December Change in Transaction (9) Income Instructions: Enter the 2020 transactions 1.9 for Cactus Inc. into the transaction spreadsheet below. All the account names and the beginning balances have been given for you. Do not add any rows or $12.800 to On 1231 employees for record interest Cactus sells two weeks' On 123120 record the for all debt $20,000 of goods Cactus wages. The necessary adjustment outstanding to a large receives Wage expense for Intangibles. At during 2020 customer on $8.000 from a for the first Cactus collects 1920, the intangibles Cactus is on 172020 account. The customer for week was Cactus delivers half of the Cactus account consisted of a charged 4% to Cactus borrows inventory sold services that recognized in $8,000 worth of amount owed by repurchases single patent with four be paid in the $85.000 from a cost Cactus Cactus has not the prior services to the the customer in $30,000 of years remaining first week of bank $12,000 yet provided period but not customer in (3). (2) stock useful life 2021 December 31, 2019 Net Transactions Number Transaction (1) Transaction (8) Transaction (2) Transaction (3) Transaction (4) Transaction (5) Transaction (6) Transaction (7) Balance Sheet Cash 55.000 85,000 8,000 (12.800) 10.000 130,000) Accounts Receivable 16 850 20.000 (10.000) Inventory 22,512 (12.000) (8.000) PPE 32.000 Accum Deprec. PPE (9.600 Prepaid Insurance 6.400 Intangible Assets, net 7,600 (1900) Long-term Investments 12.769 Land 35.000 Total Assets 178,531 AA-ALASE) . Accounts Payable 7,871 Wages Payable 6,400 (6,400) Interest Payable 5.748 4.000 Notes Payable 15,000 85.000 Taxes Payable 14572 Unearned Revenue 12568 8,000 (8,000) Total Liabilities 62.159 account balance 60 200 10.000 (20,000) 31 2020 Balance Sheet 115 200 26.850 2.512 32,000 (9.600) 6,400 5.700 12.769 35.000 226,831 (1900) 48,300 7871 (6,400) 4.000 85.000 4,000 9.748 100,000 14,572 12,568 144,759 82,600 (30.000) 177,860 (116.800) 21012 (30,000) [4.300) 20.000 (12,000) 20.000 (12.000) Common Stock 177 860 Treasury Stock (86 800) Retained Earnings 25,312 Sales Cost of Goods Sold Insurance Expense Wage Expense Amortization Expense Interest Income Interest Expense Tax Expense Total SH Equity 116,372 Total Liabilities & SHE 178.531 (6.4001 (1.900) 16.400 (1900) (4.000 (4.000) - 82,072 226,831 (34.300) 48,300 Net Income (4,300) December Change in Transaction (9) Income Instructions: Enter the 2020 transactions 1.9 for Cactus Inc. into the transaction spreadsheet below. All the account names and the beginning balances have been given for you. Do not add any rows or $12.800 to On 1231 employees for record interest Cactus sells two weeks' On 123120 record the for all debt $20,000 of goods Cactus wages. The necessary adjustment outstanding to a large receives Wage expense for Intangibles. At during 2020 customer on $8.000 from a for the first Cactus collects 1920, the intangibles Cactus is on 172020 account. The customer for week was Cactus delivers half of the Cactus account consisted of a charged 4% to Cactus borrows inventory sold services that recognized in $8,000 worth of amount owed by repurchases single patent with four be paid in the $85.000 from a cost Cactus Cactus has not the prior services to the the customer in $30,000 of years remaining first week of bank $12,000 yet provided period but not customer in (3). (2) stock useful life 2021 December 31, 2019 Net Transactions Number Transaction (1) Transaction (8) Transaction (2) Transaction (3) Transaction (4) Transaction (5) Transaction (6) Transaction (7) Balance Sheet Cash 55.000 85,000 8,000 (12.800) 10.000 130,000) Accounts Receivable 16 850 20.000 (10.000) Inventory 22,512 (12.000) (8.000) PPE 32.000 Accum Deprec. PPE (9.600 Prepaid Insurance 6.400 Intangible Assets, net 7,600 (1900) Long-term Investments 12.769 Land 35.000 Total Assets 178,531 AA-ALASE) . Accounts Payable 7,871 Wages Payable 6,400 (6,400) Interest Payable 5.748 4.000 Notes Payable 15,000 85.000 Taxes Payable 14572 Unearned Revenue 12568 8,000 (8,000) Total Liabilities 62.159 account balance 60 200 10.000 (20,000) 31 2020 Balance Sheet 115 200 26.850 2.512 32,000 (9.600) 6,400 5.700 12.769 35.000 226,831 (1900) 48,300 7871 (6,400) 4.000 85.000 4,000 9.748 100,000 14,572 12,568 144,759 82,600 (30.000) 177,860 (116.800) 21012 (30,000) [4.300) 20.000 (12,000) 20.000 (12.000) Common Stock 177 860 Treasury Stock (86 800) Retained Earnings 25,312 Sales Cost of Goods Sold Insurance Expense Wage Expense Amortization Expense Interest Income Interest Expense Tax Expense Total SH Equity 116,372 Total Liabilities & SHE 178.531 (6.4001 (1.900) 16.400 (1900) (4.000 (4.000) - 82,072 226,831 (34.300) 48,300 Net Income (4,300)
