a) Prepare journal entries for the transactions listed on the next tab.
b) Prepare a 2018 adjusted trial balance, reflecting the unrecorded transactions.
c) Prepare a multiple-step income statement.
d) Prepare a statement of retained earnings for the year ending December 31, 2018.
e) Prepare a December 31, 2018, classified balance sheet.
Angel Corporation Trial Balance December 31, 2018 126 950 00 82,000.00 Cash Accounts Receivable Allowance for Dout Inventory Accounts 1.200.00 36.500.00 129 500.00 180 000.00 34.000.00 125,000.00 14,400.00 38 075.00 16.000.00 45,000.00 17.391 00 4,067 25 37,125 DO 1.375 00 Budings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Dividends Payable Uneamed Rent Revenue Notes Payable Interest Payable FICA SS Payable FICA Medicare Payable Federal Income Tax Payable Union Dues Payable Salaries Payable Bonds Payable (10%) Common Stock ($10 par) Paid in Capital in Excess of Par. Common Stock Preferred Stock (520 par) Paid-in Capital in Excess of Par - Preferred Stock Retained Earnings Treasury Stock Sales Revenue Rent Revenue Bad Debts Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Payroll Tax Expense Sales Salaries Expense Total 125.000.00 30.000.00 6.000.00 75,050.00 664,52675 311.297.00 117,963.00 $ 1,109.270.00 $ 169000 Ch.13 Unrecorded transactions Sept 1 Angel issued 8,145 shares of $10 par value common stock for $283.000 Oct 1 Angel purchased 1.952 shares of its own stock for $48 per share Nov. 30 Angel issued 1,783 shares of $20 par, 6% preferred stock for $81,451 Dec. 15 Angel declared a $1.75 per share dividend on the outstanding common stock, payable on January 15, 2019 Dec. 31 Angel estimates that uncollectible accounts receivable at year end is $5.000 Dec 31 The building is being depreciated using the straight line method over 20 years. The salvage value is $15,000. Record the annual depreciation The equipment is being depreciated using the units of production method over 10 years or 75,000 hours. The salvage value is $5,000. The equipment was used 7.400 hours this year Dec 31 The une med en represents receipt of 4 months rent in advance (November 1, 2018 through February 28, 2019). Prepare the December adjusting entry Dec 31 Angel employs salespeople, each of whom cam $4,125 per month and have been employed since January 1 FICA Social Security taxes are 62% of the first $118.500 paid to each employee and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December employee payroll expenses, including federal income tax withheld of $3 240 and union dues $120 Dec 31 Prepare the employer's payroll tax expense for December. FUTA taxes are 0.6% and SUTA are 5.4% of the first $7.000 paid to each employee Dec 31 Angel borrowed 545.000 from First State Bank on October 8, 2018. The note is due on February 3.2019 120 days) and the bank is charging interest Record the accrued interest at v end Angel Corporation Trial Balance December 31, 2018 126 950 00 82,000.00 Cash Accounts Receivable Allowance for Dout Inventory Accounts 1.200.00 36.500.00 129 500.00 180 000.00 34.000.00 125,000.00 14,400.00 38 075.00 16.000.00 45,000.00 17.391 00 4,067 25 37,125 DO 1.375 00 Budings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Dividends Payable Uneamed Rent Revenue Notes Payable Interest Payable FICA SS Payable FICA Medicare Payable Federal Income Tax Payable Union Dues Payable Salaries Payable Bonds Payable (10%) Common Stock ($10 par) Paid in Capital in Excess of Par. Common Stock Preferred Stock (520 par) Paid-in Capital in Excess of Par - Preferred Stock Retained Earnings Treasury Stock Sales Revenue Rent Revenue Bad Debts Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Payroll Tax Expense Sales Salaries Expense Total 125.000.00 30.000.00 6.000.00 75,050.00 664,52675 311.297.00 117,963.00 $ 1,109.270.00 $ 169000 Ch.13 Unrecorded transactions Sept 1 Angel issued 8,145 shares of $10 par value common stock for $283.000 Oct 1 Angel purchased 1.952 shares of its own stock for $48 per share Nov. 30 Angel issued 1,783 shares of $20 par, 6% preferred stock for $81,451 Dec. 15 Angel declared a $1.75 per share dividend on the outstanding common stock, payable on January 15, 2019 Dec. 31 Angel estimates that uncollectible accounts receivable at year end is $5.000 Dec 31 The building is being depreciated using the straight line method over 20 years. The salvage value is $15,000. Record the annual depreciation The equipment is being depreciated using the units of production method over 10 years or 75,000 hours. The salvage value is $5,000. The equipment was used 7.400 hours this year Dec 31 The une med en represents receipt of 4 months rent in advance (November 1, 2018 through February 28, 2019). Prepare the December adjusting entry Dec 31 Angel employs salespeople, each of whom cam $4,125 per month and have been employed since January 1 FICA Social Security taxes are 62% of the first $118.500 paid to each employee and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December employee payroll expenses, including federal income tax withheld of $3 240 and union dues $120 Dec 31 Prepare the employer's payroll tax expense for December. FUTA taxes are 0.6% and SUTA are 5.4% of the first $7.000 paid to each employee Dec 31 Angel borrowed 545.000 from First State Bank on October 8, 2018. The note is due on February 3.2019 120 days) and the bank is charging interest Record the accrued interest at v end
