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hello, I need your help with this one please. This is a multiple part question (a,b,c,c1,c2,c3). Thank you in advance. Sheridan Company's balance sheet at
hello, I need your help with this one please. This is a multiple part question (a,b,c,c1,c2,c3). Thank you in advance.
Sheridan Company's balance sheet at December 31, 2021. is presented below. Cash $12,100 SHERIDAN COMPANY Balance Sheet December 31, 2021 $26,400 Accounts Payable 27.060 Interest Payable 5,280 Notes Payable 33.440 Owner's Capital 220 Inventory Prepaid Insurance Equipment 44,000 35,860 $92,180 592,180 During January 2022, the following transactions occurred. (Sheridan Company uses the perpetual inventory system) 2 3 4. 1 Sheridan paid $220 interest on the note payable on January 1, 2022. The note is due December 31, 2023 Sheridan purchased $229.768 of inventory on account. Sheridan sold for $387 200 cash, inventory which cost $233,200. Sheridan also collected $25.168 in sales taxes Sheridan paid $ 202,400 in accounts payable. Sheridan paid $14,960 in sales taxes to the state. Pald other operating expenses of $26.400. On January 31, 2022, the payroll for the month consists of salaries and wages of $56,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,840 federal income taxes are withheld. The salaries and wages are paid on February 1. 5. 6. 7 Adjustment data: 8 9. 10. Interest expense of $220 has been incurred in January on the notes payable. The insurance for the year 2022 was prepaid on December 31, 2021 The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $1.760 salvage value Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax and an 0.6% federal unemployment tax 11 (a) Prepare journal entries for the transactions listed above and the adjusting entries. Cedotcourt iles are automatically indented when amount is entered. Do not Indent manually. Round answers to decimal places, es 5.275) No. Account Titles and Explanation Debit Credit 1. 2 3. (To record sales revenue.) (To record cost of goods sold.) 5. 6. 7. 6. 7 10. 11. (5) Prepare an adjusted balance at January 31, 2022. Round to Odcino 5237 SHERIDAN COMPANY Trial Balance Debit Credit $ (c1) Prepare an income statement for the month ending January 31, 2022. (Round answers to decimal places, eg 5.275.) SHERIDAN COMPANY Income Statement $ $ (c2) Prepare an owner's equity statement for the month ending January 31, 2022. (Round answers to decimal places, es. 5,275) SHERIDAN COMPANY Owner's Equity Statement > Preparaciones 2002. SHERIDAN COMPANY Bee Sheet Step by Step Solution
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