please help me fill out the correct accounting equation! I was told my inventory and...

50.1K

Verified Solution

Question

Accounting

please help me fill out the correct accounting equation! I was told my inventory and retained earnings were a bit off. The beginning balances are provided.
image
image
image
image
Year 2 Transaction List: . a . . . . . . . . . Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of $22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account Record COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account Record COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account Record COGS for Sales on Account Collect $735,000 on Account Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid $494,150 of Accounts Payable Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $38,000 & useful life of 7 Yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders . . . . . . . . . 10 11 9 Tiance Assets Cash Accts Rec Livno Lumen cond Beginning Baloncesto Do Yo Bulong ACCUMOASION $27.600.00317.500.00 512X.CO DANO.000 note pablo with a local bond 5000 350.00 0.33300 000 DO $ 560.00 2. Sold 75,000 shares of $72 Common stock for $1.500.000 3 500.000 Purchased Equipment for $330.000 $ 200.000 300.000 4. Porchonwentary on Account 25.000 Urts at 116 per unit 2,70 5 20750 sa Sold 10.000 unit of Account 3 320 5 Color Account S 1220 Collect 10.000 on Account 70.00 good cid1112 of Accountsovable $ LIZZO n. Purchased inventoren ACCOUNT 170.000 per un 250.000 Pa, Sold 75,000 unitats on Account ! 612,800 COCS Toron Account 10. Coboc $472.500 on Accoun 22.500.00 1. Poid 210.000 ot Account Adyable 5 12. 3.000 12 Purchased inventorn de 27.035 per unit SO 1 DI 130. Sola 200.000 units of 150 on ACCOUNT 5 700.000 EN COLLOTSON ARCOURT 0.0001 1 collec35.000 on Ascount 735.000 SOOS Paid Of About Payable E 4 10.00 3 000 541 obo Purchase invention de 100.000 RSD 17. Podales & Marketing Expenses of 30.000 3 20.000 Bidering tot 70203 RAM Accounting Equation to submit Inventory Tracking Budget Template income stat I! O 2 US20 Assets Cash Accts Rec Inventory Equipment $ 257,000.00 $ 17,500.00 $ 28,000.00 Land Building $ 50,000.00 $ 250,000.00 10 Formatting Table Styles Pant Format - Cels AR Number Select Fating Data Anal Smut N Blanche Ligo Luty ing ACCU LAGGIO DIV Poyobo Nolesale Wege Commons AMIC Lomi 53 000 000 0.333.000.000.00 000000 100.000.000 Actos forranada

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students