11,800 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Prepaid Rent Total Current Assets $ $ $ $ $ Accounts payable Accrued expenses Unnamedrent Current portion of Notes Payable $ s S 14,000 4.800 10,000 Total Current Liabilities s 10,000 $ 10.600 Notes Payable Total abilities s $ 35,000 45,000 51 Par 25,000 Common St APICS Metained Earning $ 5 5 15.000 1.000 10.600 Property, plant and Equipment Land Building Accurfiulated Depreciation Office Equipment Accumulated Depreciation Net Property. Plant and Equipment 14,000 5 5 5 $ $ 115,000 121.000) 10,000 (10,000 $ $ Total Stockholders Equity 3 124.600 20.000 139,000 Total Assets S 169,600 Total abilities and Stoholders Equity 169.600 15/10 130 Units 25,000 29/10 29/10 24/10 V30 30 1/30 Units Units Units Units 2,500 1,250 4.500 6,500 125.000 6,000 7,200 25.000 6.875 45,000 65.000 3.600 Units 24/10 24/10 30 V30 7,500 7,500 10,000 59,750 41,250 790 1 Purchased merchandise an account from Kitness CFOs destination 1 Rented a small shed next to the manufacturing facility paid one year in advance Check 1 Rented the small shed to Paulsen Co who paid one year in advance 2 Sold merchandise for cash 4 Purchased merchandise on account from Guthrie Co Fos destination 5 Sold merchandise to Franklin in Fos destination 2/10 1/30 Invoice 51 6 Sold merchandise to Dolly Inc. Fos destination, 2/10, 1/30, vice? 10 Purchased newspaper advertising an account from the Mecteetse Daily News 10 Paid Kiiness for the purchase ot January 1 Check 2 11 Purchased office equipment from Blankenhagen Office Supplies on account 12 Purchased merchandise on account from Kiss Coros destination 14 Purchased merchandise on count from Guthrieco, o destination 14 Paid receptionist for two weeks' salaryCheck 14 Pald wages for the shipping personnel Chick 4 15 Received cath from Franklin for sale of January 5th 17 Sold merchandise for cash 10 Paid cash for supplies Check 20 Paid Guthrie for the purchuse of lanuary 4th Check 12 Sold merchandise to Franklin in Fon destination 2/10, 1/30 Invoices 37 Paid part time cost for two weeks salary Check 27 Paid was for the shipping personnel Check 2 sold mechandise for cash 19 Painterphone hill for ianuaryCheck 30 Paideicoicity will for laruary Check 10 1 Na Thompson Shoping for innuery bright out Check 11 31 al sales comition for the month of a varv Checken 31 Declares dividendo cowhon vor 1.000 Units 15.000 850 21/10 1/50 Unit 2.750 27,500 250 unt 250 82.300 2.50 350 2.500 100 040 10 Cast 11 Accounts Receivable 115 Allowance for doubtful accounts 12 Merchandise Inventory 13 Supplies 14 Prepaid Insurance 15 Prepaid Rent 16 Land 18 Building 185 Ace Depreciation Building 19 office equipment 19 5 Acc Depreciation Office a Chart of Accounts 20 Accounts payable 21 Accrued expenses 22 Unearned rent 23 Current portion of Notes Payable 24 Dividends payable 25 Interest payable 26 Income tax payable 27 Notes payable 31 Common Stock 315 APICS 52 Retained Earnings 33 Income Summary 40 Sales 41 Rent revenue 50 Cogs 51 Sales discounts 52 Sales returns and allowances 60 Office salaries 605 Shippine salaries 608 Payroll tax expense 51 Insurance expense 62 Supplies expense 63 Rent expense 635 Telephone expense 638 Clectricity expense 64 Advertising expense 65 Depreciation expense selling 655 Depreciation expense office 66 Shipping expense 57 Interest expense 68 Income tax expense 59 Sales commissions 69.5. Bad debt exsense a b d d Adjusting entries: Insurance expired during January Supplies on hand on January 31 Depreciation of office equipment for January-office expense Depreciation expense on the building for January-selling expense Accrued receptionist salary on January 31 Accrued shipping wages Rent expense expired during January Unearned rent on January 31 Accrued interest Accrued payroll tax expense 400 400 580 300 250 1,500 500 6,600 300 875 e f 8 h 2296 Other information for Scruggs Merchandising Inc.: Federal and State tax bracket FIFO method of inventory costing Perpetual inventory is used Gross method is used for AR and AP Required: 1 Complete the full accounting cycle for Scruggs Merchandising Inc. 2 Complete a vertical analysis, horizontal analysis (balance sheet only) and ratio analysis. The statement of cash flows must show the indirect and direct methods. 4 Comment in the Narrativeon FinancialAnalysis concerning your opinion of how well the company performed Non 11,800 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Prepaid Rent Total Current Assets $ $ $ $ $ Accounts payable Accrued expenses Unnamedrent Current portion of Notes Payable $ s S 14,000 4.800 10,000 Total Current Liabilities s 10,000 $ 10.600 Notes Payable Total abilities s $ 35,000 45,000 51 Par 25,000 Common St APICS Metained Earning $ 5 5 15.000 1.000 10.600 Property, plant and Equipment Land Building Accurfiulated Depreciation Office Equipment Accumulated Depreciation Net Property. Plant and Equipment 14,000 5 5 5 $ $ 115,000 121.000) 10,000 (10,000 $ $ Total Stockholders Equity 3 124.600 20.000 139,000 Total Assets S 169,600 Total abilities and Stoholders Equity 169.600 15/10 130 Units 25,000 29/10 29/10 24/10 V30 30 1/30 Units Units Units Units 2,500 1,250 4.500 6,500 125.000 6,000 7,200 25.000 6.875 45,000 65.000 3.600 Units 24/10 24/10 30 V30 7,500 7,500 10,000 59,750 41,250 790 1 Purchased merchandise an account from Kitness CFOs destination 1 Rented a small shed next to the manufacturing facility paid one year in advance Check 1 Rented the small shed to Paulsen Co who paid one year in advance 2 Sold merchandise for cash 4 Purchased merchandise on account from Guthrie Co Fos destination 5 Sold merchandise to Franklin in Fos destination 2/10 1/30 Invoice 51 6 Sold merchandise to Dolly Inc. Fos destination, 2/10, 1/30, vice? 10 Purchased newspaper advertising an account from the Mecteetse Daily News 10 Paid Kiiness for the purchase ot January 1 Check 2 11 Purchased office equipment from Blankenhagen Office Supplies on account 12 Purchased merchandise on account from Kiss Coros destination 14 Purchased merchandise on count from Guthrieco, o destination 14 Paid receptionist for two weeks' salaryCheck 14 Pald wages for the shipping personnel Chick 4 15 Received cath from Franklin for sale of January 5th 17 Sold merchandise for cash 10 Paid cash for supplies Check 20 Paid Guthrie for the purchuse of lanuary 4th Check 12 Sold merchandise to Franklin in Fon destination 2/10, 1/30 Invoices 37 Paid part time cost for two weeks salary Check 27 Paid was for the shipping personnel Check 2 sold mechandise for cash 19 Painterphone hill for ianuaryCheck 30 Paideicoicity will for laruary Check 10 1 Na Thompson Shoping for innuery bright out Check 11 31 al sales comition for the month of a varv Checken 31 Declares dividendo cowhon vor 1.000 Units 15.000 850 21/10 1/50 Unit 2.750 27,500 250 unt 250 82.300 2.50 350 2.500 100 040 10 Cast 11 Accounts Receivable 115 Allowance for doubtful accounts 12 Merchandise Inventory 13 Supplies 14 Prepaid Insurance 15 Prepaid Rent 16 Land 18 Building 185 Ace Depreciation Building 19 office equipment 19 5 Acc Depreciation Office a Chart of Accounts 20 Accounts payable 21 Accrued expenses 22 Unearned rent 23 Current portion of Notes Payable 24 Dividends payable 25 Interest payable 26 Income tax payable 27 Notes payable 31 Common Stock 315 APICS 52 Retained Earnings 33 Income Summary 40 Sales 41 Rent revenue 50 Cogs 51 Sales discounts 52 Sales returns and allowances 60 Office salaries 605 Shippine salaries 608 Payroll tax expense 51 Insurance expense 62 Supplies expense 63 Rent expense 635 Telephone expense 638 Clectricity expense 64 Advertising expense 65 Depreciation expense selling 655 Depreciation expense office 66 Shipping expense 57 Interest expense 68 Income tax expense 59 Sales commissions 69.5. Bad debt exsense a b d d Adjusting entries: Insurance expired during January Supplies on hand on January 31 Depreciation of office equipment for January-office expense Depreciation expense on the building for January-selling expense Accrued receptionist salary on January 31 Accrued shipping wages Rent expense expired during January Unearned rent on January 31 Accrued interest Accrued payroll tax expense 400 400 580 300 250 1,500 500 6,600 300 875 e f 8 h 2296 Other information for Scruggs Merchandising Inc.: Federal and State tax bracket FIFO method of inventory costing Perpetual inventory is used Gross method is used for AR and AP Required: 1 Complete the full accounting cycle for Scruggs Merchandising Inc. 2 Complete a vertical analysis, horizontal analysis (balance sheet only) and ratio analysis. The statement of cash flows must show the indirect and direct methods. 4 Comment in the Narrativeon FinancialAnalysis concerning your opinion of how well the company performed Non