A Byte of Accounting Balance Sheet As of December 31, 2022 Assets Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Net Receivable Prepaid Insurance Prepaid Rent Supplies Inventory Total Long-Term Assets Office Equipment Accum. Depr.-Office Equip. Net Office Equipment Computer Equipment Accum. Depr.-Computer Equip. Net Computer Equipment Total Total Assets Liabilities Current Liabilities Accounts Payable Unearned Revenue Interest Payable Salaries and Wages Payable Income Taxes Payable Total Long-Term Liabilities Notes Payable Total Total Liabilities Stockholder's Equity Paid-in Capital Common Stock Paid-In Capital in Excess of Par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity A Byte of Accounting, Inc. Income Statement For Year Ending December 31, 2022 Revenues Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Rent Expense Salaries and Wages Expense Advertising Expense Maintenance \& Repairs Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Bad Debt Expense Telephone and Internet Expense Total Net Income Before Tax Income Tax Expense (Round to two decimal places) Net Income After Tax Adjusting Entries - Record the following adjusting entries in the general journal and post to the general ledger. Round to two decimal places, =Round(number or formula,2). 37. The cash received and deposited from customers was $14,650.00 not the $14,625.00 orignially recorded. 38. A physical inventory showed that only $910.00 worth of supplies remained on hand as of December 31 . 39. The interest on the note for the Ricoh Color Copier will be paid every six months. Record the December accrued interest on the note payable for the Ricoh purchased on December 1. 40. Record a journal entry to reflect that one-half month's insurance has expired. 41. A review of Byte's emails indicated that they received an invoice in the amout of $4,535.00 for computers that were drop shipped and received on December 28 . 42. Bill various miscellaneous customers 200% of the cost of the computers that were drop shipped and received on December 28. 43. Record the cost of the computers that were sold on December 28 . The computer equipment on the Post Closing Trial Balance from last year was purchased last January for $20,000.00. It is being depreciated based upon an estimated useful life of 5.0 years with no salvage value. Calculate the depreciation for one year using the double-declining method of depreciation. 45. The Ricoh Color Copier, part of the office equipment, is estimated to make 480,000 copies a year, have a useful life of 5 years and a salvage value of $.00. During December, 9,750 copies were made. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. Calculate the depreciation for one month using the straight-line method of depreciation. The remaining office equipment, $65,100.00, was purchased last January and has an estimated useful life of 10.0 years with a salvage value of $3,100.00. Calculate the depreciation for one year using the straight-line method of depreciation. 46. 47. A review of Byte's payroll records show that unpaid salaries in the amount of $1,200.00 are owed by Byte for three days, December 28 - 31. (Ignore payroll taxes at this time.) 48. Byte's CPA estimated bad debt to be 8.00% of the outstanding Accounts Receivable. Record the entry to adjust the Allowance for Doubtful Accounts. 49. Byte's income taxes are to be computed at the rate of 25% of net income before taxes. [IMPORTANT NOTE: Since the income taxes are a percent of the net income, you will want to prepare the Income Statement through the Net Income Before Tax line.] Using the Adjusted Trial Balance on the worksheet as of December 31 as a reference, complete the worksheet and prepare the Income Statement, Statement of Stockholder's Equity, Balance Sheet and Statement of Cash Flows. A Byte of Accounting, Inc. Statement of Stockholders' Equity For Year Ending December 31, 2022 Balance, Beginning of Period Issue of Common Stock Cash Dividends Net Income Balance, End of Period Common Stock Paid-In Capital in Excess of Par Retained Earnings Total Stockholders' Equity \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} A Byte of Accounting, Inc. Post Closing Trial Balance As of December 31, 2022 The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. Business Operations: Clients' orders are drop shipped directly from the suppliers to the client's location. Upon delivery of the hardware, Byte is notified and Byte's employees install, modify and test the new items. Significant Accounting Policies: The business has adopted the following accounting policies: - Items that cost less than $2,000.00 are expensed. - Inventory is valued using a perpetual inventory system. - Specific identification is used to determine the cost of computers sold since the units are drop shipped directly to the clients. In response to customers, Byte will now start to inventory and install Super Toners at our clients' locations. - Perpetual FIFO will be used for the Super Toners. The allowance method is used to account for bad debts. Rent payments are expensed in the period in which they are incurred. When calculating depreciation, assets purchased during a month are treated as if purchased on the first day of the month. December 1:-_ a new investor, made an investment in Byte by purchasing 2,700 01. shares of its common stock paying $108,054.00 in cash. The par value of the common stock was $.02 per share. December 3: Byte purchased a Ricoh Color Copier for $5,000.00. The invoice number was 61298 . 02. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually. Description of transaction Transaction December 3: Check \# 6001 for $2,700.00 was issued by Byte to pay for rent of the office space for 03. December. 04. December 3: Byte received 12 Super Toners for resale to customers at a cost of $23.00 per toner. The invoice number was 7249 , and requires payment within 30 days. 05. December 10: Byte sold 4 Super Toners to a customer on account for $53.00 each. The Sales order number was 12100. 06. December 10: Byte records the cost of the 4 Super Toners sold using FIFO. The sales order number was 12100 . 07. December 11: Check \# 6002 was issued to pay salaries of $2,000.00 to equipment operators. (Ignore payroll taxes at this time.) December 14: Check \# 6003 was issued to purchase a one-year insurance policy covering its 08. computer equipment. The cost of the insurance is $6,504.00 and paid to Seth's Insurance. The effective date of the policy was December 16 and the invoice number was 2387