Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

+-2 The following was reviewed with Rondo and Laura and agree to the following adjustments for the year ended March 31 : a) Physical Inventory

+-2

image text in transcribed The following was reviewed with Rondo and Laura and agree to the following adjustments for the year ended March 31 : a) Physical Inventory counts shows $155,000 of supplies on hand. b) Prepaid rent at March 31 should be $13,000. c) Depreciation for 2023 is $75,000. d) Unearned Revenue should be $41,000. e) Wages in the amount of $40,000 are owed but unpaid and not recorded at yearend. f) 3 months interest at 8% on the note was paid on May 31. Interest for the period from January 1 to March 31 is not paid and not recorded. g) Income tax of $125,000 is owed but not recorded and unpaid. Rondo wants Laura to provide him with the adjusting journal entries as well as the statement of earnings, statement of retained earnings and the statement of financial position. In addition, Rondo also wants Laura to review the cash and bank information below and prepare a bank reconciliation for the present month, May 31, 2023. What will be the amount reported for cash on the statement of financial position at May 31 , 2023. The following is the information at April 30th regarding the cash account: The bank statement for Acme Plastics for May is as follows

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health Economics And Financing

Authors: Thomas E. Getzen, Michael S. Kobernick

6th Edition

1119815681, 9781119815686

More Books

Students also viewed these Accounting questions