can I get help with these? chapter 9 comprehensive problem 1

In addition to purchasing the franchise, Top Quality Appliance-Long Beach will also purchase land with an existing building to use for its retail store, store fixtures, and office equipment. The business will purchase appliances from TQA and resell them in its store, primarily to local building contractors for installation in new homes Following is the chart of accounts for Top Quality Appliance-Long Beach. As a new business, all beginning balances are $0. Top Quality Appliance-Long Beach Chart of Accounts Cash Petty Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory Office Supplies Prepaid Insurance Interest Receivable Notes Receivable Land Building Accumulated Depreciation-Building Store Fixtures Accumulated Depreciation-Store Fixtures Office Equipment Accumulated Depreciation-Office Equipment Franchise Accounts Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Cost of Goods Sold Franchise Fee Expense Salaries Expense Utilities Expense Insurance Expense Supplies Expense Bad Debt Expense Bank Expense Credit Card Expense Depreciation Expense-Building Depreciation Expense-Store Fixtures Depreciation Expense-Office Equipment Amortization Expense-Franchise Interest Expense Cash Short and Over Top Quality Appliance-Long Beach completed the following transactions during 2018, Interest Receivable Notes Receivable Land Building Accumulated Depreciation-Building Store Fixtures Accumulated Depreciation-Store Fixtures Credit Card Expense Office Equipment Accumulated Depreciation-Office Equipment Depreciation Expense-Store Fixtures Franchise Accounts Payable Interest Payable Notes Payable Utilities Expense Insurance Expense Supplies Expense Bad Debt Expense Bank Expense Depreciation Expense-Building Depreciation Expense--Office Equipment Amortization Expense-Franchise Interest Expense Cash Short and Over Top Quality Appliance-Long Beach completed the following transactions during 2018, its first year of operations: Received $500,000 cash and issued common stock. Opened a new checking account at Long Beach National Bank and deposited the cash received from the stockholders a. b. Paid $50,000 cash for a TQA franchise. Paid $200,000 cash and issued a $400,000, 10-year, 5% notes payable for land with an existing building. The assets had the following market values: Land, $100,000; Building, $500,000 c. d Paid $75,000 for store fixtures. e. Paid $45,000 for office equipment f. Paid $600 for office supplies. g. Paid $3,600 for a two-year insurance policy. h. Purchased appliances from TOA (merchandise inventory) on account for $425,000 i. Established a petty cash fund for $150. j. Sold appliances on account to B&B Contractors for $215,000, terms n/30 (cost, $86,000). k. Sold appliances to Davis Contracting for $150,000 (cost, $65,000), receiving a 6-month, 8% note. I. Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee of 2%. m. Received payment in full from B&B Contractors. n. Purchased appliances from TQA on account for $650,000. o. Made payment on account to TQA, $300,000. p. Sold appliances for cash to LB Home Builders for $350,000 (cost, $175,000). q. Received payment in full on the maturity date from Davis Contracting for the note. r. Sold appliances to Leard Contracting for $265,000 (cost, $130,000), receiving a 9-month, 8% note. s. Made payment on account to TQA, $500,000 t. Sold appliances on account to various businesses for $985,000, terms n/30 (cost, $395,000). u. Collected $715,000 cash on account. v. Paid cash for expenses: Salaries, $180,000; Utilities, $12,650 w. Replenished the petty cash fund when the fund had $62 in cash and petty cash tickets for $85 for office supplies. x. Paid dividends, $5,000. y, Paid the franchise fee to TQA of 5% of total sales of $2,045,000. Requirements 1. Record the transactions in the general jaurnal mit r. Sold appliancs to Leard Conwac 9-month, 8% note s. Made payment on account to TQA, $500,000 t. Sold appliances on account to various businesses for $985,000, terms n/30 (cost, $395,000). u. Collected $715,000 cash on account. v. Paid cash for expenses: Salaries, $180,000; Utilities, $12,650 w. Replenished the petty cash fund when the fund had $62 in cash and petty cash tickets for $85 for office supplies. x. Paid dividends, $5,000. y, Paid the franchise fee to TQA of 5% of total sales of $2,045,000. Requirements 1. Record the transactions in the general journal. Omit explanations. 2. Post to the general ledger. 3. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary Reconcile the bank account by comparing the following annual summary ment from Long Beach National Bank to the Cash account in the general ledger. Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference. Plant Assets, Nat Beginning Balance, January 1, 2018 Deposits and other credits: 0 $500,000 78,400 215,000 350,000 715,000 1,565 Interest Revenue 1,859,965 Checks and other debits: EFT to Bank Checks() Checks: 125 50,000 200,000 45,000 75,000 150 3,600 600 300,000 500,000 192,650 2,340 (1,369,465) 490,500 Bank service charge Ending balance, December 31, 2018 () Bank Checks is a company that prints business checks (considered a bank expense) for Top Quality Appliance-Long Beach 4. In preparation for preparing the adjusting entries, complete depreciation schedul for the first five years for the depreciable plant assets, assuming the assets were 150 3,600 600 300,000 500,000 192,650 2,340 (1.369,465) $ 490,500 Bank service charge nce, December 31, 20183 ()Bank Checks is a company that prints business checks (considered a bank expense) for Top Quality Appliance-Long Beach . In preparation for preparing the adjusting entries, complete depreciation schedules for the first five years for the depreciable plant assets, assuming the assets were purchased on January 2, 2018: a. Building, straight-line, 30 years, $50,000 residual valuc. b. Store Fixtures, straight-line, 15 years, no residual value. c. Office Equipment, double-declining-balance, 5 years, $5,000 residual value 5. Record adjusting entries for the year ended December 31, 2018: a. One year of the prepaid insurance has expired. b. Management estimates that 5% of Accounts Receivable will be uncollectible. c. An inventory of office supplies indicates $475 of supplies have been used. d. Calculate the interest earned on the outstanding Leard Contracting note receivable. Assume the note was received on October 31. Round to the near- est dollar. e. Record depreciation expense for the year. f. Record amortization expense for the year on the franchise, which hasa 10-year life. g Calculate the interest owed on the note payable. Assume the note was issued on anuary 1. 6. Post adjusting entries and prepare an adjusted trial balance. 7. Prepare a multi-step income statement and statement of retained earnings for the year ended December 31, 2018. Prepare a classified balance sheet as of December 31, 2018. Assume Interest Receivable is a current asset and Interest Payable is a current liability. 8. Evaluate the company's success for the first year of operations by calculating the following ratios. Round to two decimal places. Comment on the results. a. Liquidity: i. Current ratio ii. Acid-test ratio iii. Cash ratio b. Efficiency: i. Accounts receivable turnover ii. Day's sales in receivables iii. Asset turnover iv. Rate of return on total assets