A. B C D E G H I J K t Company Infor mation \& Summary of Sienificant Account Policies Macon Machines Company began operations on November 1, 2024. The main operating gool of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to curtomers weh terms 3/15,7/30. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entrles made at the end of the accounting period, December 31 . The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 2X of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as imventory. The company has two employees, one is a sales technician, salary of $8000 per month and the other employee is the office manager with a salary of $8000 per month. Payroli is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1) Make sure your studient ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for 5 November and December. Record the following transactions on the Daly Transactions tab. Note: Place debits first, credits second but do NOT indent credits, If more than one debit or credit, please lint in alphabetical ar der to receive fulf credit. Round to the penny unless otherwise noted. \begin{tabular}{|c|c|} \hline 1-Nov & The owner invested $610000 into the company in exchange for 5,000 shares of common stock. \\ \hline 1Nov & \begin{tabular}{l} The company purchased a computer system for $60000 and signed a one-year note for the entire balance. The note is due on November 1 , \\ 2025 and has an annual rate of interest of 3K. \end{tabular} \\ \hline 2-Nov & Paid for two years rent on the office space, $12200. \\ \hline 3-Nov & Purchased 10 robots at a total cost of $6000 each for cash, FOB Destination. \\ \hline 4-Nov & Purchased $3000 of supplies on account, term n/30 \\ \hline 15Nov & \begin{tabular}{l} Purchased 12 robots at a total cost of $6600 each on account, terms n/30, FOB Destination. Shipping of $150 was paid to the shipping \\ company by the appropriate party. \end{tabular} \\ \hline 17-Nov & Paid for the supplies purchased on November 4. \\ \hline 18Nov & Paid for a two-year insurance policy for the store, $6000. The polioy was effective beginning December 1,2024. \\ \hline 20 -Nov & \begin{tabular}{l} Sold 15 robots for $9500 each on account, terms 3/15,n/30, the company uses FIFO to find the cost of goods sold. The robots were shipped \\ FOB Shipping Point. Record the sales revenue first. \end{tabular} \\ \hline 28-Nov & Received payment in full on account from the November 20 sale. \\ \hline 29-Nov & Paid for November's utilities bill $6100. \\ \hline 30 -Nov & \begin{tabular}{l} Prepared payroll for the month of November, the first payrol for the company. Record the Salares Expense entry first. The tax rates are as \\ follows: \\ Federal Income Tax Rate 15%. \\ NC State Income Tax Rate 10%. \\ FICA Tax Rate 7.65%. \\ Unemployment Tax Rate 6% on the first $7000 of each employees eamings per year. \end{tabular} \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline 1-Dec & Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in lanuary. \\ \hline 1-Dec & \begin{tabular}{l} The company borrowed $65000 from Bank of America by signing a 15-5. 5%,6% note. The note requires annual payments of $6693 \\ beginning December 1,2025 . \end{tabular} \\ \hline 1-Dec & Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $40000. \\ \hline 4-Dec & Paid the amount due from the November 15 purchase. \\ \hline 5-Dec & Declared and paid $2000 in cash dividends to the stockholders of the company. \\ \hline 6-Dec & Purchased $3600 of supplies on account, term n/30. \\ \hline 7.Dec & Purchased 20 robots at a cost of $7260 each on account, terms n/30, FOB Destination. \\ \hline 15-Dec & \begin{tabular}{l} Sold 22 robots for $10450 each on account, terms 2/10,n/30, FOB Shipping Point, the company uses FIFO to find the cost of goods sold. \\ Record the sales revenue first. \end{tabular} \\ \hline 18-Dec & Paid for an ad in the local newspaper, $6000. \\ \hline \end{tabular} 2) Post all the Daily Transactions to the Ledger on the Ledger tab. Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tab. ) Based on the adjusted trial balance, prepare a multi-step income statement on the Income Statement tab. ) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement tab. B) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. Prepare the closing entries (DO NOT POST them to the ledger, just produce the entries). When journaling, close the accounts in the order they ppear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. .) Calculate the ratios on the Ratios tab. Transactions, your Cash, Accounts Receivable, and Cost of Goods Sold balance will show GREEN if it is correct