Is anyone familiar with the Year end Waren Sports Supply adjusting entries The SUA book that I am using is the 9th edition For some reason, I cannot find the correct Income before Taxes I've looking over my adjustment entries but everything looks good to me If someone can just point out what I entered wrong, I would greatly appreciate that Thanks ADJUSTMENTSexcluding income tax expense Depreciation Expense The amount of depreciation expense is $40,000 00 Input this figure in the adjustments worksheet Interest Expense A $60,000, two year note was signed and funded on December 18, 2017 with annual stated interest of 6 The note was recorded, but no interest was paid or accrued Create a formula to calculate the adjustment amount based on a 365 day year and starting on the day after the loan was signed and funded Use ROUND function to round to nearest penny DO NOT TYPE IN A CALCULATED AMOUNT Bad debt expense Bad debt expense is estimated at 0 4 of net sales Bad debt expense is recorded at the end of the year Create a formula to calculate the adjustment amount Use ROUND function to round to nearest penny DO NOT TYPE IN A CALCULATED AMOUNT Ending Inventory Inventory and cost of sales adjustment Waren uses the periodic inventory method A physical inventory was taken at midnight on December 31, 2017 The cost basis of the inventory on hand is $200,000 00 Adjust the inventory balance and close out the purchase and related accounts to cost of sales (see pages 77 79 in the SUA Reference Manual ) Audit Adjustments The auditors found 2 transactions that were not recorded at December 31, 2017 Make adjusting entries for each of these transactions using the appropriate Excel functions Waren Sports purchased a new Ford F 150 truck for $25,000 on December 21, 2017 They financed 100 of the purchase from Bank of America under a 5 year, $25,000 note at 5 interest The first payment is due January 31, 2018 (Do not record depreciation for 2017 ) Record the purchase of the truck and accrue interest Use the ROUND function for interest Waren Sports sold $12,000 of football inventory to San Diego State University on December 31, 2017 SDSU signed a promissory note to pay for the items in six months plus interest at 6 To record this entry you will need to insert a new row and add a new account, 10500 Notes Receivable, to the yearend worksheet Because the bad debt expense adjustment ( 3 above) did not include this item, you need to include an adjusting entry to add 0 4 of this item to the bad debt expense (use the ROUND function) No inventory or Cost of Goods Sold adjustment is necessary because Waren uses the periodic inventory method and the items were excluded from the physical count

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Is anyone familiar with the Year-end Waren Sports Supply adjusting entries. The SUA book that I am using is the 9th edition. For some reason,

Is anyone familiar with the Year-end Waren Sports Supply adjusting entries. The SUA book that I am using is the 9th edition. For some reason, I cannot find the correct Income before Taxes. I've looking over my adjustment entries but everything looks good to me. If someone can just point out what I entered wrong, I would greatly appreciate that. Thanks!

ADJUSTMENTSexcluding income tax expense:
1. Depreciation Expense: The amount of depreciation expense is $40,000.00. Input this figure in the adjustments worksheet.
1. Interest Expense: A $60,000, two-year note was signed and funded on December 18, 2017 with annual stated interest of 6%. The note was recorded, but no interest was paid or accrued. Create a formula to calculate the adjustment amount based on a 365 day year and starting on the day after the loan was signed and funded. Use ROUND function to round to nearest penny. DO NOT TYPE IN A CALCULATED AMOUNT.
1. Bad debt expense: Bad debt expense is estimated at 0.4% of net sales. Bad debt expense is recorded at the end of the year. Create a formula to calculate the adjustment amount. Use ROUND function to round to nearest penny. DO NOT TYPE IN A CALCULATED AMOUNT.
1. Ending Inventory: Inventory and cost of sales adjustment: Waren uses the periodic inventory method. A physical inventory was taken at midnight on December 31, 2017. The cost basis of the inventory on hand is $200,000.00. Adjust the inventory balance and close out the purchase and related accounts to cost of sales. (see pages 77-79 in the SUA Reference Manual.)
1. Audit Adjustments: The auditors found 2 transactions that were not recorded at December 31, 2017. Make adjusting entries for each of these transactions using the appropriate Excel functions.
1. Waren Sports purchased a new Ford F-150 truck for $25,000 on December 21, 2017. They financed 100% of the purchase from Bank of America under a 5-year, $25,000 note at 5% interest. The first payment is due January 31, 2018. (Do not record depreciation for 2017.) Record the purchase of the truck and accrue interest. Use the ROUND function for interest.
2. Waren Sports sold $12,000 of football inventory to San Diego State University on December 31, 2017. SDSU signed a promissory note to pay for the items in six months plus interest at 6%.
  1. To record this entry you will need to insert a new row and add a new account, 10500 Notes Receivable, to the yearend worksheet.
  2. Because the bad debt expense adjustment (#3 above) did not include this item, you need to include an adjusting entry to add 0.4% of this item to the bad debt expense. (use the ROUND function)
  3. No inventory or Cost of Goods Sold adjustment is necessary because Waren uses the periodic inventory method and the items were excluded from the physical count.