asap

1. ABC Stores LTD purchased merchandise on account from supplier D $40,000, terms 2/10, n/30 2. ABC Stores LTD sold merchandise on account $30,000, terms 1/10, n/30. The cost of the merchandise sold was $20,000. 3. ABC Stores LTD received collections in full, less discounts, from customers billed on sales of $30,000 on transaction 2. 4. ABC Stores LTD paid the supplier D in full, less discount. 5. Aging schedule for ABC Stores is presented below. At Dec. 31, 2019, unadjusted balance in Allowance for Doubtful Accounts is a credit of $5,000.

6. The equipment has no salvage value and a useful life of 10 years. The building has a useful life of 10 years with no salvage value. Both the equipment and building were purchased on January 1, 2018. There has been no adjustment to account for depreciation for the current year of 2019. ABC Stores LTD applies declining-balance method for the equipment and straight-line method for the building. 7. ABC Stores LTD issued an $200,000, 6%, 6-year mortgage note on December 31, 2018 with equal annual payments. Journalize the first installment payment occurred on December 31, 2019. 8. Prepaid insurance is a 1-year policy starting December 1, 2019. 9. Rent of $30,000 were unrecorded and unpaid as of 31 December, 2019. 10. Corporate tax rate is 20%. Calculate corporate tax provision expense. Required: a) Open ledger accounts and journalize the transactions. (50%) b) Prepare adjusted trial balance and multiple-step income statement for the period ended December 31, 2019. (10%) c) Prepare a classified statement of financial position as of December 31, 2019. (10%)

Question 1(70% ABC Stores LTD Unadjusted Triw Balance 31 December 2019 5.000 Account Cash Accounts Poslable Alowance for Doubtful Accounts Prepaid Insurance Merchandise inventory Equipment Accumuland Depreciation Equipment Building Accumulated Depreciation Building Land Mortgage Payable Accounts Payabile Common Stock Retained Eamings (As of 1 Jan 2019) Swes Sales Reums and Allowances Sales Discounts Cost of Goods Sold Salary & Wage Expense Utility Expense Supplies Expanse Total Debit s Credit 55,000 75,000 35,000 100,000 40,000 8,000 300,000 30,000 500,000 200,000 110,000 415,000 140,000 450,000 25.000 5,000 120,000 60,000 30,000 12,000 1,358,000 $ 1,358,000 Transaction 1. ABC Stores LTD purchased merchandise on account from suppler D 540,000, terms 2010, 030 2. ABC Store LTD sold merchandise on account $30,000, torms 1/10, 1/30. The cost of the merchandise sold was $20,000 3. ABC Store LTD received collections in less discounts, from customers bied on sales of $30,000 on transaction 2. 4. ABC Stores LTD paid the supplier Dinless discount 5. Aging schedule for ABC Stores is presented below Nerber Daya Due Dust To DO 500C NY WEEK F 5.000 TO JE 15.000 15,00 5,000 25.00 15,000 Total Card At Dec 31, 2019, unadjusted balance in Alowance for Doubtful Accounts is a credit of $5,000 6. The equipment has no salvage value and a useful life of 10 years. The building has a Useful Ife of 10 years with no salvage value. Both the equipment and building were purchased on January 1, 2018. There has been no adjustment to account for depreciation for the current year of 2019. ABC Stores LTD apples declining balance method for the equipment and straight-line method for the building 7. ABC Stores LTD issued an $200,000,6%, 8-year mortgage note on December 31, 2018 with equal atual payments Joumaise the first installment payment ocurred on December 31, 2019 8. Prepaid insurance is a 1-year policy starting December 1, 2019 9. Rent of $30,000 were un recorded and unpaid as of 31 December, 2019 10. Corporate tax rates 20%. Calculate corporate tax provision expense Required: a) Open ledger accounts and joumalize the transactions. (50%) b) Prepare adjusted trial balance and multiple-step income statement for the period ended December 31, 2019. (10) c) Prepare a classified statement of financial position as of December 31, 2018. (10%) Transactions 1. ABC Stores LTD purchased merchandise on account from supplier D $40,000, terms 2/10, n/30 2. ABC Stores LTD sold merchandise on account $30,000, terms 1/10, 1/30. The cost of the merchandise sold was $20,000 3. ABC Stores LTD received collections in full, less discounts, from customers billed on sales of $30,000 on transaction 2. 4. ABC Stores LTD paid the supplier D in full less discount. 5. Aging schedule for ABC Stores is presented below. Number of Days Post Due Not Yet Customer Total Due 1.30 31-60 61.90 Over 90 50.000 10,000 10,000 25,000 5,000 Y 15.000 5,000 5,0001 5,000 Z 10,000 10,000 Total 75,000 15,000 15,000 5,000 25,000 15,000 Estimated Percentage uncollectible 4% 10% 60% Total Estimated Bad Debts 2 At Dec. 31, 2019, unadjusted balance in Allowance for Doubtful Accounts is a credit of $5,000 8% 12 Question 1(70% ABC Stores LTD Unadjusted Triw Balance 31 December 2019 5.000 Account Cash Accounts Poslable Alowance for Doubtful Accounts Prepaid Insurance Merchandise inventory Equipment Accumuland Depreciation Equipment Building Accumulated Depreciation Building Land Mortgage Payable Accounts Payabile Common Stock Retained Eamings (As of 1 Jan 2019) Swes Sales Reums and Allowances Sales Discounts Cost of Goods Sold Salary & Wage Expense Utility Expense Supplies Expanse Total Debit s Credit 55,000 75,000 35,000 100,000 40,000 8,000 300,000 30,000 500,000 200,000 110,000 415,000 140,000 450,000 25.000 5,000 120,000 60,000 30,000 12,000 1,358,000 $ 1,358,000 Transaction 1. ABC Stores LTD purchased merchandise on account from suppler D 540,000, terms 2010, 030 2. ABC Store LTD sold merchandise on account $30,000, torms 1/10, 1/30. The cost of the merchandise sold was $20,000 3. ABC Store LTD received collections in less discounts, from customers bied on sales of $30,000 on transaction 2. 4. ABC Stores LTD paid the supplier Dinless discount 5. Aging schedule for ABC Stores is presented below Nerber Daya Due Dust To DO 500C NY WEEK F 5.000 TO JE 15.000 15,00 5,000 25.00 15,000 Total Card At Dec 31, 2019, unadjusted balance in Alowance for Doubtful Accounts is a credit of $5,000 6. The equipment has no salvage value and a useful life of 10 years. The building has a Useful Ife of 10 years with no salvage value. Both the equipment and building were purchased on January 1, 2018. There has been no adjustment to account for depreciation for the current year of 2019. ABC Stores LTD apples declining balance method for the equipment and straight-line method for the building 7. ABC Stores LTD issued an $200,000,6%, 8-year mortgage note on December 31, 2018 with equal atual payments Joumaise the first installment payment ocurred on December 31, 2019 8. Prepaid insurance is a 1-year policy starting December 1, 2019 9. Rent of $30,000 were un recorded and unpaid as of 31 December, 2019 10. Corporate tax rates 20%. Calculate corporate tax provision expense Required: a) Open ledger accounts and joumalize the transactions. (50%) b) Prepare adjusted trial balance and multiple-step income statement for the period ended December 31, 2019. (10) c) Prepare a classified statement of financial position as of December 31, 2018. (10%) Transactions 1. ABC Stores LTD purchased merchandise on account from supplier D $40,000, terms 2/10, n/30 2. ABC Stores LTD sold merchandise on account $30,000, terms 1/10, 1/30. The cost of the merchandise sold was $20,000 3. ABC Stores LTD received collections in full, less discounts, from customers billed on sales of $30,000 on transaction 2. 4. ABC Stores LTD paid the supplier D in full less discount. 5. Aging schedule for ABC Stores is presented below. Number of Days Post Due Not Yet Customer Total Due 1.30 31-60 61.90 Over 90 50.000 10,000 10,000 25,000 5,000 Y 15.000 5,000 5,0001 5,000 Z 10,000 10,000 Total 75,000 15,000 15,000 5,000 25,000 15,000 Estimated Percentage uncollectible 4% 10% 60% Total Estimated Bad Debts 2 At Dec. 31, 2019, unadjusted balance in Allowance for Doubtful Accounts is a credit of $5,000 8% 12