journal entries, income statement, balance sheet worskeet etc

Financial Statement Homework #2 Name Upload a copy of ALL PAGES of the Financial Statement HW to the D2L dropbox. You must handwrite (not type) the assignment. Insert image of your assigned unadjusted Trial Balance HERE: Bertha, Inc December 31, 2017 Unadjusted Trial balance Cash 47.000 Accounts Receivable 36.000 Allowance for Doubtful Accounts Short Term Not Receivable 45.000 Interest Roone Supplies 5,000 Prepaid Insurance 46,000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 2.000 Sales Sales Returns & Allowances 7.000 Sales Discounts 3.000 Cost of Goods Sold 46,000 Delivery Expense T 5 ,000 Depreciation Expense 16.000 Bad Debt Expense 0 Rent Expense 98,000 Insurance Expense 25,000 Wages Expense 195,000 Supplies Expense 16,000 Interest Revenue Loss on Disposal 0 Interest Expense 6.500 Income Tax Expense 36,000 Total 739,500 42.000 12,000 14,000 2.000 45,000 106,000 2,500 515,000 739,500 ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 1a: Prepare adjusting journal entries using the unadjusted trial balance on the previous page and the information provided below. Use only the account names provided on the previous page (do not create any new account names), 1. On Dec 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 310 net 30 2. The company issued a 6 month, 12% interest note short-term note for the amount listed on the unadjusted trial balance on Oct 1, 2017. All interest and principal will be paid back at the end of the 6 months. Write the adjusting journal entry required for its financial statements as of Dec. 31, 2017 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017 4. Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjustment based on this information. Hint: Use the AFDA balance AFTER the above write off during 2017. Use an AFDA T-account 5. A piece of equipment was retired on Dec 31, 2017. The equipment originally cost $34,000 and has related AD of $24,000 as of Jan. 1. 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec 31, 2017. Update the depreciation below (#5). Then record the retirement (6) 6. Record the retirement of the equipment (from #5) including the gain or loss ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 1b: Post the adjusting journal entries to t-accounts: (Specific instructions: Above each T-account, write the account name of each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1)..the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances) ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 1c Prepare the Adjusted Trial Balance (i.e, use ending balances after the previous journal entries are posted) Credit December 31, 2017 Adjusted Trial balance Debit Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Interest Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Uneamed Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Delivery Expense Depreciation Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L 1.350 Insert image of your assigned Adjusted Trial Balance HERE: Greg, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 39,000 Accounts Receivable 38 900 Allowance for Doubtful Accounts 2.000 Short Term Note Receivable 50,000 Interest Receivable Supplies 5,000 Prepaid Insurance 46,000 Inventory 6,500 Vehicle 16,000 Equipment 43,000 Accumulated Depreciation 21,000 Accounts Payable 8.000 Unearned Revenue 14,000 Wages Payable 2,000 Long-Term Notes Payable 40.000 Common Stock 102,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 519,500 Sales Returns & Allowances 4,000 Sales Discounts 3,000 Cost of Goods Sold 49,500 Delivery Expense 5,000 Depreciation Expense 19,000 Bad Debt Expense 2.600 Rent Expense 96,000 Insurance Expense 25,000 Wages Expense 195.000 Supplies Expense 16.000 Interest Revenue 1,350 Loss on Disposal 7,000 Interest Expense 8,500 Income Tax Expense 34,000 Total 712,350 712,350 Wages ense ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 2a: Prepare a Multi-step Income Statement (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) Inc. Income Statement Year Ended Dec. 31, 2017 ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 2: Prepare a Statement of Retained Earnings. Inc. Statement of Retained Earnings Year Ended Dec. 31, 2017 ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 2c. Prepare a Classified Balance Sheet (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) Inc Balance Sheet As of Dec. 31, 2017 ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L