comprehensive (Appendix 3.1)

Comprehensive (Appendlx 3.1) Presented below is information pertaining to Delsnyder Specialty roods, a calendar-year sole proprietorship, maintaining its books on the cash adjusts the books to the accual basis only for sales, purchases, and cost of sales, and records depreciation to more ciearly refect the business incorme. basis during the yean At year-end, however, A.J. Deisnyder's accountant Trial Balance December 31, 2016 Debit Credit Cash Accounts Receivable, 12/31/15 Inventory, 12/31/15 18,500 4, 500 20,000 35,000 Accumulated Depreciation, 12/31/1 Accounts Payable, 12/31/1S Payroll Taxes Withheld A J. Delsnyder, Withdrawals A. J. Delsnyder, Capital, 12/31/15 Sales Purchases Salaries Payroll Taxes $ 9,000 4,800 850 24,000 33,650 187,000 82,700 29,500 2,900 8,400 3,900 2,400 Rent Miscellaneous Expense Insurance Pre 235,300 $235,300 During 2016, Delsnyder signed a new 8-year lease for the store premises and is in the process of negotiating a loan for remodeling purposes. The bank requires Delsnyder to present financial statements for 2016 prepared on the aconual basis. To do so, Delsnyder's accountant obtained the following additional information for 2016 1. Amounts due from customers totaled $7,900 at December 31 2. A review of the recevables at December 31 disclosed that an ano ance for doubtful accounts of $1,100 should be provided DeSnyder had recorded no sad debt lesses from thinception of the business meou n December 31 3. The inventory amounted to $23,000 at December 31 besed on a physical count of poods priced at cost. No reduction to market was required 4. On signing the new lease on October 1, 2016, Delsnyder paid $8,400, representing 1 year's rent in advance for the lease year ending October 1, 2017. The $7,500 annuel rental under the eld lease was paid on October 1, 2015, for the lease year ended October i, 2016 S. On April 1, 2016, Delsnyder paid $2,400 to renew the comprehensive insurance coverage for 1 year The premium was s 2,160 on the old policy, which expired on Apri 1, 2016. 6. Depreciation on the equipment was computed at $5,800 for 2016 7. Unpaid vendors' inveices for food purchases totaled $8,800 at December 31 S. Accrued expenses at December 31, 2015 and December 31, 2016, were as folows 12/31/15 12/31/16 Payroll taxes $250 $400 Salaries 375510 275 450 Utieies After obtaining the preceding information, Delisnyder's accountant prepared the folowing partially completed worksheet Cash Basis Adjustments Accrual Ba Debit Credt Debit Credit DebR Credit 18,500 Account 4,500 Accounts Recelvable Allowance for Doubtful Accounts Inventory Equipment 20,000 35,000 Previcus HWK 3 eBook Calculator Equipment 35,000 9,000 Accumulated Depreciation Prepaid Rent Prepaid Insurance 4,800 Accounts Payable Accrued Expenses Payroll Taxes Withheld 850 24,000 A. J. Delsnyder, Withdrawals A. J. Delsnyder, Capital 33,650 187,000 Sales 82,700 Purchases Income Summary-Inventory Salaries Payroll Taxes Rent Miscellaneous Expenses Insurance Utilities 29,500 2,900 8,400 3,900 2,400 3,500 Depreciation Bad Debts Totals Required: 235,300 235,300 na tn tha accrual basis for the year ended . .- 1. Complete the preceding worksheet to convert Delsnyder Specialty Foods's trial balance to the accrual basis for the year ended December 31, 2016. Enter all amounts as positive numbers. DELSNYDER SPECIALTY FOocs Cash ashAdjustments AgjustmentsBissis Accrual Accrual BaskDebit Accounts recelvable Allowance for doubtful accounts Accumulated depreciation Prepaid rent Prepaid insurance Accounts payable Accrued expenses Payroil taxes withheld Accounting numeric field Delsnyde;, withdrawals Delsnydes capital Income summary-inventory Payroll taxes Payroll taxes Rent Miscellaneous expense Insurance Utilities Bad Debts 2. Prepare a statement showing the changes in A.J. Delsnyder, Capital, for the year ended Delember 31, 2016. DELSNYDER SPECIALTY FOODS Statement of Changes in A.J. Delsnyder, Capital For the Year Ended December 31, 2016 Comprehensive (Appendlx 3.1) Presented below is information pertaining to Delsnyder Specialty roods, a calendar-year sole proprietorship, maintaining its books on the cash adjusts the books to the accual basis only for sales, purchases, and cost of sales, and records depreciation to more ciearly refect the business incorme. basis during the yean At year-end, however, A.J. Deisnyder's accountant Trial Balance December 31, 2016 Debit Credit Cash Accounts Receivable, 12/31/15 Inventory, 12/31/15 18,500 4, 500 20,000 35,000 Accumulated Depreciation, 12/31/1 Accounts Payable, 12/31/1S Payroll Taxes Withheld A J. Delsnyder, Withdrawals A. J. Delsnyder, Capital, 12/31/15 Sales Purchases Salaries Payroll Taxes $ 9,000 4,800 850 24,000 33,650 187,000 82,700 29,500 2,900 8,400 3,900 2,400 Rent Miscellaneous Expense Insurance Pre 235,300 $235,300 During 2016, Delsnyder signed a new 8-year lease for the store premises and is in the process of negotiating a loan for remodeling purposes. The bank requires Delsnyder to present financial statements for 2016 prepared on the aconual basis. To do so, Delsnyder's accountant obtained the following additional information for 2016 1. Amounts due from customers totaled $7,900 at December 31 2. A review of the recevables at December 31 disclosed that an ano ance for doubtful accounts of $1,100 should be provided DeSnyder had recorded no sad debt lesses from thinception of the business meou n December 31 3. The inventory amounted to $23,000 at December 31 besed on a physical count of poods priced at cost. No reduction to market was required 4. On signing the new lease on October 1, 2016, Delsnyder paid $8,400, representing 1 year's rent in advance for the lease year ending October 1, 2017. The $7,500 annuel rental under the eld lease was paid on October 1, 2015, for the lease year ended October i, 2016 S. On April 1, 2016, Delsnyder paid $2,400 to renew the comprehensive insurance coverage for 1 year The premium was s 2,160 on the old policy, which expired on Apri 1, 2016. 6. Depreciation on the equipment was computed at $5,800 for 2016 7. Unpaid vendors' inveices for food purchases totaled $8,800 at December 31 S. Accrued expenses at December 31, 2015 and December 31, 2016, were as folows 12/31/15 12/31/16 Payroll taxes $250 $400 Salaries 375510 275 450 Utieies After obtaining the preceding information, Delisnyder's accountant prepared the folowing partially completed worksheet Cash Basis Adjustments Accrual Ba Debit Credt Debit Credit DebR Credit 18,500 Account 4,500 Accounts Recelvable Allowance for Doubtful Accounts Inventory Equipment 20,000 35,000 Previcus HWK 3 eBook Calculator Equipment 35,000 9,000 Accumulated Depreciation Prepaid Rent Prepaid Insurance 4,800 Accounts Payable Accrued Expenses Payroll Taxes Withheld 850 24,000 A. J. Delsnyder, Withdrawals A. J. Delsnyder, Capital 33,650 187,000 Sales 82,700 Purchases Income Summary-Inventory Salaries Payroll Taxes Rent Miscellaneous Expenses Insurance Utilities 29,500 2,900 8,400 3,900 2,400 3,500 Depreciation Bad Debts Totals Required: 235,300 235,300 na tn tha accrual basis for the year ended . .- 1. Complete the preceding worksheet to convert Delsnyder Specialty Foods's trial balance to the accrual basis for the year ended December 31, 2016. Enter all amounts as positive numbers. DELSNYDER SPECIALTY FOocs Cash ashAdjustments AgjustmentsBissis Accrual Accrual BaskDebit Accounts recelvable Allowance for doubtful accounts Accumulated depreciation Prepaid rent Prepaid insurance Accounts payable Accrued expenses Payroil taxes withheld Accounting numeric field Delsnyde;, withdrawals Delsnydes capital Income summary-inventory Payroll taxes Payroll taxes Rent Miscellaneous expense Insurance Utilities Bad Debts 2. Prepare a statement showing the changes in A.J. Delsnyder, Capital, for the year ended Delember 31, 2016. DELSNYDER SPECIALTY FOODS Statement of Changes in A.J. Delsnyder, Capital For the Year Ended December 31, 2016