AutoSave OFF HES 5 = Assignment #2 ACC 926 FALL 2020.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share 0 Comments E F G H 1 J L M N o P Q R s R5 4 x y fe #333 A B D 1 ACC926 Assignment on Chapter 3 and 4 2 Assignment Due Date: Wednesday October 21 by 11:59 pm 3 SABRINA CORPORATION UNADJUSTED TRIAL BALANCE DECEMBER 31, 2019 4 NOTE: All revenue, expense, gain and loss figures above are before tax. This company uses a Periodic Inventory system. #333 DEBIT CREDIT ADDITIONAL INFORMATION 36,868 30,300 425,755 1. There was a customer that has gone bankrupt in 2019 and will not pay his $4480 account. This has not been recorde 8,400 Also, Sabrina Corp. uses the allowance method to record Bad Debts based on an estimate of 4% of ending Accounts Re 402.912 30,000 500,000 2. The Office Building is depreciated at a rate of 5% of cost per year. 120,000 5 6 ACCOUNTS 7 8 CASH 9 FV-NI Short Term INVESTMENTS 10 ACCOUNTS RECEIVABLE 11 ALLOWANCE FOR DOUBTFUL ACCOUNTS 12 INVENTORY 12. 13 NOTES RECEIVABLE CONGUE 14 OFFICE BUILDING 15 ACCUMULATED DEPRECIATION (OFFICE BUILDING) 16 OFFICE EQUIPMENT 10. 17 ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) 18 ACCOUNTS PAYABLE 10 WONTON 19 DIVIDENDS PAYABLE VIDEO 20 NOTES PAYABLE 21 PREFERRED STOCK, 30,000 OUTSTANDING ON DECEMBER 31, 2019 22 COMMON STOCK, 100,000 OUTSTANDING ON DEC 31, 2019 CADNIK 23 RETAINED EARNINGS Wire REVENUE 24 SALES REVENUE 25 SALES DISCOUNTS 26 SALES RETURNS AND ALLOWANCES se CA ES DETUD nan 27 PURCHASES 2 DubCUACES DIE 28 PURCHASES DISCOUNTS 29 TRANSPORTATION - IN PALADIES EVO 30 SALARIES EXPENSE 31 RENT EXPENSE 32 INSURANCE EXPENSE 33 SUPPLIES EXPENSE 34 GAIN ON SALE OF ASSETS OF DISCONTINUED DIVISION 35 ADVERTISING EXPENSE 36 OPERATING LOSS ON DISCONTINUED DIVISION 37 UTILITIES EXPENSE 38 CASH DIVIDENDS DECLARED -Preferred Dividends 39 CASH DIVIDENDS DECLARED-Common Dividends 40 TOTAL 41 42 43 NOTE: All revenue, expense, gain and loss figures above are before tax. 44 This company uses a Periodic Inventory system. UNADJUSTED TRIAL BALANCE + 280,000 The Office Equipment is depreciated straight line and has a residual value of $5,000. It was purchased on March 1, 201 and it is estimated to have a useful life of 6 years. 0 205,258 3. A one year 6% note payable of $60,000 was signed on October 1, 2019. 7,328 60,000 4. On December 1, 2019, a customer signed a 5% note receivable for $30,000 due in 90 days. 100,000 185,000 5. FV-NI Short term investments have a fair market value of $32,300 on December 31, 2019. Investments need to 280,623 be recorded at fair market value at year end and any gain or loss is recorded on the Income Statement 3,590,524 6. The insurance expense includes : Policy A, cost of $12,700, three year term, paid in advance on April 1, 2019 AND Policy B, cost of $3,756, two year term paid in advance on June 1, 2019. 20,571 51,259 2,600,824 35,678 7. The company performed a year end physical count of its inventory as at December 31, 2019. The amount of inventory on hand at December 31, 2019 amounted to $421,200. Inventory is maintained on a PERIODIC basis. Therefore the year end inventory adjustment is required. 25,235 320,523 40,955 16,456 25,673 REQUIRED: 13,650 a. Prepare the Adjusting Journal Entries required for the 2019 fiscal year at December 31, 2019. b. Prepare a detailed multi-step income statement (including detailed EPS presentation) for the year ended Decem Assignment Due Date: Wednesday October 21 by 11:59 pm 18,860 21,998 28,540 29,732 20,000 4,766,461 NOTE: Assume that the tax rate was 30%. . 4,766,461 Also, in 2019 common stock was issued as follows: 20,000 commons shares were issued on April 1 and 30,000 commons shares were issued on August 1. The amount of common stock outstanding at the beginning of the year (January 1, 2019) was 50,000 shares. Enter + 123% AutoSave OFF BESU- Assignment #2 ACC 926 FALL 2020.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share 0 Comments X Arial Insert V . Ai 10 = = ab Wrap Text General V Do 49- o WE s DX Delete v Paste B IU A $ %) Merge & Center .00 00 0 Ideas Conditional Format Formatting as Table Cell Styles Sort & Filter Find & Select Format Sensitivity H 1 J K L M N o P R s T V w X Y 12 4 x fx A B D 1 ACC926 Assignment on Chapter 3 and 4 2 Assignment Due Date: Wednesday October 21 by 11:59 pm 3 EF G SABRINA CORPORATION UNADJUSTED TRIAL BALANCE DECEMBER 31, 2019 4 NOTE: All revenue, expense, gain and loss figures above are before tax. This company uses a Periodic Inventory system. ADDITIONAL INFORMATION 1. There was a customer that has gone bankrupt in 2019 and will not pay his $4480 account. This has not been recorded yet. Also, Sabrina Corp. uses the allowance method to record Bad Debts based on an estimate of 4% of ending Accounts Receivable. 2. The Office Building is depreciated at a rate of 5% of cost per year. The Office Equipment is depreciated straight line and has a residual value of $5,000. It was purchased on March 1, 2019 and it is estimated to have a useful life of 6 years. 3. A one year 6% note payable of $60,000 was signed on October 1, 2019. 4. On December 1, 2019, a customer signed a 5% note receivable for $30,000 due in 90 days. 5. FV-NI Short term investments have a fair market value of $32,300 on December 31, 2019. Investments need to be recorded at fair market value at year end and any gain or loss is recorded on the Income Statement. 5 6 ACCOUNTS DEBIT CREDIT 7 8 CASH 36,868 9 FV-NI Short Term INVESTMENTS 30,300 10 ACCOUNTS RECEIVABLE 425,755 11 ALLOWANCE FOR DOUBTFUL ACCOUNTS 8,400 12 INVENTORY 402,912 13 NOTES RECEIVABLE 30,000 14 OFFICE BUILDING 500,000 15 ACCUMULATED DEPRECIATION (OFFICE BUILDING) 280,000 16 OFFICE EQUIPMENT 120,000 17 ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) 0 18 ACCOUNTS PAYABLE 205,258 19 DIVIDENDS PAYABLE 7,328 20 NOTES PAYABLE 60,000 21 PREFERRED STOCK, 30,000 OUTSTANDING ON DECEMBER 31, 2019 100,000 22 COMMON STOCK, 100,000 OUTSTANDING ON DEC 31, 2019 185,000 23 RETAINED EARNINGS 280,623 24 SALES REVENUE 3,590,524 25 SALES DISCOUNTS 20,571 26 SALES RETURNS AND ALLOWANCES 51,259 27 PURCHASES 2,600,824 28 PURCHASES DISCOUNTS 35,678 29 TRANSPORTATION - IN 25,235 30 SALARIES EXPENSE 320,523 31 RENT EXPENSE 40,955 32 INSURANCE EXPENSE 16,456 33 SUPPLIES EXPENSE 25,673 34 GAIN ON SALE OF ASSETS OF DISCONTINUED DIVISION 13,650 35 ADVERTISING EXPENSE 18,860 36 OPERATING LOSS ON DISCONTINUED DIVISION 21,998 37 UTILITIES EXPENSE 28,540 38 CASH DIVIDENDS DECLARED -Preferred Dividends 29,732 39 CASH DIVIDENDS DECLARED-Common Dividends 20,000 40 TOTAL 4,766,461 4,766,461 41 42 43 NOTE: All revenue, expense, gain and loss figures above are before tax. 44 This company uses a Periodic Inventory system. 45 46 ADDITIONAL INFORMATION 1 47 1 48 1. There was a customer that has gone bankrupt in 2019 and will not pay his $4480 account. This has not been recorded yet. 49 1 50 Ales Cabrina Comene the sunne method in mand Dad Debte haeed on an etimate of of andina Account Daciablo UNADJUSTED TRIAL BALANCE + 6. The insurance expense includes: Policy A, cost of $12,700, three year term, paid in advance on April 1, 2019 AND Policy B, cost of $3,756, two year term paid in advance on June 1, 2019. 7. The company performed a year end physical count of its inventory as at December 31, 2019. The amount of inventory on hand at December 31, 2019 amounted to $421,200. Inventory is maintained on a PERIODIC basis. Therefore the year end inventory adjustment is required. REQUIRED: a. Prepare the Adjusting Journal Entries required for the 2019 fiscal year at December 31, 2019. b. Prepare a detailed multi-step income statement (including detailed EPS presentation) for the year ended December 31, 2019. Assignment Due Date: Wednesday October 21 by 11:59 pm NOTE: Assume that the tax rate was 30%. Also, in 2019 common stock was issued as follows: 20,000 commons shares were issued on April 1 and 30,000 commons shares were issued on August 1. The amount of common stock outstanding at the beginning of the year (January 1, 2019) was 50,000 shares. Select destination and press ENTER or choose Paste + 97% AutoSave OFF HES 5 = Assignment #2 ACC 926 FALL 2020.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share 0 Comments E F G H 1 J L M N o P Q R s R5 4 x y fe #333 A B D 1 ACC926 Assignment on Chapter 3 and 4 2 Assignment Due Date: Wednesday October 21 by 11:59 pm 3 SABRINA CORPORATION UNADJUSTED TRIAL BALANCE DECEMBER 31, 2019 4 NOTE: All revenue, expense, gain and loss figures above are before tax. This company uses a Periodic Inventory system. #333 DEBIT CREDIT ADDITIONAL INFORMATION 36,868 30,300 425,755 1. There was a customer that has gone bankrupt in 2019 and will not pay his $4480 account. This has not been recorde 8,400 Also, Sabrina Corp. uses the allowance method to record Bad Debts based on an estimate of 4% of ending Accounts Re 402.912 30,000 500,000 2. The Office Building is depreciated at a rate of 5% of cost per year. 120,000 5 6 ACCOUNTS 7 8 CASH 9 FV-NI Short Term INVESTMENTS 10 ACCOUNTS RECEIVABLE 11 ALLOWANCE FOR DOUBTFUL ACCOUNTS 12 INVENTORY 12. 13 NOTES RECEIVABLE CONGUE 14 OFFICE BUILDING 15 ACCUMULATED DEPRECIATION (OFFICE BUILDING) 16 OFFICE EQUIPMENT 10. 17 ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) 18 ACCOUNTS PAYABLE 10 WONTON 19 DIVIDENDS PAYABLE VIDEO 20 NOTES PAYABLE 21 PREFERRED STOCK, 30,000 OUTSTANDING ON DECEMBER 31, 2019 22 COMMON STOCK, 100,000 OUTSTANDING ON DEC 31, 2019 CADNIK 23 RETAINED EARNINGS Wire REVENUE 24 SALES REVENUE 25 SALES DISCOUNTS 26 SALES RETURNS AND ALLOWANCES se CA ES DETUD nan 27 PURCHASES 2 DubCUACES DIE 28 PURCHASES DISCOUNTS 29 TRANSPORTATION - IN PALADIES EVO 30 SALARIES EXPENSE 31 RENT EXPENSE 32 INSURANCE EXPENSE 33 SUPPLIES EXPENSE 34 GAIN ON SALE OF ASSETS OF DISCONTINUED DIVISION 35 ADVERTISING EXPENSE 36 OPERATING LOSS ON DISCONTINUED DIVISION 37 UTILITIES EXPENSE 38 CASH DIVIDENDS DECLARED -Preferred Dividends 39 CASH DIVIDENDS DECLARED-Common Dividends 40 TOTAL 41 42 43 NOTE: All revenue, expense, gain and loss figures above are before tax. 44 This company uses a Periodic Inventory system. UNADJUSTED TRIAL BALANCE + 280,000 The Office Equipment is depreciated straight line and has a residual value of $5,000. It was purchased on March 1, 201 and it is estimated to have a useful life of 6 years. 0 205,258 3. A one year 6% note payable of $60,000 was signed on October 1, 2019. 7,328 60,000 4. On December 1, 2019, a customer signed a 5% note receivable for $30,000 due in 90 days. 100,000 185,000 5. FV-NI Short term investments have a fair market value of $32,300 on December 31, 2019. Investments need to 280,623 be recorded at fair market value at year end and any gain or loss is recorded on the Income Statement 3,590,524 6. The insurance expense includes : Policy A, cost of $12,700, three year term, paid in advance on April 1, 2019 AND Policy B, cost of $3,756, two year term paid in advance on June 1, 2019. 20,571 51,259 2,600,824 35,678 7. The company performed a year end physical count of its inventory as at December 31, 2019. The amount of inventory on hand at December 31, 2019 amounted to $421,200. Inventory is maintained on a PERIODIC basis. Therefore the year end inventory adjustment is required. 25,235 320,523 40,955 16,456 25,673 REQUIRED: 13,650 a. Prepare the Adjusting Journal Entries required for the 2019 fiscal year at December 31, 2019. b. Prepare a detailed multi-step income statement (including detailed EPS presentation) for the year ended Decem Assignment Due Date: Wednesday October 21 by 11:59 pm 18,860 21,998 28,540 29,732 20,000 4,766,461 NOTE: Assume that the tax rate was 30%. . 4,766,461 Also, in 2019 common stock was issued as follows: 20,000 commons shares were issued on April 1 and 30,000 commons shares were issued on August 1. The amount of common stock outstanding at the beginning of the year (January 1, 2019) was 50,000 shares. Enter + 123% AutoSave OFF BESU- Assignment #2 ACC 926 FALL 2020.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share 0 Comments X Arial Insert V . Ai 10 = = ab Wrap Text General V Do 49- o WE s DX Delete v Paste B IU A $ %) Merge & Center .00 00 0 Ideas Conditional Format Formatting as Table Cell Styles Sort & Filter Find & Select Format Sensitivity H 1 J K L M N o P R s T V w X Y 12 4 x fx A B D 1 ACC926 Assignment on Chapter 3 and 4 2 Assignment Due Date: Wednesday October 21 by 11:59 pm 3 EF G SABRINA CORPORATION UNADJUSTED TRIAL BALANCE DECEMBER 31, 2019 4 NOTE: All revenue, expense, gain and loss figures above are before tax. This company uses a Periodic Inventory system. ADDITIONAL INFORMATION 1. There was a customer that has gone bankrupt in 2019 and will not pay his $4480 account. This has not been recorded yet. Also, Sabrina Corp. uses the allowance method to record Bad Debts based on an estimate of 4% of ending Accounts Receivable. 2. The Office Building is depreciated at a rate of 5% of cost per year. The Office Equipment is depreciated straight line and has a residual value of $5,000. It was purchased on March 1, 2019 and it is estimated to have a useful life of 6 years. 3. A one year 6% note payable of $60,000 was signed on October 1, 2019. 4. On December 1, 2019, a customer signed a 5% note receivable for $30,000 due in 90 days. 5. FV-NI Short term investments have a fair market value of $32,300 on December 31, 2019. Investments need to be recorded at fair market value at year end and any gain or loss is recorded on the Income Statement. 5 6 ACCOUNTS DEBIT CREDIT 7 8 CASH 36,868 9 FV-NI Short Term INVESTMENTS 30,300 10 ACCOUNTS RECEIVABLE 425,755 11 ALLOWANCE FOR DOUBTFUL ACCOUNTS 8,400 12 INVENTORY 402,912 13 NOTES RECEIVABLE 30,000 14 OFFICE BUILDING 500,000 15 ACCUMULATED DEPRECIATION (OFFICE BUILDING) 280,000 16 OFFICE EQUIPMENT 120,000 17 ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) 0 18 ACCOUNTS PAYABLE 205,258 19 DIVIDENDS PAYABLE 7,328 20 NOTES PAYABLE 60,000 21 PREFERRED STOCK, 30,000 OUTSTANDING ON DECEMBER 31, 2019 100,000 22 COMMON STOCK, 100,000 OUTSTANDING ON DEC 31, 2019 185,000 23 RETAINED EARNINGS 280,623 24 SALES REVENUE 3,590,524 25 SALES DISCOUNTS 20,571 26 SALES RETURNS AND ALLOWANCES 51,259 27 PURCHASES 2,600,824 28 PURCHASES DISCOUNTS 35,678 29 TRANSPORTATION - IN 25,235 30 SALARIES EXPENSE 320,523 31 RENT EXPENSE 40,955 32 INSURANCE EXPENSE 16,456 33 SUPPLIES EXPENSE 25,673 34 GAIN ON SALE OF ASSETS OF DISCONTINUED DIVISION 13,650 35 ADVERTISING EXPENSE 18,860 36 OPERATING LOSS ON DISCONTINUED DIVISION 21,998 37 UTILITIES EXPENSE 28,540 38 CASH DIVIDENDS DECLARED -Preferred Dividends 29,732 39 CASH DIVIDENDS DECLARED-Common Dividends 20,000 40 TOTAL 4,766,461 4,766,461 41 42 43 NOTE: All revenue, expense, gain and loss figures above are before tax. 44 This company uses a Periodic Inventory system. 45 46 ADDITIONAL INFORMATION 1 47 1 48 1. There was a customer that has gone bankrupt in 2019 and will not pay his $4480 account. This has not been recorded yet. 49 1 50 Ales Cabrina Comene the sunne method in mand Dad Debte haeed on an etimate of of andina Account Daciablo UNADJUSTED TRIAL BALANCE + 6. The insurance expense includes: Policy A, cost of $12,700, three year term, paid in advance on April 1, 2019 AND Policy B, cost of $3,756, two year term paid in advance on June 1, 2019. 7. The company performed a year end physical count of its inventory as at December 31, 2019. The amount of inventory on hand at December 31, 2019 amounted to $421,200. Inventory is maintained on a PERIODIC basis. Therefore the year end inventory adjustment is required. REQUIRED: a. Prepare the Adjusting Journal Entries required for the 2019 fiscal year at December 31, 2019. b. Prepare a detailed multi-step income statement (including detailed EPS presentation) for the year ended December 31, 2019. Assignment Due Date: Wednesday October 21 by 11:59 pm NOTE: Assume that the tax rate was 30%. Also, in 2019 common stock was issued as follows: 20,000 commons shares were issued on April 1 and 30,000 commons shares were issued on August 1. The amount of common stock outstanding at the beginning of the year (January 1, 2019) was 50,000 shares. Select destination and press ENTER or choose Paste + 97%