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help please from 4-a through 6 1. Depreciation on the office equipment for the year is $10,000. 2. Employee salaries are paid twice a month,
help please from 4-a through 6
1. Depreciation on the office equipment for the year is $10,000. 2. Employee salaries are paid twice a month, on the 22 nd for salaries earned from the 1st through the 15 th, and on the 7 th of the following month for salaries earned from the 16 th through the end of the month. Salaries earned from December 16 through December 31, 2024, were $1,500. 3. On October 1,2024 , Pastina borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2024, the company lent a supplier $20,000, and a note was signed requiring principal and interest at 8% to be paid on February 28, 2025. 5. On April 1, 2024, the company pald an insurance company $6,000 for a one-year fire insurance policy. The entire $6,000 was debited to prepaid insurance at the time of the payment. 6. $800 of supplies remained on hand on December 31,2024. 7. The company recelved $2,000 from a customer in December for 1,500 pounds of spaghetti to be delivered in January 2025. Pastina credited deferred sales revenue at the time cash was received. 8. On December 1, 2024, $2,000 rent was paid to the owner of the building. The payment represented rent for December 2024 and January 2025 at $1,000 per month. The entire amount was debited to prepaid rent at the time of the payment. Required: to 3. First, post the unadjusted balances from the unadjusted trial balance that was given and the adjusting entries that were made in roblem 2.3 into the appropriate T-accounts (on the T-accounts tab). Then prepare an adjusted trial balance. 4-a. Prepare an income statement for the year ended December 31, 2024. Assume that no common stock was issued during the year and that $4,000 in cash dividends were paid to shareholders during the year. a-b. Prepare a statement of shareholders' equity for the year ended December 31, 2024. Assume that no common stock was issued Juring the year and that $4,000 in cash dividends were paid to shareholders during the year: 4-c. Prepare a classified balance sheet as of December 31,2024. Assume that no common stock was issued during the year and that 54,000 in cash dividends were paid to shareholders during the year: 5. Prepare closing entries and post to the T-accounts (on the T-accounts tab). 6. Prepare a post-closing trial balance. 1. Depreciation on the office equipment for the year is $10,000. 2. Employee salaries are paid twice a month, on the 22 nd for salaries earned from the 1st through the 15 th, and on the 7 th of the following month for salaries earned from the 16 th through the end of the month. Salaries earned from December 16 through December 31, 2024, were $1,500. 3. On October 1,2024 , Pastina borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2024, the company lent a supplier $20,000, and a note was signed requiring principal and interest at 8% to be paid on February 28, 2025. 5. On April 1, 2024, the company pald an insurance company $6,000 for a one-year fire insurance policy. The entire $6,000 was debited to prepaid insurance at the time of the payment. 6. $800 of supplies remained on hand on December 31,2024. 7. The company recelved $2,000 from a customer in December for 1,500 pounds of spaghetti to be delivered in January 2025. Pastina credited deferred sales revenue at the time cash was received. 8. On December 1, 2024, $2,000 rent was paid to the owner of the building. The payment represented rent for December 2024 and January 2025 at $1,000 per month. The entire amount was debited to prepaid rent at the time of the payment. Required: to 3. First, post the unadjusted balances from the unadjusted trial balance that was given and the adjusting entries that were made in roblem 2.3 into the appropriate T-accounts (on the T-accounts tab). Then prepare an adjusted trial balance. 4-a. Prepare an income statement for the year ended December 31, 2024. Assume that no common stock was issued during the year and that $4,000 in cash dividends were paid to shareholders during the year. a-b. Prepare a statement of shareholders' equity for the year ended December 31, 2024. Assume that no common stock was issued Juring the year and that $4,000 in cash dividends were paid to shareholders during the year: 4-c. Prepare a classified balance sheet as of December 31,2024. Assume that no common stock was issued during the year and that 54,000 in cash dividends were paid to shareholders during the year: 5. Prepare closing entries and post to the T-accounts (on the T-accounts tab). 6. Prepare a post-closing trial balance Step by Step Solution
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