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Posted on Jul 30, 2024

6.868 10 300 425.905 3.450 CASH SHORT TERM FV.NI INVESTMENTS ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS INVENTORY NOTES RECEIVABLE OFFICE BUILDING ACCUMULATED DEPRECIATION (OFFICE BUILDING)

6.868 10 300 425.905 3.450 CASH SHORT TERM FV.NI INVESTMENTS ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS INVENTORY NOTES RECEIVABLE OFFICE BUILDING ACCUMULATED DEPRECIATION (OFFICE BUILDING) OFFICE EQUIPMENT ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) 422.812 8.000 500.000 280.000 120.000 0 LAND 52 000 298,757 7320 60.000 120.000 200.000 269,423 3.471,148 10.571 51,359 2.600.824 46.778 ACCOUNTS PAYABLE DIVIDENTS PAYAME NOTES PAYABLE, DUE IN 2093 PREFERRED STOCK. 30.000 OUTSTANDING ON DECEMBER 31, 2019 COMMON STOCK, 100.000 number of shares outstanding ON DEC 31, 2019 RETAINED EARNINGS SALES REVENUE SALES DISCOUNTS SALES RETURNS AND ALLOWANCES PURCHASES PURCHASES DISCOUNTS TRANSPORTATION IN SHIPPING EXPENSE SALARIES EXPENSE EMPLOYEE PENSION EXPENSE RENT EXPENSE INSURANCE EXPENSE SUPPLIES EXPENSE GAIN ON SALE OF ASSETS OF DISCONTINUED ACTIVITY ADVERTISING EXPENSE WARRANTY EXPENSE OPERATING LOSS ON DISCONTINUED OPERATIONS TELEPHONE EXPENSE CASH DIVIDENDS DECLARED-PREFERRED CASH DIVIDENDS DECLARED COMMON TOTAL 25 235 15.000 271.599 32 550 40.955 16.456 25.673 3.650 18 960 15.000 12.225 28.580 37.568 12.184 4.760.534 4,760,534 NOTE: All revenue, expense figures income Statement accounts) and the Error correction (Retained Earnings account)above are before tax. Assume this company is following ASPE ADDITIONAL INFORMATION: 1. Assume that the tax rate was 30%. Al accounts on the Trial Balance are before tak 2. In 2019 common fook Tissed as follows on May 7 15.000 common share were issued and on September 1: 35,000 common shares were issued The amount of common stock outstanding at the end of the year (Dec 31, 2018 5 100,000 2. It was discovered that an error occurred in 2018 relating to Doproction Exponse The Depreciation Expense was understated in 2013 by $15.200 before et NOTE: This entry bas not been reflected in the above Trial Balance. An adjustment is needed The company performed a year and physical count of story as at December 31, 2019 The amount of inventory on hand at December 31, 2019 amounted to 5425 700 Inventory is maintained on a PERIODIC basisTherefore the inventory balance on Thial Balance is the opening ban NOTE This entry has not been reflected in the above Trial Balance. An adjustment as needed 6.868 10 300 425.905 3.450 CASH SHORT TERM FV.NI INVESTMENTS ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS INVENTORY NOTES RECEIVABLE OFFICE BUILDING ACCUMULATED DEPRECIATION (OFFICE BUILDING) OFFICE EQUIPMENT ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) 422.812 8.000 500.000 280.000 120.000 0 LAND 52 000 298,757 7320 60.000 120.000 200.000 269,423 3.471,148 10.571 51,359 2.600.824 46.778 ACCOUNTS PAYABLE DIVIDENTS PAYAME NOTES PAYABLE, DUE IN 2093 PREFERRED STOCK. 30.000 OUTSTANDING ON DECEMBER 31, 2019 COMMON STOCK, 100.000 number of shares outstanding ON DEC 31, 2019 RETAINED EARNINGS SALES REVENUE SALES DISCOUNTS SALES RETURNS AND ALLOWANCES PURCHASES PURCHASES DISCOUNTS TRANSPORTATION IN SHIPPING EXPENSE SALARIES EXPENSE EMPLOYEE PENSION EXPENSE RENT EXPENSE INSURANCE EXPENSE SUPPLIES EXPENSE GAIN ON SALE OF ASSETS OF DISCONTINUED ACTIVITY ADVERTISING EXPENSE WARRANTY EXPENSE OPERATING LOSS ON DISCONTINUED OPERATIONS TELEPHONE EXPENSE CASH DIVIDENDS DECLARED-PREFERRED CASH DIVIDENDS DECLARED COMMON TOTAL 25 235 15.000 271.599 32 550 40.955 16.456 25.673 3.650 18 960 15.000 12.225 28.580 37.568 12.184 4.760.534 4,760,534 NOTE: All revenue, expense figures income Statement accounts) and the Error correction (Retained Earnings account)above are before tax. Assume this company is following ASPE ADDITIONAL INFORMATION: 1. Assume that the tax rate was 30%. Al accounts on the Trial Balance are before tak 2. In 2019 common fook Tissed as follows on May 7 15.000 common share were issued and on September 1: 35,000 common shares were issued The amount of common stock outstanding at the end of the year (Dec 31, 2018 5 100,000 2. It was discovered that an error occurred in 2018 relating to Doproction Exponse The Depreciation Expense was understated in 2013 by $15.200 before et NOTE: This entry bas not been reflected in the above Trial Balance. An adjustment is needed The company performed a year and physical count of story as at December 31, 2019 The amount of inventory on hand at December 31, 2019 amounted to 5425 700 Inventory is maintained on a PERIODIC basisTherefore the inventory balance on Thial Balance is the opening ban NOTE This entry has not been reflected in the above Trial Balance. An adjustment as needed