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Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 20x1, the firm's general ledger contained the accounts and balances that follow. ACCOUNTS AND BALANCES Cash $ 30,6e0 Dr. Accounts Receivable 35,700 Dr. Allowance for Doubtful Accounts 470 Cr. Merchandise Inventory 86,5e0 Dr. Supplies 10,900 Dr. Prepaid Insurance 6,000 Dr. Office Equipment 9, see Dr. Accumulated Depreciation-office Equipment 2,780 Cr. Warehouse Equipment 36,309 Dr. Accumulated Depreciation-Warehouse Equipment 10,600 Cr. Notes Payable-Bank 34,5ee Cr Accounts Payable 12,708 Cr. Interest Payable Social Security Tax Payable 1,738 Cr. Medicare Tax Payable 393 Cr. Federal Unemployment Tax Payable State Unemployment Tax Payable Salaries Payable Phillip Tucker, Capital 123,429 Cr. Dhilan Ticken Duine 59 SAR 58,500 Dr. 658,778 Cr. 10,5ee Dr. 352, see Dr. 9,7ee Cr. Phillip Tucker, Drawing Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Income Summary Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Insurance Expense Depreciation Expense-Office Equipment Depreciation Expense-Warehouse Equipment Uncollectible Accounts Expense Interest Expense 36, see Dr. 2,780 Dr. 165,eee Dr. 13,5ee Dr. ADJUSTMENTS a.-b. Merchandise inventory on December 31, 20x1, is $78,500 c. During 20x1, the firm had net credit sales of $565,000; past experience indicates that 0.50 percent of these sales should result in uncollectible accounts d. On December 31, 20x1, an inventory of supplies showed that items costing $1230 were on hand. e. On May 1, 20X1, the firm purchased a one-year insurance policy for $6,000 w e. On May 1, 20x1, the firm purchased a one-year Insurance policy for $6,000 f. Three years ago the firm purchased office equipment for $9,800. At that time, the equipment was estimated to have a useful if of seven years and a salvage value of $350 9. Three years ago the firm purchased warehouse equipment for $36,300. At that time, the equipment was estimated to have a useful life of six years and a salvage value of $4,500 h. On November 1, 20x1, the firm issued a four-month, 10 percent note for $34,500, 1. On December 31, 20x1, the firm owed salaries of $12,000 that will not be paid until 20x2. J.On December 31, 20X1. the firm owed the employer's social security tax (assume 6.2 percent) and Medicare tax (assume 145 percent) on the entire $12,000 of accrued wages. k. On December 31, 20x1, the firm owed the federal unemployment tax (assume 0.6 percent) and the state unemployment tax (assume 5.4 percent) on the entire $12,000 of accrued wages. Required: 1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 20x1 2. Enter the adjustments above in the Adjustments section of the worksheet. 3. Complete the worksheet. Analyze: When the financial statements for Healthy Eating Foods Company are prepared, what net income will be reported for the period ended December 31, 20X1? Worksheet Analyze Complete the worksheet (Enter both the debit and credit effects wherever required. Round Intermediate calculations and final answers to 2 des Healthy Eating Foods Company Worksheet Year Ended December 31, 20X1 Trial Balance Adjustments Adjusted Trial Balance Incor Account Name Debit Credit Debit Credit Debit Credit Debit Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Warehouse Equipment dit effects wherever required. Round intermediate calculations and final answers to 2 decimal places.) Healthy Eating Foods Company Worksheet Year Ended December 31, 20X1 Trial Balance Adjustments Adjusted Trial Balance Income Statement Debit Credit Debit Credit Debit Credit Debit Credit Balance Sheet Debit Credit Accumulated Depreciation Warehouse Equipment Notes Payablo Bank Accounts Payable Interest Payable Social Security Tax Payablo Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Salarios Payable Phillip Tucker, Capital Phillip Tucker, Drawing Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Income Summary Rent Expense Rent Expenso Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Insurance Expense Depreciation Expense-Office Equipment Depreciation Expense-Warehouse Equipment Uncollectible Accounts Expense Interest Expense Totals Net Income 0 $ 05 $ 0 $ 0 $ 0$ 0 $ $ Woh Analyze >