Accounting Exam - Part 1. There are 5 questions. Please help me as this is due by 10PM tonight U.S. Pacific Time.

Question 1 The following data relate to the accounts of Edmiston Company. a. Unpaid salaries and wages at year end amount to $750. b. Edmiston Company owns bonds of another corporation that pay annual interest of $800. These bonds were purchased on April 1, 2017, and the next interest payment will be received on April 1, 2018. c. A two-year insurance policy was purchased on June 1, 2017. The $1,200 insurance premium was paid on that date and was debited to Prepaid Insurance. d. Service Revenue was credited for $900 on June 1, 2017. The amount represents a one-year advance payment for services to be performed by Edminston Company through May 31, 2018. e. The Supplies account shows a balance of $2,500 on December 31, 2017. A physical count of the supplies on hand at this date reveals a total of $1,000 available. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and Debit Credit . Explanation a. b. c. d. e. ===================================================================== Question 2 The adjusted trial balance of Ryan Financial Planners appears below. RYAN FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2017 Debit Cash Credit $3,150 Accounts Receivable 2,240 Supplies 1,680 Equipment 16,300 Accumulated Depreciation Equipment $4,075 Accounts Payable 3,370 Unearned Service Revenue 4,385 Common Stock 10,000 Retained Earnings Dividends 4,420 1,000 Service Revenue 4,300 Supplies Expense 690 Depreciation Expense 2,590 Rent Expense 2,900 $30,550 $30,550 Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) RYAN FINANCIAL PLANNERS Income Statement $ $ $ 2. A retained earnings statement. RYAN FINANCIAL PLANNERS Retained Earnings Statement $ : $ $ 3. A balance sheet. (List Assets in order of liquidity.) RYAN FINANCIAL PLANNERS Balance Sheet Assets $ $ : $ Liabilities and Stockholders' Equity $ $ $ ===================================================================== Question 3 Swifty Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Aug. 2 Invested $11,510 cash and $2,570 of equipment in the business. 7 Purchased supplies on account for $460. (Debit asset account.) 12 Performed services for clients, for which $1,231 was collected in cash and $701 was billed to the clients. 15 Paid August rent $568. 19 Counted supplies and determined that only $268 of the supplies purchased on August 7 are still on hand. Date Aug. 2 Aug. 12 Account Titles and Explanation Debit Credit ===================================================================== Question 4 Included in Bridgeport Company's December 31 trial balance is a note receivable of $7,440. The note is a 4-month, 10% note dated October 1. Prepare Bridgeport's December 31 adjusting entry to record $186 of accrued interest, and the February 1 journal entry to record receipt of $7,688 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ===================================================================== Question 5 Sunland Corporation had net sales of $2,428,100 and interest revenue of $40,500 during 2017. Expenses for 2017 were cost of goods sold $1,459,900, administrative expenses $212,400, selling expenses $281,700, and interest expense $52,300. Sunland's tax rate is 30%. The corporation had 108,600 shares of common stock authorized and 72,030 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Sunland Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SUNLAND CORPORATION Income Statement $ $ $ $ =====================================================================