Company Information \& Summary of Significant Account Policies Macon Machines Company began operations on November 1, 2024. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to customers with terms 3/15,n/30. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31 . The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory. The company has two employees, one is a salegsechnician, salary of $6000 per month and the other employee is the office nanager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the collowing month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the follow ransactions for November and December. Record the following transactions on the Daily Transactions tab. lote: Place debits first, credits second but do NOT indent eredits. If more than one debit or credit, please list in alphabetic rder to receive full credit. Round to the penny unless otherwise noted. 1-Nov|The owner invested $480000 into the company in exchange for 5,000 shares of common stock. \begin{tabular}{|c|c|} \hline & \begin{tabular}{l} The company purchased a computer system for $60000 and signed a one-year note for the entire balance. The note is due \\ on November 1,2025 and has an annual rate of interest of 3%. \end{tabular} \\ \hline Nov P & Paid for two years rent on the office space, $9600. \\ \hline lovP & Purchased 10 robots at a total cost of $4000 each for cash, FOB Destination. \\ \hline lov P & f supplies on account, term n/30. \\ \hline & \begin{tabular}{l} pots at a total cost of $4400 each on account, terms n/30, FOB Destination. Shipping of $150 was paid to \\ pany by the appropriate party. \end{tabular} \\ \hline & the supplies purchased on November 4 . \\ \hline & 5000. 1 \\ \hline & \begin{tabular}{l} erms 3/15,n/30, the company uses FIFO to find the cost of goods sold. The \\ cord the sales revenue first. \end{tabular} \\ \hline Jov & 20 sale. \\ \hline - Nov & \\ \hline 30-Nov & \begin{tabular}{l} Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry firs \\ tax rates are as follows: \\ Federal Income Tax Rate - 15%. \\ NC State Income Tax Rate 10%. \\ FICA Tax Rate 7,65% \end{tabular} \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline 1-Dec & \begin{tabular}{l} The company borrowed $65000 from Bank of America by signing a 15 -year, 6% note. The note requires annual \\ payments of $6693 beginning December 1,2025 . \end{tabular} \\ \hline 1-Dec & Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $60000. \\ \hline 4-Dec P & Paid the amount due from the Novernber 15 purchase. \\ \hline 5-Dec & Declared and paid $2000 in cash dividends to the stockholders of the company. \\ \hline 6-Dec & Purchased $2400 of supplies on account, term n/30 \\ \hline 7-Dec & Purchased 20 robots at a cost of $4840 each on account, terms n/30, fOB Destination. \\ \hline 15-Dec & \begin{tabular}{l} Sold 22 robots for $8250 each on account, terms 2/10,n/30, FOB Shipping Point, the company uses FIFO to find the cost \\ of goods sold. Record the sales revenue first: \end{tabular} \\ \hline 18-Dec & Paid for an ad in the local newspaper, $4000. \\ \hline 24-DeC & Received $66000 payment for 8 robots to be shipped on lanuary 8,2025 . \\ \hline 31Dec & Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. \\ \hline & \begin{tabular}{l} The tax rates are as follows: \\ Federal Income Tax Rate 15%. \\ NC State Income Tax Rate 10%. \\ FiCA Tax Rate 7,65% \\ Unemployment Tax Rate 6N on the fi \end{tabular} \\ \hline \end{tabular} 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 necessary adjusting entries for the year on the Adjusting Entriactah 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tab. 6) Based oo the adjusted trial balance, prepare a multi-step income statement on the Income Statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders equity on the Equity Statement tab. 8) Based on the adjusted trial balance, prepare the balance sheet on the Balance sheet tab. 9) Prepare the closing entries (DO NOT POST them to the Iedger. just produce the entries). When journaling, close the accounts in the order they appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. 10) Calculate the ratios on the fatios tab