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 eatended 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 acoount 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 inwentory. The company has two employees, one is a sales technician, salary of $6000 per month and the other employee is the office manager with a salary of $6000 per month. Payroll is prooessed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with acorue into Salaries Payable and then be paid on Decemember 1. Required: 1) Make sure gour student ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for November and December. Record the following transactions Note: Place debits first, credits second but do NOT indent eredits. If more than one debit or credit. please list in alphabetical order to receive full credit. Round to the penng unless othervise noted. \begin{tabular}{|l|l|} \hline 1-Nov & The owner invested $480000 into the company in eschange for 5,000 shares of common stock. \\ due on November 1,2025 and has an annual rate of interest of 3% \end{tabular} Prepared payroll for the month of November, the first payroll for the company. Record the Salares Ekpense entry 30-Novl first. The taxrates are as follows: 3) As of December 31. a search revealed the following information. Record any necessary adjusting entries for the gear on the Adjusting Entries tab. 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 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 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 ledger. just produce the entries). Vhen journaling. close the accounts in the order thes appear on the Trial Balance. Do one entrg for revenue accounts, one for expense accounts and one for dividend accounts. 10) Calculate the ratios on the Ratios tab
