Accounting 302 Project Help

Instructions .Prepare the Unadjusted Trial Balance as of December 31, by making the December adjustments (separate columns) .Enter the adjusting journal entries into worksheet (separate columns). .Prepare the Adjusted Trial Balance as of December 31 .Complete the Income Statement and Balance Sheet columns of the worksheet. D. Prepare a multiple step income statement including calculation of weighted average shares and earnings per share E. Prepare a retained earnings statement. F. Prepare a balance sheet (both years presented). G. Prepare a cash flows statement. H. Compute the following . Current ratio Acid test ratio Debt to Equity Inventory Turnover . Accounts Receivable Turnover .At least 5 other ratios of your choosing Record the following entries in general journal form for December, 2018: December 1: Purchased Land for a future building site for $500,000, paying $100,000 down and signed a 5%, 90-day note for the balance December 3: Recorded sales on account of $45,000, 2/15, net 30. Cost of inventory was 23,500. JPJones using the net method for accounting for sales December 4: Bought back 5000 shares of stock for $20 per share December 4: Purchased 40,000 worth of equipment, 5 year life, $5,000 salvage value, for cash. Equipment will be depreciated using the straight-line method of depreciation December 5: Issued 5000 shares of restricted stock to its CFO. The stock has a fair value of $72,000. The service period related to this restricted stock is 3 years. Vesting occurs if the CFO stays with the company for 3 years. The par value of the stock is $1 December 8: Purchased inventory of $44,000 on account and paid $30,000 on separate account December 15: Recorded cash sales of $24,000, cost of merchandise inventory was $14,900 December 16: Issued 1,000 shares of common stock at $16.00 per share December 17: Received payment related to sale on December 3 December 20: Recorded sales on account of $113,000, cost of merchandise inventory was $75,000 December 24: Sold 2500 shares of Treasury Stock for $23 per share December 26: Wrote off 3,500 in bad debt. Record the following adjusting entries in general journal form as of December 31, 2018: 1. Supplies on hand at the end of the year: $450 2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 8 year life, no salvage value and company uses double-declining balance method for its depreciation 3. Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued t $50,000 which was purchased on 1/1/17. The new truck has a 9-year life, no salvage value and the company uses the sum-of-the-years digits for its depreciation method on this asset. 4. The patent was purchased on 1/1/2013 for $100,000 and its useful life is 20 years 5. $18,600 was paid on September 1, 2018 for six months rent 6. On 3/1/18, paid $22,500 for a 12-month insurance policy 7. Declared dividends of $15,000 on December 31 8. The fair market value of the securities (classified as marketable) is $19,500 9.4% of Accounts Receivable is estimated to be uncollectible. Company uses the allowance method for estimating its uncollectible accounts 10. Accrued salaries expense of $6,000 and recorded Payroll tax expense on account of $2300 11. Had issued $200,000 of 6%, 10-year bond, dated 1/1/17 for $215,589 when the market rate was 5%. Interest is paid on June 30 and January 1 using the effective interest rate method. The June payment is included in the Dec. 1 TB. (Additional credit awarded if amortization table is included) 12. One month has passed since the issuance of restricted stock. 13. Interest on 30 days of note payable should be accrued. (Assume 360 days in a year for calculation) 14, Income tax rate is 25% Additional Information: During 2018, the following additional transactions occurred: (Hint: these are already included in 12/1/18 TB, but may be needed for the Statement of Cash Flows) 1. Issued 5,000 shares of common stock, $1 par, for $35,000 on June 30, 2018 2. Some equipment was sold (original cost $10,000, book value $6,000) for $5,000 (do not consider in your #2 AJE) 3. All amortization and depreciation is recorded once a year on December 31 December 1, 2018 Unadjusted Trial Balance JPJones Trial Balance December 1, 2018 DR 405,653 615,000 CR Acct 100 Cash 101 Accounts Receivable 102 Allowance for Doubtful Accounts 103 Marketable Securiti 104 Inventory 105 Prepaid Rent 106 Prepaid Insurance 107 Supplies 125 Equipment 126 Accumulated Depreciation Equipment 127Truck 128 Accumulated Depreciation Truck 130 Land 175 Patents 201 Accounts Payable 202 Salaries Payable 203 Utilities Payable 204 Payroll Taxes Payable 205 Interest Payable 206 Dividends Payable 207 Income Tax Payable 208 Note Payable -short term 221 Note Payable -long term 225 Bond Payable (net) Description 4,600 18,000 100,000 40,600 38,500 3,600 150,000 37,500 56,500 15,875 35,000 75,000 183,300 36,000 8,000 19,585 71,640 175,000 213,712 301 Common Stock, $1 par, 35,000 shares issued and outstanding 302 APIC Common Stock 304 Unearned Compensation 305Treasury Stock 306 : APIC Treasury Stock 310 Retained Earnings 401les 500 Cost of Goods Sold 600 Compensation Expense 601 Salaries Expense 35,000 153,000 45,000 1,150,000 508,979j 45.000 Unadjusted Trial Balance 12.31 Adjusting Journal Entries Adjusted Trial Balance Income Bal. Sheet Trial Balance 12.1 Dr Adjustments Dr. Stmt. Own. Equi Account Title Cr Cr Dr. Ca. Dr. Cr. Dr Cr. Cr Dr. Cr