need help with the income statement change in stockholders, equity statement of cash flows and analysis
The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 10, had the following normal balances. Cash Petty Cash Accounts Receivable Allowance for doubtful accounts. Supplies Prepaid rent Merchandise inventory (38 @ $290) Equipment Van Accumulated depreciation Sales tax payable Employee income tax payable FICA-Social Security tax payable FICA-Medicare tax payable $ 122,475 100 27,400 4,390 165 3,000 11,020 9,000 27,000 23,050 290 500 600 150 312 630 320 hs Warranty payable Unemployment tax payable Interest payable Notes payable Common stock Retained earnings During Year 10, Pacilio Security Services experienced the following transactions. 1. Paid the sales tax payable from Year 9. 2. Paid the balance of the payroll liabilities due for Year 9 (federal income tax, FICA taxes, and unemployment taxes). 3. On January 1, Year 10, purchased land and a building for $150,000. The building was appraised at $125,000 and the land at $25,000. Pacilio paid $50,000 cash and financed the balance. The balance was financed with a 10-year installment note. The note had an interest rate of 7 percent and annual payments of $14.238 due on the last day of the year. 4. On January 1, Year 10, issued $50,000 of 6 percent, five-year bonds. The bonds were issued at 98. 5. Purchase $660 of supplies on account. 6. Purchased 170 alarm systems at a cost of $300. Cash was paid for the purchase. 12,000 50,000 107,918 7. After numerous attempts to collect from customers, wrote off $2,450 of uncollectible accounts receivable. 8. Sold 160 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. 9. Recorded cost of goods sold related to the sale in item 8 (Be sure to compute cost of goods sold using the FIFO cost flow method.)
The trial balance of Pactio Security Services, Incorporated as of January 1, Year 10 , had the following normal balances. During Year 10, Pacilio Securty Services experienced the folowing transactions: 1. Paid the saies tax payabie from Year 9. 2. Paid the balance of the payroll hibbilities due for Year 9 (federal income tax. FiCA taxes, and unemployment taxes) 3 On January 1, Year 10 purchased land and a butiding for $150,000. The bullding was appraised ot $125,000 and the land at $25,000. Pacilo paid $50,000 cash and financed the balance. The balance was financed with a 10-year instaliment note. The note had an interest tate of 7 percent and anmal payments of 514,238 due on the last day of the year- 4 . On January 1, Year 10 , issued $50.000 of 6 percent, five.year bonds. The bonds were issued at 98 5 purchase $660 of supplies on account. 6. Purchased 170 alarm systems at a cost of $300 Cash was paic for the purchase. 7 After numerous adtempts to collect from customers, wrote off $2.450 of uncollectuale accounts receivable. 8 . Sold 160 alarm systems for $580 each plus seles tax of 5 percent. All soles wete on account. 9. Recorded cost of goods sold related to the sale in tem 8 (Be sule to compute cost of goods sold using the FIFO cost flow method) The trial balance of Pactio Security Services, Incorporated as of January 1, Year 10, had the following normal balances: During Year 10, Pactio Securty Services experienced the folowing transactions: 1. Paid the sales tax payable from Year 9. 2. Paid the balance of the payroll liabilities due for Year 9 (federal income tax. FiCA taxes, and unemployment taxes) 3 On January 1 , Year 10 , purchased land and a bulicing for $150,000. The bullding was appraised ot $125,000 and the land at $25,000 Paciro paid \$50,000 cash and financed the balance. The balance was financed with o 10-year instaliment note. The note had an interest tate of 7 percent and annual payments of 514,238 due on the last day of the year- 4 On Jamuary 1, Year 10, issued $50.000 of 6 percent, five-year bonds. The bonds were issued at 98 5 Purchase $660 of supplies on account. 6. Purchased 170 alarm systems at a cost of $300 Cash was paid for the purchase. 7. After numerous atrempts to collect from customers, wrote off $2.450 of uncollectuble accounts receivable. 8 . Sold 160 alarm systems for $580 each plus seles tax of 5 percent. All soles wete on account. 9. Recorded cost of poods sold related to the sale in item 8 (Be sule to compute cost of goods sold using the FIFO cost flow method) 10. Billed $120,000 of monitoring services for the year Credit card sales amounted to $36,000, and the credit card company charged a 4 percent fee. The remaining $84.000 were sales on account. Sales tax is not charged on this service. 11 Replenished the petty cash fund on June 30 . The fund had \$11 cash and receipts of $65 for yard mowing and \$24 for office. supplies expense. 12. Collected the amount due from the credit card compary 13 Pand the sales tax collected on $85.000 of the alarm sales. 14. Collected $167000 of accounts recelvable duting the year: 15. Paid installers and other employees a total of $82000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tox rate is 1,5 percent. Federal income taxes witheld amounted to $9.600. The net amount of salaries was paid in cash, 16. Paid $1,250 in warronty repairs duning the yeat. 17 On September 1, paid the note and interest owed to State Bank. The $12,000 one.year note had an 8 percent interest rate Assume an odjusting entry had been recorded for accrued interest at the end of Year 9 18. Paid $18,000 of adverting expense diting the year 19. Paid $5.600 of utilises expense for the yest 20 Paid the payroll liabilities, both the amounts whineta from the salaries plus the employer share of Social Security tax and Medicare tax on $75000 of the salaries plus 58.600 of the federat income tax that was withield. (Disregard unemployment toxes in this entry] 21. Paid the accounts payable 22 Paid bond interest and amortized the discount 23. Paid the annual instaliment on the note payable issued with Transaction 3 24 Paid a dividend of $10,000 to the sharehiolders. Adjustments 25. There was $210 of suppies on hand at the end of the year 26 Recognzed the expired rent occurning in Year 10 for reat paid foc the office building in Year 9 27. Recognized the uncoliectiole accounts expense for the year using the ollowance method. Pocilio now estimates that is percent of sales on account will not be collected 28. Recognized depieciation expense on the equipment, van and builcing the equipment has a 5 -year lite and a $2.000 salvape value. The van has a 4 -yed ife and a $6,000 salwage value. The building bas a 40 -year ife and a $10,000 salvage value The company uses doubie-declining-balance for the van and straightine for the equipment and the buiding. The equipment and van were purchased in Year 8 and a fullyear of depreciation was taken for both in Yea: 8 29. The alarms systems sold in tronsaction 8 wele covered wht a one year wartanfy. Pactio estimated that the warranty cost would be General Journal tab-Prepare the journal entries to record transactions (1) through (24). Then prepare the necessary adjusting entries (25) through (31) to correctly report net income for the period. Then record the closing entries. (32) through (34) as of December 31 , Year 10 . Generai Ledger tab - Each foumal entry is posted automatically to the general ledger. Trial Ealance tab. The ending balance values from the General tedger tab flows through to the Trial Balance tab. Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. Statement of Changes in Stockholders' Fquity tab - Prepare the statement of changes in stockholders' equity for the year ended December 31 , Year 10 . Balance Sheet tab - Prepare a classified Batance Sheet at December 31, Year 10. Statement of Cash Flows tab. Prepare the statement of cash flows for year ended December 31, Year 10. Analysis tab - Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows
