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Hulk Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Hulk Corporation: Debits 30300 Credits 1800 Cash Accounts Receivable Inventory (300 units) Van Furniture & Fixtures 12000 57000 27000 9000 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures) Accounts Payable Common Shares Retained Eamings Total Credits 24000 3000 7500 12000 87000 135300 Total Debits 135300 During May 2021, the following transactions took place: May 1: Bought 90 desktop printers for $120 each on account. May 1: Bought a van, paying $4800 cash as a down payment and signed a 7 month $21000, 6% note payable for the balance. The company paid $330 to have its company logo painted on the side of the van. The residual value is $3600. The old van was sold for $4800; it cost $27000 and acculumated depreciation up to the date of disposal was $24000. May 10: Sold 120 printers to Star Lord Inc. on account. May 12: Marvel Corporation agreed to sign a 60-day note receivable to replace a $1380 accounts receivable due that day. The interest rate on the note is 5.1% May 20: Sold 2 printers to Thor Inc. using a VISA card to pay for the transaction. A 1.8% service fee is charged by VISA. May 22: Sold 48 printers to Tony Stark Public School on account. May 24: Retured for credit 2 damaged printers from Star Lord Inc., costing $138 each. May 28: Received payment in full from Star Lord Inc. for tha balance owing. May 28: Wrote off as uncollectable $1800 of accounts receivable. May 29: Paid accounts payable, $5700. May 30: Recovered an accounts receivable that was written off in April, $510. May 31: Paid operating expenses totalling $27300. May 31: Recorded depreciation on the van and the fumiture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 7 years. The furniture & fixtures are depreciated using the straight-line method over 2 years. There is no residual value on the fumiture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Accounts Receivable $16800 $7200 $1950 Estinated Percentage Uncollectable 1.2% 3% 6% 90+ days $600 12% Other Information: 1) The selling price for each of the printers is $270. 2) Hulk Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Hulk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2021. Place your answer under Requirement 1 in the Answer tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 2) Prepare an adjusted trial balance as at May 31, 2021. Place your answer under Requirement 2 in the Answer tab. Place your account titles in column H, debits in column I and credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Statement for the month of May 2021. Ignore income taxes. Place your answer under "Requirement 3 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2021. Place your answer under Requirement 4 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 5) Assume Hulk Corporation overstated its ending inventory by $1140. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year. Place your answer under "Requirement 5 in the "Answer tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Hulk Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $330 is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement 6 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. Hulk Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Hulk Corporation: Debits 30300 Credits 1800 Cash Accounts Receivable Inventory (300 units) Van Furniture & Fixtures 12000 57000 27000 9000 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures) Accounts Payable Common Shares Retained Eamings Total Credits 24000 3000 7500 12000 87000 135300 Total Debits 135300 During May 2021, the following transactions took place: May 1: Bought 90 desktop printers for $120 each on account. May 1: Bought a van, paying $4800 cash as a down payment and signed a 7 month $21000, 6% note payable for the balance. The company paid $330 to have its company logo painted on the side of the van. The residual value is $3600. The old van was sold for $4800; it cost $27000 and acculumated depreciation up to the date of disposal was $24000. May 10: Sold 120 printers to Star Lord Inc. on account. May 12: Marvel Corporation agreed to sign a 60-day note receivable to replace a $1380 accounts receivable due that day. The interest rate on the note is 5.1% May 20: Sold 2 printers to Thor Inc. using a VISA card to pay for the transaction. A 1.8% service fee is charged by VISA. May 22: Sold 48 printers to Tony Stark Public School on account. May 24: Retured for credit 2 damaged printers from Star Lord Inc., costing $138 each. May 28: Received payment in full from Star Lord Inc. for tha balance owing. May 28: Wrote off as uncollectable $1800 of accounts receivable. May 29: Paid accounts payable, $5700. May 30: Recovered an accounts receivable that was written off in April, $510. May 31: Paid operating expenses totalling $27300. May 31: Recorded depreciation on the van and the fumiture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 7 years. The furniture & fixtures are depreciated using the straight-line method over 2 years. There is no residual value on the fumiture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Accounts Receivable $16800 $7200 $1950 Estinated Percentage Uncollectable 1.2% 3% 6% 90+ days $600 12% Other Information: 1) The selling price for each of the printers is $270. 2) Hulk Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Hulk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2021. Place your answer under Requirement 1 in the Answer tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 2) Prepare an adjusted trial balance as at May 31, 2021. Place your answer under Requirement 2 in the Answer tab. Place your account titles in column H, debits in column I and credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Statement for the month of May 2021. Ignore income taxes. Place your answer under "Requirement 3 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2021. Place your answer under Requirement 4 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 5) Assume Hulk Corporation overstated its ending inventory by $1140. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year. Place your answer under "Requirement 5 in the "Answer tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Hulk Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $330 is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement 6 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the