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comprehensive problem

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Quigley Corporation’s trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described below.

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Debit

Credit

Cash

$  23,000

Accounts Receivable

51,000

Inventory

22,700

Land

65,000

Buildings

95,000

Equipment

40,000

Allowance for Doubtful Accounts

$  450

Accumulated Depreciation—Buildings

30,000

Accumulated Depreciation—Equipment

14,400

Accounts Payable

19,300

Interest Payable

-0-

Dividends Payable

-0-

Unearned Rent Revenue

8,000

Bonds Payable (10%)

50,000

Common Stock ($10 par)

30,000

Paid-in Capital in Excess of Par—Common Stock

6,000

Preferred Stock ($20 par)

-0-

Paid-in Capital in Excess of Par—Preferred Stock

-0-

Retained Earnings

75,050

Treasury Stock

-0-

Cash Dividends

-0-

Sales Revenue

570,000

Rent Revenue

-0-

Bad Debt Expense

-0-

Interest Expense

2,500

Cost of Goods Sold

400,000

Depreciation Expense

-0-

Other Operating Expenses

39,000

Salaries and Wages Expense

65,000

Total

$803,200

$803,200

Unrecorded transactions

1. ;

On January 1, 2014, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000.

2. ;

On January 1, 2014, Quigley also issued 1,000 shares of common stock for $23,000.

3. ;

Quigley reacquired 300 shares of its common stock on July 1, 2014, for $49 per share.

4. ;

On December 31, 2014, Quigley declared the annual preferred stock dividend and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2015.

5. ;

Quigley estimates that uncollectible accounts receivable at year-end is $5,100.

6. ;

The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,000.

7. ;

The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,000.

8. ;

The unearned rent was collected on October 1, 2014. It was receipt of 4 months’ rent in advance (October 1, 2014 through January 31, 2015).

9. ;

The 10% bonds payable pay interest every January 1 and July 1. The interest for the 6 months ended December 31, 2014, has not been paid or recorded.

Instructions

(Ignore income taxes.)

(a) ;

Prepare journal entries for the transactions listed above.

(b) ;

Prepare an updated December 31, 2014, trial balance, reflecting the unrecorded transactions.

(b) Total $868,700

(c) ;

Prepare a multiple-step income statement for the year ending December 31, 2014.

(d) ;

Prepare a retained earnings statement for the year ending December 31, 2014.

(e) ;

Prepare a classified balance sheet as of December 31, 2014.

(e) Total assets $270,900

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