Need help asap, Accounting
Balance Sheet December 31, 2016 Cash Inventory Prepaid insurance Equipment $30,800 Accounts payable 30,300 Interest payable 5,900 Bonds payable 40,000 Common stock 2,435 48,700 27,600 Retained earnings $16,265 $107,000 $107,000 During 2017, the following transactions occurred. Flint uses a perpetual inventory system 1. Flint paid $2,435 interest on the bonds on January 1, 2017 2. Flint purchased $241,700 of inventory on account 3. Flint sold for $486,000 cash inventory which cost $266,000. Flint also collected $29,160 sales taxes 4. Flint paid $236,000 on accounts payable 5. Flint paid $2,435 interest on the bonds on July 1, 2017 6. The prepaid insurance ($5,900) expired on July 31 7, On August 1, Flint paid $9,840 for insurance coverage from August 1, 2017, through July 31, 2018 8. Flint paid $17,000 sales taxes to the state 9. Paid other operating expenses, $86,000 10. 11. Redeemed the bonds on December 31, 2017, by paying $46,800 plus $2,435 interest issued $87,000 of 8% bonds on December 31, 2017, at 103. The bonds pay interest every June 30 and December 31 Adjustment data 12. 13. 14. Recorded the insurance expired from item 7 The equipment was acquired on December 31, 2016, and will be depreciated on a straight-line basis over 5 years with a $2,700 salvage value The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare an adjusted trial balance at December 31, 2017. FLINT CORPORATION Trial Balance December 31, 2017 Debit Credit FLINT CORPORATION Balance Sheet December 31, 2017 Assets Current Assets Cash Inventory Prepaid Insurance Total Current Assets Property, Plant and Equipment Equipment Less . Accumulated Depreciation-Equipment Total Plant Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest Payable Total Current Liabilities Long-term Liabilities Bonds Payable Less : Total Long-term Investments Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Balance Sheet December 31, 2016 Cash Inventory Prepaid insurance Equipment $30,800 Accounts payable 30,300 Interest payable 5,900 Bonds payable 40,000 Common stock 2,435 48,700 27,600 Retained earnings $16,265 $107,000 $107,000 During 2017, the following transactions occurred. Flint uses a perpetual inventory system 1. Flint paid $2,435 interest on the bonds on January 1, 2017 2. Flint purchased $241,700 of inventory on account 3. Flint sold for $486,000 cash inventory which cost $266,000. Flint also collected $29,160 sales taxes 4. Flint paid $236,000 on accounts payable 5. Flint paid $2,435 interest on the bonds on July 1, 2017 6. The prepaid insurance ($5,900) expired on July 31 7, On August 1, Flint paid $9,840 for insurance coverage from August 1, 2017, through July 31, 2018 8. Flint paid $17,000 sales taxes to the state 9. Paid other operating expenses, $86,000 10. 11. Redeemed the bonds on December 31, 2017, by paying $46,800 plus $2,435 interest issued $87,000 of 8% bonds on December 31, 2017, at 103. The bonds pay interest every June 30 and December 31 Adjustment data 12. 13. 14. Recorded the insurance expired from item 7 The equipment was acquired on December 31, 2016, and will be depreciated on a straight-line basis over 5 years with a $2,700 salvage value The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare an adjusted trial balance at December 31, 2017. FLINT CORPORATION Trial Balance December 31, 2017 Debit Credit FLINT CORPORATION Balance Sheet December 31, 2017 Assets Current Assets Cash Inventory Prepaid Insurance Total Current Assets Property, Plant and Equipment Equipment Less . Accumulated Depreciation-Equipment Total Plant Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest Payable Total Current Liabilities Long-term Liabilities Bonds Payable Less : Total Long-term Investments Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity
