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%81 Question 1(70 ABC Stores LTD Unadjusted Triw Balance 31 December 2019 Account Debits Credit Cash 55,000 Accounts Receivable 75,000 Alowance for Doubtful Accounts 5,000 Prepaid Insurance 35,000 Merchandise Inventory 100,000 Equipment 40,000 Accumulated Depreciation Equipment Building 300,000 Accumond Depreciation Building 30,000 Land 500,000 Mortgage Payable 200,000 Accounts Payable 110,000 Common Stock 415,000 Retained Eamings (As of 1 Jan. 2019 140,000 Swes 450,000 Sales Retums and Allowances 25,000 Sales Discounts 5,000 Cost of Goods Sold 120,000 Salary & Wage Expense 60,000 Utility Expense 30,000 Supplies Expense 12,000 Total $ 1,358,000 $ 1,358,000 Transactions 1. ABC Stores LTD purchased merchandise on account from suppler D $40,000, terms 210, w30 2. ABC Stores LTD sold merchandise on account $30,000, terms 1/10./30. The cost of the merchandise sold was $20,000 3. ABC Store LTD received collections in fulles discounts, from customers bied on sales of $30.000 an transaction 2. 4. ABC Stores LTD paid the supplier inful less discount 5. Aging schedule for ABC Stores is presented below. Nerter Days Pat: Due NY Tot Dan 31-60 BER JO 7500 15.000 25 DO 15.000 Total EN Perceg To At Dec 31, 2019, unadjusted balance in Alowance for Doubtful Accounts is a credit of $5,000 8. The equipment has no salvage value and a useful ife 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 apples dedining balance method for the equipment and straight-ine method for the bulding 7. ABC Stores LTD issued an $200.000,8%.8-year Mortgage note on December 31, 2018 with equal annual payments. Journalise the first installment payment cocurred on December 31, 2018 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 rates 206. 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 classifed statement of financial position as of December 31, 2018.(7086) Lis of accounts to be used List of accounts to be used Cash, Accounts Receivable, Allowance for Doubtful Accounts, Prepaid Insurance, Merchandise Inventory, Equipment, Accumulated Depreciation-Equipment, Building, Accumulated Depreciation - Building, Land, Mortgage Payable, Accounts Payable, Accrued Expense, Corporate Tax Payable, Common Stock, Retained Earnings, Sales, Sales Returns and Allowances, Sales Discounts, Cost of Goods Sold, Salary & Wage Expense, Utility Expense, Supplies Expense, Bad Debt Expense, Depreciation Expense, Interest Expense, Insurance Expense, Rent Expense, Corporate Tax Expense %81 Question 1(70 ABC Stores LTD Unadjusted Triw Balance 31 December 2019 Account Debits Credit Cash 55,000 Accounts Receivable 75,000 Alowance for Doubtful Accounts 5,000 Prepaid Insurance 35,000 Merchandise Inventory 100,000 Equipment 40,000 Accumulated Depreciation Equipment Building 300,000 Accumond Depreciation Building 30,000 Land 500,000 Mortgage Payable 200,000 Accounts Payable 110,000 Common Stock 415,000 Retained Eamings (As of 1 Jan. 2019 140,000 Swes 450,000 Sales Retums and Allowances 25,000 Sales Discounts 5,000 Cost of Goods Sold 120,000 Salary & Wage Expense 60,000 Utility Expense 30,000 Supplies Expense 12,000 Total $ 1,358,000 $ 1,358,000 Transactions 1. ABC Stores LTD purchased merchandise on account from suppler D $40,000, terms 210, w30 2. ABC Stores LTD sold merchandise on account $30,000, terms 1/10./30. The cost of the merchandise sold was $20,000 3. ABC Store LTD received collections in fulles discounts, from customers bied on sales of $30.000 an transaction 2. 4. ABC Stores LTD paid the supplier inful less discount 5. Aging schedule for ABC Stores is presented below. Nerter Days Pat: Due NY Tot Dan 31-60 BER JO 7500 15.000 25 DO 15.000 Total EN Perceg To At Dec 31, 2019, unadjusted balance in Alowance for Doubtful Accounts is a credit of $5,000 8. The equipment has no salvage value and a useful ife 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 apples dedining balance method for the equipment and straight-ine method for the bulding 7. ABC Stores LTD issued an $200.000,8%.8-year Mortgage note on December 31, 2018 with equal annual payments. Journalise the first installment payment cocurred on December 31, 2018 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 rates 206. 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 classifed statement of financial position as of December 31, 2018.(7086) Lis of accounts to be used List of accounts to be used Cash, Accounts Receivable, Allowance for Doubtful Accounts, Prepaid Insurance, Merchandise Inventory, Equipment, Accumulated Depreciation-Equipment, Building, Accumulated Depreciation - Building, Land, Mortgage Payable, Accounts Payable, Accrued Expense, Corporate Tax Payable, Common Stock, Retained Earnings, Sales, Sales Returns and Allowances, Sales Discounts, Cost of Goods Sold, Salary & Wage Expense, Utility Expense, Supplies Expense, Bad Debt Expense, Depreciation Expense, Interest Expense, Insurance Expense, Rent Expense, Corporate Tax Expense