Need help pls
Company Information \& Summary of Significant Account Policies Macon Machines Company began operations on November 1, 2024. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to customers with terms 3/15,n/30. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncolfectible accounts. At the end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of $9000 per month and the other employee is the office manager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1) Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full credit. Round to the penny unless otherwise noted. \begin{tabular}{|l|l|} \hline 1-Nov & The owner invested $880000 into the company in exchange for 5,000 shares of common stock. \\ \hline 1-Nov & The company purchased a computer system for $50000 and signed a one-year note for the entire balance. The note is due on November 1, \\ 2025 and has an annual rate of interest of 3%. \end{tabular} 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tab. 6) Based on the adjusted trial balance, prepare a multi-step income statement on the Income Statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement tab. 8) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. 9) Prepare the closing entries (DO NOT POST them to the ledger, just produce the entries). When journaling, close the accounts in the order they appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. 10) Calculate the ratios on the Ratios tab. Date Account DR CR 1-Nov 1-Nov 2-Nov 3-Nov 4-Nov 17-Nov 18-Nov General Ledger (T-Account) \begin{tabular}{l|l} \hline \multicolumn{2}{c}{ Cash } \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{c}{ Accounts Receivable } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \multicolumn{2}{c}{ Allowance for Uncollectible } \\ Accounts \\ \hline & \\ & \\ \hline- & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline & \\ \hline & \\ & \\ \hline- & \\ \hline \end{tabular} \begin{tabular}{c|c} \multicolumn{2}{c}{ Computer Equipment } \\ \hline & \\ \hline- & \\ \hline \end{tabular} Accumulated Depreciation - Accumulated Depreciation - \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Delivery Truck Delivery Truck \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Prepaid Rent } \\ \hline & \\ & \\ \hline- & \\ \hline \end{tabular} Prepaid Insurance \begin{tabular}{|c|c|} \hline \multicolumn{1}{l}{} & \\ & \\ \hline- & \\ \hline \end{tabular} Accounts Payable Interest Payable Deferred Revenue Salaries Payable \begin{tabular}{|l|l|} \hline \multicolumn{1}{c|}{} & \\ \hline & \\ \hline- & \\ \hline \end{tabular} \begin{tabular}{c|c} \hline & \\ \hline \multicolumn{2}{|c|}{} \\ \multicolumn{2}{c|}{ Notes Payable } \\ \hline & \\ & \\ & \\ \hline- & \\ \hline \end{tabular} 6 7 Unemployment Tax Payable \begin{tabular}{|c|c|} \hline & \\ \hline- & - \\ \hline \end{tabular} 41 42 43 44 45 46 47 48 Advertising Expense \begin{tabular}{ll|l} \hline 50 & & \\ \hline 50 & & \\ \hline 51 & - & \\ \hline \end{tabular} 52 53 Rent Expense 54 55 \begin{tabular}{|c|c|} \hline & \\ & \\ & \\ \hline- & - \\ \hline \end{tabular} 7 Utilities Expense \begin{tabular}{|l|l|} \hline & \\ \hline- & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Service Revenue \begin{tabular}{|c|c|} \hline \multicolumn{1}{c|}{} & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Rent Expense Federal Income Tax Payable \begin{tabular}{|c|c|} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} NC State Income Tax Payable \begin{tabular}{|c|c|} \hline \multicolumn{1}{l|}{} & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Retained Earnings \begin{tabular}{|c|c|} \hline & \\ \hline- & - \\ \hline \end{tabular} Sales Discounts \begin{tabular}{|c|c|} \hline \multicolumn{1}{l|}{} & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Salaries Expense \begin{tabular}{|c|c|} \hline \multicolumn{1}{l|}{} & \\ \hline- & - \\ \hline \end{tabular} Supplies Expense FICA Tax Payable \begin{tabular}{|c|c|} \hline \multicolumn{1}{l|}{} & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Cash Dividends \begin{tabular}{|c|c|} \hline \multicolumn{1}{c|}{} & \\ \hline- & - \\ \hline \end{tabular} Cost of Goods Sold \begin{tabular}{c|c} \hline \multicolumn{1}{l|}{} & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Depreciation Expense \begin{tabular}{l|l} \hline \multicolumn{1}{c|}{} & \\ \hline- & - \\ \hline \end{tabular} Bad Debt Expense Sales Revenue \begin{tabular}{c|c} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Advertising Expense \begin{tabular}{c|c} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Rent Expense \begin{tabular}{c|c} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Payroll Tax Expense \begin{tabular}{c|c} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Service Revenue \begin{tabular}{|l|l} \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Utilities Expense \begin{tabular}{|c|c|} \hline & \\ \hline- & \\ \hline- & - \\ \hline \end{tabular} \begin{tabular}{|c|c|} \multicolumn{2}{c}{ Interest Expense } \\ \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} Insurance Expense \begin{tabular}{|l|l|} \hline \multicolumn{1}{l|}{} & \\ \hline- & \\ \hline \end{tabular} Sales Discounts \begin{tabular}{|c|c|} \hline \multicolumn{1}{c|}{} & \\ \hline & \\ \hline- & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \multicolumn{2}{c}{ Salaries Expense } \\ \hline & \\ \hline & \\ \hline- & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \multicolumn{2}{c}{ Supplies Expense } \\ \hline & \\ \hline- & \\ \hline \end{tabular} NOTE: Three accounts have check figures. After posting the Daily Transactions, your Cask.ccounts Receivable, and Cost of Goods Sold balance will show GREEN if it is correct. Macon Machines Company Statement of Stockholders' Equity For the Year Ended. Deramhar 21 onA For each ratio, in the answer cell, use FORMULAS to calculate the ratio, do not tune in the
