181 Gre Assets Opeste Labilit All ONers Love Si .129-130 Below is not homework unless assigned by your instructor The following data is for Ellis's Egg Co.: 2018 Balance 2017 Balance 12/31/17 12/31/18 71,900 90,000 12,000 50,000 3,600 340,000 80,000 140,000 12,000 35,000 6,000 8,000 6,500 10,000 130,000 80,000 220,000 120,000 1,200,000 700,000 220,000 48,000 46,000 60,000 15,000 6,000 14,500 18,400 50,000 5,000 90,000 2,600 290,000 20,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Note Payable- Land Common Stock ($1 each) Retained Earnings 10,000 30,000 10,000 4,000 8,000 5,000 160,000 Op tos0 150,000 70,000 Sales CAh IS7,Sso Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Bad Debt Expense Insurance Expense Interest Expense Income Tax Expense Fin l06, 6s0 27,150 Pceed of loon hd mch anland 14e,p0 The land wasacquired on December 31, 2018 by putting $60,000 down and signing a note to pay an additional $80,000 in ten years. The note requires interest at 6 % be paid each December 31" starting in 2018 The additional common stock was sold on October 31, 2018 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The balance in retained earnings for each year is after all closing entries have been made. The Note Pavable requires payments of $30,000 principal plus interest at 10 % on June 30th of each vear Prepare Financial Statements for 2018 Prepare the A/R Turn, Average Collection Period, Inventory Turn and Average Days' Sales in Inventory for 2018 152 Accounts Receivable Homework FUGRVTHI tIS Problem 112 Charleigh Co., purveyor of fine, fine things, had the following balances at December 31, 2018. Cash Accounts Receivable Allowance for doubtful accts Inventory Equipment Accumulated Depreciation-Equipment 44,000 60,000 1,000 50,000 (1 thing) 190,000 60,000 50,000 20,000 42,000 4,000 2,000 2,000 80,000 90,000 133,000 Land Patent Accounts Payable Salary Payable Rent Payable Taxes Payable Long-Term Debt Common Stock ($1 per share) Retained Earnings During 2019 the following transactions occurred: Jan 1, Mar 1, received all beg A/R and paid all Beg A/P bought 2 things for $60,000 each, (Paid 25 % down and rest payable in one year) April 15, paid year 2018 taxes payable May 1, May 15, bought 1 thing for $80,000 (Paid 25 % down and rest payable in one year) July 1, July 1, sold one thing for $120,000 (received 3/4 down and the rest in one year) company wrote off $600 in bad debts sold one thing for $160,000 (received 75% down and the rest will be paid in one year) purchased piece of equipment for $10,000 cash. Sold 40,000 shares of common stock for $40,000 Purchased a piece of land for $50,000 declared and paid $.20 per share dividend. paid an annual payment on long term debt- $28,000. Of that amount, $8,000 was for interest and $20,000 was for principal. Aug 1, Sept 1, Oct 1, Dec 1, Dec 31, During the year the company paid 15 months' rent of $15,000. Also during the year the company paid salaries of $12,000 in cash, and at the end of the year they owed $3,000 for salaries. Depreciation for the year is $10,000. The long-term debt is payable in $20,000 principal payments plus interest of 10 % each December 31. The tax rate is 30 % and during the year the company paid 50 % of 2019 taxes. The company uses the FIFO inventory system. The company estimates that 3% of its receivables will ultimately be uncollectible. Journalize the above transactions and post them to T-Accounts. Prepare any necessary adjustments. Prepare a P&L, Statement of Owners' Equity, Balance Sheet and Cash Flow Statement for the year 2019. 181 Gre Assets Opeste Labilit All ONers Love Si .129-130 Below is not homework unless assigned by your instructor The following data is for Ellis's Egg Co.: 2018 Balance 2017 Balance 12/31/17 12/31/18 71,900 90,000 12,000 50,000 3,600 340,000 80,000 140,000 12,000 35,000 6,000 8,000 6,500 10,000 130,000 80,000 220,000 120,000 1,200,000 700,000 220,000 48,000 46,000 60,000 15,000 6,000 14,500 18,400 50,000 5,000 90,000 2,600 290,000 20,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Note Payable- Land Common Stock ($1 each) Retained Earnings 10,000 30,000 10,000 4,000 8,000 5,000 160,000 Op tos0 150,000 70,000 Sales CAh IS7,Sso Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Bad Debt Expense Insurance Expense Interest Expense Income Tax Expense Fin l06, 6s0 27,150 Pceed of loon hd mch anland 14e,p0 The land wasacquired on December 31, 2018 by putting $60,000 down and signing a note to pay an additional $80,000 in ten years. The note requires interest at 6 % be paid each December 31" starting in 2018 The additional common stock was sold on October 31, 2018 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The balance in retained earnings for each year is after all closing entries have been made. The Note Pavable requires payments of $30,000 principal plus interest at 10 % on June 30th of each vear Prepare Financial Statements for 2018 Prepare the A/R Turn, Average Collection Period, Inventory Turn and Average Days' Sales in Inventory for 2018 152 Accounts Receivable Homework FUGRVTHI tIS Problem 112 Charleigh Co., purveyor of fine, fine things, had the following balances at December 31, 2018. Cash Accounts Receivable Allowance for doubtful accts Inventory Equipment Accumulated Depreciation-Equipment 44,000 60,000 1,000 50,000 (1 thing) 190,000 60,000 50,000 20,000 42,000 4,000 2,000 2,000 80,000 90,000 133,000 Land Patent Accounts Payable Salary Payable Rent Payable Taxes Payable Long-Term Debt Common Stock ($1 per share) Retained Earnings During 2019 the following transactions occurred: Jan 1, Mar 1, received all beg A/R and paid all Beg A/P bought 2 things for $60,000 each, (Paid 25 % down and rest payable in one year) April 15, paid year 2018 taxes payable May 1, May 15, bought 1 thing for $80,000 (Paid 25 % down and rest payable in one year) July 1, July 1, sold one thing for $120,000 (received 3/4 down and the rest in one year) company wrote off $600 in bad debts sold one thing for $160,000 (received 75% down and the rest will be paid in one year) purchased piece of equipment for $10,000 cash. Sold 40,000 shares of common stock for $40,000 Purchased a piece of land for $50,000 declared and paid $.20 per share dividend. paid an annual payment on long term debt- $28,000. Of that amount, $8,000 was for interest and $20,000 was for principal. Aug 1, Sept 1, Oct 1, Dec 1, Dec 31, During the year the company paid 15 months' rent of $15,000. Also during the year the company paid salaries of $12,000 in cash, and at the end of the year they owed $3,000 for salaries. Depreciation for the year is $10,000. The long-term debt is payable in $20,000 principal payments plus interest of 10 % each December 31. The tax rate is 30 % and during the year the company paid 50 % of 2019 taxes. The company uses the FIFO inventory system. The company estimates that 3% of its receivables will ultimately be uncollectible. Journalize the above transactions and post them to T-Accounts. Prepare any necessary adjustments. Prepare a P&L, Statement of Owners' Equity, Balance Sheet and Cash Flow Statement for the year 2019