based on the first photos please fill out the balance sheet in the last photo

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 adjusting journal entries, use the account titles from the trial balance or 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 experse Debit Credit 13500 Prepaid insurance 13500 Post the above entry to the trial balance in the adjustment columns 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). 5 dag. $925 Credit Account description salaries expense salaries payable Debit 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 the inventory and cost of good old w there is a difference between the inventory value determined from the actual count compared to the value in the 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 12012016 based on a count of the inventory was 18,341 unit A listing of purchases during the month of December are as follows: 6820 Quantity 74090 Unit Total Date Purchased December 5. 2016 157003 3.75 $ 58.875 December 14, 2016 6,500 $ 4.00 $ 26.000 December 21, 2016 7.500 5 $ 18841 Cost Cost 7500 H000 4.50 33.750 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 6500 - 26000 4841 18,153.75 7703.75 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 -77903 1423.75 Complete below the adjusting journal entry necessary for inventory Account description Debit Inventory Credit 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=1900 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 allowance for bad 1966 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 5) on July 1, 2016 the company purchased now warehousement in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset is 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 straighine method? (Round answer to the nearest dollar and show your calculation below for full credit) 2344 (50000 50pco -5000/8=5625 i= 5625.5/12-2343,75 5112=0,4166 Complete below the adjusting journal entry necessary for depreciation Account description Credit depreciation experte Lact, depreciation equipment Det 23-12T 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 sued at par. The bond matures in 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. 068), 5/12 =2125 Complete below the adjusting journal entry necessary for accrued interest Account description Credit Interest payable Debit 21045 Post the above entry to the trial balance in the adjustment columns 2125 ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31, 2016 2015 Liabilities Current liabilities Accounts payable Salaries payable Interest payable Dividends payable Unearned revenue Total current liabilities 14,550 470 0 15,020 Long-term liability Bond payable Total liabilities 15,020 Stockholders' Equity Common stock, $10 par value, 100,000 shares authorized, 170 and 120 shares issued and outstanding Additional paid-in capital Retained earnings Total equity 1,200 900 162.410 164,510 179,530 Total liabilities and equity