Course Proiect FINANCIAL REPORTING I sMc, line. PostConimg Trial Balance December 31, 2022 You are also given the bollowing information that summaribes the business actibity for the curnent year 2023 a. haved 10,000 additional shares of common stock for $45,000 eash on January 1at. b. Beerowed $25,000 on March 1, 2023, from Dewrtewn Bank as along-term loan. The interest fate on the banis 5% and interest for the year is payable on January 1, 2024. c. Paid \$18,000 cash un Aprili to belse a building for ane year. 4. Pectived 57,500 an May 1 trom a tenant for one year's nent. e. Paid 44,200 on Jane 1 lor a ane-year insurance policy. 1. Purchased $3,500 of supplies for cash an June 15th f. Puechased imvensary for $125.000 on actount on Juhl 1. h. Augus 1 sold inventory foe $185,000 an atcount; cont od the merchandse sold was $120,000. k. September 20 paid $34,000 forkales neps' salaries, including $2,500 owed at the bepintingof 2023. L Dividends lor $9,500 were paid an Oeteber 20th. it. The income taces parpable lor the pear af 20022 were paid on November 15h. aes initially recorded as liabilities (ahis is just informationaf. a. At year-end, $1,050 worth af supplies ane an hand. p. At yeacend, an addisional 57,200 of sales salaries are awed, but have not yet been paid. 4. Pregare an adjusing entry to necognime the tases owed for 2023 . The corpoenate tax fate is 21 . of the income befone income tases. You are asked to do the following on an excel soresadshest: 1 Journalize the transactions lor the curnent year, 2023, using the chart of accounts lised on the excel spreadsheet provided lor the project. baiante for SMC. Pod: al current ytar joumalentries to the T-acoourts. 3. Journalize and pod: any necessary adfuatingentries at the end of 2023 . Mint: itens b, c, d, e, a, p, and q requine adjustment.) 4. After the adjusting entries are posited, pregare an adjussed trial balance, an income stasement, statement of retained tarning and abolance sheet for 20023 . The lomat of pour statements should mirner those prepared by the company in 2022 5. Journalize and poublobing entries foe 2023 and preparte posi-elosing tria balance. 6. Compute the Curnent Patio and Debt to Totak Equity fiatio for 20022 and 2023