Overview You just began a position as a financial accountant at Peyton Approved In this role, your first task is to prepare the companys financials for the year end audit Additionally, the company is interested in expanding its business within the next year They would like your support in assessing their ability to meet their goals Refer to the data below and use the Final Project Workbook that includes the income statement, balance sheet, retained earnings statement and cash flow statement to complete the final project and associated milestones Peyton Approved Financial Data Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook) Final adjusting entries have not yet been made See table for possible adjustments that indicate what will be recorded at 12 31 17 (fiscal year end) Use the following to complete year to year documentation and notes for managing depreciation, inventory, and long term debt A supplier shipped $3,000 of ingredients on 12 29 17 Peyton receives an invoice for the goods, as well as a bill for freight for $175, all dated 12 29 17 Goods were shipped FOB suppliers warehouse At 12 31 17, Peyton has $200 worth of merchandise on consignment at Brunos House of Bacon On 12 23 17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January On 12 03 2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift As of 12 23 17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction Note about later borrowing financials will show loan from parents repaid and use of bank financing The company is planning to open another location in 2018 Prepare pro forma financials for 2018 for the new location using the following information Cost of leasing commercial space $1,500 per month Cost of new equipment $15,000, purchased with a long term note Use straight line depreciation assuming a seven year life, no residual value Use full years depreciation for the first year Cost of hiring and training new employees three at $25,000 each for the first year Except as noted below, assets, current liabilities, sales, costs, and expenses are expected to be 80 of the existing store (from preliminary statements) except no stock Retained earnings net income Cash $7,000 Accounts receivable amount to 4 0 turns (accounts receivable turnover will be 4 0) inventory amount to show 3 0 turns (inventory turnover will be 3 0) No stock will be issued Retained earnings are to equal net income Additional financing of $5,000 will be long term Add remaining amount needed to balance into accounts payable Please help me prepare the revised Trial Balance Sheet, by entering in the adjusting entries PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 Unadjusted trial balance Adjusting entries Cr Adjusted trial balance ref 67,520 04 Other Receivable Insurance 15,506 70 14,000 00 14,000 00 Beginning Retained eamings 105,000 00 Cost of Goods Sold Baked Cost of Goods Sold Merchandise 105,834 29 Gain Loss on disposal of equipment 429,136 32 429,13632

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Overview: You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the companys financials

Overview: You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the companys financials for the year-end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals.

Refer to the data below and use the Final Project Workbook that includes the income statement, balance sheet, retained earnings statement and cash flow statement to complete the final project and associated milestones.

Peyton Approved Financial Data: Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt.

A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for the goods, as well as a bill for freight for $175, all dated 12/29/17. Goods were shipped FOB suppliers warehouse.

At 12/31/17, Peyton has $200 worth of merchandise on consignment at Brunos House of Bacon.

On 12/23/17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January.

On 12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction.

Note about later borrowing - financials will show loan from parents repaid and use of bank financing.

The company is planning to open another location in 2018. Prepare pro forma financials for 2018 for the new location using the following information:

Cost of leasing commercial space: $1,500 per month.

Cost of new equipment: $15,000, purchased with a long-term note. Use straight line depreciation assuming a seven-year life, no residual value. Use full years depreciation for the first year.

Cost of hiring and training new employees: three at $25,000 each for the first year.

Except as noted below, assets, current liabilities, sales, costs, and expenses are expected to be 80% of the existing store (from preliminary statements) except no stock. Retained earnings = net income.

Cash: $7,000. Accounts receivable amount to 4.0 turns (accounts receivable turnover will be 4.0); inventory amount to show 3.0 turns (inventory turnover will be 3.0). No stock will be issued. Retained earnings are to equal net income. Additional financing of $5,000 will be long-term. Add remaining amount needed to balance into accounts payable.

Please help me prepare the revised Trial Balance Sheet, by entering in the adjusting entries.

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PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 Unadjusted trial balance Adjusting entries Cr Adjusted trial balance ref 67,520.04 Other Receivable Insurance 15,506.70 14,000.00 14,000.00 Beginning Retained eamings 105,000.00 Cost of Goods Sold Baked Cost of Goods Sold Merchandise 105,834.29 Gain/Loss on disposal of equipment 429,136 32 429,13632