Company Information \& Summary of Significant Account Policies Macon Machines Company began operations on November 1, 2024. The main operating goal of the cornpany is to sell high end robots. Customers may pay using cash or if appropriate, credit is extionded to customers with terms 3/15,r/30. The company uses the perpetual inventory method and a FFo cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31 . The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the penod, based on industry standards, the company believes 2% of the balance in accounts recievable will be uncollectble. The company purchases robots for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of $2000 per month and the other employee is the office manager with a salary of $3000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salarles Payable and then be paid on Decemember 1. Required: 1) Make sure your student iD is correct, this will change the information. Macon Machines Compary engaged in the following transactions for November and December. Record the following transactions on the Dally Transactions tab. Note: place debits lirst, credits second but do Nor indent credits. If more than phe debit or credit, please list in alphabelical order to recelve full credil. Round to the penny unless otherwise noted. \begin{tabular}{|c|c|} \hline 1Hov & The owner invested $560000 into the company in exchange for 5,000 shares of common stock. \\ \hline & \\ \hline 2NaV & \begin{tabular}{l} November 1,2025 and has an annual rate of interest of 3%. \\ Paid for two years rent on the office space, $11200. \end{tabular} \\ \hline 3HNOV & \begin{tabular}{l} Paid for two years rent on the office space, $11200. \\ Purchased 10 robots at a total cost of $5000 each for cash, Fos Destination. \end{tabular} \\ \hline 4-Nov & \begin{tabular}{l} Purchased 10 robots at a total cost of 55000 each for casn, fub Desunavon \\ Purchased $2500 of supplies on account, term N/30. \end{tabular} \\ \hline 15Nov & \begin{tabular}{l} Purchased $2500 of supplies on account, term n/30. \\ Purchased 12 robots at a total cost of $5500 each on account, terms n/30, Fo 8 Destination. Shipping of $150 was paid to the shipping \\ company by the appropriate party. \end{tabular} \\ \hline 17. Nor & \begin{tabular}{l} company by the appropriate party. \\ Paid for the supplies purchased on November 4 . \end{tabular} \\ \hline 28 Nov & \begin{tabular}{l} Paid for the supplies purchased on November 4, \\ Paid for a two-year insurance policy for the store, $6000. The policy was effective beginning December 1, 2024 . \end{tabular} \\ \hline 20Nov & \\ \hline 28Nov & \begin{tabular}{l} shipped FOB Shipping Point, Record the sales revenue niss: \\ Recelved payment in full on account from the November 20 sale. \end{tabular} \\ \hline & \begin{tabular}{l} Recelved payment in full on account rom une wovenuer cusale: \\ Paid for November's utilities bill $5600. \end{tabular} \\ \hline 30 Nov & \begin{tabular}{l} Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax rates \\ are as follows: \\ Federal income Tax Rate 15%. \\ NC State income Tax Rate 10%. \\ FicA Tax Rate 7.65%. \end{tabular} \\ \hline \end{tabular} 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 3) As of December 31, a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting Entries 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tah. 6) Based on the adf usted trial batance, prepare a multi-step income statement on the Income statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equily statement tab. 8) Based on the adfusted trial balance, prepare the balance sheet on the Balance Sheet tab. 9) Prepare the closing entries (DO NOT POST them to the ledger, just produce the entries). When journaling close the accounts in the order they appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. 10) Calculate the ratios on the Patios tab. ala \begin{tabular}{|r|l|l|l|} \hline \multicolumn{7}{|c|}{ Adjusting Entries Journal Page } \\ \hline & Account & DR & \\ \hline 1 & & & \\ \hline & & & \\ \hline 2 & & & \\ \hline & & & \\ \hline 3 & & & \\ \hline & & & \\ \hline 4 & & & \\ \hline & & & \\ \hline 5 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} Macon Machines Company \\ Multiple-Step Income Statement \\ For the Year Ended, December 31, 2024 \end{tabular}} \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Gross Profit & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Operating Income & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cosing Entries lournal Page } \\ \hline Date & Acroum & & DA & CR \\ \hline 31-Ded & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline 31. Dec & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & 1 & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & + & \\ \hline 31.Des & & & & \\ \hline & & & +2 & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} For aach ratio, in the anwwer cell, uie foBMULAS to calculate the \\ ratio, do not type in the and wer. \end{tabular}} & \multirow[b]{3}{*}{ Una A formula } \\ \hline Ratio & Formuly & Animer. & \\ \hline current Fatio & Current Aliets/ourrent bibitis: & & \\ \hline Dabs to kquity & Totai Uabittes/stodholden teuity & & Uit A Vormula \\ \hline Goas prefia ratio & GPetsolot & & Uie A Formula \\ \hline Profit marin & Net income/hiet sales & & Un A formula \\ \hline Roturn on Astets & Net income/Awrote total nsets & & Uie A Formula \\ \hline \end{tabular}
