Honors Chp $10-$Required for $HO1$ section$-$optional for all $...$

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Chapter $10($Static$)$ Comprehensive Problem LO $10-1,10-2,10-3,10-4,10-5,10-6,10-7,10-8$

$10$

The trial balance of Pacilio Security Services, Incorporated as of January $1,$ Year $10,$ had the following normal balances.

points

Cash

Petty Cash

Accounts Receivable

Allowance for doubtful accounts

Supplies

Prepaid rent

Merchandise inventory $(38$ @ $$290)$

Equipment

Van

Accumulated depreciation

Sales tax payable

Employee income tax payable

FICA$-$Social Security tax payable

FICA$-$Medicare tax payable

Warranty payable

Unemployment tax payable

Interest payable

Notes payable

Common stock

$$122,475$

$100$

$27,400$

$4,390$

$165$

$3,000$

$11,020$

$9,000$

$27,000$

$23,050$

$290$

$500$

$600$

$150$

$312$

$630$

$320$

$12,000$

$50,000$

$107,918$

Retained earnings

During Year $10,$ Pacilio Security Services experienced the following transactions:

Paid the sales tax payable from Year $9.$

Paid the balance of the payroll liabilities due for Year $9($federal income tax, FICA taxes, and unemployment taxes$).$

On January $1,$ Year $10,$ purchased land and a building for $$150,000.$ The building was appraised at $$125,000$ and the land at $$25,000.$ Pacilio paid $$50,000$ cash and financed the balance. The balance was financed with a $10-$year installment note. The note had an interest rate of $7$ percent and annual payments of $$14,238$ due on the last day of the year.

On January $1,$ Year $10,$ issued $$50,000$ of $6$ percent, five$-$year bonds. The bonds were issued at $98.$

Purchase $$660$ of supplies on account.

Purchased $170$ alarm systems at a cost of $$300.$ Cash was paid for the purchase.

After numerous attempts to collect from customers, wrote off $$2,450$ of uncollectible accounts receivable.

$8.$ Sold $160$ alarm svstems for $$580$ each plus sales tax of $5$ bercent. All sales were on account.

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