Coughlan has developed plans to expand into the wholesale flower market and is in the process of negotiating a bank loan to finance the expansion. The bank is requesting 2019 financial statements prepared on the accrual basis of accounting from Coughlan. During the course of a review engagement of Coughlan, your firm, obtained the following information:

1. All employees are paid weekly on Friday. The average payroll is $3,000 (6 day work week) per week. Employees were last paid on Friday, December 27th, 2019 for the week ended December 21st. Although the employees did not work on Christmas Day, Coughlan pays them for the day.
2. Coughlan has made estimated tax payments of $10,000 per quarter for the first three quarters of 2019. Coughlans estimated tax rate is 25%.
3. Coughlan took out a 2 year note payable on April 1, 2019. The note bears interest at 3%. Principal and interest are due at maturity.
4. The company had two locations and due to poor performance, they decided to discontinue operations related to the south location. This did not result in a strategic shift for Coughlans operations. The revenue for this location (which is included in the above trial balance) amounted to $83,000 and the expenses, $91,000 (purchases $50,000, salaries $26,000 and rent $15,000). The company disposed of all assets of the south location for a loss of $10,000 ($31,000 original cost with accumulated depreciation of $17,000). The company did not yet record the disposal of their assets.
5. The investments account is comprised of two investments. One $100,000 bond was purchased at face value and Coughlan intends to hold until it matures. The interest on these bonds are 3% and is paid annually on January 31. Coughlan purchased these bonds on September 1^st of the current year. The fair value of these bonds are $96,000. The other investment are shares of Google stock, which were purchased for $1,197/share. Assume the closing price of Google on 12/31/19, was $1,336/share.

Using the following information please make adjustment entry or entries for each situation.

what otger infirmation do you need?

B G 1 H 2 D E Coughlan Flowers Inc. Trial Balance (Unadjusted) 31-Dec-19 3 4 5 Cash 6 Accounts receivable, 12/31/18 7 Inventory, 12/31/18 8 Investments, at cost 9 Furniture and Fixtures 10 Accumulated depreciation, 12/31/18 11 Accounts payable, 12/31/18 12 Notes payable, due 3/31/21 13 Capital stock, $10 par value 14 Retained earnings, 12/31/2018 15 Sales 16 Cost of Goods Sold 17 Land improvement expense 18 Salaries expense 19 Payroll Taxes 20 Income tax expense 21 Insurance expense 22 Bad Debt expense 23 Rent expense 24 Utilities expense 25 Travel and entertainment expense 26 TOTALS 27 28 29 Dr. Cr. $25,600 116,200 76.800 219,700 213,200 $105,000 17,000 200,000 50,000 139,300 877,700 393,800 50,000 174,000 12,400 30,000 10,100 7,400 34,200 12,600 13,000 $1,389,000 $1,389,000 30 31 32 33 34 35 36 37 38 39 40 B G 1 H 2 D E Coughlan Flowers Inc. Trial Balance (Unadjusted) 31-Dec-19 3 4 5 Cash 6 Accounts receivable, 12/31/18 7 Inventory, 12/31/18 8 Investments, at cost 9 Furniture and Fixtures 10 Accumulated depreciation, 12/31/18 11 Accounts payable, 12/31/18 12 Notes payable, due 3/31/21 13 Capital stock, $10 par value 14 Retained earnings, 12/31/2018 15 Sales 16 Cost of Goods Sold 17 Land improvement expense 18 Salaries expense 19 Payroll Taxes 20 Income tax expense 21 Insurance expense 22 Bad Debt expense 23 Rent expense 24 Utilities expense 25 Travel and entertainment expense 26 TOTALS 27 28 29 Dr. Cr. $25,600 116,200 76.800 219,700 213,200 $105,000 17,000 200,000 50,000 139,300 877,700 393,800 50,000 174,000 12,400 30,000 10,100 7,400 34,200 12,600 13,000 $1,389,000 $1,389,000 30 31 32 33 34 35 36 37 38 39 40