solve balance sheet, statement of retained earnings, income statement, and trial balance. Sandhill Corporation’s trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Debit Credit Cash $24,990 Accounts Receivable 49,980 Inventory 22,246 Land 63,700 Buildings 93,100 Equipment 39,200 Allowance for Doubtful Accounts $441 Accumulated Depreciation—Buildings 29,400 Accumulated Depreciation—Equipment 14,112 Accounts Payable 18,914 Interest Payable –0– Dividends Payable –0– Unearned Rent Revenue 7,840 Bonds Payable (10%) 49,000 Preferred Stock ($20 par) –0– Paid-in Capital in Excess of Par—Preferred Stock –0– Common Stock ($10 par) 29,400 Paid-in Capital in Excess of Par—Common Stock 5,880 Retained Earnings 73,549 Treasury Stock –0– Cash Dividends –0– Sales Revenue 558,600 Rent Revenue –0– Bad Debt Expense –0– Interest Expense –0– Cost of Goods Sold 392,000 Depreciation Expense –0– Other Operating Expenses 38,220 Salaries and Wages Expense 63,700 Total $787,136 $787,136 Unrecorded transactions and adjustments: 1. On January 1, 2022, Sandhill issued 980 shares of $20 par, 6% preferred stock for $21,560. 2. On January 1, 2022, Sandhill also issued 980 shares of common stock for $22,540. 3. Sandhill reacquired 294 shares of its common stock on July 1, 2022, for $49 per share. 4. On December 31, 2022, Sandhill declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5. Sandhill estimates that uncollectible accounts receivable at year-end are $4,998. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,900. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,920. 8. The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

solve balance sheet, statement of retained earnings, income statement, and trial balance. Sandhill Corporation’s trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Debit Credit Cash $24,990 Accounts Receivable 49,980 Inventory 22,246 Land 63,700 Buildings 93,100 Equipment 39,200 Allowance for Doubtful Accounts $441 Accumulated Depreciation—Buildings 29,400 Accumulated Depreciation—Equipment 14,112 Accounts Payable 18,914 Interest Payable –0– Dividends Payable –0– Unearned Rent Revenue 7,840 Bonds Payable (10%) 49,000 Preferred Stock ($20 par) –0– Paid-in Capital in Excess of Par—Preferred Stock –0– Common Stock ($10 par) 29,400 Paid-in Capital in Excess of Par—Common Stock 5,880 Retained Earnings 73,549 Treasury Stock –0– Cash Dividends –0– Sales Revenue 558,600 Rent Revenue –0– Bad Debt Expense –0– Interest Expense –0– Cost of Goods Sold 392,000 Depreciation Expense –0– Other Operating Expenses 38,220 Salaries and Wages Expense 63,700 Total $787,136 $787,136 Unrecorded transactions and adjustments: 1. On January 1, 2022, Sandhill issued 980 shares of $20 par, 6% preferred stock for $21,560. 2. On January 1, 2022, Sandhill also issued 980 shares of common stock for $22,540. 3. Sandhill reacquired 294 shares of its common stock on July 1, 2022, for $49 per share. 4. On December 31, 2022, Sandhill declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5. Sandhill estimates that uncollectible accounts receivable at year-end are $4,998. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,900. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,920. 8. The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

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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solve balance sheet, statement of retained earnings, income statement, and trial balance.

Sandhill Corporation’s trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below.

	Debit	Credit
Cash	$24,990
Accounts Receivable	49,980
Inventory	22,246
Land	63,700
Buildings	93,100
Equipment	39,200
Allowance for Doubtful Accounts		$441
Accumulated Depreciation—Buildings		29,400
Accumulated Depreciation—Equipment		14,112
Accounts Payable		18,914
Interest Payable		–0–
Dividends Payable		–0–
Unearned Rent Revenue		7,840
Bonds Payable (10%)		49,000
Preferred Stock ($20 par)		–0–
Paid-in Capital in Excess of Par—Preferred Stock		–0–
Common Stock ($10 par)		29,400
Paid-in Capital in Excess of Par—Common Stock		5,880
Retained Earnings		73,549
Treasury Stock	–0–
Cash Dividends	–0–
Sales Revenue		558,600
Rent Revenue		–0–
Bad Debt Expense	–0–
Interest Expense	–0–
Cost of Goods Sold	392,000
Depreciation Expense	–0–
Other Operating Expenses	38,220
Salaries and Wages Expense	63,700
Total	$787,136	$787,136

Unrecorded transactions and adjustments:

1.		On January 1, 2022, Sandhill issued 980 shares of $20 par, 6% preferred stock for $21,560.
2.		On January 1, 2022, Sandhill also issued 980 shares of common stock for $22,540.
3.		Sandhill reacquired 294 shares of its common stock on July 1, 2022, for $49 per share.
4.		On December 31, 2022, Sandhill declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023.
5.		Sandhill estimates that uncollectible accounts receivable at year-end are $4,998.
6.		The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,900.
7.		The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,920.
8.		The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023).
9.		The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

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