20 Jul BALANCE SHEET
Voltaire Corporation’s Balance Sheet at December 31, 2013 ispresented below:
Voltaire Corporation
Balance Sheet
December 31, 2013
Cash $24,600
Accounts Receivable 45,500
Allowance for Doubtful
Accounts (1,500)
Supplies 4,400
Land 40,000
Buildings 130,000
Accumulated Depreciation
Building (20,000)
$223,000
Accounts Payable $25,600
Common Stock($1 par) 50,000
Retained Earnings 147,400
$223,000
During 2014, the following transactions occurred:
1.On January 1, 2014, Voltaire issued 1,500 shares of $20par, 6% preferred stock for $33,000.
2.On January 1,2014, Voltaire also issued 900 shares of the $1par value common stock for $6,300.
3.Voltaire performed services for $276,000 on account.
4.On April 1,2014, Voltaire collected fees of $36,000 in advancefor services to be performed from April 1, 2014 to March 31,2015.
5.Voltaire collected $267,000 from customers on account
6. Voltaire brought $26,100 of supplies on account.
7.Voltaire paid $32,200 on accounts payable.
8.Voltaire reacquired 400 shares of its common stock on June1,2014, for $8 per share.
9.Paid other operating expenses of $188,200
10. On December 31, 2014, Voltaire declared the annualpreferred stock dividend and a $.50 per share dividend on theoutstanding common stock, all payable on January 15,2015.
11.An account receivable of $1,300 which originated in 2013is written off as uncollectible.
Adjustment Data:
1.A count of supplies indicates that $5,900 of suppliesremain unused at year end.
2.Recorded revenue recognized from item 4 above.
3.The allowance for doubtful accounts should have a balanceof $3,500 at year end.
4.Depreciation is recorded on the building on a straight linebasis based on a 30 year life and a salvage value of$10,000.
5.The income tax rate is 30% (Hint: Prepare the incomestatement up to income before taxes and multiply by 30% to computethe amount.)
Instructions
a) Set up T- accounts to determine ending balances.
b) Prepare journal entries for the transactions listed aboveand adjusting entries.
c) Prepare an adjusted trial balance at December 31, 2014 (Hint: Totals are $647,620)
Voltaire Corporation’s Balance Sheet at December 31, 2013 ispresented below:
Voltaire Corporation
Balance Sheet
December 31, 2013
Cash $24,600
Accounts Receivable 45,500
Allowance for Doubtful
Accounts (1,500)
Supplies 4,400
Land 40,000
Buildings 130,000
Accumulated Depreciation
Building (20,000)
$223,000
Accounts Payable $25,600
Common Stock($1 par) 50,000
Retained Earnings 147,400
$223,000
During 2014, the following transactions occurred:
1.On January 1, 2014, Voltaire issued 1,500 shares of $20par, 6% preferred stock for $33,000.
2.On January 1,2014, Voltaire also issued 900 shares of the $1par value common stock for $6,300.
3.Voltaire performed services for $276,000 on account.
4.On April 1,2014, Voltaire collected fees of $36,000 in advancefor services to be performed from April 1, 2014 to March 31,2015.
5.Voltaire collected $267,000 from customers on account
6. Voltaire brought $26,100 of supplies on account.
7.Voltaire paid $32,200 on accounts payable.
8.Voltaire reacquired 400 shares of its common stock on June1,2014, for $8 per share.
9.Paid other operating expenses of $188,200
10. On December 31, 2014, Voltaire declared the annualpreferred stock dividend and a $.50 per share dividend on theoutstanding common stock, all payable on January 15,2015.
11.An account receivable of $1,300 which originated in 2013is written off as uncollectible.
Adjustment Data:
1.A count of supplies indicates that $5,900 of suppliesremain unused at year end.
2.Recorded revenue recognized from item 4 above.
3.The allowance for doubtful accounts should have a balanceof $3,500 at year end.
4.Depreciation is recorded on the building on a straight linebasis based on a 30 year life and a salvage value of$10,000.
5.The income tax rate is 30% (Hint: Prepare the incomestatement up to income before taxes and multiply by 30% to computethe amount.)
Instructions
a) Set up T- accounts to determine ending balances.
b) Prepare journal entries for the transactions listed aboveand adjusting entries.
c) Prepare an adjusted trial balance at December 31, 2014 (Hint: Totals are $647,620)
Voltaire Corporation’s Balance Sheet at December 31, 2013 ispresented below:
Voltaire Corporation
Balance Sheet
December 31, 2013
Cash $24,600
Accounts Receivable 45,500
Allowance for Doubtful
Accounts (1,500)
Supplies 4,400
Land 40,000
Buildings 130,000
Accumulated Depreciation
Building (20,000)
$223,000
Accounts Payable $25,600
Common Stock($1 par) 50,000
Retained Earnings 147,400
$223,000
During 2014, the following transactions occurred:
1.On January 1, 2014, Voltaire issued 1,500 shares of $20par, 6% preferred stock for $33,000.
2.On January 1,2014, Voltaire also issued 900 shares of the $1par value common stock for $6,300.
3.Voltaire performed services for $276,000 on account.
4.On April 1,2014, Voltaire collected fees of $36,000 in advancefor services to be performed from April 1, 2014 to March 31,2015.
5.Voltaire collected $267,000 from customers on account
6. Voltaire brought $26,100 of supplies on account.
7.Voltaire paid $32,200 on accounts payable.
8.Voltaire reacquired 400 shares of its common stock on June1,2014, for $8 per share.
9.Paid other operating expenses of $188,200
10. On December 31, 2014, Voltaire declared the annualpreferred stock dividend and a $.50 per share dividend on theoutstanding common stock, all payable on January 15,2015.
11.An account receivable of $1,300 which originated in 2013is written off as uncollectible.
Adjustment Data:
1.A count of supplies indicates that $5,900 of suppliesremain unused at year end.
2.Recorded revenue recognized from item 4 above.
3.The allowance for doubtful accounts should have a balanceof $3,500 at year end.
4.Depreciation is recorded on the building on a straight linebasis based on a 30 year life and a salvage value of$10,000.
5.The income tax rate is 30% (Hint: Prepare the incomestatement up to income before taxes and multiply by 30% to computethe amount.)
Instructions
a) Set up T- accounts to determine ending balances.
b) Prepare journal entries for the transactions listed aboveand adjusting entries.
c) Prepare an adjusted trial balance at December 31, 2014 (Hint: Totals are $647,620)
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