Instructions: prepare

Any necessary adjusting entries at the end of 2019

At the year end, the following items have not been recorded.

1. Insurance premium expired during the year, $14,000.
2. Estimated bad debts expense, 1.0% of net sales.
3. Inventory as of 12/31/2019 turned out to be $50,000.
4. Office supplies were purchased for $6,000 and charged to supplies expenses then. There are $2,000 of supplies remaining as of 12/31/2019
5. Six months rent of $60,000 was paid in advance on September 1, 2019 and charged to rent expense then.
6. Furniture and equipment have an average useful life of 5 years and salvage value of

$10,000. Coyote Company uses the straight-line method of depreciation.

7. Patents have been amortized by $10,000/year.
8. Utility bill of $2,000 for the month of December 2019 will be paid on its due date, January 10, 2020.
9. Salaries earned but not yet paid by December 31, 2019, $8,000.
10. Tax rate = 30%.
11. ot y

Instruction: prepare 1. Any necessary adjusting entries at the end of 2017. 2. Income Statement and statement of retained earnings, and balance sheet of the company for the year 2017. 3. Any necessary closing entries at the end of 2017. prepaid insurance Allowance for DA Rent expense Purchase Inventory Purchase COGS 9,000 3,100 3,000 10,000 60,000 (B/I) 139,000 50,000 1. Adjusting entries a. Insurance exp 9,000 b. Bad debt exp 3,100 c. Prepaid rent 3,000 d. Purchase returns & allowance 10,000 COGS 60,000 COGS 139,000 Inventory 50.000 e. 100,000 / 4 years = 25,000/year Depreciation expense 25,000 f. Amortization expense 12,000 g. Utility expense 600 h. Salary expense 6,000 i. Gain on sale of SB store 3,000 Deferred Taxes Asset 13.200 j. Income tax expense ? A/D Patents Utility payable Salary payable Deferred tax liability Operating loss from Income tax payable 25,000 12,000 600 6,000 3,000 13,200 ? The following trance books of Company Deco L 2009 100.000 SA 200 lowance for doubt cuts 70,000 Furniture and women 0.000 lated precio 100,000 20.000 Commik 82000 20.000 0.000 700.000 return awance 0.000 10.000 120.000 ce 0.000 Advert 3.000 PLODO age and strene 0.000 200,000 200,000 c.me/12520ml www Syman 10.000. Comecome con Instructions: prepare 1. Any necessary adjusting entries at the end of 2019. 2. Income Statement and statement of retained carnings, and balance sheet of the company for the year 2019 in good forms (i.e. multiple-steps statements) 3. Any necessary closing entries at the end of 2019. P1. The following trial balance was taken from the books of Coyote Company as of December 31, 2019. Account Credit Cash $60,000 Accounts receivable 50,000 Allowance for doubtful accounts $1,000 Short-Term notes receivable 20,000 Inventory, January 1, 2019 70,000 Furniture and equipment 210,000 Accumulated depreciation of F&E 40,000 Patents 100,000 Accounts payable 22,000 Bonds payable 20,000 -T notes payable 15,000 Common stock 290,000 Retained earnings 87,000 Dividends 20.000 Prior period adjustments 10,000 Sales 700,000 Sales returns & allowance 40,000 Sales discount 10,000 Rent revenues 60,000 Interest revenues 10.000 Purchase 420,000 Purchase returns & allowance 20,000 Selling expenses 50,000 Advertising expense 30,000 Supplies expense 6,000 insurance expense 24,000 Wage and Salary expense 90.000 Rent expense 60,000 Loss on sale of PS store before tax 10,000 Operating income from PS store before tax 25,000 Totals 1.290,000 1,290,000 At the year end, the following items have not peen Instruction: prepare 1. Any necessary adjusting entries at the end of 2017. 2. Income Statement and statement of retained earnings, and balance sheet of the company for the year 2017. 3. Any necessary closing entries at the end of 2017. prepaid insurance Allowance for DA Rent expense Purchase Inventory Purchase COGS 9,000 3,100 3,000 10,000 60,000 (B/I) 139,000 50,000 1. Adjusting entries a. Insurance exp 9,000 b. Bad debt exp 3,100 c. Prepaid rent 3,000 d. Purchase returns & allowance 10,000 COGS 60,000 COGS 139,000 Inventory 50.000 e. 100,000 / 4 years = 25,000/year Depreciation expense 25,000 f. Amortization expense 12,000 g. Utility expense 600 h. Salary expense 6,000 i. Gain on sale of SB store 3,000 Deferred Taxes Asset 13.200 j. Income tax expense ? A/D Patents Utility payable Salary payable Deferred tax liability Operating loss from Income tax payable 25,000 12,000 600 6,000 3,000 13,200 ? The following trance books of Company Deco L 2009 100.000 SA 200 lowance for doubt cuts 70,000 Furniture and women 0.000 lated precio 100,000 20.000 Commik 82000 20.000 0.000 700.000 return awance 0.000 10.000 120.000 ce 0.000 Advert 3.000 PLODO age and strene 0.000 200,000 200,000 c.me/12520ml www Syman 10.000. Comecome con Instructions: prepare 1. Any necessary adjusting entries at the end of 2019. 2. Income Statement and statement of retained carnings, and balance sheet of the company for the year 2019 in good forms (i.e. multiple-steps statements) 3. Any necessary closing entries at the end of 2019. P1. The following trial balance was taken from the books of Coyote Company as of December 31, 2019. Account Credit Cash $60,000 Accounts receivable 50,000 Allowance for doubtful accounts $1,000 Short-Term notes receivable 20,000 Inventory, January 1, 2019 70,000 Furniture and equipment 210,000 Accumulated depreciation of F&E 40,000 Patents 100,000 Accounts payable 22,000 Bonds payable 20,000 -T notes payable 15,000 Common stock 290,000 Retained earnings 87,000 Dividends 20.000 Prior period adjustments 10,000 Sales 700,000 Sales returns & allowance 40,000 Sales discount 10,000 Rent revenues 60,000 Interest revenues 10.000 Purchase 420,000 Purchase returns & allowance 20,000 Selling expenses 50,000 Advertising expense 30,000 Supplies expense 6,000 insurance expense 24,000 Wage and Salary expense 90.000 Rent expense 60,000 Loss on sale of PS store before tax 10,000 Operating income from PS store before tax 25,000 Totals 1.290,000 1,290,000 At the year end, the following items have not peen