hulk Corporation is a small private corporation that sels desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Huk Corporation Debits Credits Cash 24300 Allowance for Doubtful Accounts 900 Accounts Receivable 9000 Accumulated Depreciation (Van) 18000 Inventory (255 unts) 51000 Accumulated Depreciation (Furniture & Fixtures) 1200 Van 19200 Accounts Payable 4800 Furniture & Fodures 5400 Common Shares 6000 Retained Earnings 78000 Total Debits 108900 Total Credits 108900 During May 2021, the following transactions took place: May 1: Bought 84 desktop printers for $84 each on account. May 1: Bought a van, paying $6300 cash as a down payment and signed a 7 month $13200, 6% note payable for the balance. The company paid $330 to have is company logo painted on the side of the van. The residual value is $4800. The old van was sold for $3900, it cost $19200 and acculumated depreciation up to the date of dispose was $18000. May 10: Sold 72 printers to Star Lord Inc. on account May 12 Marvel Corporation agreed to sign a 60 day note receivable to replace a $1500 accounts receivable due that day. The interest rate on the noe is 5.1% May 20: Sold 6 printers to Thor Inc. using a VISA card to pay for the transaction. A 1.2% service fee is charged by VISA May 22: Sold 57 printers to Tony Stark Public School on account May 24: Returned for credit 2 damaged printers from Star Lord Inc., costing $144 each. May 28 Received payment in ful from Star Lord Inc. for the balance owing. May 28: Wrote offen uncollectable $1800 of accounts ts receivable. May 28: Pald accounts payable, S5700, May 30: Recovered an accounts receivable that was written off in April $510. May 31: Pald operating experses totaling $27300 May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 10 years. The furniture & fluturon are depreciated using the straight-Ine method over 4 years. There is no reskual value on the furniture and features May 31: Recorded interest on the note payable. Mary 31: Recorded interest on the notes receivable. Mary 31: The company records the bad debt expense based on the aping of accounts receivable, which fotows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days Accounts Receivable $16800 $4800 $2550 $630 Estinated Percentage Uncolectate 1.2% 3% 6% 12% Other Information: 1) The selling price for each of the printers is $270. 2) Hulk Corporation uses the FIFO method under the perpetual inventory system to account for inventory 3) In the past, Hulk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gan on Sals, Interest Expense. Interest Payable. Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses. Sales Returns, Sales Revenue. Not all accounts have been used each period. 3) Prepare the multi-step Income Statement for the month of May 2021. Ignore income taxes. Place your answer under "Requirement in the "Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 4) Prepare a classified Balance Sheet at at May 31, 2021. Place your answer under "Requirement in the Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the
