accountaccount titles as in cash, buildings, notes payable, wages&salaries, sales revenue, accounts recievable, common shares, inventory, account payable, utilities expenses, rent expense, equipments, notes payable, cost of good sold, income tax exp, discount exp...

2017 620,000 620,000 410,000 210,000 Compartive statement of Financial Position December 31, 2018 and 2017 Account 2018 Sales Revenue 713,000 Sales discount Net slaes 713,000 Cost of goods sold 471,500 Gross Profit 241,500 Operating exp: Salaries & wages exp. 17,250 Rent expense 11,500 Utility Expense 5,750 Maintenance exp. Dep. Expense equip. & Build) 57,500 Bad debt exp 4,025 Insurance exp 13,800 Total operating exp. 109,825 Operating income 131,675 Other revenues and expenses: Rent revenue Interest exp 34,500 Income before tax 97,175 Income tax exp. 45,000 Net Income 52,175 15.000 10,000 5,000 50,000 3,500 12,000 95,500 114,500 30,000 84,500 42,000 42,500 2017 ACCT 1115 Co. Compartive statement of Financial Position December 31, 2018 and 2017 Account 2018 Current Assets: Cash 100,000 Accounts Receivable 200,000 Inventory 185,000 Prepaid Insurance 24,000 Total current assets 509,000 Long term Investments 250,000 Equipment 500,000 Accumulated depreciation Equipment (150.000) Total Assets 1,109,000.00 50,000 100,000 125,000 36.000 311,000 80,000 500,000 (100,000) 791,000.00 60,000 Liabilities and sharholders equity Accounts Payable Wages & Salaries Payable Unearned Sales Revenue Income tax payable Total current liabilities Bonds payable Total Liabilities Common shares Retained earnings Total Liabilities and sharholders equity 160,000 75,000 107,500 45,000 387,500 350,000 737,500 100,000 271,500 1,109,000.00 10,000 42,000 112,000 350,000 462,000 100,000 229,000 791,000.00 Account Titles Credit 2019 01 Jan Debit 586, 382 Building 130, 307 456,075 Notes Payable 2 02 Jan 08 Jan #ll12 jan 5 | 13an 15 Jan 7 16 Jan 3 21 Jan 128 Jan 0 31 Jan 31 Jan 2 | 02 Feb 3 | 12-Feb 4 lpi Mar 5 p1 Apr 6 | 15 Apr 7 lpi May 8 | 01 Aug 9 131 Aug 0 30 Sep 1 30-Sep 14 01-Mar 15 01-Apr 16 15-Apr 17 01-May 18 ||01-Aug 19 31-Aug 20 30-Sep 21 30-Sep 22 ||21-Oct 23 01-Nov 24 08-Nov 25 14-Nov 26 31-Dec coded calculation. Please DO NOT add any numbers to this dark line or below. The following transaction are the only transaction for ACCT 1115 co. during 2019: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Jan 1 purchased new building for 586,382 they paid 130,307 cash and they sign 12 note payable for the balance. The note carry interest of 6% The note principle due with the interest on Dec 31, 2019. The building expected useful life 25 years, residual (salvage) value amount of 65,154 ACCT 1115 uses straight line as their method of depreciation. Jan 3, all wages payable from 2018 paid cash Jan 8, they deliver merchandise to customer amount of 107,500 cost of these products are 26,061 Previously ACCT 1115 received cash amount of 107,500 from customer and record it in Dec 18, 2018 in account (Unearned sales revenue) Jan 12, all income taxes owed from last year are paid cash Jan 13, collect from customers 130,307 cash Jan 15, issued common shares for 390,921 cash Jan 16 purchased merchandise for 273,645 from ABC co., term 3/20, n/45. FOB destination. 3% discount if paid in 20 days Jan 21 returned merchandise to ABC co amount of 13,031 Jan 28 paid the amounts owed to ABC co. Jan 31 paid utilities 6,515 cash Pan 31 paid salaries 10,425 cash Feb 2 sold merchandise of 156,369 cost of those goods was 104,246 ACCT 1115 used perpetual inventory system Feb 12 sold merchandise of 78,184 to XYZ co., term 2/10, n/30. FOB shipping point. cost of those goods was 52,123 2% discount if received in 10 days March 1, XYZ paid their account in full Apr 1 paid rent for the months Jan-Mar amount of 3,909 Apr 15, purchased merchandise for cash 260,614 May 1 borrow from a local bank 130,307 by signing a 12% 12 note payable Aug 1, they paid for one-year rent amount of 15,637 Aug 31, paid cash for maintenance and cleaning the building 6,515 Sep 1, paid in salaries 19,546 Sep 30, they rent part of their building to a local business and collect one year rent in advance amount of 31,274 for 12 months Oct 21 sold merchandise on account for 260,614 to BC Itd., cost of those goods was 130,307 Nov 1, Bc Itd., paid 65,154 cash on their account Nov & sold merchandise to SK co., for 273,645 term 2/10, n/30. FOB shipping point. Cost of those goods was 182,430 2% discount if received in 10 days Nov 14, SK paid their account in full Dec 31, paid income taxes amount of 10,000 15 16 17 18 19 20 21 22 23 24 25 26