Can someone check my numbers for the journal entries, income statement and statement of cash flows?

income statement : Net income $8928

Cash flow statement: Net cash flows (1274)

Cash ending 40,926

Stark Industries BALANCE SHEET DECEMBER 31, 2015 Current Assets Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful Accounts Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long-term Investments Investments in held-for-maturity securities Land held for future development Property, Plant, and Equipment Land Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Identifiable Intangible Assets Total Non-Current Assets Total Assets Current Liabilities Notes Payable Accounts Payable Unearned Revenues Income Taxes Payable Property Taxes Payable Interest Payable Total Current Liabilities Non-Current Liabilities Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock Preferred Stock Paid-in-capital - Common Stock Paid-in-capital - Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock 42,200 16,000 41,800 (3,000) 38,800 540 600 136,940 52,000 45,500 85,000 675,000 (187,500) 8,000 76,700 48,000 802,700 939,640 110,000 32,000 13,500 8,440 6,600 1,500 172,040 84,100 300,000 384,100 556,140 100,000 100,000 27,500 10,000 152,750 6,000 (12,750) Total Stockholders' Equity Total Liabilities and Stockholders' Equity 383,500 939,640 The 2015 balance sheet of Stark Industries is attached. During 2016, the following events occurred. 1. On January 10, sold merchandise on account to Rayms $9,800 and Fischer $8,600. Terms 1/10, n/30. Freight $100 for each s 2. On January 12, purchased merchandise on account from Zapfel $3,000 and Liotta $2,400. Terms 2/10, n/30. Freight for each 3. On January 13, received checks, $4,000 from Longhini and $2,000 from Hall, for sales on account after discount period has la 4. On January 15, sent checks to Joosten for 9,000 less 2% cash discount, and to Maida for $11,000 less 1% cash discount. 5. On January 16, issued credit of $200 to Fischer for merchandise returned. 6. On January 18, summary daily cash sales total $17,520 7.. On January 21, pay off the balances to Zapfel and Liotta for the purchases made on January 12. 8. On Feburary 9, received payment in full from Rayms and Fischer. (1% discount on sales (9800+8600) * .01) = 9. On January 1, paid rent of $6,000 for a two-year term. 10. On April 1, sell merchandise on account to Dunlap $1,600, term 2/10, n/30. Frieght $100 FOB shipping point 11.Pay $500 cash for office supplies on May 1. 12. Cash dividends totaling $900 were declared on June 13 and paid to stockholders on June 23. 13. Issued a note of $120,000 to bank (one year, annual interest rate 2%) for cash on July 1. 14. On July 5, purchased merchandise from Maida $33,000, terms 2/10, n/30. 15. On July 7, issued common stock 1000 shares, $10 par, in exchange of a land with a fair market value of $15,000. 16. On July 8, returned $200 of merchandise to Maida and received credit. 17. On August 1, sell merchandise to Lachey on account $80,000, term 1/10, n/30. Freight $1,500 FOB shipping point 18. On August 4, pay off the balance to Maida. (33000*.02) = ( 32340 19. On August 10 receive half of the payment from Lachey (40000*.01)= 400 20. On August 14, write off $1,300 bad debt on account, Tooket 21.. On August 21, pay utilities expense, $10,092 22. On August 31, Lachey pays off its balance 23. On September 1, paid cash $7,500 to Farmington for merchandise purchased last year. 24. On October 1, paid off notes payable $110,000 and associated interest $6,000 of which $1,500 was shown on the balance 25. Over the year, sales and office employees earned $45,500 in salaries and wages, of which $1,500 remained as payable at th 26. An unpaid utilities bill (December $1,250) is due on January 10 next year Additional Information at the end of the year: 1 .Depreciation expense for the year was $13,250. 2. The company estimated that it will pay federal income tax, $3,250. 3. After physically counting, the company decided that the ending inventories was $40,164. 4. Based on its historical data, the bad debts expense are about 1% of net credit sales. 5. Unearned revenue was decreased by $12,000. 6. The company expenses all of the supplies purchased during the year. 7. No insurance policy was effective during the year. 8. The company uses the gross method to record its purchases and sales on credit. (use discounts at the end for cost of go 9. The company adopts the periodic inventory system. (cost of goods sold is expense at year end) Instructions: 1. Prepare journal entries for each event. 2. Prepare adjusting entries. 3. Prepare adjusted trial balance. 4. Prepare Income Statement, Retained Earnings Statement and Balance Sheet and Statement of Cash Flows. 5. Prepare closing entries. n/30. Freight $100 for each sale, FOB shipping point s 2/10, n/30. Freight for each sale, FOB destination $120 nt after discount period has lapsed. 0 less 1% cash discount. (9000*.02) + (11000*.01) = (2% discount on purchases - (5400 * .02 = 108) s (9800+8600) * .01) = 184 shipping point value of $15,000. 0 FOB shipping point 660 00 was shown on the balance sheet. 500 remained as payable at the end of year. unts at the end for cost of good sold etc) Cash Flows. 290 General Journal Entries Date 1-Jan Account Adjusting Entries Debit Prepaid Rent - (2 years) Cash Credit 6000 6000 10-Jan Accounts receivable - Rayms Accounts receivable - Fischer Sales Revenue 9800 8600 Purchases Purchases 3000 2400 18400 12-Jan Accounts payable 5400 13-Jan Cash 6000 Accounts receivable 15-Jan 6000 (gross method) Accounts payable - Joosten Accounts payable - Maida Cash Purchase discount 9000 11000 19710 290 16-Jan Sales returns and allowances Accounts receivable 200 200 18-Jan Cash 17520 Sales Revenue 17520 21-Jan Accounts payable - Zapfel Accounts payable - Liotta Cash Purchase discount 3000 2400 5292 108 9-Feb 1-Apr 1-May Cash Sales discount Sales discount Accounts receivable - Rayms Accounts receivable -Fischer Accounts receivable - Dunlap Sales Revenue Office Supplies Cash 18216 98 86 9800 8600 1600 1600 500 500 13-Jun Dividends declared Dividends payable 900 Dividends payable Cash 900 900 23-Jun 900 Date Account 31-Dec Salaries and Wages Expense Salaries and Wages Payable Wages and Salaries payable Cash Utilities expense Accrued Utilites Rent Expense Pre-paid rent Income Tax expense Income Tax payable Inventory (ending) Cost of Goods Sold Inventory (beginning) Purchases Depreciation Expense Accumulated depreciation Unearned revenue Sales revenue Debit 45,500 Credit 45,500 44,000 44,000 1,250 1,250 3,000 3,000 3,250 3,250 40,146 40,546 38,800 38,400 13,250 13,250 12,000 12,000 1-Jul Cash 120,000 Notes payable Interest expense (120000*.02*.5) Interest payable 120,000 120 120 5-Jul Purchases 33000 Accounts payable - Maida 33000 7-Jul Land (market value) Common stock $10 par (1000*10) Paid-In Capital in Excess of Par ValueCommon 15000 10000 5000 8-Jul Accounts payable - Maida Purchase returns and allowances 200 200 1-Aug Accounts receivable - Lachey Sales 80000 Accounts payable - Maida Purchase discount Cash 32800 Cash Sales discount Accounts receivable 39600 400 656 80000 4-Aug 656 32144 10-Aug 40000 14-Aug Bad debt Expense Allowance for doubtful accounts 1300 1300 21-Aug Utilities expense Cash 10092 Cash 40000 10092 31-Aug Accounts receivable 40000 1-Sep 1-Oct Accounts payable - Farmington Cash Notes payable Interest payable Interest expense Cash 7500 7500 110000 1500 4500 116000 Cash 6,000 17,520 18,216 120,000 39,600 40,000 241,336 Revenues (sales) 6,000 19,710 5,292 500 900 32,144 10,092 7,500 116,000 44,000 $ Supply Expenses 18400 17520 1600 80000 12000 129,520 $ 500 500 242,138 802 accounts receivable 9,800 6,000 8,600 200 1,600 9,800 80,000 8,600 40,000 40,000 Inventory 3,000 2,400 33,000 38,400 100,000 104,600 4,600 Prepaid Rent 6,000 3,000 3,000 Accounts payable 9,000 5,400 11,000 33,000 3,000 2,400 200 32,800 7,500 38,400 65,900 27,500 Interest payable 1,500 1,380 120 Dividends payable 900 900 Notes payable 110,000 120,000 Land 15,000 10,000 15,000 Cost of goods sold 40,556 Sales returns and allowances 200 98 86 400 784 depreciation expense 13,250 13,250 accumulated depreciation 13,250 13,250 Purchase returns and allowances 290 108 200 656 1,254 Interest Expense 120 4,500 4,620 Utilities expense 10,092 1,250 Accured utilities(payable) 1,250 common stock 10,000 11,342 1,250 paid in capital in excess of par Salaries and wages expense 45,500 10,000 Salaries and wages payable 44,000 45,500 5,000 45,500 1,500 5,000 rent expense 3,000 tax expense 3,250 income tax payable 3,250 3,000 3,250 - 3,250 unearned revenue 12,000 12,000 bad debt expense 1,300 allowance for doubtful accounts 1,300 1,300 1,300 Unadjusted Trial Balance Account Title Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Held-for-maturity securities Land for future development Land Buildings Capitalized Development Costs Goodwill Other Intangible Assets Salaries and Wages Payable Notes Payable Accounts Payable Unearned Revenues Income Taxes Payable Property Taxes Payable Wages Payable Interest Payable Utilities Payable Provisions related to pensions Dividends Bonds Payable Common Stock Preferred Stock Paid-in-capital - Common Stock Paid-in-capital - Preferred Stock Retained Earnings Accumulated Other Comp. Income Sales revenue $ $ $ Dr. 42,000 16,000 41,800 $ $ $ $ $ $ $ 38,800 600 52,000 45,500 85,000 675,000 $ $ $ 8,000 76,700 48,000 Cr. $ 3,000 $ 187,000 $ $ $ $ $ 110,000 32,000 13,500 8,440 6,600 $ 1,500 $ 84,100 $ $ $ $ $ $ $ $ 300,000 100,000 100,000 27,500 10,000 152,750 6,000 (12,750) Stark Industries End-of Period Spreadsheet (Work Sheet) For the Year Ended December 31, 2016 Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. $ 802 $ 41,198 $ 16,000 $ 4,600 $ 37,200 $ 1,300 $ 4,300 $ 954 $ 39,754 ### $ 3,000 $ 3,600 $ 52,000 $ 45,500 $ 15,000 $ 100,000 $ 675,000 $ 13,250 $ 200,250 $ 8,000 $ 76,700 $ 48,000 $ $ 10,000 $ 120,000 $ 27,500 $ 4,500 $ 12,000 $ 1,500 $ 3,250 $ 8,440 $ 6,600 $ 1,500 $ 1,500 $ 1,380 $ 120 $ 1,250 $ 1,250 $ 84,100 $ 900 $900 $ 300,000 $ 10,000 $ 110,000 $ 100,000 $ 5,000 $ 32,500 $ 10,000 $ 152,750 $ 6,000 $ (12,750) $ 129,520 $ 129,520 $ 784 $ 784 Income Statement Dr. Cr. Dr. Balance Sheet Cr. Cost of Goods Sold $ 37,446 Wages Expense Utilities Expense Interest Expense Rent Expense Bad debt Expense Depreciation Expense Supply Expense Tax Expense $ $ $ $ $ $ $ 45,500 11,342 4,620 3,000 1,300 13,250 500 3250 $ 181,726 $ $ 1,254 $ $ $ $ $ $ $ $ $ $ 1,254 45,500 11,342 4,620 3,000 1,300 13,250 500 3,250 181,726 $ 1,227,398 $ 1,261,834 - Stark Industries End-of Period Closing Entries For the Year Ended December 31, 2016 Date Account 31-Dec Sales Revenue - Income Summary 31-Dec Income Summary - Cost of Goods Sold - Wages Expense - Utilities Expense - Interest Expense - Rent Expense - Bad debt Expense - Supply Expense - Depreciation Expense - Income tax expense 31-Dec Income Summary - Retained Earnings 31-Dec Retained Earnings - Dividends Debit $ $ $ $ Credit 129,520 $ 129,520 $ $ $ $ $ $ $ $ $ 40,546 44,000 10,092 4,620 3,000 1,300 500 13,250 3,250 $ 160,778 $ 900 120,558 160,778 900 Stark Industries Income Statement For the Year Ended December 31, 2016 Merchandise Sales - credit Merchandise Sales - cash Total Sales $ $ $ $ $ $128,736 Cost of Goods Sold 112,000 17,520 129,520 (200) (584) $ $ 40,546 (200) (1,054) $89,444 Gross Profit Wages Expense Utilities Expense Interest Expense Rent Expense Bad debt Expense Supply Expense $ $ $ $ $ $ 44,000 10,092 4,620 3,000 1,300 500 Total operating expenses $ 63,512 Operating profit before depreciation and taxes Depreciation Expense Net earnings before taxes $ $ $ 25,932 (13,250) 12,682 Income tax expense $ (3,250) Net Income $ 9,432 $ 88,974 $ 25,462 $ 8,962 $ 34 $8,928 $ 504 Stark Industries Statement of Retained Earnings For the Year Ended December 31, 2016 Beginning blance, retained earnings 1 Jan 2015 Add net income for fiscal year 2016 Total Less dividends declared and paid fiscal year 2016 Total dividends deducted Ending balance retained earnings 31 Dec 2016 $ $ 152,750 8,928 $ 161,678 $ (900) $160,778 Stark Industries BALANCE SHEET DECEMBER 31, 2016 Current Assets Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful Accounts Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long-term Investments Investments in held-for-maturity securities Land held for future development Property, Plant, and Equipment Land Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Identifiable Intangible Assets Total Non-Current Assets Total Assets Current Liabilities Notes Payable Accounts Payable Unearned Revenues Income Taxes Payable Property Taxes Payable Interest Payable Utilities Payable Total Current Liabilities Non-Current Liabilities Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock Preferred Stock Paid-in-capital - Common Stock Paid-in-capital - Preferred Stock Retained Earnings Accumulated Other Comprehensive Income 41,198 16,000 37,200 (4,300) 40,146 3,000 133,244 52,000 45,500 100,000 675,000 (200,250) 8,000 76,700 48,000 804,950 938,194 120,000 4,500 1,500 8,440 6,600 120 1,250 142,410 84,100 300,000 384,100 526,510 110,000 100,000 32,500 160,778 6,000 Less: Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity (12,750) 396,528 923,038 Stark Industries INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 Cash Flows from Operating Activities Cash flow from customers cash paid to suppliers Cash paid as wages Utilities paid Rents paid Cash paid for supplies Interest paid Income tax paid Net Cash Flows from Operating Activities Cash Flows from Investing Activities 121,336 64,646 44,000 10,092 6,000 500 6,000 0 (9,902) Net Cash Flows from Investing Activities Cash Flows From Financing Activities Cash Dividends Issuing Notes Issuing common stock Retirement of Notes Payable Net Cash Flows from Financing Activities Net Cash Flows from this year Cash, beginning of the year Cash, end of the year -900 120000 110000 9,100 (802) 42,200 41,398 Cash from customers 6000 17520 18216 39600 40000 121336 Cash to suppliers 19710 5292 32144 7500 64646