Final_2021-2.jpg Photos - FA Final 2021-3.jpg + o E . . + JO Question 1 (80%) 6. EASY LTD Unadjusted Trial Balance 30 November 2020 Credit Debit $ 100.000 175.000 The equipment has no salvage value and a useful life of to years. The equipment was purchased at January 1, 2018. There has been no adjustment to count for depreciation for the current year of 2020. ES LTD applies double declining-balance method for the equipment. After adjusting the depreciation Easy LTD sold the equipment with sales price of $15.) in cash. The building has a useful life of 50 years with salvage value. Building was purchased at January 1. 2019. There has been no ayustment is account for depreciation for the current year of 2020 Easy LTD applies double declining balance method for the building Easy LTD Errowed an STCO,000,74, 10-year financial debt at December 31, 2019 with qual annual payments. Journalize the first installment payment occurred December 2020. After payment.reclassify totul financial debt as short term and long-term and adjust the 25.000 SOCCO 80,000 accounts 28.800 200.000 8. Easy LTD paid $12.000 to its insurance company for the next 12 months at December 31, 2020 8.000 0.000 Account $ Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation Equipment Building Accumulated Depreciation - Building Accounts Payable Short-term Financial Debt Long-term Financial Debt Common Stock Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salary & Wage Expense Utility Expense Supplies Expense Total $ 7.938 9 On December 1. Easy LTD purchased a 25% equity in ARC Company for $18.000. AL December 31. ABC reported net income of $16.000 and declared and paid a $3.600 cash dividend 92.762 185.200 550.000 10. Calcolate provision for corporate tax expense by assuming 24 cnrporate tax rate 25.000 Resuired: 25.000 200.000 60.000 30.000 12.000 957,000 $ a) Open ledger accounts and journalize the transactions. 60) pure adjusted trial balance and multiple-step income statement for the period ended December 31, 2020. (109) 957,000 c) Prepare a classified statement of financial position as of December 31, 2020.0103 Transactions Easy Lid. is a retailer following the perpetual inventory method. Assume that there are no credit transactions and all amounts are settled in cash. The following information for Easy Lid. for the month of December 2020 are provided below Unit Cost or Selling Price Date Description Quantity (5) December 1 Beginning inventory as stated in trial balance 100 500 December 10 Purchase 150 CAO December 12 Purchase return 6) December 20Sale 800 1.-3. Journalize each of the transactions by following FIFO cost flow assumption ST) 125 4.-5. Easy LTD management authorizes a write-off of the $5,000 balance on December 21, 2020. After write off aging schedule for Easy LTD is presented below Number of Days Past Due Customer Total No Ya Due 1-30 31-6) 61-90) Over 90) CE CI 25.000 50XXO X1000 C2 20.00 10.0X10,00 C 30.0 Total 75.000 10.6001LXO30.XXO 5.XXO 20XXO Estimated Percentage Uncaleche 15 58 HY CHO 755 EPIC S dee 77.4% How A TUR Final_2021-2.jpg Photos - FA Final 2021-3.jpg + o E . . + JO Question 1 (80%) 6. EASY LTD Unadjusted Trial Balance 30 November 2020 Credit Debit $ 100.000 175.000 The equipment has no salvage value and a useful life of to years. The equipment was purchased at January 1, 2018. There has been no adjustment to count for depreciation for the current year of 2020. ES LTD applies double declining-balance method for the equipment. After adjusting the depreciation Easy LTD sold the equipment with sales price of $15.) in cash. The building has a useful life of 50 years with salvage value. Building was purchased at January 1. 2019. There has been no ayustment is account for depreciation for the current year of 2020 Easy LTD applies double declining balance method for the building Easy LTD Errowed an STCO,000,74, 10-year financial debt at December 31, 2019 with qual annual payments. Journalize the first installment payment occurred December 2020. After payment.reclassify totul financial debt as short term and long-term and adjust the 25.000 SOCCO 80,000 accounts 28.800 200.000 8. Easy LTD paid $12.000 to its insurance company for the next 12 months at December 31, 2020 8.000 0.000 Account $ Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation Equipment Building Accumulated Depreciation - Building Accounts Payable Short-term Financial Debt Long-term Financial Debt Common Stock Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salary & Wage Expense Utility Expense Supplies Expense Total $ 7.938 9 On December 1. Easy LTD purchased a 25% equity in ARC Company for $18.000. AL December 31. ABC reported net income of $16.000 and declared and paid a $3.600 cash dividend 92.762 185.200 550.000 10. Calcolate provision for corporate tax expense by assuming 24 cnrporate tax rate 25.000 Resuired: 25.000 200.000 60.000 30.000 12.000 957,000 $ a) Open ledger accounts and journalize the transactions. 60) pure adjusted trial balance and multiple-step income statement for the period ended December 31, 2020. (109) 957,000 c) Prepare a classified statement of financial position as of December 31, 2020.0103 Transactions Easy Lid. is a retailer following the perpetual inventory method. Assume that there are no credit transactions and all amounts are settled in cash. The following information for Easy Lid. for the month of December 2020 are provided below Unit Cost or Selling Price Date Description Quantity (5) December 1 Beginning inventory as stated in trial balance 100 500 December 10 Purchase 150 CAO December 12 Purchase return 6) December 20Sale 800 1.-3. Journalize each of the transactions by following FIFO cost flow assumption ST) 125 4.-5. Easy LTD management authorizes a write-off of the $5,000 balance on December 21, 2020. After write off aging schedule for Easy LTD is presented below Number of Days Past Due Customer Total No Ya Due 1-30 31-6) 61-90) Over 90) CE CI 25.000 50XXO X1000 C2 20.00 10.0X10,00 C 30.0 Total 75.000 10.6001LXO30.XXO 5.XXO 20XXO Estimated Percentage Uncaleche 15 58 HY CHO 755 EPIC S dee 77.4% How A TUR