Format Painter 2 Merge & Center $ % :: Insert Delete Format Conditional Format as Cell Formatting Table Styles Styles o clear Clear Clipboard Font Alignment Number Cells U9 : f K O OUT WN- 4 9 A B D . H L M N 1 1. Make adjusting entries in the journal (rounding to the nearest dollar) using the information below: 2 A physical count of inventory revealed $440,020.00 of inventory A physical count of supplies revealed $7232.00 of supplies Depreciation for the year was $24,005 The balance in prepaid rent represents an amount paid Dec. 1st for one year 6 Even though the notes receivable aren't due until April 30 2019 they will include 8% interest. The Dec. 31 balance represents a 6 month note originating on Nov. Ist 2018. 7 Dec. 31st is a Thursday and $11,000 of salaries for a five day workweek are paid every Friday. 8 2. On the designated pages, make an Adjusted Trial Balance and then Create Financial Statements for 2018 Additional information needed for cash flow statement (not adjusting entries): Furniture was bought for cash and equipment was bought on credit. No assets were sold. 10 Cash dividends of $50,000 were paid during the year. 11 Use the indirect method for creating the Statement of Cash Flows 12 3. Answer these questions: 13 a. How would the financial statements be different if (each of these scenerios are independent): 14 assets liabilities retained earnings 15 We had missed counting incoming inventory of $1,700 16 We had forgotten to record depreciation 17 We had forgotten to count supplies 18 The bookkeeper had thought the $40,000 we received 12-1 was for past services instead of services to be performed in January 19 The bookkeper wasn't aware that the note payable includes 8% interest to be paid at maturity (calculated on the average balance) 20 (record how much the assets, liabilities, and retained earnings would change and indicate the direction of change with a +or- 21 so that a poitive number would indicate it is too high by that amount and a negative number indicates it is too low by that amount.) 22 b. How would the financial statements be different if all of these scenerios happened in 2018? 23 24 25 26 27 20 Format Painter 2 Merge & Center $ % :: Insert Delete Format Conditional Format as Cell Formatting Table Styles Styles o clear Clear Clipboard Font Alignment Number Cells U9 : f K O OUT WN- 4 9 A B D . H L M N 1 1. Make adjusting entries in the journal (rounding to the nearest dollar) using the information below: 2 A physical count of inventory revealed $440,020.00 of inventory A physical count of supplies revealed $7232.00 of supplies Depreciation for the year was $24,005 The balance in prepaid rent represents an amount paid Dec. 1st for one year 6 Even though the notes receivable aren't due until April 30 2019 they will include 8% interest. The Dec. 31 balance represents a 6 month note originating on Nov. Ist 2018. 7 Dec. 31st is a Thursday and $11,000 of salaries for a five day workweek are paid every Friday. 8 2. On the designated pages, make an Adjusted Trial Balance and then Create Financial Statements for 2018 Additional information needed for cash flow statement (not adjusting entries): Furniture was bought for cash and equipment was bought on credit. No assets were sold. 10 Cash dividends of $50,000 were paid during the year. 11 Use the indirect method for creating the Statement of Cash Flows 12 3. Answer these questions: 13 a. How would the financial statements be different if (each of these scenerios are independent): 14 assets liabilities retained earnings 15 We had missed counting incoming inventory of $1,700 16 We had forgotten to record depreciation 17 We had forgotten to count supplies 18 The bookkeeper had thought the $40,000 we received 12-1 was for past services instead of services to be performed in January 19 The bookkeper wasn't aware that the note payable includes 8% interest to be paid at maturity (calculated on the average balance) 20 (record how much the assets, liabilities, and retained earnings would change and indicate the direction of change with a +or- 21 so that a poitive number would indicate it is too high by that amount and a negative number indicates it is too low by that amount.) 22 b. How would the financial statements be different if all of these scenerios happened in 2018? 23 24 25 26 27 20