Declare whether Revenues/Expenses/Dividends Declared/Not Applicable…

Question Answered step-by-step Declare whether Revenues/Expenses/Dividends Declared/Not Applicable…  Declare whether Revenues/Expenses/Dividends Declared/Not Applicablea.On January 1, the company issued shares for $66,000.b.On January 1, the company borrowed $66,000 from the bank.c.On January 1, the company bought equipment for $12,600 cash.d.Purchases of inventory on account during the year totalled $97,300.e.Sales for the year totalled $147,400, of which $22,700 was for cash and the remainder was on account.f.The cost of the products sold from inventory during the year in transaction (e) was $83,100.g.Payments to suppliers for inventory purchases totalled $73,900 during the year.h.Collections on account from customers totalled $115,000 for the year.i.Employees earned wages of $51,000 during the year. All of the wages were paid by the end of the year except the wages for the last week in December, which totalled $2,000.j.On December 31, the company paid the interest on the bank loan in transaction (b). The interest rate is 8%.k.Dividends were declared and paid in the amount of $2,400.l.On December 31, the company recorded depreciation on the equipment, using the straight-line method. The equipment has an estimated useful life of six years and an estimated residual value of $1,260.     Accounting Business Financial Accounting ACCOUNT 12 Share QuestionEmailCopy link Comments (0)