Hi, I need the answer within few hours HIATT CORPORATION Balance Sheet December

Question

Hi, I need the answer within few hours

HIATT CORPORATION Balance Sheet December 31, 2009 24,600 Accounts payable $25,600 Cash Accounts receivable Allowance for doubtful accounts Supplies Land Building Accumulated depreciation-building 80,000-w 5233.000 = src, 45,500 (1,500) Common stock ($10 par) Retained earnings 4 4,400 40,000 142,000 R20001 $233,000 During 2010, the following transactions occurred prefezed stoc for $33,000 1. On January 1, 2010, Hiatt issued 1,500 shares of $20 par! 2. On January 1, 2010, Hiatt also issued 900 shares of the $10 par value common stock for $21,000. 3. Hiatt performed services for $280,000 on account 4. On April 1, 2010, Hiatt collected fees of $36,000 in advance for services to be performed from April 1, 2010, to March 31, 2011. Hiatt collected $267,000 from customers on account. 5. 6. Hiatt bought $35, 100 of supplies on account. 7. Hiatt paid $32,200 on accounts payable, Hiatt reacquired 400 shares of its common stock on June 1, 2010, for $38 per share. 9. Paid other operating expenses of $188,200 10. On December 31, 2010, Hiatt declared the annual preferred stock dividend and a $1.20 per share 8. Activate Go to Settin dividend on the.outstanding common stock, all payable on January 15, 2011. An account receivable of $1,300 which originated in 2009 is written off as uncollectible. 11.

Explanation / Answer

Transaction Account Title and Explanation Debit Credit 1 Cash $33,000 7% Preferred Stock $30,000 Additional Paid-in Capital - Preferred Stock $3,000 (To record preferred stock issued) 2 Cash $21,000 Common Stock $9,000 Additional Paid-in Capital - Common Stock $12,000 (To record preferred stock issued) 3 Account Receivable $280,000 Fees Earned $280,000 (To record revenue) 4 Cash $36,000 Unearned Fees Received $36,000 (To record advance received) 5 Cash $267,000 Accounts Receivable $267,000 (To record cash received) 6 Supplies $35,100 Accounts Payable $35,100 (To record supplies bought) 7 Accounts Payable $32,200 Cash $32,200 (To record payment done) 8 Treasury Stock $15,200 Cash $15,200 (To record shares reacquired) 9 Operating Expenses $188,200 Cash $188,200 (To record payment of operating expenses) 10 Dividend $12,300 Dividend Payable $12,300 (Being dividend declared) = ($30,000 x 7%) + [(8,000 + 900 - 400) x $1.2] = $12,300 11 Allowance for Doubtful accounts $1,300 Accounts Receivable $1,300 (To record bad debt) Adjusting Entry 1 Supplies Expense $33,600 Supplies $33,600 (To record supplies consumed) = $4,400 + $35,100 - $5,900 2 Unearned Fees Received $27,000 Fees Earned $27,000 (To record fees earned) 3 Bad Debt Expense $3,300 Allowance for Doubtful Accounts $3,300 (To record bad debt expense) = $3,500 - $1,500 + $1,300 4 Depreciation Expense $4,400 Accumulated Depreciation - Building $4,400 (To record depreciation expense) = ($142,000 - $10,000) / 30 years 5 Income tax Expense $23,250 Income tax Payable $23,250 (To record expense of income tax) Hiatt Corporation Income Statement For the Year Ended 31 December 2010 Particulars Amount Amont Service Fee $307,000 Less: Expenses Supplies Expense $33,600 Depreciation Expense-Buildings $4,400 Operating Expense $188,200 Bad Debt Expense $3,300 Total Expenses $229,500 Income before taxes $77,500 Income tax @ 30% $23,250 Net Income $54,250 Hiatt Corporation Statement of Retained Earnings For the Year Ended 31 December, 2010 Particulars Amount Retained Earnings at beginning of the year $127,400 Add: Net Income till December 2010 $54,250 $181,650 Less: Dividends Declared $12,300 Retained Earnings at the end of the year $169,350 Hiatt Corporation Statement of Balance Sheet At December 31, 2010 Assets Current Assets       Cash $146,000       Accounts Receivable $57,200       Less: Allowance of Doubtful Accounts ($3,500)       Supplies $5,900 Non Current Assets       Land $40,000       Buildings $142,000       Accumulated Depreciation - Buildings ($26,400) Total Assets $361,200 Total Liabilities and Stockholders' equity Current Liabilities       Accounts Payable $28,500       Dividend Payable $12,300       Unearned Fees $9,000       Income tax Payable $23,250 Total Liabilities $73,050 Stockholders' Equity       Common Stock $89,000       Additional Paid-in Capital - Common Stock $12,000       Preferred Stock $30,000       Additional Paid-in Capital - Preferred Stock $3,000       Retained Earnings $169,350       Treasury Stock ($15,200) Total Stockholders' Equity $288,150 Total Liabilities and Stockholders' equity $361,200 Hiatt Corporation Adjusted Trial Balance For the Year ending 2010 Particulars Debit Credit Cash $146,000 Accounts Receivable $57,200 Allowance of Doubtful Accounts $3,500 Supplies $5,900 Land $40,000 Buildings $142,000 Accumulated Depreciation - Buildings $26,400 Accounts Payable $28,500 Dividend Payable $12,300 Unearned Fees $9,000 Income tax Payable $23,250 Common Stock $89,000 Additional Paid-in Capital - Common Stock $12,000 Preferred Stock $30,000 Additional Paid-in Capital - Preferred Stock $3,000 Retained Earnings $127,400 Treasury Stock $15,200 Fees Earned $307,000 Supplies Expense $33,600 Depreciation Expense-Buildings $4,400 Operating Expense $188,200 Bad Debt Expense $3,300 Income Tax Expense $23,250 Dividends $12,300 Total $671,350 $671,350

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