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Current Liabilities Accounts Payable Income Taxes Payable Dividends Payable Other Operating Expenses Total Current Liabilities Stockholders' Equity Stockholders' Equity > > > Total Paid-in Capital and Retained Earnings Stockholders' Equity $ $ BLUE SPRUCE CORP. Balance Sheet December 31, 2021 Cash Accounts receivable $14,760 Accounts payable $15,360 27,300 Common stock ($10 par) 48,000 Allowance for doubtful accounts (900) Retained earnings 76,440 Supplies 2,640 Land 24,000 Buildings 85,200 Accumulated depreciation-buildings (13,200 ) $139,800 $139,800 During 2022, the following transactions occurred. 1. On January 1, Blue issued 720 shares of $40 par, 7% preferred stock for $29,520. 2. On January 1, Blue also issued 540 shares of the $10 par value common stock for $12,600. 3. Blue performed services for $192,000 on account. 4. On April 1, 2022, Blue collected fees of $21,600 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Blue collected $165,600 from customers on account. 6. Blue bought $21,060 of supplies on account.

Current Liabilities Accounts Payable Income Taxes Payable Dividends Payable Other Operating Expenses Total Current Liabilities Stockholders' Equity Stockholders' Equity > > > Total Paid-in Capital and Retained Earnings Stockholders' Equity $ $ BLUE SPRUCE CORP. Balance Sheet December 31, 2021 Cash Accounts receivable $14,760 Accounts payable $15,360 27,300 Common stock ($10 par) 48,000 Allowance for doubtful accounts (900) Retained earnings 76,440 Supplies 2,640 Land 24,000 Buildings 85,200 Accumulated depreciation-buildings (13,200 ) $139,800 $139,800 During 2022, the following transactions occurred. 1. On January 1, Blue issued 720 shares of $40 par, 7% preferred stock for $29,520. 2. On January 1, Blue also issued 540 shares of the $10 par value common stock for $12,600. 3. Blue performed services for $192,000 on account. 4. On April 1, 2022, Blue collected fees of $21,600 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Blue collected $165,600 from customers on account. 6. Blue bought $21,060 of supplies on account.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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I need help on the balance sheet.

Current Liabilities Accounts Payable Income Taxes Payable Dividends Payable Other Operating Expenses Total Current Liabilities Stockholders' Equity Stockholders' Equity > > > Total Paid-in Capital and Retained Earnings Stockholders' Equity $ $
Transcribed Image Text:Current Liabilities Accounts Payable Income Taxes Payable Dividends Payable Other Operating Expenses Total Current Liabilities Stockholders' Equity Stockholders' Equity > > > Total Paid-in Capital and Retained Earnings Stockholders' Equity $ $
BLUE SPRUCE CORP. Balance Sheet December 31, 2021 Cash Accounts receivable $14,760 Accounts payable $15,360 27,300 Common stock ($10 par) 48,000 Allowance for doubtful accounts (900) Retained earnings 76,440 Supplies 2,640 Land 24,000 Buildings 85,200 Accumulated depreciation-buildings (13,200 ) $139,800 $139,800 During 2022, the following transactions occurred. 1. On January 1, Blue issued 720 shares of $40 par, 7% preferred stock for $29,520. 2. On January 1, Blue also issued 540 shares of the $10 par value common stock for $12,600. 3. Blue performed services for $192,000 on account. 4. On April 1, 2022, Blue collected fees of $21,600 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Blue collected $165,600 from customers on account. 6. Blue bought $21,060 of supplies on account.
Transcribed Image Text:BLUE SPRUCE CORP. Balance Sheet December 31, 2021 Cash Accounts receivable $14,760 Accounts payable $15,360 27,300 Common stock ($10 par) 48,000 Allowance for doubtful accounts (900) Retained earnings 76,440 Supplies 2,640 Land 24,000 Buildings 85,200 Accumulated depreciation-buildings (13,200 ) $139,800 $139,800 During 2022, the following transactions occurred. 1. On January 1, Blue issued 720 shares of $40 par, 7% preferred stock for $29,520. 2. On January 1, Blue also issued 540 shares of the $10 par value common stock for $12,600. 3. Blue performed services for $192,000 on account. 4. On April 1, 2022, Blue collected fees of $21,600 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Blue collected $165,600 from customers on account. 6. Blue bought $21,060 of supplies on account.
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