ABC Stores LTO Uradjusted Trial Balance 31 December 2010 Credit Land Account Debit 5 Cash 56.000 Accounts Receivable 75.000 Allowance for Dout Accounts 5.000 Prepaid insurance 36.000 Merchandise Inventory 100.000 Equipment 40,000 Accumulated Depreciation Equipment 8.000 300.000 Accumulated Depreciation Building 30.000 500.000 Mortgage Payable 200,000 Accounts Payable 110.000 Common Stock 415,000 Retained Eminos As of 1 jan. 2018) 140,000 450,000 Sales Returns and Alowances 25.000 Sales Discount 5.000 Cost of Goods Sold 120,000 Salary & Wage Expense 60,000 Uity Expense 30,000 Supplies Expense 12.000 Total $ 1,358,000 $ 1.358.000 Tractions 1. ABC Stores LTD purchased merchandise on account from supplier D 540.000, em 2/10 130 2. ABC Stores LTD sold merchandise on account $30.000 terms 1/10.30. The cost of the merchandise sold was $20.000 3. ABC Stores LTD received collection in les discounts, from customers billed on sale of $30,000 on transaction 2 4. ABC Stores LTD paid the supplier in te discount 6. Aging schedule for ABC Stores la presented below. Net NOTE SUS! 11.01.200.000 2.000.000 7.000 Tom alt At Dec 31, 2018, unadjusted balance in Alowance for Doubtful Accounts is a credit of 6. The equipment has no salvage value and are Me of 10 years. The building has a useful life of 10 years we no salvage value. Both the equipment and bulding were purchased on January 1, 2018. There has been no adjustment to account for depreciation for the current year of 2019. ABC Store LTD apple declining balance method for the qupment and wine method for the building 7. ABC Stores LTD issued an $200.000,6%, 6-year mortgage note on December 31, 2018 with equal anual payments. Journalise the first installment payment occurred on December 31, 2018 8. Prepaid insurance is a 1year policy starting December 1, 2018 Rent of 530,000 were recorded and unpaid of 31 December, 2019 10. Corporate tax rate is 20% Calculate corporate tax provision expense. Required a) Open lediger accounts and jumate the transactions. (SON) h) Prepare adjusted trial balance and multiples income statement for the period ended December 31, 2019. (10%) Prepare a classified statement of financial position as of December 31, 2018. %) ABC Stores LTO Uradjusted Trial Balance 31 December 2010 Credit Land Account Debit 5 Cash 56.000 Accounts Receivable 75.000 Allowance for Dout Accounts 5.000 Prepaid insurance 36.000 Merchandise Inventory 100.000 Equipment 40,000 Accumulated Depreciation Equipment 8.000 300.000 Accumulated Depreciation Building 30.000 500.000 Mortgage Payable 200,000 Accounts Payable 110.000 Common Stock 415,000 Retained Eminos As of 1 jan. 2018) 140,000 450,000 Sales Returns and Alowances 25.000 Sales Discount 5.000 Cost of Goods Sold 120,000 Salary & Wage Expense 60,000 Uity Expense 30,000 Supplies Expense 12.000 Total $ 1,358,000 $ 1.358.000 Tractions 1. ABC Stores LTD purchased merchandise on account from supplier D 540.000, em 2/10 130 2. ABC Stores LTD sold merchandise on account $30.000 terms 1/10.30. The cost of the merchandise sold was $20.000 3. ABC Stores LTD received collection in les discounts, from customers billed on sale of $30,000 on transaction 2 4. ABC Stores LTD paid the supplier in te discount 6. Aging schedule for ABC Stores la presented below. Net NOTE SUS! 11.01.200.000 2.000.000 7.000 Tom alt At Dec 31, 2018, unadjusted balance in Alowance for Doubtful Accounts is a credit of 6. The equipment has no salvage value and are Me of 10 years. The building has a useful life of 10 years we no salvage value. Both the equipment and bulding were purchased on January 1, 2018. There has been no adjustment to account for depreciation for the current year of 2019. ABC Store LTD apple declining balance method for the qupment and wine method for the building 7. ABC Stores LTD issued an $200.000,6%, 6-year mortgage note on December 31, 2018 with equal anual payments. Journalise the first installment payment occurred on December 31, 2018 8. Prepaid insurance is a 1year policy starting December 1, 2018 Rent of 530,000 were recorded and unpaid of 31 December, 2019 10. Corporate tax rate is 20% Calculate corporate tax provision expense. Required a) Open lediger accounts and jumate the transactions. (SON) h) Prepare adjusted trial balance and multiples income statement for the period ended December 31, 2019. (10%) Prepare a classified statement of financial position as of December 31, 2018. %)
