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Marigold Corp's unadjusted trial balance at December 1, 2017, is presented below. Debit Credit Cash $27,500 Accounts Receivable 37,000 Notes Receivable 9,700 Interest Receivable O

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Marigold Corp's unadjusted trial balance at December 1, 2017, is presented below. Debit Credit Cash $27,500 Accounts Receivable 37,000 Notes Receivable 9,700 Interest Receivable O Inventory 36,300 Prepaid Insurance 3,900 Land 20,600 Buildings 162,900 Equipment 62,000 Patent 9,360 Allowance for Doubtful Accounts $500 Accumulated Depreciation-Buildings 54,300 Accumulated Depreciation-Equipment 24,800 Accounts Payable 28,400 Salaries and Wages Payable 0 Notes Payable (due April 30, 2018) 12,200 Income Taxes Payable O Interest Payable Notes Payable (due in 2023) 35,300 Common Stock 59,600 Retained Earnings 64,660 Dividends 13,500 Sales Revenue 905,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 636,000 Depreciation Expense Income Tax Expense O Insurance Expense 0 Interest Expense 0 Other Operating Expenses 61,000 Amortization Expense O Salaries and Wages Expense 105,000 Total $1,184,760 $1,184,760The following transactions occurred during December. Dec. Purchased equipment for $16,200, plus sales taxes of $600 (paid in cash). 2 2 Marigold sold for $3,550 equipment which originally cost $4,800. Accumulated depreciation on this equipment at January 1, 2017, was $1,850; 2017 depreciation prior to the sale of equipment was $480. 15 Marigold sold for $5,150 on account inventory that cost $3,460. 23 Salaries and wages of $6,630 were paid. Adjustment data: 1. Marigold estimates that uncollectible accounts receivable at year-end are $3,950. 2. The nove receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $3,900, 6-month premium on September 1, 2017. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,600. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,920. 7. The patent was acquired on January 1, 2017, and has a useful life of 9 years from that date. B. Unpaid salaries at December 31, 2017, total $2,140. 9. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $12,200. It was unpaid at December 31.late Account Titles and Explanation Debit Credit -. 2 Equipment 16800 Cash 1680 C. 2 Depreciation Expense 480 Accumulated Depreciation-Equipment 480 (To record depreciation expense on equipment.) Cash 3550 Accumulated Depreciation-Equipment 2330 Equipment 1800 Gain on Disposal of Plant Assets 1080 . 15 Accounts Receivable 5150 Sales Revenue 5150 (To record sales revenue.) Cost of Goods Sold 3460 Inventory 3460 (To record cost of goods sold.) . 23 Salaries and Wages Expense 6630 Cash 6630 6. 31 v 1. Bad Debt Expense 3450 Allowance for Doubtful Accounts 3450 2. Interest Receivable 582 Interest Revenue 582 3 Insurance Expense 2600 Prepaid Insurance 2600 4. Depreciation Expense 4410 Accumulated Depreciation-Buildings 4410 5 Depreciation Expense 10296 Accumulated Depreciation-Equipment 10296 6 Depreciation Expense 248 Accumulated Depreciation-Equipment 248 Amortization Expense 1040 Patents 1040 Salaries and Wages Expense 2140 Salaries and Wages Payable 2140 Interest Expense 4750 Interest Payable 4750 Income Tax Expense 12200 Income Taxes Payable 12200MARIGOLD CORP. Adjusted Trial Balance December 31, 2017 Debit Credit Cash 7620 Equipment 74000 Depreciation Expense 15434 Notes Receivable 9700 Accounts Receivable 42150 Sales Revenue 910150 Cost of Goods Sold 639460 Inventory 32840 Salaries and Wages Expense 113770 Bad Debt Expense 3450 Allowance for Doubtful Accounts 3950 Interest Receivable 582 Interest Revenue 582 Insurance Expense 2600 Prepaid Insurance 1300 Buildings 162900 Accumulated Depreciation-Buildings 58710 Accumulated Depreciation-Equipment 37074 Amortization Expense 1040 Patents 8320 Salaries and Wages Payable 2140 Interest Expense 4750 Interest Payable 4750 Income Tax Expense 12200 Income Taxes Payable 12200 Land 20600 Accounts Payable 28400 Notes Payable 47500 Common Stock 59600 Retained Earnings 64660 Dividends 13500 Gain on Disposal of Plant Assets 1080 Other Operating Expenses 61000 Totals 1227216 1230796

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