a Accounting 5203 Financial Accounting Assignment The following information relates to Turkey Burger Inc. as at...

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a Accounting 5203 Financial Accounting Assignment The following information relates to Turkey Burger Inc. as at January 1, 2023. Turkey Burger Inc. manufactures turkey burgers and turkey hotdogs for restaurants. , A. Cash Accounts Payable 20,000 20,000 Accounts Receivable 100,000 Retained Earnings 7,000 Supplies 7,000 Notes payable (4%, due in 8 years. Interest payable December 31, 2023). 100,000 Contributed Capital 10,000 Property, Plant & Equipment 8,000 Other Assets 18,000 16,000 Other Liabilities The following transactions or events occurred during the year. On December 31, 2023 Turkey Burger Inc. paid dividends to shareholders of $2,000. 3 B. Interest on note payable was paid on schedule. C. Yearly insurance of $2,000 was paid on September 30, 2023. It covers Oct, 2023-Sept 30, 2024. D. The company sold 1,200 cases of burgers to customers during the year. The cases were $350 each. All sales were on account. ) E. The Company had used $5,000 worth of supplies throughout the year. F. The Company made payment to creditors of $10,000 G. The Company received payments from customers of $54,000. 5 H. BI. e Required: 1. 32. During the year a competitor invented a burger almost as good as Turkey Burger Inc.'s. Salaries for the year were $18,000. Prepare journal entries for the above noted transactions Prepare an Income Statement, Statement of Retained Earnings and Classified Balance sheet for the year ended December 31, 2023. 5 a Accounting 5203 Financial Accounting Assignment The following information relates to Turkey Burger Inc. as at January 1, 2023. Turkey Burger Inc. manufactures turkey burgers and turkey hotdogs for restaurants. , A. Cash Accounts Payable 20,000 20,000 Accounts Receivable 100,000 Retained Earnings 7,000 Supplies 7,000 Notes payable (4%, due in 8 years. Interest payable December 31, 2023). 100,000 Contributed Capital 10,000 Property, Plant & Equipment 8,000 Other Assets 18,000 16,000 Other Liabilities The following transactions or events occurred during the year. On December 31, 2023 Turkey Burger Inc. paid dividends to shareholders of $2,000. 3 B. Interest on note payable was paid on schedule. C. Yearly insurance of $2,000 was paid on September 30, 2023. It covers Oct, 2023-Sept 30, 2024. D. The company sold 1,200 cases of burgers to customers during the year. The cases were $350 each. All sales were on account. ) E. The Company had used $5,000 worth of supplies throughout the year. F. The Company made payment to creditors of $10,000 G. The Company received payments from customers of $54,000. 5 H. BI. e Required: 1. 32. During the year a competitor invented a burger almost as good as Turkey Burger Inc.'s. Salaries for the year were $18,000. Prepare journal entries for the above noted transactions Prepare an Income Statement, Statement of Retained Earnings and Classified Balance sheet for the year ended December 31, 2023. 5