i just need help with the adjusted trial balance
Tools View Comprehensive Problem for Principles 2 Adolecovered The Jack Company begun beasiness Joly 1 from its home state of Arkan Iti muthored to see 100,000 shares of common stock with a si par value and 50,000 shares of peefented stock with S50 par value, dividend of 5% The products have a lear Waranty and the Waranty payable is estimated each month. There is a 6 tax on sales Salaries are paid on the last day of the mouth This is a new business with no beginning balances in these account Cash Merchandise Inventory Land Building Accumulated Depreciation Building Store Fixtures Accumulated Depreciation Store Foctures Accounts Payable Employee Income Tax Payable OASD Tax Payable Medicate Tax Payable Employee Life Insurance Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Sales Tax Payable Income Tax Payable Interest Payable Dividenda Payable Common Notes Payable More Payable Common Stock Paid in capital in excess of par common Paid in capital from truy stock transactions Cath Dividends Retained Earnings Troury Stock Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Depreciation Expense Warranty Expense Income Tax Expense Interest Expense Payroll tax expense Fringe benefit expense Transactions Jul 1 Issued 25,000 shares of common stock for 20 per share 1 Signed a Mortgage Payable for $200,000 for a building with ind Interest * Mortgage payments are the first of each month for $2.00 bening Aut Themets had market values of Building $150,000 and Land $50,000 2 Sepeda yer Note Payable for store extures in the amount of $10,000 The principle and interesat 12 3 Pachnied Merchandise Inventory from The Beeline for 5120,000 on account 12 Paides $150 3 Cash sales for the first mooth was $175.000 Add sales tax COGS was $100,000 Baltimated warmy w of sale 1M o here Type bere to starch o . a Tools View Comprehensive Problem for Principles 2 Autoecovered 31 Paid employees withholding appropriate taxes and recordinis proper pyroll taxes for the business and the insurance Employees eamed oss $15.000, ($5 000 each). Federal income Tax was $3,500 Life ances S150. Ta Tales OASDI 6.2%, Medicare 1.45% FUTA 6%, SUTA 54% Unemployment is only paid on the first $7.000 earned by each employee 13 Pad til, $100 15 Purchased inventory, an account, $80,000 30 Cash sales for the month were $180,000 COGS was $105,000 Add sales tax. Record warranty expense 30 Paid employees and recorded all appropriate payroll taxes and the insurance No nemployment Aug 1 Mortgage payment due and was paid Round interest to the nearest dollar 4 Paid the A/P in fall 5 Purchased more inventory on account, $140,000 10 Purchased treasury stock for $15 each share. 1000 shares 11 Paid all employment related lisbilities including the life insurance 12 Paid the sales tax due to Oklahoma 13 Paid $1,000 in warranty claims 15 Declared cash dividend, $1.10 per share on outstanding shares 16 Paid utilities S155 18 Paid dividends due 31 Cash sales revenue was $130,000 for the month. Add sales tax. COGS was $80,000 Record the warranty expense at 5% 31 Paid employees, mas last month, except on the employment All pay roll taxes recorded and the life inuice Required Journaline transactions No explanations, but show calculations when necessary. These are for the quarter Post to Taccount Adrusting entrepre piered a Building has estimated useful lide of 40 years with $10,000 residual value, straight-line Fixtures has 10 year imated useful life with $1.000 residual value b. Acero interest expense on the Mortgage Payable Accro interest expertise on the Note Payable. d. Accrue income tax expense of $25,000 Post the calculate account balances, and prepare an adjusted trial balance Prepare a statement Malti teplome Statement, Statement of Re med barn Classid Balance Sheet, and Statement of Cash Flows. Evaluate how the business is done on profiteration (retium on met ang po share profit margin) and will they be able to pay their debet (cur entratie, cal flow as Sept 1 Made the second more payment 2 Paid AP 6 Paid $5,000 on wy dams 7 Sold treasury stock for $16 per share 10 Paid All payroll related liabilities including the 12 Paid the sales tax due to state of Oklahoma Do your own work will be graded somewhat for completion, but more points can be earned if it is create work will be accepted up to 1 week betet a penalty forcy 1 PM Type to search O Tools View Comprehensive Problem fc The Jacks Company began business on July 1 from its home state of Arkansas, It is authorized to issue 100,000 shares of common stock with a $1 par value and 50,000 shares of preferred stock with $50 par value, dividend of 5%. The products have a lyear warranty and the warranty payable is estimated each month. There is a 6% tax on sales Salaries are paid on the last day of the month. This is a new business with no beginning balances in these accounts. Cash Merchandise Inventory Land Building Accumulated Depreciation Building Store Fixtures Accumulated Depreciation Store Fixtures Accounts Payable Employee Income Tax Payable OASDI Tax Payable Medicare Tax Payable Employee Life Insurance Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Sales Tax Payable Income Tax Payable Interest Payable Dividends Payable-Common Notes Payable Mortgage Payable Common Stock Paid in capital in excess of par common 125 Type here to search inciples ? - AutoRecovered Paid in capital from treasury stock transactions Cash Dividends Retained Earnings Treasury Stock Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Depreciation Expense Warranty Expense Income Tax Expense Interest Expense Payroll tax expense Fringe benefit expense Transactions: Jul 1 Issued 25,000 shares of common stock for $20 per share. 1 Signed a Mortgage Payable for $200,000 for a building with land. Interest is 8%. Mortgage payments are the first of each month for $2,300 beginning Aug. 1 The assets had market values of Building $150,000 and Land $50,000. 2 Signed a 1 year Note Payable for Store Fixtures in the amount of $10,000. The principle and interest at 12%. 3 Purchased Merchandise Inventory from The Beehive for $120.000 on account. 12 Paid utilities $150. 31 Cash sales for the first month was $175,000. Add sales tax. COGS was $100,000. Estimated warranty is 5% of sales. Focus te - 4:42 PM 2/18/2021 E Tools View Comprehensive Problem for Princi 31 Paid employees withholding appropriate taxes and recording proper payroll taxes for the business and the insurance. Employees eamed gross $15,000. ($5,000 each). Federal Income Tax was $3,500. Life insurance is $150. Tax rates OASDI 6.2%, Medicare 1.45%, FUTA 6%, SUTA 5.4%. Unemployment is only paid on the first $7,000 earned by each employee. Aug 1 Mortgage payment due and was paid. Round interest to the nearest dollar. 4 Paid the A/P in full 5 Purchased more inventory on account, $140,000. 10 Purchased treasury stock for $15 each share, 1000 shares. 11 Paid all employment related liabilities including the life insurance. 12 Paid the sales tax due to Oklahoma. 13 Paid $1,000 in warranty claims. 15 Declared cash dividend, $1.10 per share on outstanding shares. 16 Paid utilities $155. 18 Paid dividends due. 31 Cash sales revenue was $130,000 for the month. Add sales tax. COGS was $80,000 Record the warranty expense at 5%. 31 Paid employees, same as last month, except on the unemployment. All pay- roll taxes recorded and the life insurance Sept 1 Made the second mortgage payment. 2 Paid A/P 6 Paid $5,000 on warranty claims. 7 Sold treasury stock for $16 per share 10 Paid all payroll related liabilities including the insurance. 12 Paid the sales tax due to state of Oklahoma 2. AutoRecovered 13 Paid utilities, $140. 15 Purchased inventory, on account, $80,000 30 Cash sales for the month were $180,000. COGS was $105.XX). Add sales tax Record warranty expense. 30 Paid employees and recorded all appropriate payroll taxes and the insurance. No unemployment due Required: Journalize transactions. No explanations, but show calculations when necessary. These are for the quarter. Post to T accounts. Adjusting entries pre- pared: a. Building has estimated useful life of 40 years with $10,000 residual value, straight-line. Fixtures has 10 year estimated useful life with $1,000 residual value, S/L. b. Accrue interest expense on the Mortgage Payable c. Accrue interest expense on the Note Payable. d. Accrue income tax expense of $25,000. Post these, calculate account balances, and prepare an adjusted trial balance. Prepare financial statements: Multi-step Income Statement, Statement of Re- tained Earnings. Classified Balance Sheet, and Statement of Cash Flows. Evaluate how the business is doing on profit generation, (return on investment, earnings per share, profit margin) and will they be able to pay their debts? (cur- rent ratio, cash flow analysis). Do your own work. It will be graded somewhat for completion but more points can be earned if it is accurate. Late work will be accepted up to 1 week late with a penalty for each day Lipou Tools View Comprehensive Problem for Principles 2 Adolecovered The Jack Company begun beasiness Joly 1 from its home state of Arkan Iti muthored to see 100,000 shares of common stock with a si par value and 50,000 shares of peefented stock with S50 par value, dividend of 5% The products have a lear Waranty and the Waranty payable is estimated each month. There is a 6 tax on sales Salaries are paid on the last day of the mouth This is a new business with no beginning balances in these account Cash Merchandise Inventory Land Building Accumulated Depreciation Building Store Fixtures Accumulated Depreciation Store Foctures Accounts Payable Employee Income Tax Payable OASD Tax Payable Medicate Tax Payable Employee Life Insurance Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Sales Tax Payable Income Tax Payable Interest Payable Dividenda Payable Common Notes Payable More Payable Common Stock Paid in capital in excess of par common Paid in capital from truy stock transactions Cath Dividends Retained Earnings Troury Stock Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Depreciation Expense Warranty Expense Income Tax Expense Interest Expense Payroll tax expense Fringe benefit expense Transactions Jul 1 Issued 25,000 shares of common stock for 20 per share 1 Signed a Mortgage Payable for $200,000 for a building with ind Interest * Mortgage payments are the first of each month for $2.00 bening Aut Themets had market values of Building $150,000 and Land $50,000 2 Sepeda yer Note Payable for store extures in the amount of $10,000 The principle and interesat 12 3 Pachnied Merchandise Inventory from The Beeline for 5120,000 on account 12 Paides $150 3 Cash sales for the first mooth was $175.000 Add sales tax COGS was $100,000 Baltimated warmy w of sale 1M o here Type bere to starch o . a Tools View Comprehensive Problem for Principles 2 Autoecovered 31 Paid employees withholding appropriate taxes and recordinis proper pyroll taxes for the business and the insurance Employees eamed oss $15.000, ($5 000 each). Federal income Tax was $3,500 Life ances S150. Ta Tales OASDI 6.2%, Medicare 1.45% FUTA 6%, SUTA 54% Unemployment is only paid on the first $7.000 earned by each employee 13 Pad til, $100 15 Purchased inventory, an account, $80,000 30 Cash sales for the month were $180,000 COGS was $105,000 Add sales tax. Record warranty expense 30 Paid employees and recorded all appropriate payroll taxes and the insurance No nemployment Aug 1 Mortgage payment due and was paid Round interest to the nearest dollar 4 Paid the A/P in fall 5 Purchased more inventory on account, $140,000 10 Purchased treasury stock for $15 each share. 1000 shares 11 Paid all employment related lisbilities including the life insurance 12 Paid the sales tax due to Oklahoma 13 Paid $1,000 in warranty claims 15 Declared cash dividend, $1.10 per share on outstanding shares 16 Paid utilities S155 18 Paid dividends due 31 Cash sales revenue was $130,000 for the month. Add sales tax. COGS was $80,000 Record the warranty expense at 5% 31 Paid employees, mas last month, except on the employment All pay roll taxes recorded and the life inuice Required Journaline transactions No explanations, but show calculations when necessary. These are for the quarter Post to Taccount Adrusting entrepre piered a Building has estimated useful lide of 40 years with $10,000 residual value, straight-line Fixtures has 10 year imated useful life with $1.000 residual value b. Acero interest expense on the Mortgage Payable Accro interest expertise on the Note Payable. d. Accrue income tax expense of $25,000 Post the calculate account balances, and prepare an adjusted trial balance Prepare a statement Malti teplome Statement, Statement of Re med barn Classid Balance Sheet, and Statement of Cash Flows. Evaluate how the business is done on profiteration (retium on met ang po share profit margin) and will they be able to pay their debet (cur entratie, cal flow as Sept 1 Made the second more payment 2 Paid AP 6 Paid $5,000 on wy dams 7 Sold treasury stock for $16 per share 10 Paid All payroll related liabilities including the 12 Paid the sales tax due to state of Oklahoma Do your own work will be graded somewhat for completion, but more points can be earned if it is create work will be accepted up to 1 week betet a penalty forcy 1 PM Type to search O Tools View Comprehensive Problem fc The Jacks Company began business on July 1 from its home state of Arkansas, It is authorized to issue 100,000 shares of common stock with a $1 par value and 50,000 shares of preferred stock with $50 par value, dividend of 5%. The products have a lyear warranty and the warranty payable is estimated each month. There is a 6% tax on sales Salaries are paid on the last day of the month. This is a new business with no beginning balances in these accounts. Cash Merchandise Inventory Land Building Accumulated Depreciation Building Store Fixtures Accumulated Depreciation Store Fixtures Accounts Payable Employee Income Tax Payable OASDI Tax Payable Medicare Tax Payable Employee Life Insurance Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Sales Tax Payable Income Tax Payable Interest Payable Dividends Payable-Common Notes Payable Mortgage Payable Common Stock Paid in capital in excess of par common 125 Type here to search inciples ? - AutoRecovered Paid in capital from treasury stock transactions Cash Dividends Retained Earnings Treasury Stock Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Depreciation Expense Warranty Expense Income Tax Expense Interest Expense Payroll tax expense Fringe benefit expense Transactions: Jul 1 Issued 25,000 shares of common stock for $20 per share. 1 Signed a Mortgage Payable for $200,000 for a building with land. Interest is 8%. Mortgage payments are the first of each month for $2,300 beginning Aug. 1 The assets had market values of Building $150,000 and Land $50,000. 2 Signed a 1 year Note Payable for Store Fixtures in the amount of $10,000. The principle and interest at 12%. 3 Purchased Merchandise Inventory from The Beehive for $120.000 on account. 12 Paid utilities $150. 31 Cash sales for the first month was $175,000. Add sales tax. COGS was $100,000. Estimated warranty is 5% of sales. Focus te - 4:42 PM 2/18/2021 E Tools View Comprehensive Problem for Princi 31 Paid employees withholding appropriate taxes and recording proper payroll taxes for the business and the insurance. Employees eamed gross $15,000. ($5,000 each). Federal Income Tax was $3,500. Life insurance is $150. Tax rates OASDI 6.2%, Medicare 1.45%, FUTA 6%, SUTA 5.4%. Unemployment is only paid on the first $7,000 earned by each employee. Aug 1 Mortgage payment due and was paid. Round interest to the nearest dollar. 4 Paid the A/P in full 5 Purchased more inventory on account, $140,000. 10 Purchased treasury stock for $15 each share, 1000 shares. 11 Paid all employment related liabilities including the life insurance. 12 Paid the sales tax due to Oklahoma. 13 Paid $1,000 in warranty claims. 15 Declared cash dividend, $1.10 per share on outstanding shares. 16 Paid utilities $155. 18 Paid dividends due. 31 Cash sales revenue was $130,000 for the month. Add sales tax. COGS was $80,000 Record the warranty expense at 5%. 31 Paid employees, same as last month, except on the unemployment. All pay- roll taxes recorded and the life insurance Sept 1 Made the second mortgage payment. 2 Paid A/P 6 Paid $5,000 on warranty claims. 7 Sold treasury stock for $16 per share 10 Paid all payroll related liabilities including the insurance. 12 Paid the sales tax due to state of Oklahoma 2. AutoRecovered 13 Paid utilities, $140. 15 Purchased inventory, on account, $80,000 30 Cash sales for the month were $180,000. COGS was $105.XX). Add sales tax Record warranty expense. 30 Paid employees and recorded all appropriate payroll taxes and the insurance. No unemployment due Required: Journalize transactions. No explanations, but show calculations when necessary. These are for the quarter. Post to T accounts. Adjusting entries pre- pared: a. Building has estimated useful life of 40 years with $10,000 residual value, straight-line. Fixtures has 10 year estimated useful life with $1,000 residual value, S/L. b. Accrue interest expense on the Mortgage Payable c. Accrue interest expense on the Note Payable. d. Accrue income tax expense of $25,000. Post these, calculate account balances, and prepare an adjusted trial balance. Prepare financial statements: Multi-step Income Statement, Statement of Re- tained Earnings. Classified Balance Sheet, and Statement of Cash Flows. Evaluate how the business is doing on profit generation, (return on investment, earnings per share, profit margin) and will they be able to pay their debts? (cur- rent ratio, cash flow analysis). Do your own work. It will be graded somewhat for completion but more points can be earned if it is accurate. Late work will be accepted up to 1 week late with a penalty for each day Lipou
