Pets in a JAR (hereinafter JAR) is a retail pet store. The unadjusted trial balance for JAR as of 12/31/19 is included on the worksheet page. JAR makes ANNUAL adjusting entries. In addition to the trial balance, the controllers group has compiled the following information to facilitate the preparation of year-end financial statements:
Put your name at the top of the worksheet. Save your work as JAR1.last name first initial, for example my file would be JAR1.RomanusR
1. JAR purchased an insurance policy on 8/1/19 that is effective 8/1/19 to 7/31/20.
2. Employees worked a total of $1,440 between the last pay date and 12/31/19 that will be paid on 1/3/20.
3. JAR determined that a $350 receivable from Lucky's Lively Llamas is not collectible. JAR uses the A/R (balance sheet) allowance method for bad debts.
4 JAR took a physical count of supplies on 12/31/19 and there was $456 left in the supply closet.
5. JAR has a note payable to Bank of America (hereinafter BOA) for $50,000 at an annual interest rate of 3%. The five-year note is dated 4/30/19 and pays interest annually every 4/30.
6. On 12/31/19 JAR sold $5,000 of merchandise to Patty's Pet Groomers. Patty paid for the merchandise but JAR cannot deliver it until 1/6/20. JAR has included the $5,000 in Cash and Sales on the unadjusted trial balance.
7. An analysis completed by the controllers office, using the balance sheet (A/R) approach, indicates that 5% of total accounts receivable is uncollectible. (Round to nearest whole dollar).
8. JAR uses a FIFO perpetual inventory system. A physical count of invenotry reveals $10,908 of inventory on hand at year end. (Do not use an inventory over/short account)
10. JAR owns a building that was purchased in 2015 for $248,500. The building is being depreciated using straight line over a 20 year useful life and has a $74,500 salvage value. JAR's controller wants to find the orginal invoice for the building purchase and belives the invoice was filed by month of purchase, what month in 2015 was the building purchased?
11. JAR owns a forklift for moving freight that was purchased in 2016 for $9,300. The forklift is being depreciated using straight line over a 10 year useful life and has a $2,100 salvage value.
12. JAR has one investement currently classified as Available for Sale, as of 12/31/19 the fair value of the investment is $2,310.
13. JAR remits the state's 6% sales tax during the first week of the month following the end of each quarter. Based on JAR's 12/31/19 sales tax liability, what were JAR's total 4th quarter 2019 pre-tax sales?
14. The tax rate is 30% which affects all items of income and expense at the same rate. Hint: you must determine income before taxes to calculate income tax expense. (Round total income tax expense to nearest whole dollar)
15. The 30% tax rate applies to other comprehensive income items as well as income statement items.
16 JAR declared and paid $0.10 /per share in dividends during the year 2019. 100,000 shares of stock were outstanding during the entire year. (This dividend has already been declared and paid and is thus recorded in Dividends, close the Dividend account as part of closing entries, no adjusting entry is needed for this.)
Required:
A.	Prepare all appropriate adjusting entries in general journal form. Post the entries to the worksheet and extend the amounts to the remaining columns.
B.	Prepare the adjusted trial balance that reflects your adjusting entries. (This should calculate automatically)
C.	Prepare the following financial statements:
	1. Income statement (including EPS) (MULTI-STEP)
	2. Statement of comprehensive income
	3. Statement of retained earnings
	4. Balance Sheet (CLASSIFIED)
D.	Prepare the appropriate closing entries in general journal form.
E.	Post closing entries to worksheet.
F.	Prepare post-closing trial balance. (This should calculate automatically).

Adjusting Entries # # Dr. a. # Closing Entries # a. Dr. # # Account Titles Cash Supplies Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Investment in marketable securities Unadjusted Trial Balance Dr Cr 18,154 1,535 26,000 2,100 10,783 1,800 2.125 Adjusted Trial Balance Dr Cr 18,154 1,535 26,000 2,100 10,783 1,800 2,125 Post Closing Trial Balance Dr Cr 18,154 1.535 26,000 2,100 10,783 1,800 2125 Balance Sheet Dr o 18,154 1.535 26,000 2,100 10,783 1,800 2.125 78,000 248,500 78,000 248,500 78,000 248,500 78,000 248,500 Land Buildings Accumulated Depreciation-Blde Equipment Accumulated Depreciation-Equip 28,275 28,275 28.275 28,275 9,300 9,300 9,300 9,300 1,800 1,800 1,800 1,800 13,870 451 5,286 13,870 451 5,286 13,870 451 5,286 13,870 451 5,286 Accounts Payable Payroll Taxes Payable Sales Tax Payable Interest Payable Salaries and Wages Payable Note Payable Unearned Revenue Income Tax Payable 50,000 50.000 50,000 50,000 Common Stock, $1 par Retained Earnings Dividends 100,000 79,415 100,000 79,415 100,000 79,415 100,000 79,415 10,000 10,000 10,000 10,000 383,137 3B3,137 98,100 146,803 5,300 98,100 146,803 5,300 98,100 146,803 5,300 Sales Revenue Cost of Goods Sold Salaries and wages expense Advertising expense Depreciation expense Misc. expense Supplies expense Utility expense 7,934 7,934 7,934 Interest Expense Bad debt expense Insurance expense Unrealized gain/loss on AFS Security Income tax expense Income Summary Totals 06.15 664,334 664,334 664,334 664,334 664,334 281,197 406,197 281,197 Total Assets Total Liabilities Tatal Equity Adjusting entries Account titles: Debit Credit No. 1 2 3 4 5 6 7 8 9 10 11 12 13 Adjusting Entries # # Dr. a. # Closing Entries # a. Dr. # # Account Titles Cash Supplies Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Investment in marketable securities Unadjusted Trial Balance Dr Cr 18,154 1,535 26,000 2,100 10,783 1,800 2.125 Adjusted Trial Balance Dr Cr 18,154 1,535 26,000 2,100 10,783 1,800 2,125 Post Closing Trial Balance Dr Cr 18,154 1.535 26,000 2,100 10,783 1,800 2125 Balance Sheet Dr o 18,154 1.535 26,000 2,100 10,783 1,800 2.125 78,000 248,500 78,000 248,500 78,000 248,500 78,000 248,500 Land Buildings Accumulated Depreciation-Blde Equipment Accumulated Depreciation-Equip 28,275 28,275 28.275 28,275 9,300 9,300 9,300 9,300 1,800 1,800 1,800 1,800 13,870 451 5,286 13,870 451 5,286 13,870 451 5,286 13,870 451 5,286 Accounts Payable Payroll Taxes Payable Sales Tax Payable Interest Payable Salaries and Wages Payable Note Payable Unearned Revenue Income Tax Payable 50,000 50.000 50,000 50,000 Common Stock, $1 par Retained Earnings Dividends 100,000 79,415 100,000 79,415 100,000 79,415 100,000 79,415 10,000 10,000 10,000 10,000 383,137 3B3,137 98,100 146,803 5,300 98,100 146,803 5,300 98,100 146,803 5,300 Sales Revenue Cost of Goods Sold Salaries and wages expense Advertising expense Depreciation expense Misc. expense Supplies expense Utility expense 7,934 7,934 7,934 Interest Expense Bad debt expense Insurance expense Unrealized gain/loss on AFS Security Income tax expense Income Summary Totals 06.15 664,334 664,334 664,334 664,334 664,334 281,197 406,197 281,197 Total Assets Total Liabilities Tatal Equity Adjusting entries Account titles: Debit Credit No. 1 2 3 4 5 6 7 8 9 10 11 12 13