2. 3. $25,900 46,100 (1.300) 4,100 39.700 139,800 (21.500 ) $232,800 Accounts payable Common stock ($10 par) Retained earnings During 2022, the following transactions occurred. On January 1, 2022, Sheridan issued 1,200 shares of $40 par, 7% preferred stock for $49,200. On January 1, 2022. Sheridan also issued 900 shares of the $10 par value common stock for $21,400. Sheridan performed services for $351,000 on account. $25,900 72,000 134,900 $232,800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sheridan Corporation's balance sheet at December 31, 2021, is presented as follows. Cash Accounts receivable Allowance for doubtful accounts. Supplies Land Buildings Accumulated depreciation-buildings 1. SHERIDAN CORPORATION Balance Sheet December 31, 2021 2. 3. $25,900 46,100 (1.300) 4,100 39.700 139,800 (21.500 ) $232.800 Accounts payable Common stock ($10 par) Retained earnings During 2022, the following transactions occurred. On January 1, 2022, Sheridan issued 1,200 shares of $40 par, 7% preferred stock for $49,200. On January 1, 2022, Sheridan also issued 900 shares of the $10 par value common stock for $21,400. Sheridan performed services for $351,000 on account. $25,900 72,000 134,900 $232,800
Transcribed Image Text:Sheridan Corporation's balance sheet at December 31, 2021, is presented as follows. Cash Accounts receivable Allowance for doubtful accounts. Supplies Land Buildings Accumulated depreciation-buildings 1. SHERIDAN CORPORATION Balance Sheet December 31, 2021 2. 3. $25,900 46,100 (1.300) 4,100 39.700 139,800 (21.500 ) $232.800 Accounts payable Common stock ($10 par) Retained earnings During 2022, the following transactions occurred. On January 1, 2022, Sheridan issued 1,200 shares of $40 par, 7% preferred stock for $49,200. On January 1, 2022, Sheridan also issued 900 shares of the $10 par value common stock for $21,400. Sheridan performed services for $351,000 on account. $25,900 72,000 134,900 $232,800
4 5. 6. 7. 8. 9. 10. 11. 1. 2. 3. On April 1, 2022, Sheridan collected fees of $33,200 in advance for services to be performed from April 1, 2022, to March 31,2023. Sheridan collected $279,900 from customers on account. Sheridan bought $38,100 of supplies on account. Sheridan paid $31,600 on accounts payable. Sheridan reacquired 500 shares of its common stock on June 1, 2022, for $26 per share. Adjustment data: A count of supplies indicates that $5,500 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $3,800 at year end Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,800. 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.) 4. 5. Paid other operating expenses of $170,000 On December 31, 2022, Sheridan declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. An account receivable of $1,800 which originated in 2021 is written off as uncollectible.
Transcribed Image Text:4 5. 6. 7. 8. 9. 10. 11. 1. 2. 3. On April 1, 2022, Sheridan collected fees of $33,200 in advance for services to be performed from April 1, 2022, to March 31,2023. Sheridan collected $279,900 from customers on account. Sheridan bought $38,100 of supplies on account. Sheridan paid $31,600 on accounts payable. Sheridan reacquired 500 shares of its common stock on June 1, 2022, for $26 per share. Adjustment data: A count of supplies indicates that $5,500 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $3,800 at year end Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,800. 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.) 4. 5. Paid other operating expenses of $170,000 On December 31, 2022, Sheridan declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. An account receivable of $1,800 which originated in 2021 is written off as uncollectible.
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