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: 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175goods of $3,000 and freight of $175all dated 12/29/17. Goods were shipped FOB suppliers warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Brunos House of Bacon. 3. 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. 4. 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

					PEYTON APPROVED
					TRIAL BALANCE
					As of December 31, 2017
			Unadjusted trial balance					Adjusting entries					Adjusted trial balance
		Dr		Cr		ref	Dr		Cr	ref		Dr		Cr
Cash		67,520.04										67,520.04
Accounts Receivable		68,519.91										68,519.91
Other Receivable - Insurance												-
Baking Supplies		15,506.70										15,506.70
Merchandise Inventory		1,238.07										1,238.07
Consignment Inventory												-
Prepaid Rent		2,114.55										2,114.55
Prepaid Insurance		2,114.55										2,114.55
Misc. Supplies		170.49										170.49
Baking Equipment		14,000.00										14,000.00
Accumulated Depreciation				1,606.44										1,606.44
Customer Deposit														-
Accounts Payable				20,262.11										20,262.11
Wages Payable				3,383.28										3,383.28
Interest Payable				211.46										211.46
Notes Payable				5,000.00										5,000.00
Common Stock				20,000.00										20,000.00
Beginning Retained earnings				50,144.84										50,144.84
Dividends		105,000.00										105,000.00
Bakery Sales				327,322.55										327,322.55
Merchandise Sales				1,205.64										1,205.64
Cost of Goods Sold - Baked		105,834.29										105,834.29
Cost of Goods Sold - Merchandise		859.77										859.77
Rent Expense		24,549.19										24,549.19
Wages Expense		10,670.72										10,670.72
Misc. Supplies Expense		3,000.46										3,000.46
Business License Expense		2,045.77										2,045.77
Misc. Expense		1,363.84										1,363.84
Depreciation Expense		677.86										677.86
Insurance Expense		1,091.08										1,091.08
Advertising Expense		1,549.74										1,549.74
Interest Expense		818.31										818.31
Telephone Expense		490.98										490.98
Gain/Loss on disposal of equipment
		429,136.32		429,136.32			-		-			429,136.32		429,136.32