Quigley Corporation's trial balance at December 31, 2014, is
presented below. All 2014 transactions have been recorded except for the items
Allowance for Doubtful Accounts
Unearned Rent Revenue
Bonds Payable (10%)
Common Stock ($10 par)
Paid-in Capital in Excess of Par—Common Stock
Preferred Stock ($20 par)
Paid-in Capital in Excess of Par—Preferred Stock
Bad Debt Expense
Cost of Goods Sold
Other Operating Expenses
Salaries and Wages Expense
On January 1, 2014, Quigley issued 1,000 shares of $20
par, 6% preferred stock for $22,000.
On January 1, 2014, Quigley also issued 1,000 shares of
common stock for $23,000.
Quigley reacquired 300 shares of its common stock on
July 1, 2014, for $49 per share.
On December 31, 2014, Quigley declared the annual preferred
stock dividend and a $1.50 per share dividend on the outstanding common
stock, all payable on January 15, 2015.
Quigley estimates that uncollectible accounts receivable
at year-end is $5,100.
The building is being depreciated using the
straight-line method over 30 years. The salvage value is $5,000.
The equipment is being depreciated using the
straight-line method over 10 years. The salvage value is $4,000.
The unearned rent was collected on October 1, 2014. It
was receipt of 4 months' rent in advance (October 1, 2014 through January
The 10% bonds payable pay interest every January 1 and
July 1. The interest for the 6 months ended December 31, 2014, has not been
paid or recorded.
(Ignore income taxes.)
Prepare journal entries for the transactions listed above.
Prepare an updated December 31, 2014, trial balance,
reflecting the unrecorded transactions.
(b) Total $868,700
Prepare a multiple-step income statement for the year
ending December 31, 2014.
Prepare a retained earnings statement for the year ending
December 31, 2014.
Prepare a classified balance sheet as of December 31,
(e) Total assets $270,900
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