G C D F 1 The Built4U Company's trial balance at December 31, 2017, is presented below. All 2017 transactions 2 have been recorded except for the items described as unrecorded transactions. 3 4 ACCOUNT DEBIT CREDIT 5 Cash 56,000.00 6 Accounts Receivable 73,600.00 7 Notes Receivable 20,000.00 8 Interest Receivable 9 Inventory 72,400.00 10 Prepaid Insurance 7,200.00 11 Land 40,000.00 12 Buildings 300,000.00 13 Equipment 120,000.00 14 Patents 18,000.00 15 Allowance for Doubtful Accounts 1,000.00 16 Accumulated Depreciation-Buildings 100,000.00 17 Accumulated Depreciation-Equipment 48,000.00 19 Accounts Payable 54,600.00 19 Salaries and Wages Payable 20 Employee health insurance benefit payable 21 FICA withholding payable 22 Federal income tax withholding payable 23 State income tax withholding payable 24 Federal unemployment tax payable 25 State unemployment tax payable 26 Unearned Rent Revenue 12,000.00 27 Notes Payable (due in 2018) 22,000.00 28 Interest Payable 29 Notes Payable (due after 2018) 60,000.00 30 Owner's Capital 227,200.00 31 Owner's Drawings 24,000.00 32 Sales Revenue 33 Interest Revenue 34 Rent Revenue 35 Gain on Disposal of Plant Assets 36 Bad Debt Expense 37 Cost of Goods Sold ######### 38 Depreciation Expense 39 Insurance Expense 14,000.00 40 Interest Expense 41 Other Operating Expenses 123,600.00 42 Amortization Expense 43 Salaries and Wages Expense 152,319.05 44 Payroll tax and benefits expense 67,680.95 45 46 Total 47 . Payroll tax and benefits expense 67,680.95 44 45 46 Total 48 Unrecorded transactions: 49 1. On May 1, 2017, Built40 purchased equipment for $42,200 plus sales taxes of $1,600 (all paid in cash). 50 It has a life expectancy of 100,000 units and a residual value of 5% 51 2. On July 1, 2017, Built4U sold for $7,000 equipment which originally cost $10,000. Accumulated 52 depreciation on this equipment at January 1, 2017, was $3,600, 2017 depreciation prior to the sale 53 of the equipment was $700 54 3. On December 31, 2017, Built40 sold on account $18,000 of inventory that cost $12,600. 5. 4. Built4U estimates that uncollectible accounts receivable at year-end is $7,000 56 5. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. 57 6. The prepaid insurance balance represents payment of a 57,2006-month premium coverage 58 beginning January 1, 2018 59 7. The building is being depreciated using the straight line method over 30 years. The salvage value 60 is $60,000 61 8. The equipment owned prior to this year is being depreciated using the straight line method over 62 5 years. The salvage value is 10% of cost. 63 9. The equipment purchased on May 1, 2017, is being depreciated using the units of production method 64 based on an expected production life of 100,000 units. It produced 13,000 units in 2017 65 10. The patent was acquired on January 1, 2017, and has a useful life of 10 years from that date 66 11. Unpaid salaries and wages at December 31, 2017, remain unrecorded for the following employees 67 4% 0.80% 5.40% Health 68 Name Hours Rate Fed inc Tax St Inc Tai FICA St Inc Tax FUTA SUTA en info 69 Jeany Huffa (Supervisor n/a (salaries 1.000 busque computi compute compute compute compu en data 70 Tony Danza (Machine operator) 42 15.00 busque computi compute compute compute compu en data 71 Paul Bunyon (Heavy loader operator) 00 13 05 93.00 computi compute compute compute compu en data 72 Huck Finn (Inventory control clerk) 40 12.55 busque computi compute compute compute compu en data 73 Sally Fields (Final product packer) 43 13.50 78.00 computi compute compute compute compu en data 74 Payroll is weekly. Only leany is married and claim3 withholding allowances. Their only withholding is for FICA at 7.65% and federal per tables and state income taxes at 4%. The remainder payroll costs are paid by the employer. Use IRS Publication 15 O 75 (https://www.irs gov/pub/irs-prior/p15--2017.pdf) 76 77 78 12. In addition to unpaid salaries, Build recognizes payroll taxes for FICA, state unemployment 54% and 73 federal unemployment 0.8%, as well as $200 in basic health insurance benefit for its employees. 80 81 13 The uneamed rent revenue of $12,000 was received on December 1, 2017, for 6 months' rent of excess space B2 14 Both the short term and long-term notes payable are dated January 1, 2017, and carry a 9 interest 03 rate. All interest is payable in the next 12 months 64 85 Instructions (mucho de lo amarillo es para entrar cantidades e descripciones, como aplique) 85 (a) Prepare journal entries for the transactions listed above as needed indicate 'No entry needed" 8 where appropriate. Show your well labeled computations either on the side of a separate tab 10 (b) Prepare an updated December 31, 2017, trial balance 83 ) Prepare a 2017 income statement and an owner's equity Statement Sold) Prepare a December 31, 2017, classified balance sheet Name Unrecorded transactions: 1. On May 1, 2017, Builtu purchased equipment for $42,200 plus sales taxes of $1,600 (all paid in cash). It has a life expectancy of 100,000 units and a residual value of 5% 2. On July 1, 2017, Builtu sold for $7,000 equipment which originally cost $10,000. Accumulated depreciation on this equipment at January 1, 2017, was $3,600, 2017 depreciation prior to the sale of the equipment was $700. 3. On December 31, 2017, Built4U sold on account $18,000 of inventory that cost $12,600 4. Built4U estimates that uncollectible accounts receivable at year-end is $7,000 5. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. 6. The prepaid insurance balance represents payment of a $7,200 6-month premium coverage beginning January 1, 2018 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $60,000 18. The equipment owned prior to this year is being depreciated using the straight-line method over 2 5 years. The salvage value is 10% of cost. 39. The equipment purchased on May 1, 2017, is being depreciated using the units of production method 4 based on an expected production life of 100,000 units. It produced 13,000 units in 2017. 5 10. The patent was acquired on January 1, 2017, and has a useful life of 10 years from that date. 6 11 Unpaid salaries and wages at December 31, 2017, remain unrecorded for the following employees: 57 4% 0.80 5.40% Health 58 Hours Rate Fed Inc Tax St Inc Tai FICA St Inc Tax FUTA SUTA en info 59 Jeany Huffa (Supervisor) n/a (salaries 1,000 busque computi compute compute compute compu en data Tony Danza (Machine operator) 42 15.00 busque compute compute compute compute compu en data Paul Bunyon (Heavy loader operator) 13.05 93.00 computt compute compute compute compu en data 72 Huck Finn (Inventory control clerk) 40 12 55 busque compu compute compute compute compu en data 73 Sally Fields (Final product packer) 43 13.50 78.00 computer compute compute compute compu en data 74 Payroll is weekly. Only Jeany is married and claim3 withholding allowances. Their only withholding is for FICA at 7.65% and federal per tables and state income taxes at 4%. The remainder payroll costs are paid by the employer. Use IRS Publication 15 (https://www.lrs.gov/pub/irs-prior/p15--2017.pdf) 76 77 78 12. In addition to unpaid salaries, Build4U recognizes payroll taxes for FICA, state unemployment 5.4% and 79 federal unemployment 0.8%, as well as $200 in basic health insurance benefit for its employees BO 81 13. The unearned rent revenue of $12,000 was received on December 1, 2017, for 6 months' rent of excess space. B2 14. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 9% interest 83 rate. All interest is payable in the next 12 months. 84 B5 Instructions (mucho de lo amarillo es para entrar cantidades o descripciones, cmo aplique). 86 (a) Prepare journal entries for the transactions listed above as needed. Indicate "No entry needed B7 where appropriate. Show your well labeled computations either on the side or a separate tab. 88. (b) Prepare an updated December 31, 2017, trial balance. 83 ) Prepare a 2017 income statement and an owner's equity statement COLLE 2017 78 12. In addition to unpaid salaries, Build4U recognizes payroll taxes for FICA, state unemployment 5.4% a 179 federal unemployment 0.8%, as well as $200 in basic health insurance benefit for its employees. 80 81 13. The unearned rent revenue of $12,000 was received on December 1, 2017, for 6 months' rent of excess 82 14. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 9% interest 83 rate. All interest is payable in the next 12 months. 84 85 Instructions (mucho de lo amarillo es para entrar cantidades o descripciones, cmo aplique). 86 (a) Prepare journal entries for the transactions listed above as needed. Indicate "No entry needed" 87 where appropriate. Show your well labeled computations either on the side or a separate tab. 88 (b) Prepare an updated December 31, 2017, trial balance. 89 (c) Prepare a 2017 income statement and an owner's equity statement. 90 (d) Prepare a December 31, 2017, classified balance sheet. G C D F 1 The Built4U Company's trial balance at December 31, 2017, is presented below. All 2017 transactions 2 have been recorded except for the items described as unrecorded transactions. 3 4 ACCOUNT DEBIT CREDIT 5 Cash 56,000.00 6 Accounts Receivable 73,600.00 7 Notes Receivable 20,000.00 8 Interest Receivable 9 Inventory 72,400.00 10 Prepaid Insurance 7,200.00 11 Land 40,000.00 12 Buildings 300,000.00 13 Equipment 120,000.00 14 Patents 18,000.00 15 Allowance for Doubtful Accounts 1,000.00 16 Accumulated Depreciation-Buildings 100,000.00 17 Accumulated Depreciation-Equipment 48,000.00 19 Accounts Payable 54,600.00 19 Salaries and Wages Payable 20 Employee health insurance benefit payable 21 FICA withholding payable 22 Federal income tax withholding payable 23 State income tax withholding payable 24 Federal unemployment tax payable 25 State unemployment tax payable 26 Unearned Rent Revenue 12,000.00 27 Notes Payable (due in 2018) 22,000.00 28 Interest Payable 29 Notes Payable (due after 2018) 60,000.00 30 Owner's Capital 227,200.00 31 Owner's Drawings 24,000.00 32 Sales Revenue 33 Interest Revenue 34 Rent Revenue 35 Gain on Disposal of Plant Assets 36 Bad Debt Expense 37 Cost of Goods Sold ######### 38 Depreciation Expense 39 Insurance Expense 14,000.00 40 Interest Expense 41 Other Operating Expenses 123,600.00 42 Amortization Expense 43 Salaries and Wages Expense 152,319.05 44 Payroll tax and benefits expense 67,680.95 45 46 Total 47 . Payroll tax and benefits expense 67,680.95 44 45 46 Total 48 Unrecorded transactions: 49 1. On May 1, 2017, Built40 purchased equipment for $42,200 plus sales taxes of $1,600 (all paid in cash). 50 It has a life expectancy of 100,000 units and a residual value of 5% 51 2. On July 1, 2017, Built4U sold for $7,000 equipment which originally cost $10,000. Accumulated 52 depreciation on this equipment at January 1, 2017, was $3,600, 2017 depreciation prior to the sale 53 of the equipment was $700 54 3. On December 31, 2017, Built40 sold on account $18,000 of inventory that cost $12,600. 5. 4. Built4U estimates that uncollectible accounts receivable at year-end is $7,000 56 5. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. 57 6. The prepaid insurance balance represents payment of a 57,2006-month premium coverage 58 beginning January 1, 2018 59 7. The building is being depreciated using the straight line method over 30 years. The salvage value 60 is $60,000 61 8. The equipment owned prior to this year is being depreciated using the straight line method over 62 5 years. The salvage value is 10% of cost. 63 9. The equipment purchased on May 1, 2017, is being depreciated using the units of production method 64 based on an expected production life of 100,000 units. It produced 13,000 units in 2017 65 10. The patent was acquired on January 1, 2017, and has a useful life of 10 years from that date 66 11. Unpaid salaries and wages at December 31, 2017, remain unrecorded for the following employees 67 4% 0.80% 5.40% Health 68 Name Hours Rate Fed inc Tax St Inc Tai FICA St Inc Tax FUTA SUTA en info 69 Jeany Huffa (Supervisor n/a (salaries 1.000 busque computi compute compute compute compu en data 70 Tony Danza (Machine operator) 42 15.00 busque computi compute compute compute compu en data 71 Paul Bunyon (Heavy loader operator) 00 13 05 93.00 computi compute compute compute compu en data 72 Huck Finn (Inventory control clerk) 40 12.55 busque computi compute compute compute compu en data 73 Sally Fields (Final product packer) 43 13.50 78.00 computi compute compute compute compu en data 74 Payroll is weekly. Only leany is married and claim3 withholding allowances. Their only withholding is for FICA at 7.65% and federal per tables and state income taxes at 4%. The remainder payroll costs are paid by the employer. Use IRS Publication 15 O 75 (https://www.irs gov/pub/irs-prior/p15--2017.pdf) 76 77 78 12. In addition to unpaid salaries, Build recognizes payroll taxes for FICA, state unemployment 54% and 73 federal unemployment 0.8%, as well as $200 in basic health insurance benefit for its employees. 80 81 13 The uneamed rent revenue of $12,000 was received on December 1, 2017, for 6 months' rent of excess space B2 14 Both the short term and long-term notes payable are dated January 1, 2017, and carry a 9 interest 03 rate. All interest is payable in the next 12 months 64 85 Instructions (mucho de lo amarillo es para entrar cantidades e descripciones, como aplique) 85 (a) Prepare journal entries for the transactions listed above as needed indicate 'No entry needed" 8 where appropriate. Show your well labeled computations either on the side of a separate tab 10 (b) Prepare an updated December 31, 2017, trial balance 83 ) Prepare a 2017 income statement and an owner's equity Statement Sold) Prepare a December 31, 2017, classified balance sheet Name Unrecorded transactions: 1. On May 1, 2017, Builtu purchased equipment for $42,200 plus sales taxes of $1,600 (all paid in cash). It has a life expectancy of 100,000 units and a residual value of 5% 2. On July 1, 2017, Builtu sold for $7,000 equipment which originally cost $10,000. Accumulated depreciation on this equipment at January 1, 2017, was $3,600, 2017 depreciation prior to the sale of the equipment was $700. 3. On December 31, 2017, Built4U sold on account $18,000 of inventory that cost $12,600 4. Built4U estimates that uncollectible accounts receivable at year-end is $7,000 5. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. 6. The prepaid insurance balance represents payment of a $7,200 6-month premium coverage beginning January 1, 2018 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $60,000 18. The equipment owned prior to this year is being depreciated using the straight-line method over 2 5 years. The salvage value is 10% of cost. 39. The equipment purchased on May 1, 2017, is being depreciated using the units of production method 4 based on an expected production life of 100,000 units. It produced 13,000 units in 2017. 5 10. The patent was acquired on January 1, 2017, and has a useful life of 10 years from that date. 6 11 Unpaid salaries and wages at December 31, 2017, remain unrecorded for the following employees: 57 4% 0.80 5.40% Health 58 Hours Rate Fed Inc Tax St Inc Tai FICA St Inc Tax FUTA SUTA en info 59 Jeany Huffa (Supervisor) n/a (salaries 1,000 busque computi compute compute compute compu en data Tony Danza (Machine operator) 42 15.00 busque compute compute compute compute compu en data Paul Bunyon (Heavy loader operator) 13.05 93.00 computt compute compute compute compu en data 72 Huck Finn (Inventory control clerk) 40 12 55 busque compu compute compute compute compu en data 73 Sally Fields (Final product packer) 43 13.50 78.00 computer compute compute compute compu en data 74 Payroll is weekly. Only Jeany is married and claim3 withholding allowances. Their only withholding is for FICA at 7.65% and federal per tables and state income taxes at 4%. The remainder payroll costs are paid by the employer. Use IRS Publication 15 (https://www.lrs.gov/pub/irs-prior/p15--2017.pdf) 76 77 78 12. In addition to unpaid salaries, Build4U recognizes payroll taxes for FICA, state unemployment 5.4% and 79 federal unemployment 0.8%, as well as $200 in basic health insurance benefit for its employees BO 81 13. The unearned rent revenue of $12,000 was received on December 1, 2017, for 6 months' rent of excess space. B2 14. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 9% interest 83 rate. All interest is payable in the next 12 months. 84 B5 Instructions (mucho de lo amarillo es para entrar cantidades o descripciones, cmo aplique). 86 (a) Prepare journal entries for the transactions listed above as needed. Indicate "No entry needed B7 where appropriate. Show your well labeled computations either on the side or a separate tab. 88. (b) Prepare an updated December 31, 2017, trial balance. 83 ) Prepare a 2017 income statement and an owner's equity statement COLLE 2017 78 12. In addition to unpaid salaries, Build4U recognizes payroll taxes for FICA, state unemployment 5.4% a 179 federal unemployment 0.8%, as well as $200 in basic health insurance benefit for its employees. 80 81 13. The unearned rent revenue of $12,000 was received on December 1, 2017, for 6 months' rent of excess 82 14. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 9% interest 83 rate. All interest is payable in the next 12 months. 84 85 Instructions (mucho de lo amarillo es para entrar cantidades o descripciones, cmo aplique). 86 (a) Prepare journal entries for the transactions listed above as needed. Indicate "No entry needed" 87 where appropriate. Show your well labeled computations either on the side or a separate tab. 88 (b) Prepare an updated December 31, 2017, trial balance. 89 (c) Prepare a 2017 income statement and an owner's equity statement. 90 (d) Prepare a December 31, 2017, classified balance sheet