A4 B All 2019 transactions have been recorded except for the items listed below the trial balance. | D E F G . ACC 101 Comprehensive Problem 2 J 1 2 3 Sandlot Corporation's trial balance at December 31, 2019 is presented on the next tab. 4 All 2019 transactions have been recorded except for the items listed below the trial balance. 5 6 REQUIRED (Ignore income taxes) 7 (a) Prepare journal entries for the transactions listed on the next tab. 8 (6) Prepare a 2019 adjusted trial balance, reflecting the unrecorded transactions. 9 (c) Prepare a 2019 multiple step income statement. 10 (d) Prepare a statement of retained earnings for the year ending December 31, 2019. 11 (e) Prepare a December 31, 2019 classified balance sheet. 12 1 2 Sandlot Corporation Trial Balance December 31, 2019 3 4 Credit $ $ Debit 126,950.00 82,000.00 HA 1,385.00 $ $ 40,511.00 126,065.00 220,000.00 $ 34,000.00 $ 150,000.00 14,400.00 48,955.00 6 Cash 7 Accounts Receivable 8 Allowance for Doubtful Accounts 9 Inventory 10 Land 11 Buildings 12 Accumulated Depreciation - Buildings 13 Equipment 14 Accumulated Depreciation - Equipment 15 Accounts Payable 16 Dividends Payable 17 Unearned Rent Revenue 18 Notes Payable 19 Interest Payable 20 FICA SS Payable 21 FICA Medicare Payable 22 Federal Income Tax Payable 23 Union Dues Payable 24 Salaries Payable 25 Bonds Payable (10%) 26 Common Stock ($10 par) Data & instructions Sandlot TB $ $ $ $ $ $ 16,000.00 45,000.00 17,391.00 4,067.25 37,125.00 1,375.00 $ $ $ $ 175,500.00 30,000.00 Journal | Adj. Trial Balance | Income Statement Retained E ... + H AGA B D E F 27 Paid-In Capital in Excess of Par - Common Stock $ 6,000.00 28 Preferred Stock ($20 par) $ 29 Paid-In Capital in Excess of Par - Preferred Stock $ 30 Retained Earnings $ 75,050.00 31 Treasury Stock 32 Sales Revenue 668,537.75 33 Rent Revenue 34 Bad Debts Expense 35 Interest Expense 36 Cost of Goods Sold 311,297.00 37 Depreciation Expense 38 Other Operating Expenses 117,963.00 39 Payroll Tax Expense 40 Sales Salaries Expense 41 Total 1,174,786.00 $ 1,174,786.00 42 43 44 Unrecorded transactions: 45 Sept. 1 Sandlot issued 8,367 shares of $10 par value common stock for $362,000. 46 Oct. 1 Sandlot purchased 2,264 shares of its own stock for $41 per share. 47 Nov. 30 Sandlot issued 1,653 shares of $20 par, 6% preferred stock for $78,451. 48 Dec. 15 Sandlot declared a $1.53 per share dividend on the outstanding common stock, payable on 49 January 15, 2020 50 Dec. 31 Sandlot estimates that uncollectible accounts receivable at year end is $5,200 51 Dec. 31 The building is being depreciated using the straight line method over 20 years. The salvage 52 value is $15,000. Record the annual depreciation. 53. Der 31 The cauinment is haina derroristed using the units of oroduction method over 10 vears or Data & instructions Sandlot TB Journal Adj. Trial Balance Income Statement CEA A A A A A A Retained E ... + 39 Payroll Tax Expense $ 40 Sales Salaries Expense $ 41 Total $ 1,174,786.00 $ 1,174,786.00 42 43 44 Unrecorded transactions: 45 Sept. 1 Sandlot issued 8,367 shares of $10 par value common stock for $362,000. 46 Oct. 1 Sandlot purchased 2,264 shares of its own stock for $41 per share. 47 Nov. 30 Sandlot issued 1,653 shares of $20 par, 6% preferred stock for $78,451. 48 Dec. 15 Sandlot declared a $1.53 per share dividend on the outstanding common stock, payable on 49 January 15, 2020 50 Dec. 31 Sandlot estimates that uncollectible accounts receivable at year end is $5,200. 51 Dec. 31 The building is being depreciated using the straight line method over 20 years. The salvage 52 value is $15,000. Record the annual depreciation. 53 Dec. 31 The equipment is being depreciated using the units of production method over 10 years or 54 70,000 hours. The salvage value is $10,000. The equipment was used 7,750 hours this year. 55 Dec. 31 The unearned rent represents receipt of 4 months' rent in advance (November 1, 2019 through 56 February 28, 2020). Prepare the December adjusting entry. 57 Dec. 31 Sandlot employs 6 salespeople, each of whom earn $4,360 per month and have been employed 58 since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, 59 and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December 60 employee payroll expenses, including federal income tax withheld of $3,240 and union dues of $120. 61 Dec. 31 Prepare the employer's payroll tax expense for December. FUTA taxes are 0.6% and SUTA taxes 62 are 5.4% of the first $7,000 paid to each employee. 63 Dec. 31 Sandlot borrowed $45,000 from First State Bank on October 8, 2019. The note is due on February 64 3, 2020 (120 days) and the bank is chalging 8% interest. Record the accrued interest at year-end. | Data & instructions Sandlot TB Journal Adj. Trial Balance Income Statement 65 Retained E + - A4 B All 2019 transactions have been recorded except for the items listed below the trial balance. | D E F G . ACC 101 Comprehensive Problem 2 J 1 2 3 Sandlot Corporation's trial balance at December 31, 2019 is presented on the next tab. 4 All 2019 transactions have been recorded except for the items listed below the trial balance. 5 6 REQUIRED (Ignore income taxes) 7 (a) Prepare journal entries for the transactions listed on the next tab. 8 (6) Prepare a 2019 adjusted trial balance, reflecting the unrecorded transactions. 9 (c) Prepare a 2019 multiple step income statement. 10 (d) Prepare a statement of retained earnings for the year ending December 31, 2019. 11 (e) Prepare a December 31, 2019 classified balance sheet. 12 1 2 Sandlot Corporation Trial Balance December 31, 2019 3 4 Credit $ $ Debit 126,950.00 82,000.00 HA 1,385.00 $ $ 40,511.00 126,065.00 220,000.00 $ 34,000.00 $ 150,000.00 14,400.00 48,955.00 6 Cash 7 Accounts Receivable 8 Allowance for Doubtful Accounts 9 Inventory 10 Land 11 Buildings 12 Accumulated Depreciation - Buildings 13 Equipment 14 Accumulated Depreciation - Equipment 15 Accounts Payable 16 Dividends Payable 17 Unearned Rent Revenue 18 Notes Payable 19 Interest Payable 20 FICA SS Payable 21 FICA Medicare Payable 22 Federal Income Tax Payable 23 Union Dues Payable 24 Salaries Payable 25 Bonds Payable (10%) 26 Common Stock ($10 par) Data & instructions Sandlot TB $ $ $ $ $ $ 16,000.00 45,000.00 17,391.00 4,067.25 37,125.00 1,375.00 $ $ $ $ 175,500.00 30,000.00 Journal | Adj. Trial Balance | Income Statement Retained E ... + H AGA B D E F 27 Paid-In Capital in Excess of Par - Common Stock $ 6,000.00 28 Preferred Stock ($20 par) $ 29 Paid-In Capital in Excess of Par - Preferred Stock $ 30 Retained Earnings $ 75,050.00 31 Treasury Stock 32 Sales Revenue 668,537.75 33 Rent Revenue 34 Bad Debts Expense 35 Interest Expense 36 Cost of Goods Sold 311,297.00 37 Depreciation Expense 38 Other Operating Expenses 117,963.00 39 Payroll Tax Expense 40 Sales Salaries Expense 41 Total 1,174,786.00 $ 1,174,786.00 42 43 44 Unrecorded transactions: 45 Sept. 1 Sandlot issued 8,367 shares of $10 par value common stock for $362,000. 46 Oct. 1 Sandlot purchased 2,264 shares of its own stock for $41 per share. 47 Nov. 30 Sandlot issued 1,653 shares of $20 par, 6% preferred stock for $78,451. 48 Dec. 15 Sandlot declared a $1.53 per share dividend on the outstanding common stock, payable on 49 January 15, 2020 50 Dec. 31 Sandlot estimates that uncollectible accounts receivable at year end is $5,200 51 Dec. 31 The building is being depreciated using the straight line method over 20 years. The salvage 52 value is $15,000. Record the annual depreciation. 53. Der 31 The cauinment is haina derroristed using the units of oroduction method over 10 vears or Data & instructions Sandlot TB Journal Adj. Trial Balance Income Statement CEA A A A A A A Retained E ... + 39 Payroll Tax Expense $ 40 Sales Salaries Expense $ 41 Total $ 1,174,786.00 $ 1,174,786.00 42 43 44 Unrecorded transactions: 45 Sept. 1 Sandlot issued 8,367 shares of $10 par value common stock for $362,000. 46 Oct. 1 Sandlot purchased 2,264 shares of its own stock for $41 per share. 47 Nov. 30 Sandlot issued 1,653 shares of $20 par, 6% preferred stock for $78,451. 48 Dec. 15 Sandlot declared a $1.53 per share dividend on the outstanding common stock, payable on 49 January 15, 2020 50 Dec. 31 Sandlot estimates that uncollectible accounts receivable at year end is $5,200. 51 Dec. 31 The building is being depreciated using the straight line method over 20 years. The salvage 52 value is $15,000. Record the annual depreciation. 53 Dec. 31 The equipment is being depreciated using the units of production method over 10 years or 54 70,000 hours. The salvage value is $10,000. The equipment was used 7,750 hours this year. 55 Dec. 31 The unearned rent represents receipt of 4 months' rent in advance (November 1, 2019 through 56 February 28, 2020). Prepare the December adjusting entry. 57 Dec. 31 Sandlot employs 6 salespeople, each of whom earn $4,360 per month and have been employed 58 since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, 59 and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December 60 employee payroll expenses, including federal income tax withheld of $3,240 and union dues of $120. 61 Dec. 31 Prepare the employer's payroll tax expense for December. FUTA taxes are 0.6% and SUTA taxes 62 are 5.4% of the first $7,000 paid to each employee. 63 Dec. 31 Sandlot borrowed $45,000 from First State Bank on October 8, 2019. The note is due on February 64 3, 2020 (120 days) and the bank is chalging 8% interest. Record the accrued interest at year-end. | Data & instructions Sandlot TB Journal Adj. Trial Balance Income Statement 65 Retained E +