f. Prepare joumal entries for the following adjustments Rocky Mountain Chocolate Factory employees took a physical count of inventory on February 28, 2010. The cost of inventory in the company's possession on that date was $3,281447. Depreciation and amortization expense on Property and Equipment was $698,580 for the fis cal year. 12 13. 14 At year end, the company determined that $646, 156 of wages were eamed but remained unpaid. Of that total, $639,200 relates to general and administrative expenses, and $6,956 relates to retail operating expenses 15. In February 2010, a consulting firm hired by Rocky Mountain Chocolate Factory issued a report stating that the "Rocky Mountain Chocolate Factory brand name is worth $500,000. g. Post the journal entries for the adjustments to the spreads heet and complete the pre-closing trial balance column Journal Entry Jounal Entry Journal Entry Joamal Entry Journal Entry Journal Entry Jounal Entry Journal Entry Jourmal Entry Journal Entry Joun Beginning Balance #2 #3 04 #7 #10 #11 Cash and Cash equivalents 1,253,947 17,000,000 8,200,000 4,100,000 -2.000,000 6,423,789 125,000 498,832 2403,458 Accounts Receivable 4,229,733 5,000,000 4,100.000 Notes Receivable, curretn 0 7,500,000 Inventories 6,000,000 4,064,611 -14,000,000 Deferred income tax 369,197 Other 224,378 Property and Equipment, Net Notes receivable, less current portion Goodwill net intangible assets, net Other 498,832 5,253,598 124,452 1,046,944 183,135 91,057 7,500,000 Accounts payable Acerued salaries and wages Other Acerued expenses Dividend payable Deferred income 1,074,643 8,200,000 6,000,000 6,423,789 423,789 531,941 3.300,000 598,986 3,709 142,000 125,000 Deferred income taxes 827,700 Common stock 179,696 Additional paid-in capital Retained earnings 7.311,280 5,751,017 -2,407,167 22,000,000 Sales 0 Franchise and royalty fees 0 Cost of sales 0 14,000,000 Franchise costs Sales and Marketing 1,505,431 2.044,569 0 General and administrative Retail operating Depreciation and amortization Interest income 1,750,000 0 Income Tax Expense 2 0 Journal Entry Joumal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry unadjusted Beginning Balance s10 2 83 64 #11 trial Balance 1,253,947 4229,733 17,000,000 8,200,000 4,100,000 2,000,000 6,423,789 125.000 498,832 790,224 3,743,092 ts 2,403,458 5,000,000 4,100,000 702.207 4427,526 91,059 91,059 66,328 92,052 4,064,611 7.500,000 6,000,000 -14,000,000 3,498,283 369,197 224.378 461.249 4215 220,163 Net rrent portion 5,253,598 498,832 132,859 5,885,289 139,198 124,452 263,650 1,046,944 1,046,944 -73,110 -3,007 110,025 183,135 88,050 91,057 501,189 877,832 1.074,643 7,500,000 -8,200,000 6,000,000 ges 423,789 -6,423,789 531,941 598,986 946,528 3.300,000 -2,885,413 3,709 -1 602,694 142,000 125,000 46,062 220,938 894,429 180,808 827.700 66,729 179,696 1,112 7,311,280 315.322 7,626,602 2.407,167 5,751,017 3,343,850 22,944,017 22,000,000 944,017 5,492.531 5,492,531 14.000,000 693,786 14,693,786 1,499,477 1,499,477 1,505,431 1,505,431 ve -261,622 2.044,569 1,782,947 1,750,000- 1.750,000 ration -27,210 27,210 2,090,468 2,090,468 J/E J/E J/E J/E J/E 2/28/10 Unadjusted #16 Actual (Closing Ending F/S Entry) Trial # 15 Financial Statement Item Balance # 12 # 13 # 14 Balances Cash and cash equivalents Accounts receivable Notes receivable,current Inventories Deferred income taxes Other Property and Equipment, Net Notes receivable,less current portion Goodwill net Intangible assets,net Other Accounts payable Accrued salaries and wages Other accrued expenses Dividend payable Deferred income Deferred Income Taxes Common stock Additional paid-in capital Retained earnings Sales Franchise and royalty fees Cost of sales Franchise costs Sales & marketing Generaland administrative Retail operating Depreciation and amortization 1,253,947 1,253,947 4,229,733 4,229,733 4,064,611 369,197 224,378 4,064,611 369.197 224,378 5,253,598 5,253,598 124,452 124,452 1,046,944 183,135 91,057 1,074,643 1,046,944 183,135 91,057 1,074,643 423,789 531,941 598,986 142,000 827,700 179,696 7,311,280 5,751,017 423,789 531,94 598,986 142,000 827,700 179,696 7,311,280 5,751,017 Interest income Income Tax Expense f. Prepare joumal entries for the following adjustments Rocky Mountain Chocolate Factory employees took a physical count of inventory on February 28, 2010. The cost of inventory in the company's possession on that date was $3,281447. Depreciation and amortization expense on Property and Equipment was $698,580 for the fis cal year. 12 13. 14 At year end, the company determined that $646, 156 of wages were eamed but remained unpaid. Of that total, $639,200 relates to general and administrative expenses, and $6,956 relates to retail operating expenses 15. In February 2010, a consulting firm hired by Rocky Mountain Chocolate Factory issued a report stating that the "Rocky Mountain Chocolate Factory brand name is worth $500,000. g. Post the journal entries for the adjustments to the spreads heet and complete the pre-closing trial balance column Journal Entry Jounal Entry Journal Entry Joamal Entry Journal Entry Journal Entry Jounal Entry Journal Entry Jourmal Entry Journal Entry Joun Beginning Balance #2 #3 04 #7 #10 #11 Cash and Cash equivalents 1,253,947 17,000,000 8,200,000 4,100,000 -2.000,000 6,423,789 125,000 498,832 2403,458 Accounts Receivable 4,229,733 5,000,000 4,100.000 Notes Receivable, curretn 0 7,500,000 Inventories 6,000,000 4,064,611 -14,000,000 Deferred income tax 369,197 Other 224,378 Property and Equipment, Net Notes receivable, less current portion Goodwill net intangible assets, net Other 498,832 5,253,598 124,452 1,046,944 183,135 91,057 7,500,000 Accounts payable Acerued salaries and wages Other Acerued expenses Dividend payable Deferred income 1,074,643 8,200,000 6,000,000 6,423,789 423,789 531,941 3.300,000 598,986 3,709 142,000 125,000 Deferred income taxes 827,700 Common stock 179,696 Additional paid-in capital Retained earnings 7.311,280 5,751,017 -2,407,167 22,000,000 Sales 0 Franchise and royalty fees 0 Cost of sales 0 14,000,000 Franchise costs Sales and Marketing 1,505,431 2.044,569 0 General and administrative Retail operating Depreciation and amortization Interest income 1,750,000 0 Income Tax Expense 2 0 Journal Entry Joumal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry Journal Entry unadjusted Beginning Balance s10 2 83 64 #11 trial Balance 1,253,947 4229,733 17,000,000 8,200,000 4,100,000 2,000,000 6,423,789 125.000 498,832 790,224 3,743,092 ts 2,403,458 5,000,000 4,100,000 702.207 4427,526 91,059 91,059 66,328 92,052 4,064,611 7.500,000 6,000,000 -14,000,000 3,498,283 369,197 224.378 461.249 4215 220,163 Net rrent portion 5,253,598 498,832 132,859 5,885,289 139,198 124,452 263,650 1,046,944 1,046,944 -73,110 -3,007 110,025 183,135 88,050 91,057 501,189 877,832 1.074,643 7,500,000 -8,200,000 6,000,000 ges 423,789 -6,423,789 531,941 598,986 946,528 3.300,000 -2,885,413 3,709 -1 602,694 142,000 125,000 46,062 220,938 894,429 180,808 827.700 66,729 179,696 1,112 7,311,280 315.322 7,626,602 2.407,167 5,751,017 3,343,850 22,944,017 22,000,000 944,017 5,492.531 5,492,531 14.000,000 693,786 14,693,786 1,499,477 1,499,477 1,505,431 1,505,431 ve -261,622 2.044,569 1,782,947 1,750,000- 1.750,000 ration -27,210 27,210 2,090,468 2,090,468 J/E J/E J/E J/E J/E 2/28/10 Unadjusted #16 Actual (Closing Ending F/S Entry) Trial # 15 Financial Statement Item Balance # 12 # 13 # 14 Balances Cash and cash equivalents Accounts receivable Notes receivable,current Inventories Deferred income taxes Other Property and Equipment, Net Notes receivable,less current portion Goodwill net Intangible assets,net Other Accounts payable Accrued salaries and wages Other accrued expenses Dividend payable Deferred income Deferred Income Taxes Common stock Additional paid-in capital Retained earnings Sales Franchise and royalty fees Cost of sales Franchise costs Sales & marketing Generaland administrative Retail operating Depreciation and amortization 1,253,947 1,253,947 4,229,733 4,229,733 4,064,611 369,197 224,378 4,064,611 369.197 224,378 5,253,598 5,253,598 124,452 124,452 1,046,944 183,135 91,057 1,074,643 1,046,944 183,135 91,057 1,074,643 423,789 531,941 598,986 142,000 827,700 179,696 7,311,280 5,751,017 423,789 531,94 598,986 142,000 827,700 179,696 7,311,280 5,751,017 Interest income Income Tax Expense