Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ACCT 2 0 1 Final Project Part 1 ( Adjusting Entries ) Additional information 1 . Equipment was purchased with cash. 1 4 , 0
ACCT Final Project Part Adjusting Entries
Additional information
Equipment was purchased with cash.
Equipment costing was sold
Accumulated depreciation
Gain on sale
Cash dividend declared
All other charges were for cash
Add more adjustments
Requirements:
Make the appropriate adjusting entries
From the adjusted trail balance do the required financial statements:
MultiStep Income Statement
Statement of Retained Earnings
Classified Balance Sheet
Statement of Cash Flows either method
Prepare closing entries
Prepare the post closing trial balance
Prepare reversing entries.
Adjustments:
Bad debt is estimated to be a percentage of Accounts Receivable.
Took out a new note for $ on for new equipment.
Bookkeeper has not recorded the note or interest.
Need to bill a client for work performed. Contract was for $ shirts at $ per shirt. Shipped shirts.
Discovered when we took a physical count we had shrinkage of $
Depreciation
Building straight line for years no residual value on original building.
New addition estimated to be for years no residual value.
Depreciation equipment
Old equipment of cost
New equipment of cost the first year
Income tax rate
TriArea Inc. has employee that earns $ each week.
The company has employees with a weekly income of $
The year ends on Tuesday.
On December th of this year TriArea factored $ of the accounts receivable.
The factor will keep for returns to be paid in days.
The discount rate is with recourse of $
This was not recorded due to the bookkeeper not sure how to record the entry.
Keep the receivable from the factor as a seperate receivable.
Contract Modification Cummulative CatchUp Method
On October TriArea Inc. entered into a contract to sell units for $$ per shirt to Desk Top Inc. TriArea expected to deliver the units in December and January. On Decemeber th after units were delivered they reduced the price on the remaining units to $ per unit.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started