Accumulated depreciation buildings

Assignment Help Accounting Basics
Reference no: EM131135525

HAMPTON CORPORATION Balance Sheet December 31, 2011 Cash $ 24,600 Accounts payable $ 25,600 Accounts receivable 45,500 Common stock ($10 par) 80,000 Allowance for doubtful accounts (1,500) Retained earnings 127,400 Supplies 4,400 Land 40,000 Buildings 142,000 Accumulated depreciation buildings (22,000) During 2012, the following transactions occurred.

1. On January 1, 2012, Hampton issued 1,200 shares of $40 par, 7% preferred stock for $49,200.

2. On January 1, 2012, Hampton also issued 900 shares of the $10 par value common stock for $21,000.

3. Hampton performed services for $320,000 on account.

4. On April 1, 2012, Hampton collected fees of $36,000 in advance for services to be performed from April 1, 2012, to March 31, 2013.

5. Hampton collected $276,000 from customers on account.

6. Hampton bought $35,100 of supplies on account.

7. Hampton paid $32,200 on accounts payable.

8. Hampton reacquired 400 shares of its common stock on June 1, 2012, for $28 per share.

9. Paid other operating expenses of $188,200.

10. On December 31, 2012, Hampton declared the annual preferred stock dividend and a 1.20 per share dividend on the outstanding common stock , all payable on January 15, 2013

11. An account receivable of $1700 which originated in 2011 is written off as uncollectiable.

Adjustment data:

1. A count of supplies indicates that $5,900 of supplies remain unused at year-end.

2. Recorded revenue earned 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 astraight-line basis based on a 30-year life and a salvage value of $10,000.

5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Instructions: a.) Create Income statement b. Retained Earnings c. Balance sheet d. trail balance e. adjusted trail balance.

Reference no: EM131135525

Questions Cloud

Create an advertisement for this sports-oriented resort : Create an advertisement for this sports-oriented resort (your choice). You are going to advertise in Global Travel Magazine in a small ad that is black and white (1/6th of a page and can only accommodate a total of 50 words including the headline.) W..
Analyze the collection of data by patient access personnel : Analyze how third-party policies would be used when developing billing guidelines for patient financial services (PFS) personnel and administration when determining the payer mix for maximum reimbursement.
What is the stress in the cement : What is the stress in the cement when its temperature is 50.0°C on a hot, sunny day?
Impact market and potential client interactions in future : In the past, dressing for a day at the office meant the traditional suit, tie, or blouse and skirt. Now with the rise of younger companies like Google and Amazon, a day at the office is more casual. For women, the trend to wear less sneakers and more..
Accumulated depreciation buildings : HAMPTON CORPORATION Balance Sheet December 31, 2011 Cash $ 24,600 Accounts payable $ 25,600 Accounts receivable 45,500 Common stock ($10 par) 80,000 Allowance for doubtful accounts (1,500) Retained earnings 127,400 Supplies 4,400 Land 40,000 Build..
Describe inputs-operations processes and outputs : The Supply Chain In this Assignment you will practice with applying some of the concepts you examined regarding supply chains in your Learning Activity in this unit. Imagine that your new business is product oriented; either manufacturing or retail/w..
Find the amplitude of a standing wave : The wave function of a standing wave is y(x, t) = 4.44 mm sin [(32.5 rad/m) x] sin [(754rad/s) t]. For the two traveling waves that make up this standing wave
Create predicted values of the average cost function : What is the economic interpretation of suppressing the constant term (forcing it equal zero)?  Why does that make sense to do here? Write out the cost function as (Use the numbers from the regression you just ran
Retail rfid technology and retail technology : A supermarket chain in California, recently introduced intelligent shopping carts, to better service their customers. Each cart has a wireless touch-screen mobile device with a laser scanner to enable price checking and then to scan product codes for..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  The footwear department of lees department store had sales

the footwear department of lees department store had sales of 188000 cost of goods sold of 132500 indirect expenses of

  Start a school of nursing and the student nurses

A tertiary hospital is going to start a school of nursing and the student nurses will go for practical work to that hospital. The changes that are needed in hospital management for nurses include, allocation of new duties to different staff member..

  Stephen bosworth a super salesman contemplating retirement

stephen bosworth a super salesman contemplating retirement on his fifty-fifth birthday decides to create a fund on an 8

  Harmon household products inc manufactures a number of

harmon household products inc. manufactures a number of consumer items for general household use. one of these products

  Determine the average rate of return for a project that is

determine the average rate of return for a project that is estimated to yield total income of 400000 over four years

  Prepare an unadjusted trial balance

Prepare an unadjusted trial balance

  Problem related to passive activity

Kim made a gift to Sam of a passive activity (adjusted basis of $50,000, suspended losses of $20,000, and a fair market value of $80,000). No gift tax resulted from the transfer.

  There are no payments for the first six months for the next

bonzo biggie called with the following information about a lease he signed on january 11 2011.the lease begins on july

  Companies variable-costing net income

The company plans on producing 40,000 units and actually did, Sales totaled 37,000 at $42 each. Costs: The companies variable-costing net income would be:

  Dyer inc completed its first year of operations on december

dyer inc completed its first year of operations on december 312010. because this is the end of the annual accounting

  Which qualitative characteristic of accounting is reflected

Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented?

  Cash receipts and payments and other data

Below are account balances, cash receipts and payments and other data for X Limited, a company that distributes chemical supplies, for the financial year that ended 30 June 2012 and 30 June 2013.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd