general ledger contained the accounts and balances tious snack foods such as granola bars. On December 31 , 20X1, the firm's ADJUSTMENTS a.-b. Merchondise inventory on December 31,201, is $77.300 c. During 201, the firm had net credit sales of $553.000, past experience indicates that 0.50 percent of these sales should reswit in uncoliectible accounts d. On December 31,20X1, an inventory of supplies showed that items costing 51,10 were on hand e. On May 1, 20X1, the firm purchased a one-year insurance policy for $4,560 f. Three years ago the firm purchased office equipment for $9,500. At that time, the equipment was entimared to have a usefurlife of seven years and a salvage value of $470 9. Three years ago the firm purchased warehouse equipment for $27,900. At that time, the equlpment was estimated to have o useful life of sia years and o salvage value of $3,300 ADJUSTMENTS a.-b. Merchandise inventory on December 31,201, is $77,300 c. Ouring 20X1, the firm had net credit sales of $553,000; past experience indicates that 0.50 percent of these sales should result in uncollectible accounts d. On December 31,201, an inventory of supplies showed that items costing $1,110 were on hand. e. On May 1, 20X1, the firm purchased a one-year insurance policy for $4,560. 1. Three years ago the firm purchased office equipment for $9,500. At that time, the equipment was egtimated to have o useful life of seven years and o salvage value of $470. 9. Three years ago the firm purchased warehouse equipment for $27,900. At that time, the equipment was estimated to have a useful ife of six years and o salvage value of $3,300. h. On November 1,201, the firm issued a four-month, 10 percent note for $28,500 1. On December 31,201, the firm owed salaries of $12,000 that will not be poid until 202 j. On December 31, 201, the firm owed the employer's social security tox (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire $12,000 of accrued wages. k. On December 31,20x1, the firm owed the federal unemployment tax (arsume 06 percent) and the state unemployment tax (assume 5.4 percent) on the entre $12,000 of accrued woges. Required: 1. Prepare the Trial Balonce section of o 10-column worksheet. The worksheet covers the year ended December 31, 20x1 2. Enter the adjustments obove in the Adjustments section of the worksheet 3. Complete the worksheet. Analyze: When the financial statements for Healthy Eoting Foods Company ore prepared, what net income will be reported for the period ended December 31 , 20x1? Answer is not complete. Complete this question by entering your answers in the tabs below. 148 general ledger contained the accounts and balances tious snack foods such as granola bars. On December 31 , 20X1, the firm's ADJUSTMENTS a.-b. Merchondise inventory on December 31,201, is $77.300 c. During 201, the firm had net credit sales of $553.000, past experience indicates that 0.50 percent of these sales should reswit in uncoliectible accounts d. On December 31,20X1, an inventory of supplies showed that items costing 51,10 were on hand e. On May 1, 20X1, the firm purchased a one-year insurance policy for $4,560 f. Three years ago the firm purchased office equipment for $9,500. At that time, the equipment was entimared to have a usefurlife of seven years and a salvage value of $470 9. Three years ago the firm purchased warehouse equipment for $27,900. At that time, the equlpment was estimated to have o useful life of sia years and o salvage value of $3,300 ADJUSTMENTS a.-b. Merchandise inventory on December 31,201, is $77,300 c. Ouring 20X1, the firm had net credit sales of $553,000; past experience indicates that 0.50 percent of these sales should result in uncollectible accounts d. On December 31,201, an inventory of supplies showed that items costing $1,110 were on hand. e. On May 1, 20X1, the firm purchased a one-year insurance policy for $4,560. 1. Three years ago the firm purchased office equipment for $9,500. At that time, the equipment was egtimated to have o useful life of seven years and o salvage value of $470. 9. Three years ago the firm purchased warehouse equipment for $27,900. At that time, the equipment was estimated to have a useful ife of six years and o salvage value of $3,300. h. On November 1,201, the firm issued a four-month, 10 percent note for $28,500 1. On December 31,201, the firm owed salaries of $12,000 that will not be poid until 202 j. On December 31, 201, the firm owed the employer's social security tox (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire $12,000 of accrued wages. k. On December 31,20x1, the firm owed the federal unemployment tax (arsume 06 percent) and the state unemployment tax (assume 5.4 percent) on the entre $12,000 of accrued woges. Required: 1. Prepare the Trial Balonce section of o 10-column worksheet. The worksheet covers the year ended December 31, 20x1 2. Enter the adjustments obove in the Adjustments section of the worksheet 3. Complete the worksheet. Analyze: When the financial statements for Healthy Eoting Foods Company ore prepared, what net income will be reported for the period ended December 31 , 20x1? Answer is not complete. Complete this question by entering your answers in the tabs below. 148
