!!! I NEED THE REST OF THE ANSWERS TO THE FIRST PART YOU ANSWERED, THANK YOU AGAIN!!
B K L M N 0 P Account C D G . Trial Balance At December 31, 2019 Unadjusted TB Adjustments Debit Credit Adj. # Debit Credit 74,000 760,000 210,000 Adjusted TB Debit Credit Adj. # 10,000,000 7,900,000 1,580,000 140,000 136,000 1,000 Cash in bank Accounts receivable Parts inventory 7 Corp. income tax receivable 8 Land 9 Building 10 Accumulated depin - bldg. 11 Trade accounts payable 12 Interest payable 13 Estimated current liabilities 14 15 Estimated warranty liability 16 Salaries payable 17 Employee inc. taxes pay. 18 FICA Soc. Sec. pay. 19 20 FICA Medicare payable 21 22 Co. health insurance payable 23 24 Corp. income tax payable 25 Sales tax payable 26 Note payable 27 Unearned rent revenue 28 Mortgage payable 29 Common stock, $1 per sh. 30 Retained earnings 31 Rent revenue 32 Sales, net 33 Cost of goods sold 34 Bad debts expense 35 Co. health ins. expense 36 Delivery expense 37 Dep'n. expense -building 38 FICA Soc. Sec. exp. 39 FICA Medicare exp. 40 Interest and bank charges 41 Interest on long-term debt 42 Lawsuit damages expense 43 Office supplies expense 44 Professional fees 45 Salaries expense 46 Warranty expense 47 Corp. income tax exp. 48 1,632,000 9,000,000 2,963,800 520,000 13,600,000 8,704,000 3,000 18,400 300,000 1,000 18,400 9,200 50,000 163,200 0 99,000 40,000 460,000 1,000 489,600 29,436,800 29,436,800 49 50 51. Gen. Jnl. Trial Bal. Fcl. Stmts. Copyright # Required Adjusting Entries Ready Calculate | D E F G E I J L M 1 Morgan Manufacturing Corp. 2 Income Statement 3 For the Year Ended December 31, 2019 4 2019 2018 5 Sales, net $12,756,800 6 Less: Cost of goods sold 9,017,344 7 Gross profit 3,739,456 8 Operating expenses 9 Selling 10 Salaries and benefits 532,510 11 Delivery 282,000 12 Office supplies 99,000 13 Warranty 247,520 14 Total selling 1,161,030 15 General and administrative 16 Bad debts 2,790 17 Depreciation 940 18 Lawsuit damages 19 Professional fees 143,000 20 Total general and adminstrative 146,730 21 Total operating expenses 1,307,760 22 Income from operations 2,431,696 23 Other income 24 Rent revenue 499,200 25 Income before interest and income taxes 2,930,896 26 Interest expense 177,243 27 Income before income taxes 2,753,653 28 Income taxes 275,365 29 Net income $2,478,288 30 31 Morgan Manufacturing Corp. 32 Statement of Changes in Equity 33 For the Year Ended December 31, 2019 34 2019 2018 35 Common Retained 36 stock earnings Total equity Total equity 37 Balance at Jan. 1 $9,000,000 $2,963,800 $11,963,800 $9,485,512 38 Net income 2,478,288 39 Balance at Dec. 31 $9,000,000 $11,963,800 40 41 Morgan Manufacturing Corp. 42 Balance Sheet 43 At December 31, 2019 44 45 Assets 46 Current 2019 2018 47 Cash $41,970 48 Accounts receivable, net 640,000 49 Corporate income taxes receivable 50 Inventories 168,012 Required Adjusting Entries Gen. Jnl. Trial Bal. Fel. Stmts. Co Ready Calculate. L . 2,478,288 $11,963,800 Cash 2018 $41,970 640,000 168,012 849,982 23,166,245 6,321,000 29,487,245 $30,337,227 D E F G 38 Net income 39 Balance at Dec. 31 $9,000,000 40 41 Morgan Manufacturing Corp. 42 Balance Sheet 43 At December 31, 2019 44 45 Assets 46 Current 2019 47 48 Accounts receivable, net 49 Corporate income taxes receivable 50 Inventories 51 52 Non-current 53 Land 54 Building, net 55 56 57 58 Liabilities 59 Current 60 Trade accounts payable 61 Estimated current liabilities 62 Estimated warranty liabilities 63 Note payable 64 Interest payable 65 Salaries and benefits payable 66 Sales tax payable 67 Unearned rent 68 Current portion of mortgage payable 69 Corporate income taxes payable 70 71 Non-current 72 Mortgage payable 73 Less: Current portion 74 75 Total liabilities 76 77 Stockholders' Equity 78 Common stock 79 Retained earnings 80 81 Total liabilities and S/H equity 82 $108,150 84,600 126,900 0 297 10,340 1,540 41,600 180,000 553,427 18,000,000 (180,000) 17,820,000 18,373,427 9,000,000 2,963,800 11,963,800 $30,337,227 Required Adjusting Entries Gen. Jnl. Trial Bal. Fcl. Stmts. Copyright Ready Calculate B K L M N 0 P Account C D G . Trial Balance At December 31, 2019 Unadjusted TB Adjustments Debit Credit Adj. # Debit Credit 74,000 760,000 210,000 Adjusted TB Debit Credit Adj. # 10,000,000 7,900,000 1,580,000 140,000 136,000 1,000 Cash in bank Accounts receivable Parts inventory 7 Corp. income tax receivable 8 Land 9 Building 10 Accumulated depin - bldg. 11 Trade accounts payable 12 Interest payable 13 Estimated current liabilities 14 15 Estimated warranty liability 16 Salaries payable 17 Employee inc. taxes pay. 18 FICA Soc. Sec. pay. 19 20 FICA Medicare payable 21 22 Co. health insurance payable 23 24 Corp. income tax payable 25 Sales tax payable 26 Note payable 27 Unearned rent revenue 28 Mortgage payable 29 Common stock, $1 per sh. 30 Retained earnings 31 Rent revenue 32 Sales, net 33 Cost of goods sold 34 Bad debts expense 35 Co. health ins. expense 36 Delivery expense 37 Dep'n. expense -building 38 FICA Soc. Sec. exp. 39 FICA Medicare exp. 40 Interest and bank charges 41 Interest on long-term debt 42 Lawsuit damages expense 43 Office supplies expense 44 Professional fees 45 Salaries expense 46 Warranty expense 47 Corp. income tax exp. 48 1,632,000 9,000,000 2,963,800 520,000 13,600,000 8,704,000 3,000 18,400 300,000 1,000 18,400 9,200 50,000 163,200 0 99,000 40,000 460,000 1,000 489,600 29,436,800 29,436,800 49 50 51. Gen. Jnl. Trial Bal. Fcl. Stmts. Copyright # Required Adjusting Entries Ready Calculate | D E F G E I J L M 1 Morgan Manufacturing Corp. 2 Income Statement 3 For the Year Ended December 31, 2019 4 2019 2018 5 Sales, net $12,756,800 6 Less: Cost of goods sold 9,017,344 7 Gross profit 3,739,456 8 Operating expenses 9 Selling 10 Salaries and benefits 532,510 11 Delivery 282,000 12 Office supplies 99,000 13 Warranty 247,520 14 Total selling 1,161,030 15 General and administrative 16 Bad debts 2,790 17 Depreciation 940 18 Lawsuit damages 19 Professional fees 143,000 20 Total general and adminstrative 146,730 21 Total operating expenses 1,307,760 22 Income from operations 2,431,696 23 Other income 24 Rent revenue 499,200 25 Income before interest and income taxes 2,930,896 26 Interest expense 177,243 27 Income before income taxes 2,753,653 28 Income taxes 275,365 29 Net income $2,478,288 30 31 Morgan Manufacturing Corp. 32 Statement of Changes in Equity 33 For the Year Ended December 31, 2019 34 2019 2018 35 Common Retained 36 stock earnings Total equity Total equity 37 Balance at Jan. 1 $9,000,000 $2,963,800 $11,963,800 $9,485,512 38 Net income 2,478,288 39 Balance at Dec. 31 $9,000,000 $11,963,800 40 41 Morgan Manufacturing Corp. 42 Balance Sheet 43 At December 31, 2019 44 45 Assets 46 Current 2019 2018 47 Cash $41,970 48 Accounts receivable, net 640,000 49 Corporate income taxes receivable 50 Inventories 168,012 Required Adjusting Entries Gen. Jnl. Trial Bal. Fel. Stmts. Co Ready Calculate. L . 2,478,288 $11,963,800 Cash 2018 $41,970 640,000 168,012 849,982 23,166,245 6,321,000 29,487,245 $30,337,227 D E F G 38 Net income 39 Balance at Dec. 31 $9,000,000 40 41 Morgan Manufacturing Corp. 42 Balance Sheet 43 At December 31, 2019 44 45 Assets 46 Current 2019 47 48 Accounts receivable, net 49 Corporate income taxes receivable 50 Inventories 51 52 Non-current 53 Land 54 Building, net 55 56 57 58 Liabilities 59 Current 60 Trade accounts payable 61 Estimated current liabilities 62 Estimated warranty liabilities 63 Note payable 64 Interest payable 65 Salaries and benefits payable 66 Sales tax payable 67 Unearned rent 68 Current portion of mortgage payable 69 Corporate income taxes payable 70 71 Non-current 72 Mortgage payable 73 Less: Current portion 74 75 Total liabilities 76 77 Stockholders' Equity 78 Common stock 79 Retained earnings 80 81 Total liabilities and S/H equity 82 $108,150 84,600 126,900 0 297 10,340 1,540 41,600 180,000 553,427 18,000,000 (180,000) 17,820,000 18,373,427 9,000,000 2,963,800 11,963,800 $30,337,227 Required Adjusting Entries Gen. Jnl. Trial Bal. Fcl. Stmts. Copyright Ready Calculate
