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Complete the assignment given below: Instructions: Jack, Inc. sells toy mice to high - end pet stores. The company has been in business for many

Complete the assignment given below:
Instructions: Jack, Inc. sells toy mice to high-end pet stores. The company has been in business for many years and uses the calendar year for accounting purposes. It is a publicly owned company that is subject to all applicable laws and rules. The company uses the perpetual method to account for its inventory.
Following is Jack's trial balance for calendar year 2023 through December 20th. This trial balance does not reflect the transactions that occurred during the last 11 days of the year or adjustments that are necessary, as described by the additional information below. The Loan payable is due in 8 months (hint: current or noncurrent).
Jack, Inc.
Trial Balance
As of December 20,2023
Debits
Credits
Cash
$ 25,400
$ -
Accounts receivable
13,000
-
Supplies
10,780
-
Inventory
21,000
-
Equipment
44,000
-
Accumulated depreciation
-
-
Accounts payable
-
22,000
Rent payable
-
-
Loan payable
-
33,500
Interest payable
-
-
Capital stock
-
16,000
Retained earnings
-
21,010
Sales
-
60,580
Sales - Discounts
-
-
Cost of goods sold
4,010
Rent expense
9,000
-
Salaries expense
20,000
-
Supplies expense
-
-
Depreciation expense
-
-
Interest expense
500
-
Utilities expense
5,400
-
$ 153,090
$ 153,090
Step 1:
We have eight different scenarios. Some of these are adjustments that need to be made and some of these are transactions that occurred between the 20th and the end of the year that need to be recorded. Write these transactions in the form of General Journal.
T1. he company received payment to settle a $11,000 Account receivable on December 21. The terms of the receivable were 1.5/10, N/30 and the payment reflected that it was within the discount period.
2. On Dec 22, the company settled with cash a $15,000 Account payable with a vendor who sold the company inventory on December 18(the balance is included in Accounts payable at Dec 20). The terms of the payable were 1.5/10, N/30 and the payment reflected that it was within the discount period.
3. The company sold $23,500 of toy mice on December 22. The terms of the sale were 1.5/10, N /30. The cost (inventory) of the mice was $12,500.
4. The company's president, Elizabeth, decided the company needed more capital, so she sold more stock on December 30th for $46,000.
5. The equipment was purchased near the beginning of the year. $2,450 of its cost expired this year.
6. Interest of $1,400 is owed on December 31, but has not been recorded.
7. Supplies on hand at year end were counted, and amount to $4,000.
8. December's rent of $1,500 is owed, but has not been recorded.
Steps 2.
A) Create a three-column General Ledger and drop in the account balances from the provided trial balance.
B) Create a General Journal and prepare the necessary entries through yearend.
C) Post journal entries to your General Ledger set up in (B) and determine the adjusted balances of the accounts.
D) Create an adjusted trial balance.
E) Prepare the multi-step income statement. Use proper headings!
F) Prepare a statement of retained earnings. Use proper headings!
G) Prepare a classified balance sheet. Use proper headings!.
H) Calculate the current ratio and gross profit percentage and explain what they mean with regard to this company.
I) Analyze an aspect of the financial statements with a minimum of a 5 sentence written paragraph. Use proper accounting language and do not forget to clearly define the rule or accounting principle you are analyzing.

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