2) On the designated pages, make an Adjusted Trial Balance and then create Finanical Statements for 2018 (Income Statement, Statement of Return Earnings, Balance Sheet, Statement of Cash Flows)

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2. On the designated pages, make an Adjusted Trial Balance and then create Finanical Statments for 2018. Addition Info needed for Cash Flow statement(not for adjusting enteries): Furniture was bought for cash and equipment was bought on credit. No assets were sold.

Cash dividends of $50000 were paid during year

Use the indirect method for creating the Statement of Cash Flows

== General 247 OS Colibri -11 - AA BIU- - -A- Font Wrap Test Merge & Center - Insert - Delete - Format $ - % . - .. Conditional Formats Cell Formatting Table Styles Styles - Sort & Find & F -Select- Editing Clipboard Ideas Sent - X 4ABCDEFGHI M N O 1 1. Make adjusting entries in the journal rounding to the nearest dollar) using the information below: A physical count of inventory revealed $440,020.00 of inventory A physical count of supplies revealed $7232.00 of supplies Depreciation for the year was $24,005 The balance in prepaid rent represents an amount paid Dec. 1st for one year Even though the notes receivable aren't due until April 30 2019 they will include interest. The Dec. 31 balance represents a 6 month note originating on Nov. 1st 2018 Dec. 31st is a Thursday and $11,000 of salaries for a five day workweek are paid every Friday 8 2. On the designated pages, make an Adjusted Trial Balance and then Create Financial Statements for 2018 Additional information needed for cash flow statement (not adjusting entries): Furniture was bought for cash and equipment was bought on credit. No assets were sold. Cash dividends of $50,000 were paid during the year. Use the indirect method for creating the Statement of Cash Flows 121. Answer these questions: DE N- w $45,559.00 $4,690.00 $4,258.00 $459,871.00 $2,000.00 $88,331.00 ABC Inc. Balance Sheet 1/1/2018 4 Current assets 5 Cash 6 Accounts receivable 7 Office Supplies 8 Inventory 9 Pre-paid rent 10 Notes Rec 11 Fixed assets 12 Building $252,845.00 13 (Less Accumulated Depreciation) -$157,000.00 14 Furniture 15 Equipment 16 Land 17 Total assets 18 Current liabilities 19 Salaries Payable 20 Accounts payable 21 Long term liabilities 22 Notes Payable 23 Total Liabilities 24 Capital Stock 25 Retained Earnings 26 Total Liabilities and Shareholder Equity $95,845.00 S5,000.00 $56,000.00 S42,000.00 $803,554.00 $3,000.00 $88,437.00 $456,286.00 $547,723.00 $100,000.00 $155,831.00 $803,554.00 DR $7,255.00 $1,258.00 $11,487.00 $441,742.00 $4,000.00 $252,845.00 $157,000.00 UNADJUSTED UNTRIAL BALANCE 12/31/18 Cash Accounts receivable Office Supplies Inventory Pre-paid rent Building Accumulated Depreciation Furniture Equipment Notes Rec Land Salaries Payable Accounts payable Notes Payable Capital Stock Retained Earnings Sales Revenue 1 COGS 2 Salaries Expense $9,000.00 $62,000.00 $81,612.00 $42.000.00 $5,000.00 $83,125.00 $440,035.00 $100,000.00 $105,831.00 $163,208.00 $81,000.00 $42,000.00 $18,000.00 CR DR $7.255.00 $1,258.00 $11,487.00 $441,742.00 $4,000.00 $252 845.00 $157,000.00 UNADJUSTED UNTRIAL BALANCE 12/31/18 4 Cash 5. Accounts receivable 6 Office Supplies Inventory Pre-paid rent Building 10 Accumulated Depreciation 11 Furniture 12 Equipment 13 Notes Rec Land 15 Salaries Payable Accounts payable 17 Notes Payable 18 Capital Stock 19 Retained Earnings 20 Sales Revenue 21 COGS 22 Salaries Expense 23 Rent Expense $9.000.00 $62,000.00 $81.612.00 $42.000.00 $5,000.00 $83.125.00 $440,035.00 $100,000.00 $ 105,83100 $163.208.00 $81,000.00 $42,000.00 $18,000.00 $1.054,199.00 $1.054,199.00 == General 247 OS Colibri -11 - AA BIU- - -A- Font Wrap Test Merge & Center - Insert - Delete - Format $ - % . - .. Conditional Formats Cell Formatting Table Styles Styles - Sort & Find & F -Select- Editing Clipboard Ideas Sent - X 4ABCDEFGHI M N O 1 1. Make adjusting entries in the journal rounding to the nearest dollar) using the information below: A physical count of inventory revealed $440,020.00 of inventory A physical count of supplies revealed $7232.00 of supplies Depreciation for the year was $24,005 The balance in prepaid rent represents an amount paid Dec. 1st for one year Even though the notes receivable aren't due until April 30 2019 they will include interest. The Dec. 31 balance represents a 6 month note originating on Nov. 1st 2018 Dec. 31st is a Thursday and $11,000 of salaries for a five day workweek are paid every Friday 8 2. On the designated pages, make an Adjusted Trial Balance and then Create Financial Statements for 2018 Additional information needed for cash flow statement (not adjusting entries): Furniture was bought for cash and equipment was bought on credit. No assets were sold. Cash dividends of $50,000 were paid during the year. Use the indirect method for creating the Statement of Cash Flows 121. Answer these questions: DE N- w $45,559.00 $4,690.00 $4,258.00 $459,871.00 $2,000.00 $88,331.00 ABC Inc. Balance Sheet 1/1/2018 4 Current assets 5 Cash 6 Accounts receivable 7 Office Supplies 8 Inventory 9 Pre-paid rent 10 Notes Rec 11 Fixed assets 12 Building $252,845.00 13 (Less Accumulated Depreciation) -$157,000.00 14 Furniture 15 Equipment 16 Land 17 Total assets 18 Current liabilities 19 Salaries Payable 20 Accounts payable 21 Long term liabilities 22 Notes Payable 23 Total Liabilities 24 Capital Stock 25 Retained Earnings 26 Total Liabilities and Shareholder Equity $95,845.00 S5,000.00 $56,000.00 S42,000.00 $803,554.00 $3,000.00 $88,437.00 $456,286.00 $547,723.00 $100,000.00 $155,831.00 $803,554.00 DR $7,255.00 $1,258.00 $11,487.00 $441,742.00 $4,000.00 $252,845.00 $157,000.00 UNADJUSTED UNTRIAL BALANCE 12/31/18 Cash Accounts receivable Office Supplies Inventory Pre-paid rent Building Accumulated Depreciation Furniture Equipment Notes Rec Land Salaries Payable Accounts payable Notes Payable Capital Stock Retained Earnings Sales Revenue 1 COGS 2 Salaries Expense $9,000.00 $62,000.00 $81,612.00 $42.000.00 $5,000.00 $83,125.00 $440,035.00 $100,000.00 $105,831.00 $163,208.00 $81,000.00 $42,000.00 $18,000.00 CR DR $7.255.00 $1,258.00 $11,487.00 $441,742.00 $4,000.00 $252 845.00 $157,000.00 UNADJUSTED UNTRIAL BALANCE 12/31/18 4 Cash 5. Accounts receivable 6 Office Supplies Inventory Pre-paid rent Building 10 Accumulated Depreciation 11 Furniture 12 Equipment 13 Notes Rec Land 15 Salaries Payable Accounts payable 17 Notes Payable 18 Capital Stock 19 Retained Earnings 20 Sales Revenue 21 COGS 22 Salaries Expense 23 Rent Expense $9.000.00 $62,000.00 $81.612.00 $42.000.00 $5,000.00 $83.125.00 $440,035.00 $100,000.00 $ 105,83100 $163.208.00 $81,000.00 $42,000.00 $18,000.00 $1.054,199.00 $1.054,199.00