Prepare an Income Statement using the multi-step format. Prepare a Balance Sheet using the Classified Balance Sheet format.
All accounts have normal balances, the year-end is Dec. 31, 2004
Correct Trial Blance Sheet (Attatchment)
The corporation has 680,000 shares issued and outstanding at Dec 31, 2004. On May 1, 2004 the corporation sold 65,250 shares of common stock to the public for $130,500. The new shares are included in the the 680,000 number above the proceeds are included in the Common Stock value of $607,500. The preferred stock had no activity during the year and has a 8% dividend rate. The Preferred dividend was paid during the year.
See tha attached Excel sheet. There will be just one adjustment ...