Accounting

ACME, INC. Acme, Inc. is in the business of refinishing furniture and providing other woodworking services. The following transactions occurred during the 2016 reporting year. PART 1 Go to the GENERAL LEDGER and input the January 1, 2016 BEGINNING BALANCE (BB) for each ledger account. PART 2 Use the TRANSACTION DESCRIPTIONS bethw to prepare GENERAL JOURNAL ENTRIES (GJEs). Use the GENERAL JOURNAL provided. 2016 TRANSACTION DESCRIPTIONS a. Borrowed $20,000 cash on July 1, 2016. Signed a 1-year, 10% note payable. b. Purchased equipment for $18,000 cash on July 1, 2016. c. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share on January 1, 2016. d. Earned $70,000 in revenues for 2016, including $14,000 on credit and the rest in cash. e. Incurred remaining expenses of $35,000 for 2016 , including $7,000 on credit and the rest paid with cash. f. Purchased additional small tools, $3,000 cash. g. Collected accounts receivable, $8,000. h. Paid accounts payable, $11,000. i. Purchased $10,000 of supplies on account. j. Received a $3,000 deposit on work to start January 15, 2017. k. Declared and paid a cash dividend, $10,000. PART 3 Post the GENERAL JOURNAL ENTRIES to the GENERAL LEDGER accounts. PART 4 Calculate the December 31 UNADJUSTED BALANCE (UAB) for each ledger account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE for December 31. PART 6 Use the information below to prepare the ADJUSTING JOURNAL ENTRIES (AJEs) for December 31. Use the GENERAL JOURNAL provided. DATA FOR ADJUSTING ENTRIES I. Supplies of $4,000 and small tools of $8,000 were physically counted on December 31, 2016. m. Depreciation for 2016, $2,000. n. Accrued interest on notes payable has not been recorded or paid. o. Wages earned since the December 24 payroll have not been recorded or paid, $3,000. p. Income tax expense is 20% of Pre-tax Income. Payment is due April 15 , 2017. PART 7 Post the ADJUSTING JOURNAL ENTRIES to the GENERAL LEDGER accounts. PART 8 Calculate the December 31 ADJUSTED BALANCE (AB) for each ledger account. PART 9 Prepare an ADJUSTED TRIAL BALANCE for December 31. PART 10 Use the ADJUSTED BALANCES to prepare an INCOME STATEMENT for the year ending December 31, 2016. PART 11 Prepare the CLOSING JOURNAL ENTRY (CJE) for December 31. PART 12 Post the CLOSING JOURNAL ENTRY to the GENERAL LEDGER accounts. PART 13 Calculate the POST CLOSING BALANCE (PCB) for each ledger account. PART 14 Prepare a POST CLOSING TRIAL BALANCE for December 31. PART 15 Prepare a STATEMENT OF STOCKHOLDERS' EQUITY for the year ending December 31,2016. ACME, INC. STATEMENT OF STOCKHOLDERS' EQUITY FOR THE YEAR ENDING DECEMBER 31, 2016 COMM. STK ADD. PIC RET. EARN. January 1,2016 BB + Newly Issued Shares (10K@\$0.50) + Net Income for 2016 - Dividends Paid in 2016 December 31, 2016 PCB. PART 16 Prepare a STATEMENT OF CASH FLOWS for the year ending December 31, 2016. Use the direct method. ACME, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDING DECEMBER 31, 2016 PART 17 Prepare a BALANCE SHEET for December 31, 2016. ACME, INC. Acme, Inc. is in the business of refinishing furniture and providing other woodworking services. The following transactions occurred during the 2016 reporting year. PART 1 Go to the GENERAL LEDGER and input the January 1, 2016 BEGINNING BALANCE (BB) for each ledger account. PART 2 Use the TRANSACTION DESCRIPTIONS bethw to prepare GENERAL JOURNAL ENTRIES (GJEs). Use the GENERAL JOURNAL provided. 2016 TRANSACTION DESCRIPTIONS a. Borrowed $20,000 cash on July 1, 2016. Signed a 1-year, 10% note payable. b. Purchased equipment for $18,000 cash on July 1, 2016. c. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share on January 1, 2016. d. Earned $70,000 in revenues for 2016, including $14,000 on credit and the rest in cash. e. Incurred remaining expenses of $35,000 for 2016 , including $7,000 on credit and the rest paid with cash. f. Purchased additional small tools, $3,000 cash. g. Collected accounts receivable, $8,000. h. Paid accounts payable, $11,000. i. Purchased $10,000 of supplies on account. j. Received a $3,000 deposit on work to start January 15, 2017. k. Declared and paid a cash dividend, $10,000. PART 3 Post the GENERAL JOURNAL ENTRIES to the GENERAL LEDGER accounts. PART 4 Calculate the December 31 UNADJUSTED BALANCE (UAB) for each ledger account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE for December 31. PART 6 Use the information below to prepare the ADJUSTING JOURNAL ENTRIES (AJEs) for December 31. Use the GENERAL JOURNAL provided. DATA FOR ADJUSTING ENTRIES I. Supplies of $4,000 and small tools of $8,000 were physically counted on December 31, 2016. m. Depreciation for 2016, $2,000. n. Accrued interest on notes payable has not been recorded or paid. o. Wages earned since the December 24 payroll have not been recorded or paid, $3,000. p. Income tax expense is 20% of Pre-tax Income. Payment is due April 15 , 2017. PART 7 Post the ADJUSTING JOURNAL ENTRIES to the GENERAL LEDGER accounts. PART 8 Calculate the December 31 ADJUSTED BALANCE (AB) for each ledger account. PART 9 Prepare an ADJUSTED TRIAL BALANCE for December 31. PART 10 Use the ADJUSTED BALANCES to prepare an INCOME STATEMENT for the year ending December 31, 2016. PART 11 Prepare the CLOSING JOURNAL ENTRY (CJE) for December 31. PART 12 Post the CLOSING JOURNAL ENTRY to the GENERAL LEDGER accounts. PART 13 Calculate the POST CLOSING BALANCE (PCB) for each ledger account. PART 14 Prepare a POST CLOSING TRIAL BALANCE for December 31. PART 15 Prepare a STATEMENT OF STOCKHOLDERS' EQUITY for the year ending December 31,2016. ACME, INC. STATEMENT OF STOCKHOLDERS' EQUITY FOR THE YEAR ENDING DECEMBER 31, 2016 COMM. STK ADD. PIC RET. EARN. January 1,2016 BB + Newly Issued Shares (10K@\$0.50) + Net Income for 2016 - Dividends Paid in 2016 December 31, 2016 PCB. PART 16 Prepare a STATEMENT OF CASH FLOWS for the year ending December 31, 2016. Use the direct method. ACME, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDING DECEMBER 31, 2016 PART 17 Prepare a BALANCE SHEET for December 31, 2016