based on the first photos fill out the statement of stockholders equity. I think this is enough information but if not let me know

ACME Distribution, Inc. December 31, 2016 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adiusting Journal entries use the account titles from the trial balance of the general ledger Post each of the entries below to the trial balance and calculate the adjusted account balances. 1) A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below. 18000/12.9=13500 Account description Insurance Debit Credit prepaid insurance experne 13500 Post the above entry to the trial balance in the adjustment columns 13500 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). 5ap.$.925 Debit Account description salaries expense Salaries payable Credit 4625 4625 Post the above entry to the trial balance in the adjustment columns. ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 3) The company takes a physical Inventory count at the end of the year and adjust their inventory and cost of goods sold there is a difference between the inventory value determined from the actual count compared to the value peneral ledger. The information below includes the number of units counted in inventory at the end of the year and the purchases of inventory during the month Number of units held in the company's inventory at 1231 2016 based on a count of the inventory was 18,841 A listing of purchases during the month of December are as follows 18841 6500 Quantity Total 40 Dale Purchased Cost Cost December 5, 2016 050-3 4041 375 December 14, 2016 58.875 0,500 $ December 21, 2016 4.00 $ 26.000 7.500 5 4 50 33.750 Unit $ 7500 14000 $ The company uses FIFO to account for its inventory cost. What is the cost of the company's ending inventory (round answer to nearest dollar and show your calculation below for full credit)? 7500 33,750 4500 26,000 4540 7A03.75 18153.75 77904 The balance in inventory per the unadjusted trial balance before making any adjustments is $79.327 What is the amount of the December 31 adjustment to inventory cost (show your calculation below for full credit) 1424 79 327 - 14123.75 Complete below the adjusting journal entry necessary for inventory Account description Debit Credit Inventory cous 1424 1424) Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 4) The company has estimated based on historical information, that 4.5% of its accounts receivable will ultimately not De collected. Therefore, they provide an allowance for bad debts at that level Calculate the appropriate amount for the allowance at December 31, 2016. Accounts receivable balance per the unadjusted trial balance $ 42.400 Estimated allowance amount (Round answer to the nearest dollar and show your calculation below for full credit). 42400. 045=1906 Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit). 1908 1908 42400. 045 Complete below the adjusting journal entry necessary for the allowance for bad debts. Account description Debit Credit bad dexot expense 1908 Jallowance for bad 1966 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 6) on July 31, 2016 the company purchased now warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset i estimated to have a useful We of 8 years and a salvage value of $5,000 What is the depreciation expense for 2016 using the straight line method? (Round answer to the nearest dollar and show your calculation below for full credit) 2344 ( 50000 - 5000/8=5625 5625.5/12-2343.75 511204166 Complete below the adjusting journal entry necessary for depreciation Account description Det Credit deprecation experte Lact, depreciation equipment 234T 2344 Post the above entry to the trial balance in the adjustment columns ACME Distribution December 31, 2016 Adjusting Entries Continued The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The band has contractual interest rate of 6.8% and was based at par. The bond matures is 10 years and pays interest on July 31 and January 31 each year. What is the amount of interest to be accrued at December 31, 2017 Round answer to nearest dollar and show your calculation below for full credit 2125 (75000. 065). 5/12 =2125 Complete below the adjusting journal entry necessary for accrued interest Account description Interest expense Interest payable Credit Debit 21045 Post the above entry to the trial balance in the adjustment columns 2125 ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31, 2016 2015 Revenue: Sales Less: Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit 607.480 1.430 620 605,380 461,200 144,180 1424 Operating expenses: Depreciation expense-Office equipment Depreciation expense--Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense 2349 1904 4625 13500 1,200 2.500 640 48,000 18,060 24,000 15.900 13,000 123,300 Total operating expense Income from operations 20,880 Other expense--Interest 2125 0 Net income $ $ 20,880 ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2016 and 2015 Balance, January 1, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2016 Additional Common Stock Paid-in Retained Shares Amount Capital Earnings 100 $ 1,000 $ 500 $ 153,530 $ 20 200 400 20,880 12,000 120 1,200 162.410 Total 155,030 600 20,880 12,000 164.510 900 ACME Distribution, Inc. December 31, 2016 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adiusting Journal entries use the account titles from the trial balance of the general ledger Post each of the entries below to the trial balance and calculate the adjusted account balances. 1) A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below. 18000/12.9=13500 Account description Insurance Debit Credit prepaid insurance experne 13500 Post the above entry to the trial balance in the adjustment columns 13500 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). 5ap.$.925 Debit Account description salaries expense Salaries payable Credit 4625 4625 Post the above entry to the trial balance in the adjustment columns. ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 3) The company takes a physical Inventory count at the end of the year and adjust their inventory and cost of goods sold there is a difference between the inventory value determined from the actual count compared to the value peneral ledger. The information below includes the number of units counted in inventory at the end of the year and the purchases of inventory during the month Number of units held in the company's inventory at 1231 2016 based on a count of the inventory was 18,841 A listing of purchases during the month of December are as follows 18841 6500 Quantity Total 40 Dale Purchased Cost Cost December 5, 2016 050-3 4041 375 December 14, 2016 58.875 0,500 $ December 21, 2016 4.00 $ 26.000 7.500 5 4 50 33.750 Unit $ 7500 14000 $ The company uses FIFO to account for its inventory cost. What is the cost of the company's ending inventory (round answer to nearest dollar and show your calculation below for full credit)? 7500 33,750 4500 26,000 4540 7A03.75 18153.75 77904 The balance in inventory per the unadjusted trial balance before making any adjustments is $79.327 What is the amount of the December 31 adjustment to inventory cost (show your calculation below for full credit) 1424 79 327 - 14123.75 Complete below the adjusting journal entry necessary for inventory Account description Debit Credit Inventory cous 1424 1424) Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 4) The company has estimated based on historical information, that 4.5% of its accounts receivable will ultimately not De collected. Therefore, they provide an allowance for bad debts at that level Calculate the appropriate amount for the allowance at December 31, 2016. Accounts receivable balance per the unadjusted trial balance $ 42.400 Estimated allowance amount (Round answer to the nearest dollar and show your calculation below for full credit). 42400. 045=1906 Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit). 1908 1908 42400. 045 Complete below the adjusting journal entry necessary for the allowance for bad debts. Account description Debit Credit bad dexot expense 1908 Jallowance for bad 1966 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 6) on July 31, 2016 the company purchased now warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset i estimated to have a useful We of 8 years and a salvage value of $5,000 What is the depreciation expense for 2016 using the straight line method? (Round answer to the nearest dollar and show your calculation below for full credit) 2344 ( 50000 - 5000/8=5625 5625.5/12-2343.75 511204166 Complete below the adjusting journal entry necessary for depreciation Account description Det Credit deprecation experte Lact, depreciation equipment 234T 2344 Post the above entry to the trial balance in the adjustment columns ACME Distribution December 31, 2016 Adjusting Entries Continued The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The band has contractual interest rate of 6.8% and was based at par. The bond matures is 10 years and pays interest on July 31 and January 31 each year. What is the amount of interest to be accrued at December 31, 2017 Round answer to nearest dollar and show your calculation below for full credit 2125 (75000. 065). 5/12 =2125 Complete below the adjusting journal entry necessary for accrued interest Account description Interest expense Interest payable Credit Debit 21045 Post the above entry to the trial balance in the adjustment columns 2125 ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31, 2016 2015 Revenue: Sales Less: Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit 607.480 1.430 620 605,380 461,200 144,180 1424 Operating expenses: Depreciation expense-Office equipment Depreciation expense--Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense 2349 1904 4625 13500 1,200 2.500 640 48,000 18,060 24,000 15.900 13,000 123,300 Total operating expense Income from operations 20,880 Other expense--Interest 2125 0 Net income $ $ 20,880 ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2016 and 2015 Balance, January 1, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2016 Additional Common Stock Paid-in Retained Shares Amount Capital Earnings 100 $ 1,000 $ 500 $ 153,530 $ 20 200 400 20,880 12,000 120 1,200 162.410 Total 155,030 600 20,880 12,000 164.510 900