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Financial statement help needed. If someone could please help me fill out these several statements with the given information that would be great! Thank you!
Financial statement help needed. If someone could please help me fill out these several statements with the given information that would be great! Thank you!
Milo Corporation's unadjusted trial balance at December 1, 2017, is presented below. Debit Cash Credit $22,000 Accounts Receivable 36,800 Notes Receivable 10,000 Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent 0 36,200 3,600 20,000 150,000 60,000 9,000 Allowance for Doubtful Accounts $500 Accumulated DepreciationBuildings 50,000 Accumulated DepreciationEquipment 24,000 Accounts Payable 27,300 Salaries and Wages Payable 0 Notes Payable (due April 30, 2018) 11,000 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2023) 35,000 Common Stock 50,000 Retained Earnings 63,600 Dividends 12,000 Sales Revenue 900,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 630,000 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 61,800 0 110,000 $1,161,400 $1,161,400 The following transactions occurred during December. Dec. 2 2 15 23 Purchased equipment for $16,000, plus sales taxes of $800 (paid in cash). Milo sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2017, was $1,800; 2017 depreciation prior to the sale of equipment was $825. Milo sold for $5,000 on account inventory that cost $3,500. Salaries and wages of $6,600 were paid. Adjustment data: 1. 2. 3. 4. 5. 6. 7. 8. 9. 1 0 Milo estimates that uncollectible accounts receivable at year-end are $4,000. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. The balance in prepaid insurance represents payment of a $3,600, 6-month premium on September 1, 2017. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. The equipment purchased on December 2, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,800. The patent was acquired on January 1, 2017, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2017, total $2,200. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $15,000. It was unpaid at December 31Step by Step Solution
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