Critical Thinking Problem 13.1 (Algo) Year-End Processing LO 13-1, 13-2, 13-3, 13-4, 13-5, 13-6, 13-7

Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax. On December 31, 20X1, its general ledger contained the accounts and balances shown below:

only the required 1,2,3 and 4

Critical Thinking Problem 13.1 (Algo) Year-End Processing LO 13-1, 13-2, 13-3, 13-4, 13-5, 13-6, 13-7 Programs Plus is a retall firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax On December 31,201, its general ledger contained the accounts and balances shown below: The data needed for the adjustments on December 31 are as follows: a.-b. Ending merchandise inventory, $69,450. c. Uncollectible accounts, 0.5 percent of net credit sales of $261.000 d. Supplies on hand December 31,$1,820. e. Expired insurance, $2,790 f. Depreciation Expense-Equipment, $12,000. 9. Accrued interest expense on notes payable, $1,925. h. Accrued salaries, $5,300 i. Social Security Tax Payable (6.2 percent) and Medicare Tox Payable (1.45 percent) of accrued salaries. The following accounts had zero balances: - Salaries Payable - Interest Payable - Income Summary - Supplies Expense - Insurance Expense - Depreciation Expense-Equipment Required: 1. Prepare a worksheet for the year ended December 31,201 2. Prepare a classified income statement. The firm does not divide its operating expenses into selling and administrative expenses. 3. Prepare a statement of owner's equity. No additional investments were made during the period 4. Prepare a classified balance sheet All notes payable are due within one year. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entries. Anolyze: By what percentage did the owner's capital account change in the period from January 1, 20X1, to December 31,201 ? Complete this question entering your answers in the tabs below