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Hi, I just need parts e, f, g, and h, please :) QUESTION 1 - 40 Points Green Grass, Inc., provides lawn and tree care
Hi, I just need parts e, f, g, and h, please :)
QUESTION 1 - 40 Points Green Grass, Inc., provides lawn and tree care services in Charleston, WV. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, 2020, appears as follows. Other Data 1. Accrued but unrecorded and uncollected consulting fees earned total $25,000 at December 31 . current vear. 2. The company determined that $15.000 of previously unearned consulting services fees had been earned at December 31 . current year. 3. Office supplies on hand at December 31 total $300. 4. The company purchased all of its equipment when it first beean business. At that time. the estimated useful life of the equipment was six years ( 72 months). 5. The company prepaid its nine-month rent agreement on June I current year, 6. The company-prepaid its six-month insurance policy on December 1 , current year. 7. Accrued but unpaid salaries total $12,000 at December 31 . current year. 8. On September 1 . current year. the company borrowed $60,000 by sienine an s-month. 4 percent note payable. The entire amount. plus interest, is due on March I. next year. 9. The company's accounting firm estimates that income taxes expense for the entire year is $50.000. The unpaid portion of this amount is due early in the next year. Instructions a. Prepare the necessary adjustine journal entries on December 31, current year. Also prepare an adjusted trial balance dated December 31, current year. b. From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year endec December 31, current year. Also prepare the company's balance sheet dated December 31, current year. c. Prepare the necessary year-end closing entries. d. Prepare an after-closing trial balance. e. Compute the company's average monthly insurance expense for January through November of the current year. 1. Compute the company's average monthly rent expense for January through May of the current year. g. If the company purchased all of its office equipment when it first incorporated, for how long has it been in business as of December 31 , current year? h. Assume that the company had a note payable outstanding on January I, current year, that it paid off on April 1, current year. How much interest expense accrued on this note in current year? QUESTION 1 - 40 Points Green Grass, Inc., provides lawn and tree care services in Charleston, WV. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, 2020, appears as follows. Other Data 1. Accrued but unrecorded and uncollected consulting fees earned total $25,000 at December 31 . current vear. 2. The company determined that $15.000 of previously unearned consulting services fees had been earned at December 31 . current year. 3. Office supplies on hand at December 31 total $300. 4. The company purchased all of its equipment when it first beean business. At that time. the estimated useful life of the equipment was six years ( 72 months). 5. The company prepaid its nine-month rent agreement on June I current year, 6. The company-prepaid its six-month insurance policy on December 1 , current year. 7. Accrued but unpaid salaries total $12,000 at December 31 . current year. 8. On September 1 . current year. the company borrowed $60,000 by sienine an s-month. 4 percent note payable. The entire amount. plus interest, is due on March I. next year. 9. The company's accounting firm estimates that income taxes expense for the entire year is $50.000. The unpaid portion of this amount is due early in the next year. Instructions a. Prepare the necessary adjustine journal entries on December 31, current year. Also prepare an adjusted trial balance dated December 31, current year. b. From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year endec December 31, current year. Also prepare the company's balance sheet dated December 31, current year. c. Prepare the necessary year-end closing entries. d. Prepare an after-closing trial balance. e. Compute the company's average monthly insurance expense for January through November of the current year. 1. Compute the company's average monthly rent expense for January through May of the current year. g. If the company purchased all of its office equipment when it first incorporated, for how long has it been in business as of December 31 , current year? h. Assume that the company had a note payable outstanding on January I, current year, that it paid off on April 1, current year. How much interest expense accrued on this note in current year Step by Step Solution
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