ADDITIONAL INFORMATION Dividends declared and paid 25000 Equipment was sold for 8,500, it was bought for 18,000 and had a book value of 8,500 when sold All sales are credit sales 10 In the space below, create the Cash Flow Statement for 2011 You are the accountant for Security Software. The month just ended 1/31/2002. Create journal entries for the following: 11. During the month software sales were 50,000, all on account, and sales tax is 8.5% in addition to that amount. Describe the above with a journal entry: Account Debit Credit 12. On Feb 15th you send this sales tax from number 11 to the state. Make the Journal Account Debit Credit 13. Customers also were invoiced $12,000 for 1 year maintenance contracts. Describe the transaction. (there is no sales tax on this) Account Debit Credit 14. The month's payroll, paid on 1/31 needs to be recorded. Total payroll is $20,000 4,000 is withheld for federal taxes, 1,000 for state taxes, and 7.65% is withheld for FICA tax. Account Debit Credit 15. On 10/31/2011 The company takes out a $120,000 bank loan and signs a 4 year note at 8% interest paid every 3 months. Make Journals for the following a. 10/31/2011 - record the loan b. 12/31/2011 - year end needs to have everything accurate including interest liabilities c 1/31/2012 - it has been 3 months Date Account Debit Credit Given the following Trial Balance for Year Ended 2019 Trial Balance Debit Credit Cash 27,000.00 Accounts Receivable 5,000.00 Prepaid Insurance 2,000.00 Inventory 400.00 Computer Eauipment 8,500.00 Accumulated Depreciation 275.00 Long term Investments 7,500.00 Accounts Payable 17,500.00 Salary Payable 1,000.00 Uneamed Revenue 700.00 Long term Loan Payable 540.00 Common stock 17,500.00 Retained earnings (beginning) 11,250.00 Dividends 3,200.00 Sales/Revenue 9,000.00 Cost of Goods Sold 1,000.00 Salary Expense 1,600.00 Advertising Expense 750.00 Insurance Expense 540.00 Depreciation Expense 275.00 Totals 57.765.00 57.765.00 16 Create the Multi step Income Satement below 17 Create the Statement of Retained Earnings ADDITIONAL INFORMATION Dividends declared and paid 25000 Equipment was sold for 8,500, it was bought for 18,000 and had a book value of 8,500 when sold All sales are credit sales 10 In the space below, create the Cash Flow Statement for 2011 You are the accountant for Security Software. The month just ended 1/31/2002. Create journal entries for the following: 11. During the month software sales were 50,000, all on account, and sales tax is 8.5% in addition to that amount. Describe the above with a journal entry: Account Debit Credit 12. On Feb 15th you send this sales tax from number 11 to the state. Make the Journal Account Debit Credit 13. Customers also were invoiced $12,000 for 1 year maintenance contracts. Describe the transaction. (there is no sales tax on this) Account Debit Credit 14. The month's payroll, paid on 1/31 needs to be recorded. Total payroll is $20,000 4,000 is withheld for federal taxes, 1,000 for state taxes, and 7.65% is withheld for FICA tax. Account Debit Credit 15. On 10/31/2011 The company takes out a $120,000 bank loan and signs a 4 year note at 8% interest paid every 3 months. Make Journals for the following a. 10/31/2011 - record the loan b. 12/31/2011 - year end needs to have everything accurate including interest liabilities c 1/31/2012 - it has been 3 months Date Account Debit Credit Given the following Trial Balance for Year Ended 2019 Trial Balance Debit Credit Cash 27,000.00 Accounts Receivable 5,000.00 Prepaid Insurance 2,000.00 Inventory 400.00 Computer Eauipment 8,500.00 Accumulated Depreciation 275.00 Long term Investments 7,500.00 Accounts Payable 17,500.00 Salary Payable 1,000.00 Uneamed Revenue 700.00 Long term Loan Payable 540.00 Common stock 17,500.00 Retained earnings (beginning) 11,250.00 Dividends 3,200.00 Sales/Revenue 9,000.00 Cost of Goods Sold 1,000.00 Salary Expense 1,600.00 Advertising Expense 750.00 Insurance Expense 540.00 Depreciation Expense 275.00 Totals 57.765.00 57.765.00 16 Create the Multi step Income Satement below 17 Create the Statement of Retained Earnings