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Question 16 (30 points) Company "Trade-it" is an electronics manufacturing company which was established on Jan 1, 2017 by Issuance of 1,000 shares ($1 par value) for $10,000 cash. As of Dec 31 2017, it had the following items on its balance sheet: Cash - $76,000, Accounts Receivable - (?) ,Inventory- $30,000, Land- $60,000, Accounts Payable- $32,000, Other payable - $14,000, Long term loan - $75,000. Common Stock - (?), Premium - (?) Retained Earnings - (?). Total equity - $59,600. Assume there is no additional shares Issuance except from the established date. During 2018 the company had the following transactions: 1. Jan 1 - Purchased 2 new vehicles for $90,000 each. 40% paid in cash and the rest on account. The vehicles have a salvage value of $10,000 each. The vehicles have a useful life of 5 years and the company uses straight-line method in order to depreciate the vehicles. On July 1 the company sold one vehicle for $80,000 in cash. 2. Feb 15 - $12,000 paid in cash for training of employees. 3. Mar 1 - Sold the beginning balance of inventory for $55,000 in cash. 4. Apr 1 - Collected the beginning balance of accounts receivable. 5. May 1- Issuance 3,000 shares for $30,000 in cash. Half were purchased by new shareholders. 6. June 1 - Purchased 400 units of inventory on account, $500 each. 7. June 1 - Purchased an annual insurance premium for $90,000 in cash. The annual period related to this contract will start on August 1, 2018 8. Sep 1-Took a $30,000 loan from the bank that is due back on January 1, 2022. The company paid the bank an interest amount of $6,500 at the end of the year for all existing loans (including the one from opening balance). Also, during the year, the company paid the banks $11,000 of loans principal. 9. Oct 1 - The company signed a contract with a new manager. According to the agreement, the manager will begin working on January 1, 2019. The contract terms are $12,000 monthly salary as well as an annual bonus of $50,000. The company paid the manager immediately two months of salary. 10. Oct 1 Further to the part 6 mentioned above, the company entered into a contract for selling 200 inventory units for $800 each in cash. According to the agreement the company will deliver 80% on October 1, 2018, and the rest (20%) will deliver on January 2, 2019. 11. Dec 12 - Declares a dividend in the amount of $6,200 which was paid in cash on that same day. 12. Nov 1 - paid $120,000 of other payable and $140,000 of accounts payable. 13. Dec 31 - Paid $12,000 in cash for the 2019 annual municipal property tax. 14. Dec 31 - Agrees with the tax authorities on a tax payment of 20% from the profit before tax for 2018. The payment will be made within 90 days. Unless mentioned otherwise, assume the transaction is in cash. Assume the company is using the perpetual inventory system and no other transactions happened during the year. Required: Journalize the transactions (including adjusting journal entries for year-end), and prepare the Balance Sheet and Income Statement for year ended 31st December 2018. Question 16 (30 points) Company "Trade-it" is an electronics manufacturing company which was established on Jan 1, 2017 by Issuance of 1,000 shares ($1 par value) for $10,000 cash. As of Dec 31 2017, it had the following items on its balance sheet: Cash - $76,000, Accounts Receivable - (?) ,Inventory- $30,000, Land- $60,000, Accounts Payable- $32,000, Other payable - $14,000, Long term loan - $75,000. Common Stock - (?), Premium - (?) Retained Earnings - (?). Total equity - $59,600. Assume there is no additional shares Issuance except from the established date. During 2018 the company had the following transactions: 1. Jan 1 - Purchased 2 new vehicles for $90,000 each. 40% paid in cash and the rest on account. The vehicles have a salvage value of $10,000 each. The vehicles have a useful life of 5 years and the company uses straight-line method in order to depreciate the vehicles. On July 1 the company sold one vehicle for $80,000 in cash. 2. Feb 15 - $12,000 paid in cash for training of employees. 3. Mar 1 - Sold the beginning balance of inventory for $55,000 in cash. 4. Apr 1 - Collected the beginning balance of accounts receivable. 5. May 1- Issuance 3,000 shares for $30,000 in cash. Half were purchased by new shareholders. 6. June 1 - Purchased 400 units of inventory on account, $500 each. 7. June 1 - Purchased an annual insurance premium for $90,000 in cash. The annual period related to this contract will start on August 1, 2018 8. Sep 1-Took a $30,000 loan from the bank that is due back on January 1, 2022. The company paid the bank an interest amount of $6,500 at the end of the year for all existing loans (including the one from opening balance). Also, during the year, the company paid the banks $11,000 of loans principal. 9. Oct 1 - The company signed a contract with a new manager. According to the agreement, the manager will begin working on January 1, 2019. The contract terms are $12,000 monthly salary as well as an annual bonus of $50,000. The company paid the manager immediately two months of salary. 10. Oct 1 Further to the part 6 mentioned above, the company entered into a contract for selling 200 inventory units for $800 each in cash. According to the agreement the company will deliver 80% on October 1, 2018, and the rest (20%) will deliver on January 2, 2019. 11. Dec 12 - Declares a dividend in the amount of $6,200 which was paid in cash on that same day. 12. Nov 1 - paid $120,000 of other payable and $140,000 of accounts payable. 13. Dec 31 - Paid $12,000 in cash for the 2019 annual municipal property tax. 14. Dec 31 - Agrees with the tax authorities on a tax payment of 20% from the profit before tax for 2018. The payment will be made within 90 days. Unless mentioned otherwise, assume the transaction is in cash. Assume the company is using the perpetual inventory system and no other transactions happened during the year. Required: Journalize the transactions (including adjusting journal entries for year-end), and prepare the Balance Sheet and Income Statement for year ended 31st December 2018