CAN SOMEONE PLEASE CHECK MY WORK AND TELL MY WHERE I AM WRONG?

1.The debit and credit columns of your AJE's (columns E and G) should total to:$1,033,227

2.The Trial BalanceAfterAdjustment (Columns H & J) should both total to:$15,502,008

AJE:

1. As of December 31^st, wages of $39,800 should be accrued; associated payroll taxes on these wages are $2,900. (Record in two separate adjusting entries.The payroll taxes are an expense to the company for unemployment benefits and recorded as a payable to the state & federal taxing authority.)
2. The Unearned Consulting Revenue account has a balance before adjustment of $326,220 as of December 31, 20x1.Of this balance, 65% of the work was completed by year end.
3. You discover that a sale of a product was made on account and CMC recorded the sale in December for $86,400.However, the product hasnot yetbeen shipped, therefore it is not considered to be "delivered to the customer." The cost of the product was 55% of its selling price.CMC uses the perpetual inventory method.
4. At year-end, the CFO asks you to review the Accounts Receivables to determine if there are any customer accounts that should be written off as uncollectible.Based on your review, you determine that the Account Receivable from Shift, Co. has been past due for over 18 months and Shift recently declared bankruptcy.The CFO instructs you to write off the account balance of $18,450.Directly following this action, you can now record bad debt expense which is estimated to be 5% of ending Accounts Receivable.(Round to the nearest whole dollar.)
5. CMC prepays for its property & casualty insurance.As of December 31, 20x1, 80% of the prepayments have now been consumed.(Round to the nearest whole dollar.)
6. CMC records depreciation and amortization expense annually.They do not use an accumulated amortization account. (i.e. Amortization Expense is recorded with a debit to Amort. Exp and a credit to the Patent.)Annual depreciation rates are 5% for Buildings/Equipment/Furniture, no salvage.(Round to the nearest whole dollar.)Annual Amortization rates are 10% oforiginal cost, straight-line method, no salvage.CMC owns two patents:Patent #FJ101 has an original cost of $154,000 and Patent #CQ510 was acquired for $169,000. The last time depreciation & amortization were recorded was December 31, 20x0.
7. The long-term liabilities were outstanding for all of 20x1 and accrue interest at 6% APR.CMCrecords accrued interestquarterly(interest was last updated on Sept. 30.)The company is required to pay the interest annually each January 1^st.
8. CMC often allows customers to finance the purchase of their products through long-term lending agreements and therefore reports Long-term Notes Receivable on their Balance Sheet.These notes are interest bearing and earn CMC interest revenue.The notes accrue interest at 8% APR and were outstanding for all of 20x1.Interest is payable to CMC each January 1^st.
9. On December 15, CMCdeclareda dividend of $220,000, to be paid on January 20, 20x2.The dividend declaration had not yet been recorded.
10. At December 31, the Long-Term Investments (Available-for-sale securities or "AFS") had a fair value of $172,900.The AFS Investment was originally purchased on June 1, 20x1 for $160,500.CMCuses a "Fair Value Adjustment" account (an adjunct/contra account to the Investments) to mark-to-market the investment portfolio at year end. (e.g.If the fair value of the Investment has increased at year end, debit the Fair Value Adjustment account in order to increase the Carrying Value of the asset to equal its fair value on the balance sheet at Dec. 31^st.This is an "unrealized" (holding)gain, which would require a credit to record it.)
11. CMC's Income tax rate for 20x1 was determined to be 25%.

TRIAL BALANCE:

General Ledger Account Name Trial Balance Before Ad 12/31/x1 AJEs 21 12/41/ Trial Balance Ather Ad 12/31/x1 Credit Credit Cash and cash equivalents 95 563 95 563 Accounts Receivable 913 780 120 149 793 632 Allowance for doubtful accounts 29 463 33 749 (4 281 Interest Receivable 0 22 800 22 800 Inventory 1 270-160 47 520 1 317 620 Prepaid expenses 26 780 21 424 Other Current Assets 16 063 16 063 160 500 160 500 Fair Value Adjustment 12 400 12 400 Notes Receivable 285 000 285 000 ByPIE 276 418 376 418 Equipment and fumiture 132 983 132 983 Land 348 791 348.791 Accum Depr 656 465 60 470 716 935 Goodwill 493 951 493 951 Patents 217.000 184 700 Accounts Payable 1 169 343 1.169 343 Dividends payable 220 000 220 000 Interest payable 31 672 10 524 42 096 Uncamed Consulting Revenue 326 220 212 043 114-177 Wages payable 81 350 19 800 121, 150 Payroll taxes payable 8.950 2 800 11 850 Income tax payable 224 124 224 124 Long term liabilities 701 600 701 600 Common Stock 320 000 Paid-In capital common stock 105 000 105 000 Treasury Stock 400 000 400 000 Retained Earnings 339 068 220 000 319 069 Dividends Accum Other Comprehensive Income Sales revenue 9 253 346 86 400 9 166.946 Service revenue 1 169 380 212 043 1 381 428 Interest Revenue 22 800 22 800 Sales returns 162 400 162 400 Sales discounts 269 662 269 662 Product cost of goods sold 5 384 580 47 520 5 337 070 Service cost of goods sold 570 811 570 811 Advertising Expense 159 080 159 080 Bad debt experac 0 Depreciation and amortization 92 770 92 770 Professional Ques & subscriptions 21 470 21 470 Gainloss on disposal 4 790 4.790 Income tax expense 224 124 224 124 Insurance Expense 20 144 21 424 101 563 Interest copense 31 572 10 524 42 096 Legal and accounting loos 106 650 106 650 Miscellaneous 9 048 9 048 Ofice expense 220 114 220 114 Payroll taxes 136 9716 2 900 139 876 Property bores 104 570 104 570 Repair and maintenance 42 028 42 028 Research and development 470 680 470 680 Telephone 20 085 20 085 Travel and entertainment 13.391 38 391 Utilities Expense 47 049 47 049 Wage Expense 264 670 19800 1 004 470 Salaries . Officers 710 000 710 000 Income Summary 0 Unrealized GainLoss-AFS 0 12 400 12 400 14 981 763 14 991 768 1 026 454 1 026 454 16 244 633 15 244 613AJE# Account Name CB 1 31-Dec Wage Expense 39,800.00 Wages Payable 39,800.00 31-Dec Payroll Taxes 2,900.00 Payroll Taxes Payable 2,900.00 2 31-Dec Unearned Consulting Revenue 212,043.00 Service Revenue 212,043.00 3 31-Dec Sales Revenue 86,400.00 Accounts Receivable 86, 400.00 31-Dec Inventory 47,520.00 Product Cost of Goods Sold 47,520.00 4 Allowance for Doubtful Accounts 33,748.50 Accounts Receivable 33,748.50 Insurance Expense 21,424.00 Prepaid Expense 21,424.00 6 Depreciation and Ammortization 60,470.05 Accumulated Deprecialton 60,470.05 Depreciation and Ammortization 32,300.00 Patent FJ101 15,400.00 Patent 00510 16,900.00 7 Interest Expense 10,524.00 Interest Payable 10,524.00 Interest Receivable 22,800.00 Interest Revenue 22,800.00 Retained Earnings 220,000.00 Dividend Payable 220,000.00 10 Fair Value Adjustment 12,400.00 Unrealized Gain - AFS 12,400.00 11 Income Tax Expense 224, 124.24 Income Tax Payable 224, 124.24CM Corporation Balance Sheet for the periods ended December 31, 20x1 December 31, 20x0 Assets Cumeri smacks Cash and cash equivalents $95.563 $120.670 Accounts receivable 793 632 516,454 Allowance for doubtful accounts 1 281 (24,975) Inventory 1,317 680 795,960 Interest Receivable 22 800 3,500 Prepaid expenses 5,356 14.574 Other current assets 16.083 8.879 Total current assets 2 255,374 1,435,082 Investments 160,500 +/ Fair Value Adjustment 12 400 172.900 0 Notes Receivable 285 000 48 000 Property, plant and equipment 1,558,192 1 200,255 Accumulated depreciation 1716.935 (591 985) Net fixed assets 841 257 608 290 Other Assets Goodwill 493.951 98 440 Paleni.s 184,700 98,000 878.651 198.440 Total assets 34 233 182 $2 287 792 Liabilities and Stockholders' Equity Current liabilities Accounts payable $1 169.343 $315.395 Dividends payable 220,000 48,000 Unearned revenue 1 14,177 108 220 Interest payable 42 098 6.500 Wages payable 121,150 78 200 Payroll taxes payable 11,850 9.033 Income taxes payable 224 124 279 850 Total current liabilities 1,902,740 345,198 Long-term liabilities 701,800 278,525 Stockholders' equity Contributed capital Common stock, $2 par value (4,000 000 shares authorized 460,000 issued; 440,000 are outstanding) 820,000 920,000 Paid in capital common stock 105 000 105 000 Total contributed capital 1 025,000 1 025 000 Retained earnings 991 442 539,069 Accumulated other comprehensive income 12 400 Less common stock in treasury, al cost (400,000] (400,000) Total stockholders' equity 1 628.842 1 164 089CM Corporation Income Statement For the Years Ended December 31, 20x1 December 31, 20x0 Revenue Net product sales revenue $8,734,884 $8,984,852 Service revenue 1,381,428 975,860 Total revenue $10,116,312 $9,960,712 Cost of goods sold Products 5,337,070 5,356,018 Services 570,811 445,637 Total cost of sales 5,907,881 5,801,655 Gross profit 4,208,431 4,159,057 Operating expenses Advertising 159,080 123,869 Bad debt expense 28,640 Depreciation and amortization 92,770 125,500 Dues and subscriptions 21,470 19,730 Insurance 101,568 90,144 Legal and accounting fees 106,650 87,650 Miscellaneous 9,048 12,010 Office expense 220,114 214,138 Payroll taxes 139,875 131,170 Property taxes 104,570 93,400 Repair and maintenance 42,028 37,543 Research and development 470,680 278,000 Telephone 20,085 21,085 Travel and entertainment 38,391 60,402 Utilities 47,049 37,876 Wages - Employees 1,004,470 4,686 Salaries - Officers 710,000 650,000 Total operating expenses 3,287,848 2,965,845 Income (loss) from operations 920,583 1,193,212 Other income and (expense) Interest expense (42,096) (27,800) Gain (loss) on disposal of assets (4,790) (26,950) Interest Revenue 22,800 9,230 Total other income (expense) (24,086) (45,520) Income (loss) before income taxes 896,497 1,147,692 Income tax (expense) benefit 224,124) (401,692) Net income (loss) $672,373 $746,000