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Spring 2020 ACC Company, Inc. Balance Sheet 12/31/19 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets 3,000.00 1,250.00 100.00 $ $ 4,350.00 Non-Current Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 42,350.00 100.00 150.00 Liabilities: | Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Notes Payable Unearned Revenue Total Liabilities $ 1,500.00 $ 1,750.00 A 1,500.00 Unearned Revenue Total Liabilities $ 1,750.00 Shareholder's Equity Common Stock - $1 par (See Note Below) Retained Earnings Total Equity Total Liabilities and Equity $ $ 15,000.00 25,600.00 $ $ 40,600.00 42,350.00 Transactions during January 2020: 1. On January 2, 2020, ACC executed a 3 month-6% promissory note for $10,000.00 in favor of its bank, Cheatem Trust Company, Inc. for working capital purposes. 2. An invoice was received from ACC's insurance provider on January 15, 2020, for casualty insurance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. 3. Employees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020. 4. The insurance premium described in transaction 2 was paid on January 31, 2020. 5. Office expense of $1,500 for the month of January was paid in cash on 01/30/20. 6. Insurance expense for the month of January was recorded on 01/31/20. 7. Depreciation expense for the month of January was $1,000.00 8. January service revenue for the Company is $21,000.00. All revenues are recorded as "on account." 9. ACC reviewed its work product for January and determined that it had performed $500.00 of the services required that were being accounted for as unearned revenue in addition to revenues described in transaction 8. 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. NOTE: Other events possibly having an effect on the company: * At the end of January, the Board of Directors voted to shut down and liquidate a component of the 45 46 C D 6. Insurance expense for the month of January was recorded on 01/31/20. 7. Depreciation expense for the month of January was $1,000.00 8. January service revenue for the Company is $21,000.00. All revenues are recorded as "on account." 9. ACC reviewed its work product for January and determined that it had performed $500.00 of the services required that were being accounted for as unearned revenue in addition to revenues described in transaction 8. 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. A8 54 52 NOTE: Other events possibly having an effect on the company: 53 * At the end of January, the Board of Directors voted to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced a 2,100 loss during January. This was partially offset by a $1,200 gain on the disposition of the assets. Both of these transactions are net of tax and have already been appropriately reflected in the Retained Earnings balance shown on the December 31, 2019 Balance Sheet. 58 *Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's effective tax rate to be 25%. 60 * The company's common stock account includes 100,000 shares authorized, 1,000 shares issued 61 and outstanding. 59 65 63 Required: 64 On separate sheets of paper, please: * Prepare the appropriate journal entries associated with the above transactions. It is not necessary to prepare journal entries associated with the discontinued component. * Prepare a "T" account depiction of the Company's General Ledger activity for the month of January 2020. * Prepare ACC's Income Statement for the month ending January 31, 2020 * Prepare ACC's Balance Sheet at January 31, 2020. T-Account Analysis Cash 1,500 10,000 7,600 Land 10,000 2,400 4 1,500 5 Accounts Payable 2,400 100 2,400 Common Stock 15,000 10,000 25,000 2 1 100 Buildings 25,000 Accounts Receivable 1,250 21,000 22,250 Accrued Expense 150 150 Retained Earnings 25,600 12,800 38,400 Equipment 15,000 Prepaid Expenses 100 200 6 2,400 2,300 Salary & Wages Payabl 6,500 7 6,500 Salary & Wage Expense 3 6,500 Accumulated Depreciation 12,000 Service Revenue 21,000 7 Office Expense 1,500 5 Insurance Expense 200 Credit 6 Journal Entries Date Account 090120 Cash Common Stock Issued Common Stock Debit 10,000 10,000 Credit Date Account Debit 011520 Prepaid Insurance 2,400 Accounts Payable Record Insurance Premium Payable 2,400 Credit 3 Date Account Debit 013120 Salary & Wage Expense 6,500 Salary & Wages Payable Salary and Wages for January 2020 6,500 Date Account Debit Credit 020120 Salary & Wages Payable 6,500 Cash 6,500 Paid Salary and Wages for January 2020 Credit Date Account Debit 013120 Accounts Payable 2.400 Cash Paid Insurance Premium for 2020 2,400 Credit Date Account Debit 013120 Office Expense 1,500 Cash Paid Office Expenses for January 2020 1,500 Date Account Debit Credit 013120 Insurance Expense 200 Prepaid Insurance 200 Record Insurance Expense Adjustment for January 2020 Credit Date Account Debit 013120 Accounts Receivable 21,000 Service Revenue Record Revenue for January 2020 21,000 Credit Date Account Debit 013120 Accounts Receivable 21,000 Service Revenue Record Revenue for January 2020 21,000 ACC Compnay, Inc Income Statement For the Month Ending January 31, 2020 Revenues: Service Revenue $ 21,000 Total Revenue $ 21,000 ACC Compnay, Inc Balance Sheet January 31, 2020 Assets Current Assets Cash $ 7,600 Accounts Reci 22,250 Prepaid Exper $ 2,300 Total Current Assets $ Expenses: Salary & Wa Office Exper Insurance E: Total Expenses 6,500 1,500 200 $ $ 8,200 Buildings Net Income $ 12,800 Property, Plant, and Equipment Land $ 10,000 25,000 Equipment 15,000 Less: Accumulated Depreciatior $(12,000) Total Property, Plant, and Equipment Total Assets $ 100 Liabilities Accounts Pa Accrued Exp Salary & Wa Total Liabilities 150 $ 6,500 $6,750 Shareholder's Equity Common Sto $ 25,000 Retained Ear $ 38,400 Total Shareholder's Equity Total Liabilities and Shareholder's