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I need to find the Balance Sheet, the Income Statement, the Ratios ( Working Capital and the Current Ratio), the Retained Earnings Statement and to
I need to find the Balance Sheet, the Income Statement, the Ratios ( Working Capital and the Current Ratio), the Retained Earnings Statement and to find the Adjusting Income Entries with Account Titles
G H 75 8 6 9 7 10 B 119 Elkhorn Industries 2 The following items should be considered in adjusting the accounts for financial statement preparation: 3 1 On February 1, 2021 a 12 month insurance policy was purchased. No expense has been recognized for 2021. 42 Sined a one year lease for rental space on March 1, 2021. By paying for the entire year, the landlord offered a reduced rate 5 3 The physical Inventory count of Merchandise inventory indicated an amount of $62,100. 64 Supplies on hand at December 31, 2021 total 5733. Store Equipment is depreciated on a straight-line basis, residual value is $10,000 with service life of 10 years. The assets were held the entire year, On August 1, Issued Carter Supplies a six-month note receivable at a 8.6% annual interest rate. Management estimates 3% of its gross accounts receivable to be uncollectible. On September 1, 2021 borrowed funds. The note bears 6,4% annual interest. Salaries & Wages of $2,451 are accrued and unpaid at December 31, 2021 12 10 Accrued utilities totaled $285. 13 Account Title Unadjusted Trial Balance DR CR 25 450 33 600 300 Adjustments DR CR Adjusted Trial Balance DR CR Income Statement DR CR Balance Sheet CR DR 61750 2700 8.400 11 400 5750 102.000 11 100 48000 Cash Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Werchandise Inventory Prepaid Insurance Prepaid Rent Supples Note Receivable Store Equipment Accumulated Depreciation Store Equpment Accounts Payable Salaries & Wages Payable Interest Payable 1 s Pavable Note Pavable final payment due 2022] 3 Coron Stock Retained Earnings Dividends 3 Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Sanes & Wages Expense Depreciation Expense Store Equipment 2 Bad Debtspense Insurance Expense Rent Expense 5 Supplies Expense Units Experte 9 250 30 000 97500 12 000 908 750 5 000 12.900 715450 162 900 2000 Verest Experne O Net Income 1.164.900 1164900 3 4 Adjusting Journal Entries For the Year Ended December 31, 2021 Account Titles DR CR 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 O A B G H Income Statement 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 1 20 Statement of Retained Earnings CON 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 B 1 2 Balance Sheet 3 4 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 B D E LL F H 1 Ratios 2 3 Working Capital 4 5 Current Ratio CD 00N 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 1 D H 1 3 1 Elkhorn Industries 2. The following items should be considered in adjusting the accounts for financial statement preparation: On February 1, 2021 a 12-month insurance policy was purchased. No expense has been recoginized for 2021. 4 2 Signed a one year lease for rental space on March 1, 2021. By paying for the entire year, the landlord offered a reduced rate. 53 The physical inventory count of Merchandise Inventory indicated an amount of $62,100. 64 Supplies on hand at December 31, 2021 total $ 733, Store Equipment is depreciated on a straight-line basis; residual value is $10,000 with service life of 10 years. The assets were held the entire year. 8 6 On August 1, issued Carter Supplies a six-month note receivable at a 8.6% annual interest rate. 97 Management estimates 3% of its gross accounts receivable to be uncollectible. On September 1, 2021 borrowed funds. The note bears 6,4% annual interest. 11 9 Salaries & Wages of $2,451 are accrued and unpaid at December 31, 2021 Accrued utilities totaled $285. 7 5 10 8 12 10 13 Account Title Unadjusted Trial Balance DR CR 25 450 Adjustments DR CR Adjusted Trial Balance DR CR Income Statement DR CR Balance Sheet CR DR 33600 300 Cash Accounts Receivable Allowance for Doubtful Accounts Interest Recewable Merchandre hvertory Prepaid Insurance Prepaid Rent Supples Note Recevable Store Equipment Accumulated Depreciation Store Equpment Accounts Payable Salaries & Wages Payable Interest Payable ats Payable Note Payable (fral payment due 2022 Common Stock Retained Earrings Dividends 63 750 2 700 8 400 11 400 5750 102.000 11 100 18000 9 250 30 000 97500 12 000 B 750 5 000 12.900 715 450 162 000 Sales Returns and Allowances Sales Discounts Cost of Goods Sold Sales & Wages Expense Depreciation Expense Store Equipment 2 Bad Debt spenne insurance Experte Rent Expense 5 Supplies Expense Uits Experte verest Revenue Verest Expense 2000 O Net Income 1164900 Step by Step Solution
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