AutoSave or OFF APvc ... Comprehensive Excel Assignment Insert Home - Draw Page Layout Formulas Data Review View Tell me Share Comments X LE Arial v 12 ~ AL A h Wran Text General H H 2 v Pastc B I U Av Merge & Center % ob Insert Delete Format Conditional Format Cell Formatting as Table Styles Sort & Filter Find & Select Analyze Data V A1 fx T A C D E G H 1 1 J K M N R S T w W X Y 2 Z Dr. Strange Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the folowing wore the Account balances of Dr Strange Corporation 2 Cash Accounts Receivables Invertory 750 units Van Furniture & Future Debits 75750 30000 142500 87500 22500 Credits Allowance for Doubtful Accounts 4500 Accumuktad Depreciation (Van) 60000 Accumulated Depreciation Fumiture & Fixtures) 7500 Accounts Payable 18750 Common Shares 30000 Relaine Eaming 217500 Total Credits 330250 Total Debits 338250 7 8 9 10 11 12 19 14 15 16 17 18 19 20 21 22 23 24 26 20 27 28 28 30 31 32 99 34 35 36 37 38 39 40 41 42 During May 2022, the following transactions took place May 1: Bought 300 desktop printers for $300 cach on account May 1: Bought A van praying 510500 cash As A down payment and signed a 7 manth $27500 6x mots payable for the balance. The company paid $675 to have to company logo painted on the side of the van. The residual value is $12000. The old van was sold for $9000; it cost SA7500 and accurated Action up to the date of disposal WAR SACOON May 10: Sot 150 printers to Red Skull Inc. or account May 12: Hanner Industries agreed to sign a 80-lay not receivable to replace a 31650 Acounts receivable due that day. The interest rate on the note is 15%. May 20: Sou 11 printers to Thanos Inc. using a VISA card to pay for the transaction. A 8.75% verrice feu is charged by VISA May 22: Sou 142.5 printere to Wanda Maximoff Public School on account. May 24: Returned for credit caregee printers from Feed Shul Inc. og 3315 Hach. May 28: Received payment in full from Red Skull Inc for the balance owing May 28: Wrote of an uncolatable 3000 of counts receivabe May 29: Paid accounts payable, $17250 May 30: Reswered an Account ARIADNA that was written alf in April 5900 un May 31: Pad operating expenses totaling $6825 May 31: Recorded depreciation on the main and the fumiture & Reture. The company sa straight-ine capreciation for the van. The wan la estimated to be used for 7 years. The furniture & fixtures are deprecated using the straight-ne method over years. There is no residual value on the fumiture and fixtures. May 31: Recorded interest on the nato payable. May 31: Recorded interest on the notes receivabic Studio May 31: The company records the bad debt cxpense based on the eging of accounts receivables, which tolons Number of Days Outstandina 0-30 days 31-80 day 61-80 days 90+ days Accounts Receivable $40500 321000 $7500 $1575 $ Esenated Percentage Uncolectable 38 786 % 15% 30% % % Other Information: 1) The veling price for each of the prior is $875. 2; Dr. Strange Corporation uses the FIFO method under the perpetual inventory wyelerribo account for inventory. 3) in the past, Dr. Strange Corporation has used the following securits on their francial statements Bad Debt Expense, Cost of Goods Sold, Credit Card Fee Depreciation Expenso, Gain on Sale, Intamat Expenso, Interest Payable, Interest Recetable, interest Revenue Loss on Sale, Noles Payable, Notes Receivable, Operating Expenses, Sales Relums, Sales Reverus. Not al accounts have been used east period 44 45 40 Instructions O Problem Answer + Ready 95% AutoSave OFF APvc ... Comprehensive Excel Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial X [G v 12 v A A h Wran Text General H 27 Peste B 1 A Merge & Center SB Insert Delete Format $ Sort & Conditional Format Cell Formatting as Table Styles Filter Find & Select Analyze Data A1 fx T B 0 c D E F G . 1 J L M N reu, Depreciauuri expense, Gain Un Sale, MerSL Experise, nerest Payable, interest Receivable, interest Revenue, LUSS On Sale, NUUS Payable, INULOS Receivable, Operating Expenses, Sales Retums, Sales Revenue. Not all accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2022. Place your answer under "Requirement 1" in the 'Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement 2" in the "Answer" tab. Place your account titles in column H, debits in column land credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Statement for the month of May 2022. Ignore income taxes. Place your answer under "Requirement 3" in the "Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2022. Place your answer under "Requirement 4" in the "Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 5) Assume Dr. Strange Corporation overstated its ending inventory by $2250. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year. Place your answer under "Requirement 5" in the "Answer' tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Dr. Strange Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $900 is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement 6" in the 'Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 68 69 70 Instructions Problem Answer + Ready 169% AutoSave or OFF APvc ... Comprehensive Excel Assignment Insert Home - Draw Page Layout Formulas Data Review View Tell me Share Comments X LE Arial v 12 ~ AL A h Wran Text General H H 2 v Pastc B I U Av Merge & Center % ob Insert Delete Format Conditional Format Cell Formatting as Table Styles Sort & Filter Find & Select Analyze Data V A1 fx T A C D E G H 1 1 J K M N R S T w W X Y 2 Z Dr. Strange Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the folowing wore the Account balances of Dr Strange Corporation 2 Cash Accounts Receivables Invertory 750 units Van Furniture & Future Debits 75750 30000 142500 87500 22500 Credits Allowance for Doubtful Accounts 4500 Accumuktad Depreciation (Van) 60000 Accumulated Depreciation Fumiture & Fixtures) 7500 Accounts Payable 18750 Common Shares 30000 Relaine Eaming 217500 Total Credits 330250 Total Debits 338250 7 8 9 10 11 12 19 14 15 16 17 18 19 20 21 22 23 24 26 20 27 28 28 30 31 32 99 34 35 36 37 38 39 40 41 42 During May 2022, the following transactions took place May 1: Bought 300 desktop printers for $300 cach on account May 1: Bought A van praying 510500 cash As A down payment and signed a 7 manth $27500 6x mots payable for the balance. The company paid $675 to have to company logo painted on the side of the van. The residual value is $12000. The old van was sold for $9000; it cost SA7500 and accurated Action up to the date of disposal WAR SACOON May 10: Sot 150 printers to Red Skull Inc. or account May 12: Hanner Industries agreed to sign a 80-lay not receivable to replace a 31650 Acounts receivable due that day. The interest rate on the note is 15%. May 20: Sou 11 printers to Thanos Inc. using a VISA card to pay for the transaction. A 8.75% verrice feu is charged by VISA May 22: Sou 142.5 printere to Wanda Maximoff Public School on account. May 24: Returned for credit caregee printers from Feed Shul Inc. og 3315 Hach. May 28: Received payment in full from Red Skull Inc for the balance owing May 28: Wrote of an uncolatable 3000 of counts receivabe May 29: Paid accounts payable, $17250 May 30: Reswered an Account ARIADNA that was written alf in April 5900 un May 31: Pad operating expenses totaling $6825 May 31: Recorded depreciation on the main and the fumiture & Reture. The company sa straight-ine capreciation for the van. The wan la estimated to be used for 7 years. The furniture & fixtures are deprecated using the straight-ne method over years. There is no residual value on the fumiture and fixtures. May 31: Recorded interest on the nato payable. May 31: Recorded interest on the notes receivabic Studio May 31: The company records the bad debt cxpense based on the eging of accounts receivables, which tolons Number of Days Outstandina 0-30 days 31-80 day 61-80 days 90+ days Accounts Receivable $40500 321000 $7500 $1575 $ Esenated Percentage Uncolectable 38 786 % 15% 30% % % Other Information: 1) The veling price for each of the prior is $875. 2; Dr. Strange Corporation uses the FIFO method under the perpetual inventory wyelerribo account for inventory. 3) in the past, Dr. Strange Corporation has used the following securits on their francial statements Bad Debt Expense, Cost of Goods Sold, Credit Card Fee Depreciation Expenso, Gain on Sale, Intamat Expenso, Interest Payable, Interest Recetable, interest Revenue Loss on Sale, Noles Payable, Notes Receivable, Operating Expenses, Sales Relums, Sales Reverus. Not al accounts have been used east period 44 45 40 Instructions O Problem Answer + Ready 95% AutoSave OFF APvc ... Comprehensive Excel Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial X [G v 12 v A A h Wran Text General H 27 Peste B 1 A Merge & Center SB Insert Delete Format $ Sort & Conditional Format Cell Formatting as Table Styles Filter Find & Select Analyze Data A1 fx T B 0 c D E F G . 1 J L M N reu, Depreciauuri expense, Gain Un Sale, MerSL Experise, nerest Payable, interest Receivable, interest Revenue, LUSS On Sale, NUUS Payable, INULOS Receivable, Operating Expenses, Sales Retums, Sales Revenue. Not all accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2022. Place your answer under "Requirement 1" in the 'Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement 2" in the "Answer" tab. Place your account titles in column H, debits in column land credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Statement for the month of May 2022. Ignore income taxes. Place your answer under "Requirement 3" in the "Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2022. Place your answer under "Requirement 4" in the "Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 5) Assume Dr. Strange Corporation overstated its ending inventory by $2250. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year. Place your answer under "Requirement 5" in the "Answer' tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Dr. Strange Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $900 is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement 6" in the 'Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 68 69 70 Instructions Problem Answer + Ready 169%