has anyone been able to get the correct answer to the T accounts and the income and balance sheet for this problem??

Comprehensive Individual Project Harriets Hats, Inc Harricte Hats is a fictional compary the foliowing infomation induden the balance sheet as of pecenber 31,2019 , and ite detalis of the trantscions that cocured during 20020 . them in thar stores). Transactons tor 2020 are representative of such a company's business activies HNT: Read through the entire assignment at least bwice before beginning to do any work. This will help you famitiarize yourself with all of the important facts. Bequines: 1. Uing the Taccounts provided, record the transactons that occurred during 2020 . endes Decembtr 31,2020. 1. Sales and Accounts Receivable Sales and Accounts Receivabie a. During the year; each hat had a sales price of $30. All tales were made on account b. Cach collectons on account amounted to $41,000. c. During the year. Harriets isentfied $350 of recetvables as being uncollectible and wrole them ofl. d. Harnets follow a percentage-ol receivables approach to estimate is accounts receivable that wil become uncollectible. As of the end of 2020 , Harriets estimates that 12% of its receivables will be uncoliectible. 2 imentory a. Harriers began 2020 with 500 hats which had a cost of $8 each. Empioyees physically counted 525 hats temaining in the warehouse at the end of 2020 . Harret's uses a periocic LiFO inventory system to cost their inventary. The following purchases (al on account) were made during 2020 : (1) January 15n405 hats o $10.00 each (2) March 23310 hats if 1200 tach (3) July 20525 hats @ $1400 each (4) October 31"430 hats 815 each b. Duing 2020, Harriet's made cash payments to inventory suppliers totaling $21,00. 3 . Properiy, Plant and Equipment a. Hamiet's use: straight-line depreciation for al of its stope fitures and office equipment. b. Below is a schedule of the store fxtures and office equipment Harriet's had in place at the end of 2019 . \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{ FIXTURES AND EQUPMENT (as of December 31, 2019) } \\ \hline D # & Histoncal Cost & \begin{tabular}{l} Estmated \\ Useful ife \end{tabular} & \begin{tabular}{l} Estimated Salvage \\ Vatue \end{tabular} & Dake acquired \\ \hline 1256 & 512000 & 10 years & $1,200 & tan1,2014 \\ \hline 1876 & $1,700 & 5 year: & $300 & tan1,2016 \\ \hline 4799 & $23000 & 5 year: & $1,000 & tan1,2019 \\ \hline \end{tabular} c. On Jaruary 1, new store faturec were purchased for 53,000 in carh. Harriets expects the fixtures to have a 5 year wselur ile and a $500 salvage value. 1. On July i, ofice equipment (104197% was fold for 5520 Harriet's Hats Income Statement For the Year Ended December 31, 2020 Sales Less: Cost of Goods Sold Gross Proht Operating Expenses Rent Expense. Interest Expense Bad Debts Expense Depreciafion Expense Wages Expense Other Operating Expenses Total Operaing Expenses 18 19 Cher gains and losses 20 Gain on sale of equipment Income before income taxes Income taxes Net income 26 27 Harriet's Hats 28 Statement of Retained Earnings For the Year Ended December 31, 2020 Beginning Retained Eamings Plus: Net Income Less: Dividends. Ending Retained Eamings Hartiet's Hats Batance Shect As of December 31, 2020 Assets Cash Accounts Receivable Less: Allowance for Doubtul Accounts Net Accounts Receivable Prepaid Rent inventory Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Net Property, Plant, and Equipment Total Assets Liabilities and Owner's Equity Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Current Liabilities Common Stock Retained Earnings Total Liabilities and Owner's Equity 4. Debt a On September 1, 2020, Harriets paid-off the note payable that wac cututanding at the beginning of the period. The note had an 8% interest rate, had been issuad on Septernber 1,2019, and required semismual interedf payments on February 28 and August 31. b. Also on September 1,2020 , Han erc borrowed $3,500 on a new note payable. The new note carriec a 68 intertat the win rimitar payment torms as the note Harriets ust paid-oft 5. Operations a. Hartiet's trade two rent payments of $1,650 during 2020 (on Narch 1 and September 1). The payments were for cont on the ctore building and were prepaid for six months each. The balance in the prepaid account at the end of 2020 represents the rent for January and February 2021 b. Cach paid out durng 2020 for wages totaled $12,200. Fecords indicate that salaries for the last week or December amounted io $300 and would be paid at the end of the first week in January (a two-week pay period? c. Other expenses (paid in cash) totaled $2,102. 6. Income Taxes a. In March of 2020 , Harriets paid their 2019 income taxes. Hametc has a 30% income tax rate for both 2019 and 2020 7. Common Slock a. Dividends of 53,300 were declared and poid during 2020 . b. New common stock was issued for $12,000 during 2020 . Hatriets Hats, inc. Balance Sheet December 31,2019 Comprehensive Individual Project Harriets Hats, Inc Harricte Hats is a fictional compary the foliowing infomation induden the balance sheet as of pecenber 31,2019 , and ite detalis of the trantscions that cocured during 20020 . them in thar stores). Transactons tor 2020 are representative of such a company's business activies HNT: Read through the entire assignment at least bwice before beginning to do any work. This will help you famitiarize yourself with all of the important facts. Bequines: 1. Uing the Taccounts provided, record the transactons that occurred during 2020 . endes Decembtr 31,2020. 1. Sales and Accounts Receivable Sales and Accounts Receivabie a. During the year; each hat had a sales price of $30. All tales were made on account b. Cach collectons on account amounted to $41,000. c. During the year. Harriets isentfied $350 of recetvables as being uncollectible and wrole them ofl. d. Harnets follow a percentage-ol receivables approach to estimate is accounts receivable that wil become uncollectible. As of the end of 2020 , Harriets estimates that 12% of its receivables will be uncoliectible. 2 imentory a. Harriers began 2020 with 500 hats which had a cost of $8 each. Empioyees physically counted 525 hats temaining in the warehouse at the end of 2020 . Harret's uses a periocic LiFO inventory system to cost their inventary. The following purchases (al on account) were made during 2020 : (1) January 15n405 hats o $10.00 each (2) March 23310 hats if 1200 tach (3) July 20525 hats @ $1400 each (4) October 31"430 hats 815 each b. Duing 2020, Harriet's made cash payments to inventory suppliers totaling $21,00. 3 . Properiy, Plant and Equipment a. Hamiet's use: straight-line depreciation for al of its stope fitures and office equipment. b. Below is a schedule of the store fxtures and office equipment Harriet's had in place at the end of 2019 . \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{ FIXTURES AND EQUPMENT (as of December 31, 2019) } \\ \hline D # & Histoncal Cost & \begin{tabular}{l} Estmated \\ Useful ife \end{tabular} & \begin{tabular}{l} Estimated Salvage \\ Vatue \end{tabular} & Dake acquired \\ \hline 1256 & 512000 & 10 years & $1,200 & tan1,2014 \\ \hline 1876 & $1,700 & 5 year: & $300 & tan1,2016 \\ \hline 4799 & $23000 & 5 year: & $1,000 & tan1,2019 \\ \hline \end{tabular} c. On Jaruary 1, new store faturec were purchased for 53,000 in carh. Harriets expects the fixtures to have a 5 year wselur ile and a $500 salvage value. 1. On July i, ofice equipment (104197% was fold for 5520 Harriet's Hats Income Statement For the Year Ended December 31, 2020 Sales Less: Cost of Goods Sold Gross Proht Operating Expenses Rent Expense. Interest Expense Bad Debts Expense Depreciafion Expense Wages Expense Other Operating Expenses Total Operaing Expenses 18 19 Cher gains and losses 20 Gain on sale of equipment Income before income taxes Income taxes Net income 26 27 Harriet's Hats 28 Statement of Retained Earnings For the Year Ended December 31, 2020 Beginning Retained Eamings Plus: Net Income Less: Dividends. Ending Retained Eamings Hartiet's Hats Batance Shect As of December 31, 2020 Assets Cash Accounts Receivable Less: Allowance for Doubtul Accounts Net Accounts Receivable Prepaid Rent inventory Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Net Property, Plant, and Equipment Total Assets Liabilities and Owner's Equity Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Current Liabilities Common Stock Retained Earnings Total Liabilities and Owner's Equity 4. Debt a On September 1, 2020, Harriets paid-off the note payable that wac cututanding at the beginning of the period. The note had an 8% interest rate, had been issuad on Septernber 1,2019, and required semismual interedf payments on February 28 and August 31. b. Also on September 1,2020 , Han erc borrowed $3,500 on a new note payable. The new note carriec a 68 intertat the win rimitar payment torms as the note Harriets ust paid-oft 5. Operations a. Hartiet's trade two rent payments of $1,650 during 2020 (on Narch 1 and September 1). The payments were for cont on the ctore building and were prepaid for six months each. The balance in the prepaid account at the end of 2020 represents the rent for January and February 2021 b. Cach paid out durng 2020 for wages totaled $12,200. Fecords indicate that salaries for the last week or December amounted io $300 and would be paid at the end of the first week in January (a two-week pay period? c. Other expenses (paid in cash) totaled $2,102. 6. Income Taxes a. In March of 2020 , Harriets paid their 2019 income taxes. Hametc has a 30% income tax rate for both 2019 and 2020 7. Common Slock a. Dividends of 53,300 were declared and poid during 2020 . b. New common stock was issued for $12,000 during 2020 . Hatriets Hats, inc. Balance Sheet December 31,2019