PEYTON APPROVED ANANCIAL 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 $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. 3. On 12/23/17, Peyton received a $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 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 Adjusting entries Dr Cr ref ref Adjusted trial balance Dr Cr 67,520.04 68,519.91 15,506.70 1,238.07 2,114.55 2,114.55 170.49 14,000.00 1,606.44 Usadjusted trial balance Dr Cr Cash 67,520.04 Accounts Reccivable 68,519.31 Other Receivable - Insurance Baking Supplies 15,506.70 Merchandise Inventory 1,238.07 Consignment Inventory Prepaid Rent 2,114.55 Prepaid Insurance 2.114.55 Misc. Supplies 170.49 Baking Equipment 14,000.00 Accumulated Depreciation 1,606.44 Customer Deposit Accounts Payable 20,262.11 Wages Payable 3,383.28 Interest Payable 211.46 Notes Payable 5,000.00 Common Stock 20,000.00 Beginning Retained earning 50,144.84 Dividends 105,000.00 Bakery Sales 327,322.55 Merchandise Sales 1,205,64 Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandi: 859.77 Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091,06 Advertising Expand 1,549.74 Interest Expense 818.31 Telephone Expense 490.88 Gain/Loss on disposal of equipment 429,136.32 429,136.32 20,262.11 3,383.28 211.46 5,000.00 20,000.00 50,144.84 105,000.00 327,322.55 1,205.64 105,834.29 859.77 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 429,136.32 429,136.32 PEYTON APPROVED ANANCIAL 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 $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. 3. On 12/23/17, Peyton received a $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 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 Adjusting entries Dr Cr ref ref Adjusted trial balance Dr Cr 67,520.04 68,519.91 15,506.70 1,238.07 2,114.55 2,114.55 170.49 14,000.00 1,606.44 Usadjusted trial balance Dr Cr Cash 67,520.04 Accounts Reccivable 68,519.31 Other Receivable - Insurance Baking Supplies 15,506.70 Merchandise Inventory 1,238.07 Consignment Inventory Prepaid Rent 2,114.55 Prepaid Insurance 2.114.55 Misc. Supplies 170.49 Baking Equipment 14,000.00 Accumulated Depreciation 1,606.44 Customer Deposit Accounts Payable 20,262.11 Wages Payable 3,383.28 Interest Payable 211.46 Notes Payable 5,000.00 Common Stock 20,000.00 Beginning Retained earning 50,144.84 Dividends 105,000.00 Bakery Sales 327,322.55 Merchandise Sales 1,205,64 Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandi: 859.77 Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091,06 Advertising Expand 1,549.74 Interest Expense 818.31 Telephone Expense 490.88 Gain/Loss on disposal of equipment 429,136.32 429,136.32 20,262.11 3,383.28 211.46 5,000.00 20,000.00 50,144.84 105,000.00 327,322.55 1,205.64 105,834.29 859.77 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 429,136.32 429,136.32