1) 50 POINTS Chimichanga Inc. Trial Balance December 31, 2018 Credit Debit 7,000 3,000 3,000 Cash A/R Office Supplies (Asset) Accounts Payable Common Stock Sales Revenue Rent Expense Salaries Expense Supplies Expense Utilities Expense 1,000 10,000 7,000 600 2,500 1,200 700 18,000 18,000 Additional Info Chimichanga Inc. bought a new food processing machine for $5,000 on January 1 2018, with a useful life of 5 years, and a residual value of $1,000. This information is not yet accounted for in the Trial Balance above. Instructions: Based on the trial balance and the additional information, create a Balance Sheet and Income Statement for the period. 2) 50 Points Pretend you are applying to be Manager of Accounts Receivable for Chimichanga Inc. Write a 1 page (minimum) paper on how you would determine collectability of the companies A/R and how you would decide which accounts will be written off. Make sure to implement as many of the definitions we covered in Chapter 8 as possible, and make sure to write this as if you are really trying to land the job. The most legit papers will get the highest scores. Papers that sound like they were written by a High School Student will get lesser scores. Good Luck! Extra Credit - Part 1 (2 points) What's the most famous document written in year 1215 AD? Extra Credit - Part 2 (3 Points) After the original 13 American colonies gained their independence from the English Empire, who became their first President