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I need help with ACR11.2 a-h. Thank you in advance! December 31, 2012 Income statement and and a classified balance rained earnings of December ming

I need help with ACR11.2 a-h. Thank you in advance! image text in transcribed
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December 31, 2012 Income statement and and a classified balance rained earnings of December ming statement for the year of December 31, 2022. ACR11.2 (LO 2,3,4). AP Karen Noonan opened i ary, the following transactions were completed Sweep Inc. on February 1, 2022. During Febru- Feb. 1 c h share has a $1.50 amon stock for Si W cleaning equipment from a company equipment and $4,200 for the window ald S480 per 5-day work week (Monday-Friday) Issued 5.000 shares of Clean Sweep com Borrowed $8,000 on a 2 year 6 note payable Paid $9.020 to purchased floor and window going out of business (4520 was for the floor equip equipment). Pad 5220 for February Internet and phone services Purchased cleaning supplies for $9NO on account. Hired 4 employees. Each will be paid sise Employees will begin workine Monday, February Obtained insurance coverage for $9.80p through January 31, 2023. Karen paids Discussions with the insurance agent indice services would cost too much to insure. Karen $3.950 cash. Billed customers $3,900 for cleanin Received $540 from a customer for weeks of cleaning services (By paying in advance, this customer rece Paid $300 on amount owed on cleaning supplies. Paid $3 per share to buy 300 shares of Clean Sweep common who disagreed with management als The shares will be held as the Billed customers $4.300 for cleanine services performed through Febria Faid cash for employees' waves for 2 weeks (February 9-13 and 16-30) Collected $2,500 cash from customers billed on February 16. Paid $220 for Internet and phone services for March Declared and paid a cash dividend of $0.20 per share. 93840 per year. Coverge runs from February 1.0 Raren paid $2.460 cash for the first quarter of cover arter of coverage. sent indicated that providing outside window cleaning wuch to insure. Karen sold the window cleaning equip 16 17 erformed through February 13, 2022. ng services to begin February 21, 2022. if the normal weekly fee of $150.) 20 23 sweep common stock from a shareholder ares will be held as treasury shares. ng services performed through February 20. 25 27 28 entry) Instructions a. Journalize the February transactions. (You do not need to include an explanation for ench amal b. Post to the ledger accounts (Use T-accounts.) c. Prepare a trial balance at February 28, 2022. d. Journalize the following adjustments. (Round all amounts to whole dollars.) 2. Services performed for customers through February 27, 2022, but unbilled and uncollected were $3,800. 2 Received notice that a customer who was billed $200 for services performed February 10 has filed for bankruptcy. Clean Sweep does not expect to collect any portion of this outstanding receivable 3. Clean Sweep uses the allowance method to estimate bad debts. Clean Sweep estimates that a of its month-end receivables will not be collected. 4. Record 1 month of depreciation for the floor equipment. Use the straight-line met mated life of 4 years, and $500 salvage value. 5. Record 1 month of insurance expense. Use the straight-line method, an esti- 6. An inventory count shows $400 of supplies on hand at February 28, SVI would co $3,950 cash. 16 Billed customer Received S5401 (By paying in a 18 Paid $300 on a 20 Paid $3 per sh who disagree 23 Billed custom 24 Paid cash for 25 Collected $2 27 Paid $220 fc 28 Declared ar C. Trial bal. totals $30,420 Instructions a. Journalize the Febru entry.) b. Post to the ledger ac c. Prepare a trial balar d. Journalize the follo 1. Services perfor $3,800. 2. Received notic for bankruptc 3. Clean Sweep of its month 4. Record 1 m mated life o 5. Record 1 m 6. An invento Expand Your Critical Thinking 11-51 One week of services were performed for the customer who paid in advance on Pee 8. Accrue for wages owed through February 28, 2022 9. Accrue for interest expense for 1 month. 10. Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to "income before taxes" to help with the income tax calculation.) e. Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. . Prenare a multiple-step income statement, a retained earnings statement, and a properly classified balance sheet as of February 28, 2022. h. Journalize closing entries. Net Income Tot, assets $3,117 $26,101 December 31, 2012 Income statement and and a classified balance rained earnings of December ming statement for the year of December 31, 2022. ACR11.2 (LO 2,3,4). AP Karen Noonan opened i ary, the following transactions were completed Sweep Inc. on February 1, 2022. During Febru- Feb. 1 c h share has a $1.50 amon stock for Si W cleaning equipment from a company equipment and $4,200 for the window ald S480 per 5-day work week (Monday-Friday) Issued 5.000 shares of Clean Sweep com Borrowed $8,000 on a 2 year 6 note payable Paid $9.020 to purchased floor and window going out of business (4520 was for the floor equip equipment). Pad 5220 for February Internet and phone services Purchased cleaning supplies for $9NO on account. Hired 4 employees. Each will be paid sise Employees will begin workine Monday, February Obtained insurance coverage for $9.80p through January 31, 2023. Karen paids Discussions with the insurance agent indice services would cost too much to insure. Karen $3.950 cash. Billed customers $3,900 for cleanin Received $540 from a customer for weeks of cleaning services (By paying in advance, this customer rece Paid $300 on amount owed on cleaning supplies. Paid $3 per share to buy 300 shares of Clean Sweep common who disagreed with management als The shares will be held as the Billed customers $4.300 for cleanine services performed through Febria Faid cash for employees' waves for 2 weeks (February 9-13 and 16-30) Collected $2,500 cash from customers billed on February 16. Paid $220 for Internet and phone services for March Declared and paid a cash dividend of $0.20 per share. 93840 per year. Coverge runs from February 1.0 Raren paid $2.460 cash for the first quarter of cover arter of coverage. sent indicated that providing outside window cleaning wuch to insure. Karen sold the window cleaning equip 16 17 erformed through February 13, 2022. ng services to begin February 21, 2022. if the normal weekly fee of $150.) 20 23 sweep common stock from a shareholder ares will be held as treasury shares. ng services performed through February 20. 25 27 28 entry) Instructions a. Journalize the February transactions. (You do not need to include an explanation for ench amal b. Post to the ledger accounts (Use T-accounts.) c. Prepare a trial balance at February 28, 2022. d. Journalize the following adjustments. (Round all amounts to whole dollars.) 2. Services performed for customers through February 27, 2022, but unbilled and uncollected were $3,800. 2 Received notice that a customer who was billed $200 for services performed February 10 has filed for bankruptcy. Clean Sweep does not expect to collect any portion of this outstanding receivable 3. Clean Sweep uses the allowance method to estimate bad debts. Clean Sweep estimates that a of its month-end receivables will not be collected. 4. Record 1 month of depreciation for the floor equipment. Use the straight-line met mated life of 4 years, and $500 salvage value. 5. Record 1 month of insurance expense. Use the straight-line method, an esti- 6. An inventory count shows $400 of supplies on hand at February 28, SVI would co $3,950 cash. 16 Billed customer Received S5401 (By paying in a 18 Paid $300 on a 20 Paid $3 per sh who disagree 23 Billed custom 24 Paid cash for 25 Collected $2 27 Paid $220 fc 28 Declared ar C. Trial bal. totals $30,420 Instructions a. Journalize the Febru entry.) b. Post to the ledger ac c. Prepare a trial balar d. Journalize the follo 1. Services perfor $3,800. 2. Received notic for bankruptc 3. Clean Sweep of its month 4. Record 1 m mated life o 5. Record 1 m 6. An invento Expand Your Critical Thinking 11-51 One week of services were performed for the customer who paid in advance on Pee 8. Accrue for wages owed through February 28, 2022 9. Accrue for interest expense for 1 month. 10. Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to "income before taxes" to help with the income tax calculation.) e. Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. . Prenare a multiple-step income statement, a retained earnings statement, and a properly classified balance sheet as of February 28, 2022. h. Journalize closing entries. Net Income Tot, assets $3,117 $26,101

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