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need adjusted trial balance, ledger accounts and post-closing trial balance if possible, thank you Billy Hoby Bikes Transactions Nov. 1. Billy Bob paid in advance
need adjusted trial balance, ledger accounts and post-closing trial balance if possible, thank you
Billy Hoby Bikes Transactions Nov. 1. Billy Bob paid in advance for an Bethanth insurance policy, which will begin today. He paid 53.856 cash for the policy, Nov. I Billy Bob purchased a building for 5967 260 using $127.260 cash and then borrowing the rest from the bank. The loan from the bank will be paid off over the next 16 years (1/16 of the principal will be paid off at the end of each year). The loan carrien an interest rate of 77296 Interest accrued will be paid off at the end of every year. The building has an expected life of 3 years, a salvaxe value of $217,980 and will be depreciated using the straight-line method Nov 2. Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be S12 hour. She will probably work 32 hours this month Nov. 3: Billy Bob purchased 47 bikes from Paul's Choppers. Each bike cost $3.850 and the credit Terms are 2/10, 1/30 (Note: Bikes are considered Inventory) Nov 3: Paul's Choppers paid FedEx 59,871 cash to ship the bikes to Billy Bob. Nov. 3: Billy Bob sold 28 bikes to Bikes R Us for 58,800 cach with credit terms of 3/15, n.30. The total.costat the bikes was figured out to be $105.950 8 Nov. S. Billy Bob paid UPS 55,645 cash to ship the bikes to Bikes R Us Nov. 7: Billy Bob returned 2 of the bikes he purchased from Paul's Choppers Nov. 7. Paul's Choppers paid FedEx $324 cash to have the returned bikes shipped back to him. Nov. 8: Stockholder's invest $234,567 in exchange for Billy Bob's Bikes common stock Nov. 9. Bikes R' Us returned 3 of the bikes they purchased from Billy Bob The cost of the bikes to Billy Bob was figured out to be $11.550. r Nov. 9: Bikes R Us paid FedEx $421 cash to have the bikes returned. 16 Nav. 11. Hilly Bob paid off the balance due from Paul's Choppers Now 12 Billy Bob purchased 36 more bikes from Paul's Choppers. Each bike cost $3,875 and the are Nov. 12. Billy Bob paid UPS $6,999 cash to ship the bikes he bought from Paul's Choppers. Nov. 14: Bikes R' Us paid his balance off for the bikes he purchased Nov. 15: Billy Bob sold 51 bikes to Biker's Bargains for $8.700 each with credit terms of 2/10 EOM, 1/75: The cost of the bikes was determined to be $200,949, Nov. 15: Billy Bob paid FedEx $11.111 to have the bikes shipped to them. 30 Nov. 16: Billy Bob bought a Bike Making Machine for $428.000 using $68.000 cash and then borrowing the rest from the bank. The loan will be paid off over the next 5 years (1/5 of the principal will be paid at the end of each year). The loan carries an interest rate of 4.34 percent Interest accrued will be paid off at the end of every year. The Bike Making Machine has an expected life of 7 years, a salvage value of $17.408 and depreciates using the straight-line method. 20. Nov. 18. Billy Bob purchased $5,431 worth of supplies from Olga's omice Supplies paying cash. Nov. 19: Billy Bob's pay period ends and he now owes his employees $6,451 in salaries. These salaries will be paid on November 25th Nov. 20: Billy Bob returned 4 of the bikes be bought from Paul's Choppers. They credited $15.500 to his account 23 Nov. 20: Paul's Choppers paid UPS $555 to have the bikes shipped back to him 24. Nov. 21: Billy Bob's Bikes paid cash dividends of $28,989. Nov. 22. Billy Bob purchased 24 bikes from Curly's Cars. Each bike cost $3,899 and the credit terms are 2/10 EOM. 1/90. 26. Nov. 22: Billy Bob paid UPS 65,432 to have the bikes shipped to him. Nov. 23: Biker's Bargains retumed two of the bikes they bought of Billy Bob because parts were falling off them. The cost of the bikes to Billy Bob was figured out to be $7,825. 28 Nov. 23. Biker's Bargains paid FedEx $295 to have the bikes shipped back to him 29. Nov. 25Billy Bob paid his employees for the period ended November 191h 30. Nov. 26: Billy Bob paid a utilities bill in the amount of $4.187. 31. Nov. 28: Billy Bob sells 20 bikes to Biker Chick's Chop Shop for $8.905 each with credit terms of 3/10, 1/30. The cost of the bikes was determined to be $81,884. 32. Nov. 28. Biker Chick's Chop Shop paid UPS $4.547 to ship the bikes to them. 33. Nov. 29. Biker's Bargains paid their balance off for the bikes they purchased. 34. Nov. 30: Billy Bob paid off the balance due from Paul's Choppers Adjustments On November 30, you notice the following: a) You have used up one months worth of insurance b) You need to recognize deprecintion on the bike making machine o You need to recognize depreciation on the building d) You have accrued salaries of $2,349 e) You have $2,333 worth of supplies on hand 0 You need to recognize interest accumulated on the 2 bank loans (do in one transaction) B) You need to recognize/accrue federal income taxes of 32%. Round to the nearest dollar if needed. Hint compute adjusted income based on all preceding information and then determine and record income tax expense The Accounting Cycle 1. Analyze business transactions 2. Joumalize the transactions 3. Post to lodger accounts 4. Prepare a trial balance 5. Journalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare the financial statements (I/S, Stmt of RE, B/S) 8. Journalize and post closing entries 9. Prepare a post-closing trial balance Billy Hoby Bikes Transactions Nov. 1. Billy Bob paid in advance for an Bethanth insurance policy, which will begin today. He paid 53.856 cash for the policy, Nov. I Billy Bob purchased a building for 5967 260 using $127.260 cash and then borrowing the rest from the bank. The loan from the bank will be paid off over the next 16 years (1/16 of the principal will be paid off at the end of each year). The loan carrien an interest rate of 77296 Interest accrued will be paid off at the end of every year. The building has an expected life of 3 years, a salvaxe value of $217,980 and will be depreciated using the straight-line method Nov 2. Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be S12 hour. She will probably work 32 hours this month Nov. 3: Billy Bob purchased 47 bikes from Paul's Choppers. Each bike cost $3.850 and the credit Terms are 2/10, 1/30 (Note: Bikes are considered Inventory) Nov 3: Paul's Choppers paid FedEx 59,871 cash to ship the bikes to Billy Bob. Nov. 3: Billy Bob sold 28 bikes to Bikes R Us for 58,800 cach with credit terms of 3/15, n.30. The total.costat the bikes was figured out to be $105.950 8 Nov. S. Billy Bob paid UPS 55,645 cash to ship the bikes to Bikes R Us Nov. 7: Billy Bob returned 2 of the bikes he purchased from Paul's Choppers Nov. 7. Paul's Choppers paid FedEx $324 cash to have the returned bikes shipped back to him. Nov. 8: Stockholder's invest $234,567 in exchange for Billy Bob's Bikes common stock Nov. 9. Bikes R' Us returned 3 of the bikes they purchased from Billy Bob The cost of the bikes to Billy Bob was figured out to be $11.550. r Nov. 9: Bikes R Us paid FedEx $421 cash to have the bikes returned. 16 Nav. 11. Hilly Bob paid off the balance due from Paul's Choppers Now 12 Billy Bob purchased 36 more bikes from Paul's Choppers. Each bike cost $3,875 and the are Nov. 12. Billy Bob paid UPS $6,999 cash to ship the bikes he bought from Paul's Choppers. Nov. 14: Bikes R' Us paid his balance off for the bikes he purchased Nov. 15: Billy Bob sold 51 bikes to Biker's Bargains for $8.700 each with credit terms of 2/10 EOM, 1/75: The cost of the bikes was determined to be $200,949, Nov. 15: Billy Bob paid FedEx $11.111 to have the bikes shipped to them. 30 Nov. 16: Billy Bob bought a Bike Making Machine for $428.000 using $68.000 cash and then borrowing the rest from the bank. The loan will be paid off over the next 5 years (1/5 of the principal will be paid at the end of each year). The loan carries an interest rate of 4.34 percent Interest accrued will be paid off at the end of every year. The Bike Making Machine has an expected life of 7 years, a salvage value of $17.408 and depreciates using the straight-line method. 20. Nov. 18. Billy Bob purchased $5,431 worth of supplies from Olga's omice Supplies paying cash. Nov. 19: Billy Bob's pay period ends and he now owes his employees $6,451 in salaries. These salaries will be paid on November 25th Nov. 20: Billy Bob returned 4 of the bikes be bought from Paul's Choppers. They credited $15.500 to his account 23 Nov. 20: Paul's Choppers paid UPS $555 to have the bikes shipped back to him 24. Nov. 21: Billy Bob's Bikes paid cash dividends of $28,989. Nov. 22. Billy Bob purchased 24 bikes from Curly's Cars. Each bike cost $3,899 and the credit terms are 2/10 EOM. 1/90. 26. Nov. 22: Billy Bob paid UPS 65,432 to have the bikes shipped to him. Nov. 23: Biker's Bargains retumed two of the bikes they bought of Billy Bob because parts were falling off them. The cost of the bikes to Billy Bob was figured out to be $7,825. 28 Nov. 23. Biker's Bargains paid FedEx $295 to have the bikes shipped back to him 29. Nov. 25Billy Bob paid his employees for the period ended November 191h 30. Nov. 26: Billy Bob paid a utilities bill in the amount of $4.187. 31. Nov. 28: Billy Bob sells 20 bikes to Biker Chick's Chop Shop for $8.905 each with credit terms of 3/10, 1/30. The cost of the bikes was determined to be $81,884. 32. Nov. 28. Biker Chick's Chop Shop paid UPS $4.547 to ship the bikes to them. 33. Nov. 29. Biker's Bargains paid their balance off for the bikes they purchased. 34. Nov. 30: Billy Bob paid off the balance due from Paul's Choppers Adjustments On November 30, you notice the following: a) You have used up one months worth of insurance b) You need to recognize deprecintion on the bike making machine o You need to recognize depreciation on the building d) You have accrued salaries of $2,349 e) You have $2,333 worth of supplies on hand 0 You need to recognize interest accumulated on the 2 bank loans (do in one transaction) B) You need to recognize/accrue federal income taxes of 32%. Round to the nearest dollar if needed. Hint compute adjusted income based on all preceding information and then determine and record income tax expense The Accounting Cycle 1. Analyze business transactions 2. Joumalize the transactions 3. Post to lodger accounts 4. Prepare a trial balance 5. Journalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare the financial statements (I/S, Stmt of RE, B/S) 8. Journalize and post closing entries 9. 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