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1. (1 point each) Prepare AJEs that should be made on 12-31-15, the end of the accounting year, for each of the following situations. If no AJE is required, indicate \"none.\" Assume the company only makes AJEs at the end of the accounting year. In addition, identify the impact, if any, on the financial statements if you failed to make the appropriate AJE. Indicate NE for no impact, U for understatement, and O for overstatement. Use the following format to indicate the impact of failing to make the required entry for each situation. Assets Liabilities Expenses Revenues Net Income Owners' Equity XX XX XX XX XX XX a. b. c. d. e. f. g. On July 1, 2015, the company rented a machine for 9 months and paid $18,000 in advance. The journal entry to record the payment included a debit to a permanent account. On March 31, 2015, the company collected $600 of rent for 12 months in advance. The journal entry to record the receipt included a credit to an income statement account. On September 1, 2015, the company collected $6,000 as rent for 6 months in advance. The journal entry to record the receipt included a credit to a balance sheet account. On October 1, 2015, the company borrowed $24,000 for 1 year at 3%. Interest and principle are due on October 1, 2016. On February 1, 2015, the company invested in a $50,000, 10-year bond that pays 3% interest every three months starting May 1, 2015. On August 31, 2015, the company rented equipment for 10 months and paid $15,000 in advance. The journal entry to record the payment included a debit to a temporary account. On September 1, 2015 the company borrowed $4,000 for one year at 2%. The principle will be repaid on September 1, 2016. Interest is paid semi-annually starting March 1, 2016. 2. (5 points) X Company's financial records showed the following during 2014: Payments made for office supplies $50,000 Insurance premiums receipts $520,000 Interest expense on money borrowed $40,000 Office rental revenues $210,000 Wages & salaries paid $80,000 Advertising receipts $460,000 X follows the accrual basis of accounting. The following were taken from X's balance sheets: 12-31-13 12-31-14 Office rental receivables $34,000 $32,000 Advertising-related receivables 21,000 18,000 Prepaid advertising 25,000 29,000 Prepaid office supplies 18,000 23,000 Wages & salaries payable 21,000 22,000 Interest payable 6,000 12,000 Unearned insurance premiums 12,000 19,000 Unearned office rental revenue 6,000 14,000 Unearned advertising revenue 34,000 43,000 a. b. c. d. e. f. What was office supplies expense during 2014? How much cash was paid out for interest during 2014? What was wages & salaries expense during 2014? What were insurance premiums revenues during 2014? What were office rental receipts during 2014? What were advertising revenues during 2014? 3. (3 points) N Company's capital structure consists of 200,000 shares of common stock. N's retained earnings balance at 0101-15 was $3,100,000. Assume N had a 30% income tax rate. At 12-31-15, N's records showed the following: Merchandise sales $950,000 Cost of goods sold 240,000 Selling and administrative expenses 260,000 Loss on the sale of a fixed asset 11,000 Inventory 25,000 Interest expense 8,000 Dividend income on equity investments 12,000 Accumulated depreciation 210,000 Dividends declared during the year 30,000 Restructuring charges relating to a closing N's factory in Indianapolis* 100,000 * The restructuring did NOT represent a strategic shift that had or will have a major effect on N's operations. a. Prepare an income statement in good form for 2015. b. Compute N's retained earnings as of 12-31-15. 4. (2 points) Go into WileyPlus. Go to the \"Read, Study & Practice\" section for chapter 4. Watch the Applied Skills Video entitled \"How to Compute Net Income\" to answer the following questions about what the narrator says: a. What was Jackson Furniture Company's total increase in liabilities? b. What was Jackson Furniture Company's net income for the current year