Please don't provide answer in image format thank you. Sheridan Corporation's balance sheet at December 31, 2021, is presented as follows.CashAccounts receivableAllowance for doubtful accounts.SuppliesLandBuildingsAccumulated depreciation-buildings1.SHERIDAN CORPORATIONBalance SheetDecember 31, 20212.3.$25,90046,100(1.300)4,10039.700139,800(21.500 )$232.800Accounts payableCommon stock ($10 par)Retained earningsDuring 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.$25,90072,000134,900$232,800 45.6.7.8.9.10.11.1.2.3.On April 1, 2022, Sheridan collected fees of $33,200 in advance for services to be performed from April 1, 2022, to March31,2023.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 endDepreciation 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% tocompute the amount.)4.5.Paid other operating expenses of $170,000On December 31, 2022, Sheridan declared the annual preferred stock dividend and a $1.20 per share dividend on theoutstanding common stock, all payable on January 15, 2023.An account receivable of $1,800 which originated in 2021 is written off as uncollectible.

Income Statement: It is a part of financial statement of a company in which revenue and expenses are…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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