Company Information \& Summary of Significant Account Policies Madison Machines Company began operations on November 1, 2023. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, a 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 1% 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 sales technician, salary of $4000 per month and the other employee is the office manager 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 following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1) Madison Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full rrodit 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 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 Entries tak 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 on 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 ledger, 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 Ratios tab. General Ledger (T-Account) Prepaid Insurance \begin{tabular}{|c|c|} \hline & \\ \hline & \\ \hline \end{tabular} Accumulated Depreciation - Accumulated Depreciation - Delivery Truck Salaries Payable Notes Payable Federal Income Tax Payable NC State Income Tax Payable FICA Tax Payable Payroll Tax Expense Insurance Expense NOTE: Three accounts have check figures. After posting the Daily Transactions, your Cash, Accounts Receivable, and Cost of Goods Sold balance will show GREEN if it is correct. \begin{tabular}{|l|l|l|} \hline Supplies Expense & & \\ \hline Bad Debt Expense & & \\ \hline Payroll Tax Expense & & \\ \hline Insurance Expense & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Madison Machines Company } \\ \hline Multiple-Step Income Statement \\ \hline & For the Year Ended, December 31, 2023 & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Gross Profit & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & & \\ \hline Total Operating Expenses & & \\ \hline Operating Income & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net Income & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Madison Machines Company } \\ \multicolumn{3}{|c|}{ Statement of Stockholders' Equity } \\ & For the Year Ended, December 31, 2023 \\ \hline & & Common Stock & Retained Earnings & Total Stockholders' Equity \\ \hline Balance, January 1 & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline Total Current Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total Liabilities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Stockholders' Equity & & \\ \hline Total Liabilities \& Stockholders' Equity & & \\ \hline \end{tabular} Closing Entries Journal Page \begin{tabular}{|l|l|l|l|} \hline Date & Account & DR & CR \\ \hline 31-Dec & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline 31-Dec & & & \\ \hline & & & \\ \hline \end{tabular}