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BACKGROUND Hamel's Hats is a retailer who buys hals from a manufacturer and then sols them in its stores. The following information includes the company's December 31, 20Y8 Balance Shoot and the details of transactions that occurred during 2049 Read through the entire assignment as least twice to become familiar with all of the important facts before beginning any work. The complete each of the requirements on the following pages, using the provided fomplates REQUIRED $18,000 4,600 1400 2000 Harriet's Hats Incorporated Balance Sheet As of December 31, 2048 ASSETS Cash Accounts Receivable 5,000 Los Alowance for Doubt Accounts (400) Not Accounts Receivable Prepaid Ront Inventory Property, Plant and Equipment 52,100 Less Accumulated Depreciation (22.600 Not Properly, Plant, and Equipment Total Assets LIABILITIES + OWNER'S EQUITY Accounts Payable Wagos Payable Inforest Payable Income Taxes Payable Notes Payable Total Liabilities 29500 $55,500 $3,500 165 45 850 3,000 7560 . Common Stock 21.000 Retained Earrings 26910 17 TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2049 1 Sales and Accounts Receivable A The sales proe of each hat was $39. All sales were on account B Cash collections on account amounted to $13,960 C. The company identified $250 of receivities as being uncollectible and wrote them off D. The company follows a percentage of receivables approach to estimate its accounts receivable that will become uncolectible. As of the end of 2079, the company estimates that 8% of its receivables will be uncolectible 2 Inventory A The company began the year with 200 hats which had a cost of $10.00 each. The following purchases (all on accoun) were made during 2009 January 15 - 525 hats@ $11.00 each March 23 - 365 hats @ 12.00 each July 2 - 430 hats @ $13.50 each October 31 - 450 hab @ $14.00 each B Employees performed a physical court at end of 2079 and found that 480 has remained in the warehouse. The company uses a periodic UFO inventory system C The company made cash payments to ventory supplier totaling $19.000 3. Property, Plant and Equipment A Below is a schedule of the store future and office equipment the company had in place at the end of 2078. Straght- line depreciation is used for all store futures and otice equipment PROPERTY, PLANT & EQUIPMENT (as of December 31, 2018) Asset ID Historical Col Salvage Value Date Acquired 1256 $18,500 $500 Jan 1, 2014 1876 $2.600 3 years $200 Jan 1, 2017 4299 $31,000 5 years $1,000 Jan 1, 2018 8. On January 1, new store fatures were purchased for $5,000 in cash. The company expects the factures to have a 5 year useful life and a $500 salvago vale On July 1, office equipment (ID#1256) was sold for $1,800 4 Dube A On Odober 1,2049, the company paid off the note payable that was outstanding at the beginning of the perod The nole was issued on October 1, 2078 with a 6% interest rate. It required semiannual interest payments on March 31 and September 30 B. On November 1, 2049, the company borrowed $4,500 on a new 1-year note payable. This note carries a 4% interest rate with similar payment terms as the note that was just paid-off. 5. Operations A. Once any prepaid rent from 2048 was used, two more rent payments of $4,800 were made on March 1 and September 1 of 20y9 for their store building. Each rent payment is prepaid for six months. The balance in the prepaid account at the end of 2049 represents the rent for January and February 2010 B. Cash paid out for wages during 2049 totaled $11,600. Records indicate that salaries for the last week of December amounted to $200 and would be paid at the end of the first week in January (a two-week pay period). ** C. Other expenses that were paid in cash totaled $1,750. 6. Income Taxes A. The company paid its 20Y8 income taxes in March of 2049. B. The company has a 30% income tax rate for both 2048 and 2049. 7. Common Stock A Dividends of $2,200 were declared and paid during 2049. B. New common stock was issued for $15,000 during 2049. INTRO REVIEW HANDOUT | PAGE 2 REQUIRED Record the 2049 transactions in the general journal, including closing entries. Label each transaction according to its corresponding number i.e. 1A, 2A, CL1, CL2, etc.) BACKGROUND Harriet's Hats is a retailer who buys hats from a manufacturer and then sells them in its stores. The following information includes the company's December 31, 20Y8 Balance Sheet and the details of transactions that occurred during 2049. Read through the entire assignment as least twice to become familiar with all of the important facts before beginning any work. Then complete each of the requirements on the following pages, using the provided templates REQUIRED $18,000 4,600 1,400 2,000 Harriet's Hats Incorporated Balance Sheet As of December 31, 20Y8 ASSETS Cash Accounts Receivable 5,000 Less: Allowance for Doubtful Accounts (400) Net Accounts Receivable Prepaid Rent Inventory Property, Plant, and Equipment 52,100 Less: Accumulated Depreciation (22,600) Net Property, Plant, and Equipment Total Assets LIABILITIES + OWNER'S EQUITY Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Liabilities 29,500 $55,500 $3,500 165 45 850 3,000 7,560 Common Stock Retained Earnings Total Owner's Fauitv 21,000 26,940 47 940 . . TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2049 1. Sales and Accounts Receivable A The sales price of each hat was $39. All sales were on account B. Cash collections on account amounted to $43,960. C. The company identified $250 of receivables as being uncollectible and wrote them off. D. The company follows a percentage-of-receivables approach to estimate its accounts receivable that will become uncollectible. As of the end of 2099, the company estimates that 8% of its receivables will be uncollectible. 2 Inventory A. The company began the year with 200 hats which had a cost of $10.00 each. The following purchases (all on account) were made during 2049: January 15 - 525 hats @ $11.00 each March 23-365 hats @ 12.00 each July 2 - 430 hats @ $13.50 each October 31 - 450 hats @ $14.00 each B. Employees performed a physical count at end of 2049 and found that 480 hats remained in the warehouse. The company uses a periodic LIFO inventory system C. The company made cash payments to inventory suppliers totaling $19,000 3. Property, Plant and Equipment A Below is a schedule of the store fixtures and office equipment the company had in place at the end of 20Y8 Straight- line depreciation is used for all store fixtures and office equipment PROPERTY, PLANT & EQUIPMENT (as of December 31, 20Y8) Asset ID # Historical Cost Useful Life Salvage Value Date Acquired 1256 $18,500 $500 Jan 1, 2014 1876 $2,600 $200 Jan 1, 2017 4299 $31,000 $1,000 Jan 1, 20Y8 B. On January 1, new store fixtures were purchased for $5,000 in cash. The company expects the fixtures to have a 5- year useful life and a $500 salvage value. C. On July 1, office equipment (ID#1256) was sold for $1,800 6 years 3 years 5 years 4 Debt . On October 1, 20Y9, the company paid off the note payable that was outstanding at the beginning of the period. The note was issued on October 1, 20Y8 with a 6% interest rate. It required semi-annual interest payments on March 31 and September 30 B. On November 1, 2049, the company borrowed $4,500 on a new 1-year note payable. This note carries a 4% interest rate with similar payment terms as the note that was just paid-off. 5. Operations A. Once any prepaid rent from 2048 was used, two more rent payments of $4,800 were made on March 1 and September 1 of 20y9 for their store building. Each rent payment is prepaid for six months. The balance in the prepaid account at the end of 2049 represents the rent for January and February 2010 B. Cash paid out for wages during 2049 totaled $11,600. Records indicate that salaries for the last week of December amounted to $200 and would be paid at the end of the first week in January (a two-week pay period). ** C. Other expenses that were paid in cash totaled $1,750. 6. Income Taxes A. The company paid its 20Y8 income taxes in March of 2049. B. The company has a 30% income tax rate for both 2048 and 2049. 7. Common Stock A Dividends of $2,200 were declared and paid during 2049. B. New common stock was issued for $15,000 during 2049. INTRO REVIEW HANDOUT | PAGE 2 REQUIRED Record the 2049 transactions in the general journal, including closing entries. Label each transaction according to its corresponding number i.e. 1A, 2A, CL1, CL2, etc.) BACKGROUND Hamel's Hats is a retailer who buys hals from a manufacturer and then sols them in its stores. The following information includes the company's December 31, 20Y8 Balance Shoot and the details of transactions that occurred during 2049 Read through the entire assignment as least twice to become familiar with all of the important facts before beginning any work. The complete each of the requirements on the following pages, using the provided fomplates REQUIRED $18,000 4,600 1400 2000 Harriet's Hats Incorporated Balance Sheet As of December 31, 2048 ASSETS Cash Accounts Receivable 5,000 Los Alowance for Doubt Accounts (400) Not Accounts Receivable Prepaid Ront Inventory Property, Plant and Equipment 52,100 Less Accumulated Depreciation (22.600 Not Properly, Plant, and Equipment Total Assets LIABILITIES + OWNER'S EQUITY Accounts Payable Wagos Payable Inforest Payable Income Taxes Payable Notes Payable Total Liabilities 29500 $55,500 $3,500 165 45 850 3,000 7560 . Common Stock 21.000 Retained Earrings 26910 17 TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2049 1 Sales and Accounts Receivable A The sales proe of each hat was $39. All sales were on account B Cash collections on account amounted to $13,960 C. The company identified $250 of receivities as being uncollectible and wrote them off D. The company follows a percentage of receivables approach to estimate its accounts receivable that will become uncolectible. As of the end of 2079, the company estimates that 8% of its receivables will be uncolectible 2 Inventory A The company began the year with 200 hats which had a cost of $10.00 each. The following purchases (all on accoun) were made during 2009 January 15 - 525 hats@ $11.00 each March 23 - 365 hats @ 12.00 each July 2 - 430 hats @ $13.50 each October 31 - 450 hab @ $14.00 each B Employees performed a physical court at end of 2079 and found that 480 has remained in the warehouse. The company uses a periodic UFO inventory system C The company made cash payments to ventory supplier totaling $19.000 3. Property, Plant and Equipment A Below is a schedule of the store future and office equipment the company had in place at the end of 2078. Straght- line depreciation is used for all store futures and otice equipment PROPERTY, PLANT & EQUIPMENT (as of December 31, 2018) Asset ID Historical Col Salvage Value Date Acquired 1256 $18,500 $500 Jan 1, 2014 1876 $2.600 3 years $200 Jan 1, 2017 4299 $31,000 5 years $1,000 Jan 1, 2018 8. On January 1, new store fatures were purchased for $5,000 in cash. The company expects the factures to have a 5 year useful life and a $500 salvago vale On July 1, office equipment (ID#1256) was sold for $1,800 4 Dube A On Odober 1,2049, the company paid off the note payable that was outstanding at the beginning of the perod The nole was issued on October 1, 2078 with a 6% interest rate. It required semiannual interest payments on March 31 and September 30 B. On November 1, 2049, the company borrowed $4,500 on a new 1-year note payable. This note carries a 4% interest rate with similar payment terms as the note that was just paid-off. 5. Operations A. Once any prepaid rent from 2048 was used, two more rent payments of $4,800 were made on March 1 and September 1 of 20y9 for their store building. Each rent payment is prepaid for six months. The balance in the prepaid account at the end of 2049 represents the rent for January and February 2010 B. Cash paid out for wages during 2049 totaled $11,600. Records indicate that salaries for the last week of December amounted to $200 and would be paid at the end of the first week in January (a two-week pay period). ** C. Other expenses that were paid in cash totaled $1,750. 6. Income Taxes A. The company paid its 20Y8 income taxes in March of 2049. B. The company has a 30% income tax rate for both 2048 and 2049. 7. Common Stock A Dividends of $2,200 were declared and paid during 2049. B. New common stock was issued for $15,000 during 2049. INTRO REVIEW HANDOUT | PAGE 2 REQUIRED Record the 2049 transactions in the general journal, including closing entries. Label each transaction according to its corresponding number i.e. 1A, 2A, CL1, CL2, etc.) BACKGROUND Harriet's Hats is a retailer who buys hats from a manufacturer and then sells them in its stores. The following information includes the company's December 31, 20Y8 Balance Sheet and the details of transactions that occurred during 2049. Read through the entire assignment as least twice to become familiar with all of the important facts before beginning any work. Then complete each of the requirements on the following pages, using the provided templates REQUIRED $18,000 4,600 1,400 2,000 Harriet's Hats Incorporated Balance Sheet As of December 31, 20Y8 ASSETS Cash Accounts Receivable 5,000 Less: Allowance for Doubtful Accounts (400) Net Accounts Receivable Prepaid Rent Inventory Property, Plant, and Equipment 52,100 Less: Accumulated Depreciation (22,600) Net Property, Plant, and Equipment Total Assets LIABILITIES + OWNER'S EQUITY Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Liabilities 29,500 $55,500 $3,500 165 45 850 3,000 7,560 Common Stock Retained Earnings Total Owner's Fauitv 21,000 26,940 47 940 . . TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2049 1. Sales and Accounts Receivable A The sales price of each hat was $39. All sales were on account B. Cash collections on account amounted to $43,960. C. The company identified $250 of receivables as being uncollectible and wrote them off. D. The company follows a percentage-of-receivables approach to estimate its accounts receivable that will become uncollectible. As of the end of 2099, the company estimates that 8% of its receivables will be uncollectible. 2 Inventory A. The company began the year with 200 hats which had a cost of $10.00 each. The following purchases (all on account) were made during 2049: January 15 - 525 hats @ $11.00 each March 23-365 hats @ 12.00 each July 2 - 430 hats @ $13.50 each October 31 - 450 hats @ $14.00 each B. Employees performed a physical count at end of 2049 and found that 480 hats remained in the warehouse. The company uses a periodic LIFO inventory system C. The company made cash payments to inventory suppliers totaling $19,000 3. Property, Plant and Equipment A Below is a schedule of the store fixtures and office equipment the company had in place at the end of 20Y8 Straight- line depreciation is used for all store fixtures and office equipment PROPERTY, PLANT & EQUIPMENT (as of December 31, 20Y8) Asset ID # Historical Cost Useful Life Salvage Value Date Acquired 1256 $18,500 $500 Jan 1, 2014 1876 $2,600 $200 Jan 1, 2017 4299 $31,000 $1,000 Jan 1, 20Y8 B. On January 1, new store fixtures were purchased for $5,000 in cash. The company expects the fixtures to have a 5- year useful life and a $500 salvage value. C. On July 1, office equipment (ID#1256) was sold for $1,800 6 years 3 years 5 years 4 Debt . On October 1, 20Y9, the company paid off the note payable that was outstanding at the beginning of the period. The note was issued on October 1, 20Y8 with a 6% interest rate. It required semi-annual interest payments on March 31 and September 30 B. On November 1, 2049, the company borrowed $4,500 on a new 1-year note payable. This note carries a 4% interest rate with similar payment terms as the note that was just paid-off. 5. Operations A. Once any prepaid rent from 2048 was used, two more rent payments of $4,800 were made on March 1 and September 1 of 20y9 for their store building. Each rent payment is prepaid for six months. The balance in the prepaid account at the end of 2049 represents the rent for January and February 2010 B. Cash paid out for wages during 2049 totaled $11,600. Records indicate that salaries for the last week of December amounted to $200 and would be paid at the end of the first week in January (a two-week pay period). ** C. Other expenses that were paid in cash totaled $1,750. 6. Income Taxes A. The company paid its 20Y8 income taxes in March of 2049. B. The company has a 30% income tax rate for both 2048 and 2049. 7. Common Stock A Dividends of $2,200 were declared and paid during 2049. B. New common stock was issued for $15,000 during 2049. INTRO REVIEW HANDOUT | PAGE 2 REQUIRED Record the 2049 transactions in the general journal, including closing entries. Label each transaction according to its corresponding number i.e. 1A, 2A, CL1, CL2, etc.)