During
2020,$84,000 in invento\ During
2020,$20,000 in salary cost purchases were made on account. Payments to vendors were
$71,000 for the year.\ On January 2, 2020, 15 months of rent incurred from employees working. Salary paid was
$18,000 for the year.\ On June 30, 2020, 1,000 new shares of com paid in advance for
$15,000. 12 months were used during 2020.\ On September 9, 2020, land to open a new stork were issued in exchange for
$12,000 cash.\ On December 31,2020 , the loan is repaid store is purchased for
$14,000 cash.\ Equipment and building were used repaid with interest.\ Balance, i.e. 2 times the SL rate).\ 9. Inventory is counted and
$17,000 remains unsold at December
31,2020.\ 10. The income tax rate is
40%.\ Required (see also additional notes on page 2):\ Write journal entries for each of the above transactions and write adjusting entries for the fiscal year end.\ Prepare an adjusted trial balance\ Prepare the basic financial statements (Balance Sheet, Income Statement, Statement of Stockholders' Equity, and Statement of Cash Flows [indirect method]) for the year.\ 2021 Transactions\ EXCEL #3 (2021)\ During 2021, a new gift card program was started and customers purchased
$32,000 in gift cards (i.e. deferred revenue).\ During 2021,
$147,000 in sales were made on account. Collections of AR from customers were
$143,000 for the year.\ During 2021,
$113,000 in inventory purchases were made- on account. Payments to vendors were
$117,000 for the year.\ During
2021,$31,000 in salary cost was incurred from eriployees working. Salary paid was
$32,000 for the year.\ On March 15, 2021, income taxes accrued in 2020 were paid.\ On March 31, 2021, 10 months of rent was paid in advance for
$10,000.12 months were used during 2021
2. During 2020,$84,000 in inventory pude on account. Collections from customers were $102,000 for the year. 3. During 2020,$20,000 in salary cost purchases were made on account. Payments to vendors were $71,000 for the year. 4. On January 2, 2020, 15 months of rent was incurred from employees working. Salary paid was $18,000 for the year. 5. On June 30, 2020, 1,000 new shares of comaid in advance for $15,000.12 months were used during 2020. 6. On September 9, 2020, land to open a newmon stock were issued in exchange for $12,000 cash. 7. On December 31,2020 , the loan is repaid store is purchased for $14,000 cash. 8. Equipment and building were used repaid with interest. Balance, i.e. 2 times the SL rate). 9. Inventory is counted and $17,000 remains unsold at December 31,2020. 10. The income tax rate is 40%. Required (see also additional notes on page 2): 1. Write journal entries for each of the above transactions and write adjusting entries for the fiscal year end. 2. Prepare an adjusted trial balance 3. Prepare the basic financial statements (Balance Sheet, Income Statement, Statement of Stockholders' Equity, and Statement o. Cash Flows [indirect method]) for the year. 2021 Transactions EXCEL \#3 (2021) 1. During 2021, a new gift card program was started and customers purchased $32,000 in gift cards (i.e. deferred revenue). 2. During 2021, $147,000 in sales were made on account. Collections of AR from customers were $143,000 for the year. 3. During 2021, $113,000 in inventory purchases were made-on account. Payments to vendors were $117,000 for the year. 4. During 2021, $31,000 in salary cost was incurred from ermployees working. Salary paid was $32,000 for the year. 5. On March 15, 2021, income taxes accrued in 2020 were paid. 6. On March 31, 2021, 10 months of rent was paid in advance for $10,000.12 months were used during 2021 2. During 2020,$84,000 in inventory pude on account. Collections from customers were $102,000 for the year. 3. During 2020,$20,000 in salary cost purchases were made on account. Payments to vendors were $71,000 for the year. 4. On January 2, 2020, 15 months of rent was incurred from employees working. Salary paid was $18,000 for the year. 5. On June 30, 2020, 1,000 new shares of comaid in advance for $15,000.12 months were used during 2020. 6. On September 9, 2020, land to open a newmon stock were issued in exchange for $12,000 cash. 7. On December 31,2020 , the loan is repaid store is purchased for $14,000 cash. 8. Equipment and building were used repaid with interest. Balance, i.e. 2 times the SL rate). 9. Inventory is counted and $17,000 remains unsold at December 31,2020. 10. The income tax rate is 40%. Required (see also additional notes on page 2): 1. Write journal entries for each of the above transactions and write adjusting entries for the fiscal year end. 2. Prepare an adjusted trial balance 3. Prepare the basic financial statements (Balance Sheet, Income Statement, Statement of Stockholders' Equity, and Statement o. Cash Flows [indirect method]) for the year. 2021 Transactions EXCEL \#3 (2021) 1. During 2021, a new gift card program was started and customers purchased $32,000 in gift cards (i.e. deferred revenue). 2. During 2021, $147,000 in sales were made on account. Collections of AR from customers were $143,000 for the year. 3. During 2021, $113,000 in inventory purchases were made-on account. Payments to vendors were $117,000 for the year. 4. During 2021, $31,000 in salary cost was incurred from ermployees working. Salary paid was $32,000 for the year. 5. On March 15, 2021, income taxes accrued in 2020 were paid. 6. On March 31, 2021, 10 months of rent was paid in advance for $10,000.12 months were used during 2021
