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If someone can, I need help providing the solution on my homework. Thank you There are two homework problems this week. The first is below
If someone can, I need help providing the solution on my homework. Thank you
There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Acct. No. Account Title 101 110 120 125 130 131 150 160 202 210 301 302 401 405 410 500 501 502 505 520 530 532 540 550 555 560 570 580 Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings, January 1 Sales Sales Returns and Allowances Interest Income Purchases Purchases Discounts Purchases Returns and Allowances Freight In Advertising Expense Sales Salaries Expense Supplies Expense Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense Debit 88,450 195,613 256,250 3,252 3,500 7,500 175,285 Credit 24,260 72,555 220,000 211,144 998,250 5,145 1,500 560,880 4,080 1,200 4,580 1,000 88,600 124,500 8,594 3,000 6,840 1,532,989 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2016 rent 4. Depreciation on equipment is $12,000 for the year 1,532,989 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet. 8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. January 1, 2015 merchandise inventory was 256,250. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title debit credit Debit Credit ` Baltimore Glass Company Trial Balance 42369 Acct. No. Account Title 101 110 120 125 130 Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance 131 150 160 202 210 301 302 401 405 410 500 501 502 505 520 530 532 540 550 555 560 570 580 Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings, January 1 Sales Sales Returns and Allowances Interest Income Purchases Purchases Discounts Purchases Returns and Allowances Freight In Advertising Expense Sales Salaries Expense Supplies Expense Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense 0 Baltimore Glass Company Income Statement For the Year Ended 12/31/2015 0 Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put some in Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost of g You would have needed more information to determine that Note on interest - you could have combined as I did or shown them as separate items. Baltimore Glass Company Statement of Retained Earnings For the Year Ended 12/31/2015 You could have skipped the line for dividends and had just three lines on the statement since it was zero. Baltimore Glass Company Balance Sheet As of December 31, 2015 Closing Entries zero out income statement accounts for new year he second tab at the bottom left of the screen ded to make adjusting entries. voice was received yet. not require an entry handise inventory was 256,250. nged so you may have put some in selling expense also. selling expense or even to cost of goods sold e it was zero. Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: units 1-Jan 14-Jan 5-Feb 22-Feb 7-Mar 15-Mar 5-Apr 10-Apr 12-Apr 22-Apr 4-May 10-May 25-May Beginning inventory Bought Sold Bought Sold Sold Bought Sold Sold Sold Sold Bought Sold 3,500 1,500 1,000 2,000 1,500 2,000 1,000 800 800 500 600 2,000 500 price $ $ 3.00 3.15 $ 3.20 $ 3.25 $ 3.30 LIFO Periodic Inventory (scroll down to see Perpetual input area) Purchased Date units cost total 1-Jan units cost Sold total Balance units cost total 3500 $ 3.00 $ 10,500.00 LIFO Perpetual Inventory Date units 1-Jan Purchased cost total units cost Sold total Balance units cost total 3500 $ 3.00 $ 10,500.00Step by Step Solution
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