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390 ces The trial balance of Pacilio Security Services, Inc. as of January 1, Year 11, had the following normal balances Cash $ 113,718 Petty cash 100 Accounts receivable 39,390 Allowance for doubtful accounts 4,662 Supplies 210 Merchandise inventory (48 $300) 14,400 Equipment 9,000 Van 27,000 Building 125,000 Accumulated depreciation 28,075 Land 25,000 Sales tax payable Employee income tax payable 1,000 PICA-Social Security tax payable 640 FICA-Medicare tax payable 210 Warranty payable 918 Unemployment tax payable 945 Notes payable-Buliding 92,762 Bonds payable 50.000 Discount on bonds payable Common stock 50,000 Retained earnings 124,816 During Year 11. Pacilio Security Services experienced the following transactions: 1. Paid the sales tax payable from Year 10. 2. Paid the balance of the payroll liabilities due for Year 10 (federal income tax, FICA taxes, and unemployment taxes). 3. Issued 5,000 additional shares of the $5 par value common stock for $8 per share, 4. Issued 1,000 shares of $50 stated value. 5 percent cumulative preferred stock for $52 per share 5. Purchased $500 of supplies on account 6. Purchased 190 alarm systems at a cost of $310. Cash was paid for the purchase. 7. After numerous attempts to collect from customers, wrote off $3,670 of uncollectible accounts receivable, 8. Sold 210 alarm systems for $600 each plus sales tax of 5 percent. All sales were on account 9. Record the cost of goods sold related to the sale from Event 8 using the FIFO method. 10. Billed $125,000 of monitoring services for the year. Credit card sales amounted to $58,000, and the credit card company charged a 4 percent fee. The remaining $67,000 were sales on account. Sales tax is not charged on this service, 11 Replenished the petty cash fund on June 30. The fund had $10 cash and receipts of $75 for yard mowing and $15 for office 800 11. Replenished the petty cash fund on June 30. The fund had $10 cash and receipts of $75 for yard mowing and $15 for office supplies expense. 12. Collected the amount due from the credit card company. 13. Pald the sales tax collected on $105,000 of the alarm sales. 14. Collected $198,000 of accounts receivable during the year. 15. Pald installers and other employees a total of $96,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes withheld amounted to $10,600. No employee exceeded $110,000 in total wages. The net salaries were paid in cash 16. On October 1, declared a dividend on the preferred stock and a $1 per share dividend on the common stock to be paid to shareholders of record on October 15, payable on November 1, Year 11 17. Paid $1,625 in warranty repairs during the year. 18. On November 1, Year 11. paid the dividends that had been previously declared. 19. Pald $18,500 of advertising expense during the year. 20. Pald $6,100 of utilities expense for the year. 21. Pald the payroll liabilities, both the amounts withheld from the salaries plus the employer share of Social Security tax and Medicare tax, on $88,000 of the salaries plus $9,200 of the federal income tax that was withheld. 22. Paid the accounts payable. 23. Pald bond interest and amortized the discount. The bond was issued in Year 10 and pays interest at 6 percent 24. Pald the annual installment of $14,238 on the amortized note. The interest rate for the note is 7 percent. Adjustment 25. There was $190 of supplies on hand at the end of the year 26. Recognized the uncollectible accounts expense for the year using the allowance method. Pacillo now estimates that percent of sales on account will not be collected, 27. Recognized depreciation expense on the equipment, van, and building. The equipment, purchased in Year 8, has a five-year life and a $2,000 salvage value. The van has a four-year life and a $6,000 salvage value. The building has a 40-year life and a $10,000 salvage value. The company uses straight-line for the equipment and the building. The van is fully depreciated 28. The alarm systems sold in transaction were covered with a one-year warranty. Pocilio estimated that the warranty cost would be 2 percent of olarm sales. 29. The unemployment tax on the three employees has not been paid. Record the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 4.5 percent and gross wages for all three employees exceeded $7000 30 Recognized the employer Social Security and Medicare payroll tax that has not been paid on $8,000 of salaries expense tes Requirement General Journal Statement of General Ledger Income Statement Trial Balance Balance Sheet Analysis and a $2,000 salvage value. The von has a four-year life and a $6,000 salvage value. The building has a 40-year life and a $10,000 salvage value. The company uses straight-line for the equipment and the building. The van is fully depreciated. 28. The alarm systems sold in transaction 8 were covered with a one-year warranty. Pacilio estimated that the warranty cost would be 2 perceipt of alarm sales. 29. The urtemployment tax on the three employees has not been paid. Record the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 4.5 percent and gross wages for all three employees exceeded $7,000. 30. Recognized the employer Social Security and Medicare payroll tax that has not been paid on $8,000 of salaries expense. General Journal Requirement General Ledger Trial Balance Income Statement Balance Sheet Statement of CF Analysis General Journal tab - Prepare the journal entries to record transactions (1) through (24). Then prepare the necessary adjusting entries (25) through (30) to correctly report net income for the period. Then record the closing entries (31) through (33) as of December 31, Year 11. General Ledger tab - Each journal entry is posted automatically to the general ledger Trial Balance tab. The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income Statement tab - Use the drop down to select the accounts properly included on the income statement Balance Sheet tab - Prepare a classified Balance Sheet at December 31, Year 11. Statement of Cash flows - Prepare the statement of cash flow for year ended December 31, Year 11. Analysis tab. Use a horizontal statements model to show how each transaction affects the balance sheet, Income statement, and statement of cash flows. General Journal > Statement of Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries to record transactions (1) through (24). Then prepare the necessary adjusting entries (25) through (30) to correctly report net income for the period. Then record the closing entries (31) through (33) as of December 31, Year 11. (If no entry is required for a transaction, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.) Show less View transaction list Journal entry worksheet 1 2 3 4 5 N 6 7 8. 33 > Paid the sales tax payable from Year 10. Note: Enter debits before credits Date Debit General Journal Credit Jan 05 Record entry Clear entry View general Journal Unadjusted General Ledger Account Cash Petty cash Debit No. Date Debit Credit No. Balance 113.718 Date Jan 01 Credit Balance 100 Jan 01 ak Accounts receivable Debit Credit No. No. Allowance for doubtful accounts Date Debit Credit Jan 01 Date Jan 01 Balance 39,390 Balance 4,662 Merchandise Inventory Debit Credit Supplies Debit No. No. Credit Date Jan 01 Balance 14,400 Date Jan 01 Inces Balance 210 Van Equipment Debit Debit Credit No. No. Credit Date Jan 01 Balance 27,000 Date Jan 01 Balance 9,000 Accumulated depreciation Debit Credit Building Debit No. Credit No. Dato Jan 01 Balance 28,075 Date Jan 01 Balance 125,000 Land Debit Warranty payable Debit Credit Credit No. No. Dato Jan 01 Balance 25,000 Date Jan 01 Balance 918 Unemployment tax payable Sales tax payable Pacilio Security Services, Incorporated Trial Balance December 20, 2022 Account Title Credit $ Debit 113,718 100 39,390 4,662 bk 14.400 210 27,000 9,000 28.075 oces 125,000 25,000 Cash Petty cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Supplies Van Equipment Accumulated depreciation Building Land Warranty payable Unemployment tax payable Sales tax payable Employee income tax payable FICA tax payable Medicare FICA tax payablo-social security Notes payable Bonds payablo Discount on bonds payable Common stock Retained earnings Total 918 945 390 1,000 210 840 92,762 50,000 800 50,000 124,816 354,018 354,618 5 Pacilio Security Services, Incorporated Income Statement For the Year Ended December 31, Year 11 Revenues Total Revenues pok int Expenses ences Total Operating Expenses Net Operating Income Non-Operating Items Pacilio Security Services, Incorporated Balance Sheet At December 31, Year 11 Assets ok nt ences Liabilities Stockholders' Equity Prepare the statement of cash flow for year ended December 31, Year 11. (Amounts to deducted sho minus sign.) Pacilio Security Services, Incorporated Statement of Cash Flows For the Year Ended December 31, Year 11 Cash flows from operating activities: ok nt Net cash flow from operating activities Cash flows from investing activities: onces Net cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance Pacilio Security Services, Incorporated Effect of Transactions on Financial Statements - Year 11 Balance Sheet Income Statement Stockholders Net Liabilities + Revenue Expenses Equity Income Statement of Cash Flows Transaction Assets 1. 2. 3 4. 5. 6. 7. 8. 9 10. 11 12. 13. 14. 15. 16. 17 18. 19. 20. 21. 22 23 24