Company Information Summary of Spillant Act Policies Ma Me Company operationen er 1, 2021. The main operating prof the company is to end mayherit appropriate acreditended to customers with term IVIS.NO The company the perpetual y method a cost stem. The company follows a calendar yell, with strate the end of the accounting period, December. The company was the line depreciation twdepreciate the company has decided to use the lowance methods for collectible costs At the end of the road, the company beli 1 of the balance in sredievable will be uncle. The core purchases robots for sale only such they carry them as inventory The company has women we technician, wary of $4000 per month and the other employee is the office age with a story of 00 per month. Payrols processed on the last day of the month, and paid on the first day of the lowing month. This em De November 10 payrol with one into Salaries Payable and then be paid on December 1 Required: 1) Maden Machine Company engaged in the following transaction for November and December. Record the following transactions on the Day Transactions We are interdis second to Norden tradits more than one debitored, please let in phabetical order to receive all 1. Recette 100.000 into the company in exchange for 5.000 shares of common stock 1-how the company purchased computer tem for $10000 and red one year note for the entire balance. The notes due on November 1, 20Manualitat interest 2. How to wearing on the 2000 3. Hoy Purche 10 beste sted 51000 why For Destination New Porch 051600 counter / 15-N Purchased 13 robots et a total cost of 51100 each on count, tem VI. FOS Destination Sport S150 we paid to the shipping by the area 37-NePeld for the perchased on November there were begin December 3.2023 20 Sold 18 robots for $3100 each on Recent term is, the comply whes Foto find the cost of goods sold the printers were shipped 10 point Point. Record the sales revenue fest 2. Greedyetin tone on the Moomber 20 ale 25 Narva 1500 Presered prod for the month of November, the first period for the company record the Solares Egente entry first. The tax rates Feder Income Tas Rate NC State income Tax Rate-10 PICA Tus Rare-7.65 Unement Tante 1000 each employees are your - the employees the met de to them from the November lases will be paid in January 30 the company borrowed from Bank of America by signing a 10 ew. ex note. The role oires annual payment 57397 beginning December 2004 Johd new every to save womers on going the cost of the very truck was 40000 bed the amount from the enter to purchase som bestandard 200 in cash didends to the stockholders of the company Compared to our term robosco 51210 EURO TODO 15-O 235.3410 each an account the company to find the cont of goods sold Record the 18 Traper, 31100 200 2720p for short. 1024 31-Ce Prepared perrel for the month December, the first period for the company record the series per entry first. The tax rates are as follows: Federal income Tax Rate-15 NC Rome Tax Rate-10 FICAT765 Unemployment To Bate-on the 2000 of each compare 2 Palhealy Transactions to the Law on the show Desember 1, and the following information Record any argento the year on the dating intres DER hered on November the computeren ben Hotel te beginning December sed on December December December 1 the Anghether do the there the enthede, we wanted the man the dog NGT POST. Whether undeford 10th Daily Transactions Journal Page Date CR DR Account 1-Nov 1-Nov 2 Nov 3-Nov 4-NOV 15-Nov 17-Nov 19-Nov 20-Nov 20 Nov 28-Nov 29-Nov 30 Nov 30 Nov 1-Dec 1-Dec 1-Dec 4-Dec 5-Dec 5-Dec 7.Dec 15 Dec 15-Dec 18 Dec 24 Dec 31-Dec 11-Dec Company Information & Summary of Significant Account Policies Madison Machines Company began operations on November 1, 2021. The main operating paal of the company is to sell high end robots.Cuntomers may pay using cash or appropriate, a credit is extended to customers with terms 3/15,30 The company uses the perpetual Inventory method anda F.Focost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory The company has two employees, one is a sales technician, salary of $4000 per month and the other employee is the office manager with a salary of S6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue Into Salaries Payable and then be paid on Decemember 1. Required: 1) Madison Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT Indent credits. If more than one debitor credit, please list in alphabetical order to receive full credit 1-Nov The owner invested $100000 into the company in exchange for 5.000 shares of common stock 1-Nov The company purchased a computer system for $10000 and signed a one-year note for the entire balance. The note is due on November 1, 2024 and has an annual rate of interest of 3% 2. Nov Paid for two years rent on the office space, 512000 3-Now Purchased 10 robots at a total cost of $1000 each for cash, FOB Destination 4-Now Purchased $1600 of supplies on account term 30 15-Now Purchmed 12 robots at a total cost of $1100 each on account, terms 1/30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party 17-Now Paid for the supplies purchased on November 4 18-Now Paid for two year insurance policy for the store. $6000. The policy was effective beginning December 1, 2021. 20 Nov Sold 16 robots for $3100 each on account, terms 3/15, 130, the company uses FIFO to find the cost of goods sold. The printers were shipped FOB Shipping Point. Record the sales revenue first 28-Nov Received payment into account from the November 20 sale 29 Nov Paid for November's utilities bil $1500 Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax rates 30-Novlare as follows: Federal Income Tax Rate -15% NC State Income Tax Rate-10% FICA Tax Rate -7.65% Unemployment Tax Rate - Ex on the first $7000 of each employees earnings per year. 1-Des Paid the employees the amount due to them from the November 30 payrol be paid in January 1-Dec The company borrowed 560000 from Bank of America by signing a 10 year, 4 note. The note requires annual payments of 57397 beginning December 1, 2024 1-Dec Purchased a new delivery true to save customers on shipping The total cost of the Delivery Truck was $40000 4-Dec Pad the amount due from the November 15 purchase S-Dec Declared and paid 52000 in cash dividends to the stockholders of the company 6-Dec Purchased $1100 of supplies on account, term 30 7-Dec Purchased 20 robots at a cost of $1210 each on account, terms 10. FOB Destination Sold 22 robots for $4410 each on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. Record the sales 15-Dec revenue first 16-Dec paid for an ad in the local newspaper, 51500 20.Dec Received $27280 payment for robots to be shipped on January 3 2024 31-Dec Prepared payroll for the month of December, the first payroll for the company Record the Salaries Expense entry first. The tax rates are as follows: Federal Income Tax Rate -15% NC State Income Tax Rate -10 ACA Tax Rate-765. Unemployment Tax Rate - on the first $7000 of each employees earning per year. 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 31 As of December 31, a search revealed the following information Record any necessary adjusting entries for the year on the Adjusting Entries tab 1 The computer equipment purchased on November 1 has a year life and an expected residual salvare Value 51000 2 Racord any interest that has accrued on the note signed on November 1 for the computer system 3. The rent paid on November 2 is forte vears beginning on November 4-Now Purchased $1600 of supplies on account, term30 15-Nov Purchased 12 robots at a total cost of $1100 each on account, terms 130, FOB Destination Shipping of $150 was paid to the shipp company by the appropriate party 17-Nov Pald for the supplies purchased on November 4 18 Now Paid for two year insurance policy for the store. $6000. The policy was effective beginning December 1, 2023. 20 Nov Sold 16 robots for $3100 each on account, terms 3/15, 130, the company uses FIFO to find the cost of goods sold. The printers wer shipped Foo Shipping Point. Record the sales revenue first 28-Now Received payment in full on account from the November 20 sale. 29-Nov Paid for November's utilities bill $1500 Prepared payroll for the month of November, the first payroll for the company. Record the Satares Expense entry first. The tax rates 30-Novjare as follows: Federal Income Tax Rate -15% NC State Income Tax Rate 10% FICA Tax Rate -7.65% Unemployment Tax Rate -6% on the first $7000 of each employees earnings per year. 1-Dec Pald the employees the amount due to them from the November 30 payroll taxes will be paid in January The company borrowed SCOOoo from Bank of America by signing a 10 year, 4x note. The note requires annual payments of $7397 1-Dec beginning December 1, 2024 1-Dec Purchased a new delivery trud to save customers on shipping. The total cost of the Delivery Truck was $40000 4-Dec Paid the amount due from the November 15 purchase. 5 Des Declared and paid $2000 in cash dividends to the stockholders of the company 6-Dec Purchased 51100 of supplies on account, term30 7-Dec Purchased 20 robots at a cost of $1210 each on account, terms/30, FOB Destination Sold 22 robots for $3410 each on account, terms 2/10, 1/30, the company uses FO to find the cost of goods sold Record the sales 15-Dec revenue first 18-Dec paid for an ad in the local newspaper, $15.00 24-Des Received 527280 payment for robots to be shipped on January 8, 2024 31-Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates are as follows: Federal Income Tax Rate-15% NC State Income Tax Rate -10% RICA Tax Rate -7,65% Linemployment Tax Rate - ex on the first $3000 of each employees earning per year. 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 3) As of December 31, a search revealed the following information Record any necessary adjusting entries for the year on the Adjusting Entries tab. 1 the computer elment purchased on November 1 husa year life and an expected residual salvare value of $1000. 2 Racord any interest that Nas accrued on the note signed on November 1 for the computer System The rent paid on November 2 is for two years beginning on November 1 4 The insurance policy purchased on November 18 is effective beginning December 1 5 Supplies on hand as of December 31 totaled SADS The delivery trud purchased on December 1 has a 10 year ife and an expected residual avace value of 34000 7 Accrue the interest, neededon the note sioned on December 1 Record any bad expense for the year ended December 31. needed. round to the nearest dollar Uits core but not yet paid as of December 31 totaled $1800 Post all the Adjusting Entires to the Ledger on the leder tab. 5) Based on the account balances in the ledger, create and a balance on the Med Trial Balance tab Based on the dusted trial balance, prepare-step income statement on the income Statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement tab. Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. Prepare the douing entries (DO NOT POST them to the ledger, just produce the entries. When journaline dose the accounts in the order the appear on the Trial Balance. Do one entry for revenue accounts, one for expenses and one for dividend accounts 10) Calculate the ruties on the Ratiosta Company Information Summary of Spillant Act Policies Ma Me Company operationen er 1, 2021. The main operating prof the company is to end mayherit appropriate acreditended to customers with term IVIS.NO The company the perpetual y method a cost stem. The company follows a calendar yell, with strate the end of the accounting period, December. The company was the line depreciation twdepreciate the company has decided to use the lowance methods for collectible costs At the end of the road, the company beli 1 of the balance in sredievable will be uncle. The core purchases robots for sale only such they carry them as inventory The company has women we technician, wary of $4000 per month and the other employee is the office age with a story of 00 per month. Payrols processed on the last day of the month, and paid on the first day of the lowing month. This em De November 10 payrol with one into Salaries Payable and then be paid on December 1 Required: 1) Maden Machine Company engaged in the following transaction for November and December. Record the following transactions on the Day Transactions We are interdis second to Norden tradits more than one debitored, please let in phabetical order to receive all 1. Recette 100.000 into the company in exchange for 5.000 shares of common stock 1-how the company purchased computer tem for $10000 and red one year note for the entire balance. The notes due on November 1, 20Manualitat interest 2. How to wearing on the 2000 3. Hoy Purche 10 beste sted 51000 why For Destination New Porch 051600 counter / 15-N Purchased 13 robots et a total cost of 51100 each on count, tem VI. FOS Destination Sport S150 we paid to the shipping by the area 37-NePeld for the perchased on November there were begin December 3.2023 20 Sold 18 robots for $3100 each on Recent term is, the comply whes Foto find the cost of goods sold the printers were shipped 10 point Point. Record the sales revenue fest 2. Greedyetin tone on the Moomber 20 ale 25 Narva 1500 Presered prod for the month of November, the first period for the company record the Solares Egente entry first. The tax rates Feder Income Tas Rate NC State income Tax Rate-10 PICA Tus Rare-7.65 Unement Tante 1000 each employees are your - the employees the met de to them from the November lases will be paid in January 30 the company borrowed from Bank of America by signing a 10 ew. ex note. The role oires annual payment 57397 beginning December 2004 Johd new every to save womers on going the cost of the very truck was 40000 bed the amount from the enter to purchase som bestandard 200 in cash didends to the stockholders of the company Compared to our term robosco 51210 EURO TODO 15-O 235.3410 each an account the company to find the cont of goods sold Record the 18 Traper, 31100 200 2720p for short. 1024 31-Ce Prepared perrel for the month December, the first period for the company record the series per entry first. The tax rates are as follows: Federal income Tax Rate-15 NC Rome Tax Rate-10 FICAT765 Unemployment To Bate-on the 2000 of each compare 2 Palhealy Transactions to the Law on the show Desember 1, and the following information Record any argento the year on the dating intres DER hered on November the computeren ben Hotel te beginning December sed on December December December 1 the Anghether do the there the enthede, we wanted the man the dog NGT POST. Whether undeford 10th Daily Transactions Journal Page Date CR DR Account 1-Nov 1-Nov 2 Nov 3-Nov 4-NOV 15-Nov 17-Nov 19-Nov 20-Nov 20 Nov 28-Nov 29-Nov 30 Nov 30 Nov 1-Dec 1-Dec 1-Dec 4-Dec 5-Dec 5-Dec 7.Dec 15 Dec 15-Dec 18 Dec 24 Dec 31-Dec 11-Dec Company Information & Summary of Significant Account Policies Madison Machines Company began operations on November 1, 2021. The main operating paal of the company is to sell high end robots.Cuntomers may pay using cash or appropriate, a credit is extended to customers with terms 3/15,30 The company uses the perpetual Inventory method anda F.Focost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory The company has two employees, one is a sales technician, salary of $4000 per month and the other employee is the office manager with a salary of S6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue Into Salaries Payable and then be paid on Decemember 1. Required: 1) Madison Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT Indent credits. If more than one debitor credit, please list in alphabetical order to receive full credit 1-Nov The owner invested $100000 into the company in exchange for 5.000 shares of common stock 1-Nov The company purchased a computer system for $10000 and signed a one-year note for the entire balance. The note is due on November 1, 2024 and has an annual rate of interest of 3% 2. Nov Paid for two years rent on the office space, 512000 3-Now Purchased 10 robots at a total cost of $1000 each for cash, FOB Destination 4-Now Purchased $1600 of supplies on account term 30 15-Now Purchmed 12 robots at a total cost of $1100 each on account, terms 1/30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party 17-Now Paid for the supplies purchased on November 4 18-Now Paid for two year insurance policy for the store. $6000. The policy was effective beginning December 1, 2021. 20 Nov Sold 16 robots for $3100 each on account, terms 3/15, 130, the company uses FIFO to find the cost of goods sold. The printers were shipped FOB Shipping Point. Record the sales revenue first 28-Nov Received payment into account from the November 20 sale 29 Nov Paid for November's utilities bil $1500 Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax rates 30-Novlare as follows: Federal Income Tax Rate -15% NC State Income Tax Rate-10% FICA Tax Rate -7.65% Unemployment Tax Rate - Ex on the first $7000 of each employees earnings per year. 1-Des Paid the employees the amount due to them from the November 30 payrol be paid in January 1-Dec The company borrowed 560000 from Bank of America by signing a 10 year, 4 note. The note requires annual payments of 57397 beginning December 1, 2024 1-Dec Purchased a new delivery true to save customers on shipping The total cost of the Delivery Truck was $40000 4-Dec Pad the amount due from the November 15 purchase S-Dec Declared and paid 52000 in cash dividends to the stockholders of the company 6-Dec Purchased $1100 of supplies on account, term 30 7-Dec Purchased 20 robots at a cost of $1210 each on account, terms 10. FOB Destination Sold 22 robots for $4410 each on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. Record the sales 15-Dec revenue first 16-Dec paid for an ad in the local newspaper, 51500 20.Dec Received $27280 payment for robots to be shipped on January 3 2024 31-Dec Prepared payroll for the month of December, the first payroll for the company Record the Salaries Expense entry first. The tax rates are as follows: Federal Income Tax Rate -15% NC State Income Tax Rate -10 ACA Tax Rate-765. Unemployment Tax Rate - on the first $7000 of each employees earning per year. 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 31 As of December 31, a search revealed the following information Record any necessary adjusting entries for the year on the Adjusting Entries tab 1 The computer equipment purchased on November 1 has a year life and an expected residual salvare Value 51000 2 Racord any interest that has accrued on the note signed on November 1 for the computer system 3. The rent paid on November 2 is forte vears beginning on November 4-Now Purchased $1600 of supplies on account, term30 15-Nov Purchased 12 robots at a total cost of $1100 each on account, terms 130, FOB Destination Shipping of $150 was paid to the shipp company by the appropriate party 17-Nov Pald for the supplies purchased on November 4 18 Now Paid for two year insurance policy for the store. $6000. The policy was effective beginning December 1, 2023. 20 Nov Sold 16 robots for $3100 each on account, terms 3/15, 130, the company uses FIFO to find the cost of goods sold. The printers wer shipped Foo Shipping Point. Record the sales revenue first 28-Now Received payment in full on account from the November 20 sale. 29-Nov Paid for November's utilities bill $1500 Prepared payroll for the month of November, the first payroll for the company. Record the Satares Expense entry first. The tax rates 30-Novjare as follows: Federal Income Tax Rate -15% NC State Income Tax Rate 10% FICA Tax Rate -7.65% Unemployment Tax Rate -6% on the first $7000 of each employees earnings per year. 1-Dec Pald the employees the amount due to them from the November 30 payroll taxes will be paid in January The company borrowed SCOOoo from Bank of America by signing a 10 year, 4x note. The note requires annual payments of $7397 1-Dec beginning December 1, 2024 1-Dec Purchased a new delivery trud to save customers on shipping. The total cost of the Delivery Truck was $40000 4-Dec Paid the amount due from the November 15 purchase. 5 Des Declared and paid $2000 in cash dividends to the stockholders of the company 6-Dec Purchased 51100 of supplies on account, term30 7-Dec Purchased 20 robots at a cost of $1210 each on account, terms/30, FOB Destination Sold 22 robots for $3410 each on account, terms 2/10, 1/30, the company uses FO to find the cost of goods sold Record the sales 15-Dec revenue first 18-Dec paid for an ad in the local newspaper, $15.00 24-Des Received 527280 payment for robots to be shipped on January 8, 2024 31-Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates are as follows: Federal Income Tax Rate-15% NC State Income Tax Rate -10% RICA Tax Rate -7,65% Linemployment Tax Rate - ex on the first $3000 of each employees earning per year. 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 3) As of December 31, a search revealed the following information Record any necessary adjusting entries for the year on the Adjusting Entries tab. 1 the computer elment purchased on November 1 husa year life and an expected residual salvare value of $1000. 2 Racord any interest that Nas accrued on the note signed on November 1 for the computer System The rent paid on November 2 is for two years beginning on November 1 4 The insurance policy purchased on November 18 is effective beginning December 1 5 Supplies on hand as of December 31 totaled SADS The delivery trud purchased on December 1 has a 10 year ife and an expected residual avace value of 34000 7 Accrue the interest, neededon the note sioned on December 1 Record any bad expense for the year ended December 31. needed. round to the nearest dollar Uits core but not yet paid as of December 31 totaled $1800 Post all the Adjusting Entires to the Ledger on the leder tab. 5) Based on the account balances in the ledger, create and a balance on the Med Trial Balance tab Based on the dusted trial balance, prepare-step income statement on the income Statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement tab. Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. Prepare the douing entries (DO NOT POST them to the ledger, just produce the entries. When journaline dose the accounts in the order the appear on the Trial Balance. Do one entry for revenue accounts, one for expenses and one for dividend accounts 10) Calculate the ruties on the Ratiosta
