Company Information & 1 & Summary of Significant c Caps & Cones Company began operations on November 1, 2003. The main operating goal of the company is to sell ice cream machines. Customers may pay using cash or if appropriate, a credit is extended to customers with The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar your adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line deg for all depreciables. The company has decided to use the Allowance method to account for uncollectibles A the end of the period, based on industry standards, the company believes 15% of the balance in accounts recievable will be uncollectible. The company purchases ice cream machines for resale only as such they carry them as inventory The company has two employees, one is a sales technician salary of $4000 per month and the other employee is the off manager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the f following mood. This means the November 30 paywall with accrue into Salaries Poyable and then be paid on December 1 Required: 1) Caps & Co Company engaged in the following transactions for November and December. Record the wing transactions on the Daily Note: Place debt first, it second but do NOT indents If the 1-Nov The owner invested $1 50000 into the company in exchange for 5,000 shares of common stock fall 1-Nov The company purchased a computer system for $15000 and signed a one-year note for the entire balance. The note is due on November 1, 2024 3-Nov Purchased ce reat on the office space, $24000 4-Nov Purchased $100 of applies on account, 30 15-Nov Purchased 15 ice cream machines at a tal cost of $1100 each on accounts, FOB Destination Shipping of $150 was paid to the appropriate party 13-Nov Paid for the supplies purchased on November 4 18-Nov Paid for a two-year insurance policy for the store, $12000. The policy was effective beginning December 1, 3023 20-Nov Sold 15 ice cream machines $3000 each on account, terms 315, 30, the company FIFO to find the cost of good wild. The printers were shipped FOB Shipping Point Record the sales revenue fiest 29-Nov Paid for November's unlities bill $1700 3-Nov Prepared payroll for the month of November, the first payroll for the company. Record the Sales Expec follows Federal Income Tax -15% NC State Income Tax Rate-30% FICAT -7.6% Unemployment Tax Rate-6% on the first 37000 of each employees comings per year 1-Dec Paid the employees the amount due to them from the November 30 payroll, tanes will be paid in January 1-Dec The company owed $10000 from Bank of America by signing a 10-year 4%. The tres annual payments of $7397 beginning December 1, 2004 delivery truck to save camers on shipping. The total cost of the Delivery Truck was $210000 4-Dec Paid the amount due from the November 15 purchase 5-Dec Declared and paid $4000 in cash dividends to the stockholders of the conqury 6-Dec Purchased $1700 of supplies on acc 7-Dec Purchased 20 ice cream machines at a cost of $1210 each on account, 3 FOB D 2 ice cream machines for $3300 each account terms 2/10, 30, the company w Of the cost of goods wid. Record the sales 18-Dec Paid for an ad in the local newspaper, $700 24-Dec Received $33000 payment for 10 ice cream machines to be shipped on fuary 2004 31-Duc Prepared payroll for the month of December, the first payroll for the company. Recond the Salaries Expense Federal Income Tax -19% NC State Income Tax Rate-10% FICA Tax Rate -7.65% Uncmployment Tax Rate-6% on the first 57000 of each employees earnings per your 2) Post all the Daily Transactions to the Ledger on the Ledger tab 3) As of December 31, a search revealed the following information. Record any scary adjusting entries for the year on the Adjusting Entries a Lecond way i ged en November 1 for the computer system 4) Post all the Adjusting tires to the Ledger on the Ledger tab 5) Based on the account balances in the ledger, create an adjusted trial balance the Adjusted Trial 6) Based on the adjusted trial balance, prepare a multi-step income statement on the Income Statement 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet a 9) Prepare the closing entries (DO NOT POST them to the ledger, just produce the entries. When journaling clow the acts in the order they appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for didact 10) Calculate the ratio on the Rationa