Accounting cycle project. how do I do the blanks. and what are the answers

Luxury Pet Goods Accounting Cycle Project Luxury Pet Goods Trial Balance December 31, 2018 Adjustments Debit Credit Debit Adjusted Trial Balance Credit 70.900 11600 135.900 6,200 3.000 surance 350.000 115.000 Unadjusted Trial Balance Debit Credit 20.900 17.500 139.900 3200 12,006 150,000 Building 350.000 Equipment 115.000 Accumulated depreciation 80.500 Account payable DO Interest payable Wages payable Income taxes payable Unearned revenue Note payable (due Oct 1 2020) 200.000 Capital 430,000 Withdrawals 35.000 Sales revenue 1.099,500 Cost of goods sold 110,400 Wages expense Advertising expense 7 000 Supplies expense Rent expense 12,000 Insurance expense 3,000 Umoties expense 5,900 Depreciation expense 0 Wnterest expense ncome tax expense Totals LASS.200 1.068,700 102.000 7700 4.000 101200 7050 51000 200,000 4304100 35,000 1,300 1,101,000 110.400 1000 12.000 12.00.00 5.900 21500 4000 2010 1,960,150 1,900,180 ACCT 201 Accounting Cycle Luxury Pet Goods Adjusting Journal Entries: Record the following the adjustments in a journal entry and then in the trial balance Note: in an accounting cycle these would be posted to the general ledger but for this project you need only to record the journal entry and post the adjustment to the trial balance. Please use the unadjusted trial balance when Adjusting Journal Entries preparing adjusting journal entries! 12/31/2018 Record supplies used: Entry Account Debit Credit A year end count of supplies values supplies unused and on hand at $6,200 Record the portion of the insurance policy coverage that b. expired on 12/31/2018 A one-year policy was purchased and paid for on April 1, 2018 for $12,000 and posted to Prepaid Insurance. Note: FYI only the insurance expense recorded as of 11/30/2018 was from the prior policy that expired c. Record depreciation expense for the entire year based on c. the following schedule: Note: assume no salvage value, add amounts and use only two accounts Depreciation expense Estimated Life Buildings 35 Equipment d. Record interest expense accrued as 12/31/2018 The note payable was signed and cash was received on Oct 1 2018 The interest rate on the note is 8% Adjust for the revenue earned for which cash has already e. been received A review of unearned revenue reveals that $11,500 recorded to the liability was earned in 2018 Record wages earned for the last pay period of December 2018 that will be paid in January Wages of $10.200 were earned after the final pay period of 2018 g. Record income taxes payable. Hint: Record all entries, complete the working trial balance calculate net income before taxes, then calculate taxes (Net income before taxes x.30) AcOf 201 Lewy Pet Goods Accounting Order From the Adjusted Trial Balance complete the following financial statements. A classified balance and proper formatting is required Luxury Pet Goods Income Statement Luxury Pet Goods Balance Sheet For the Year Ended December 31, 2018 December 31, 2018 Luxury Per Goods Statement of Owner's Equity For the Year Ended December 31, 2018 Luxury Pet Goods Accounting Cycle Project Luxury Pet Supply Closing Journal Entries 12/31/2018 Debit Entry Account Credit Prepare the following closing entries: a. Close revenue accounts to Income Summary b. Close expense accounts to Income Summary c. Close Income Summary to Owner's Capital d. Close withdrawals to Owner's Capital Luxury Pet Goods Luxury Pet Goods Post-Closing Trial Balance December 31, 2018 Debit Credit Financial Ratios From the financial statements complete the following ratios a. Return on Assets (ROA) assume beginning assets of $758,400 b. Debt Ratio c. Profit Margin ld Current Ratio Accounts receivable Inventory Supplies Prepaid insurance Land Building Equipment Accumulated depreciation Account payable Interest payable Wages payable Income taxes payable Unearned revenue Note payable (due Oct 1 2020) Capital Withdrawals Sales revenue Cost of goods sold Wages expense Advertising expense Supplies expense Rent expense Insurance expense Utilities expense Depreciation expense interest expense ncome tax expense Totals Luxury Pet Goods Accounting Cycle Project Luxury Pet Goods Trial Balance December 31, 2018 Adjustments Debit Credit Debit Adjusted Trial Balance Credit 70.900 11600 135.900 6,200 3.000 surance 350.000 115.000 Unadjusted Trial Balance Debit Credit 20.900 17.500 139.900 3200 12,006 150,000 Building 350.000 Equipment 115.000 Accumulated depreciation 80.500 Account payable DO Interest payable Wages payable Income taxes payable Unearned revenue Note payable (due Oct 1 2020) 200.000 Capital 430,000 Withdrawals 35.000 Sales revenue 1.099,500 Cost of goods sold 110,400 Wages expense Advertising expense 7 000 Supplies expense Rent expense 12,000 Insurance expense 3,000 Umoties expense 5,900 Depreciation expense 0 Wnterest expense ncome tax expense Totals LASS.200 1.068,700 102.000 7700 4.000 101200 7050 51000 200,000 4304100 35,000 1,300 1,101,000 110.400 1000 12.000 12.00.00 5.900 21500 4000 2010 1,960,150 1,900,180 ACCT 201 Accounting Cycle Luxury Pet Goods Adjusting Journal Entries: Record the following the adjustments in a journal entry and then in the trial balance Note: in an accounting cycle these would be posted to the general ledger but for this project you need only to record the journal entry and post the adjustment to the trial balance. Please use the unadjusted trial balance when Adjusting Journal Entries preparing adjusting journal entries! 12/31/2018 Record supplies used: Entry Account Debit Credit A year end count of supplies values supplies unused and on hand at $6,200 Record the portion of the insurance policy coverage that b. expired on 12/31/2018 A one-year policy was purchased and paid for on April 1, 2018 for $12,000 and posted to Prepaid Insurance. Note: FYI only the insurance expense recorded as of 11/30/2018 was from the prior policy that expired c. Record depreciation expense for the entire year based on c. the following schedule: Note: assume no salvage value, add amounts and use only two accounts Depreciation expense Estimated Life Buildings 35 Equipment d. Record interest expense accrued as 12/31/2018 The note payable was signed and cash was received on Oct 1 2018 The interest rate on the note is 8% Adjust for the revenue earned for which cash has already e. been received A review of unearned revenue reveals that $11,500 recorded to the liability was earned in 2018 Record wages earned for the last pay period of December 2018 that will be paid in January Wages of $10.200 were earned after the final pay period of 2018 g. Record income taxes payable. Hint: Record all entries, complete the working trial balance calculate net income before taxes, then calculate taxes (Net income before taxes x.30) AcOf 201 Lewy Pet Goods Accounting Order From the Adjusted Trial Balance complete the following financial statements. A classified balance and proper formatting is required Luxury Pet Goods Income Statement Luxury Pet Goods Balance Sheet For the Year Ended December 31, 2018 December 31, 2018 Luxury Per Goods Statement of Owner's Equity For the Year Ended December 31, 2018 Luxury Pet Goods Accounting Cycle Project Luxury Pet Supply Closing Journal Entries 12/31/2018 Debit Entry Account Credit Prepare the following closing entries: a. Close revenue accounts to Income Summary b. Close expense accounts to Income Summary c. Close Income Summary to Owner's Capital d. Close withdrawals to Owner's Capital Luxury Pet Goods Luxury Pet Goods Post-Closing Trial Balance December 31, 2018 Debit Credit Financial Ratios From the financial statements complete the following ratios a. Return on Assets (ROA) assume beginning assets of $758,400 b. Debt Ratio c. Profit Margin ld Current Ratio Accounts receivable Inventory Supplies Prepaid insurance Land Building Equipment Accumulated depreciation Account payable Interest payable Wages payable Income taxes payable Unearned revenue Note payable (due Oct 1 2020) Capital Withdrawals Sales revenue Cost of goods sold Wages expense Advertising expense Supplies expense Rent expense Insurance expense Utilities expense Depreciation expense interest expense ncome tax expense Totals