20 Aug Details are in the file. Financial accounting problems
Details are in the file. Financial accounting problems
During 2022, the following transactions occurred.
1. On January 1, Bramble issued 840 shares of $40 par, 7% preferred stock for $34,440.
2. On January 1, Bramble also issued 630 shares of the $10 par value common stock for $14,700.
3. Bramble performed services for $224,000 on account.
4. On April 1, 2022, Bramble collected fees of $25,200 in advance for services to be performed from April 1, 2022, to March 31, 2023.
5. Bramble collected $193,200 from customers on account.
6. Bramble bought $24,570 of supplies on account.
7. Bramble paid $22,540 on accounts payable.
8. Bramble reacquired 280 shares of its common stock on June 1 for $28 per share.
9. Paid other operating expenses of $131,740.
10. On December 31, 2022, Bramble declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023.
11. An account receivable of $1,190 which originated in 2022 is written off as uncollectible.
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