please fill out the adjustments andadjusted trial balance, income statement, statement of stockholders equity, and the all the blanks in the final pictures. i really need help ASAP

ACME Distribution, Inc. December 31, 2016 Selected Transactions Read through the information below for selected transactions during the month of December, 2016 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached. 1) On December 5, ACME purchased $58,875 of merchandise on account from Indiana Corp terms 3/10, 1/30 Date 1125 Account description Inventory Debit Credit accounts payable 58675 56075 2) Sold Merchandise for $5,000 to Lee Corp on account on December 7. Cost of the merchandise was $3,340 and the terms of the sale were 2/15,/30. Date Account description Debit Credit 1217 accounts receivable 5000 Sales 5000 13340 3240 costs of a sold Inventory 3) On December 14 ACME wrote a check to Indiana Corp for the purchase made on December 5 to take advantage of the purchase discount (round discount to nearest dollar). Date Account description Debit Credit 12114 56475 7101 1766 accounts payable Inventory 4) On December 15, Lee Corp requested credit for $500 of defective merchandise included in their December 7 purchase. ACME granted them an allowance and they disposed of the defective merchandise at ACME's request Date Credit Debit 500 12.15 Account description sales returns & allowance recevoile 500 5) Lee Corp paid their balance due taking the sales discount offered on December 19. Date Account description Debit Credit 2.79 4410 gales discourth 10 accouilts reclivale 4500 6) December 20 ACME issued 50 shares of $10 par stock for 548 per share for cash. Prepare the adjustment to record the issuance of stock below. Credit Date Account description Debit 112/20 Cash 2400 common stock paid in capital 7) ACME purchased supplies for $1,300 cash on December 21. 900 1900 [12/21 supplies Date Account description Debit Credit 1200 cash 1300 8) On December 21 ACME received $2,500 in cash as an advance payment for merchandise to be delivered next month. Date Account description cici 2500 unearned revenue 2500 9) On December 23 ACME paid in cash the December utility bill of $1,680 Date Account description Credit 12/23 utilities expense Debit 1680 10) On December 23, 2016 the board of directors declared a dividend of 58 per share on its 170 issued and outstanding shares to shareholders of record on January 16, 2017 and payable on February 16, 2017. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to retained earnings. Be sure to use that account!) Date Account description Debit Credit 12/23 Saaries expert Isauries amble 1360 1360 11) ACME has already accrued the employee salaries for the pay period ending December 23. On December 28. ACME pays the employees the previously accrued amount Date Account description Debit Credit 4250 cash 12/29 salaries payable ACME Distribution, Inc. December 31, 2016 General Ledger T-accounts Beginning balance Cash 103 212 Accounts receivable 42.400 Allowance for bad debts 130 100 4 410 571095000 200 1200 2500 1600 4250 4500 Ending balance 48183 42-100 Beginning balance Inventory 25,558 58875 3340 Supplies 145 Prepaid insurance 18.000 1766 Ending balance 7932T H45 MODDA Prepaid rent 2,600 Office equipment 35.000 Accum. Depe-Office equip 11,500 Beginning balance Ending balance 2.660 35000 11500 Warehouse equipment 80,000 Accum. Depr-Whise equip 24 000 Beginning balance 29000 Ending balance boot Accounts payable Beginning balance 14200 Bond payable 75.000 5175 Salaries payable 4,250 4290 Ending balance 14200 75000 6 Interest payable Beginning balance Dividends payable 1505 Uncanned revenue 2900 Ending balance 11360 250 Beginning balance Common stock 1.200 Additional paid in capital 900 1900 Retained earnings 162.410 Ending balance 1700 2160 16.2410 Beginning balance Dividends 24,000 (1360 Ending balance 255 Sales 729,300 5000 Sales discounts 1.885 Sales returns & allowance 280 Beginning balance 500 Ending balance 754.500 1975 780 Beginning balance Cost of goods sold 532,310 3340 Depr. exp.- Office equip 3,500 Depr. Exp.- Whs equip. 8,000 Ending balance 2000 doo Bad debt expense Beginning balance Salaries expense 61,400 800 Insurance expense 14,500 Ending balance Svo ICTADO 1560 Rent expense Interest expense Beginning balance Advertising expense 22,700 28,600 Ending balance 26600 22100 Beginning balance Utilities expense 18,000 1080 Ending balance A 250 De CMS 4240 130 71027 1445 lo 124.00 2500 OR OOSH! 200 240 1200 75 w 1360 2560 1700 21200 1240 Adapter Ods 125312 1975 760 325660 cosa Depreciation Open Who ORG Rate 27613 14260 240 256.00 6 re REV 1122700 1960 Lozol como Cach 100 01 2011 Poslechny indy. Do not combine then. Become the line ACME Distribution, Inc. December 31, 2016 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adjusting journal entries, use the account titles from the trial balance or the general ledger. Post each of the entries below to the trial balance and calculate the adjusted account balances. 1) A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below. 18000/12.9 = 13500 Debit Credit Account description 13500 Insurance experoc 13500 prepaid insurance Post the above entry to the trial balance in the adjustment columns 2 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). 5 days. $925 Debit Credit Account description 4625 Salaries expense 4625 Payable Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 3) The company takes a physical inventory count at the end of the year and adjusts their inventory and cost of goods sold if there is a difference between the inventory value determined from the actual count compared to the value in the general ledger. The information below includes the number of units counted in inventory at the end of the year and the purchases of inventory during the month. Number of units held in the company's inventory at 12/31/2016 based on a count of the inventory was 18.841 A listing of purchases during the month of December are as follows: 1884 6500 14.00 Quantity Unit Total Date Purchased Cost Cost December 5, 2016 15,700-$ 3.75 $ 58,875 December 14, 2016 0,500 5 4.00 $ 26.000 December 21, 2016 7,500 5 4.50 33.750 7500 1000 4841 $ The company uses FIFO to account for its inventory cost. 7500 33,750 6500 - 26000 4641 7703.75 18153.75 What is the cost of the company's ending inventory (round answer to nearest dollar and show your calculation below for full credit)? 77904 The balance in inventory per the unadjusted trial balance before making any adjustments is 579,327 What is the amount of the December 31 adjustment to Inventory cost (show your calculation below for full credit)? 1424 19 327 -77903 1423.75 Complete below the adjusting journal entry necessary for inventory Debit Credit Account description 1424 Inventory cous 1424 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 4) The company has estimated, based on historical information, that 4.5% of its accounts receivable will ultimately not be collected. Therefore, they provide an allowance for bad debts at that level. Calculate the appropriate amount for the allowance at December 31, 2016. Accounts receivable balance per the unadjusted trial balance 42.400 Estimated allowance amount (Round answer to the nearest dollar and show your calculation below for full credit) "42400. 045-1900 1908 1908 Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit). 42-100.045 Complete below the adjusting journal entry necessary for the allowance for bad debts: Credit Account description Debit bad dext expense 1908 allowance for bad 1906 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 5) On July 31, 2016 the company purchased new warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset. It is estimated to have a useful life of 8 years and a salvage value of $5,000. What is the depreciation expense for 2016 using the straight-line method? (Round answer to the nearest dollar and show your calculation below for full credit). 2344 50000 - 5000 /= 18=5625 5625.5/12-2343,75 5112=0,41667 Complete below the adjusting journal entry necessary for depreciation: Account description Credit Debit 23441 depreciation experte lace, depreciation equipment 2344 Post the above entry to the trial balance in the adjustment columns. ACME Distribution December 31, 2016 Adjusting Entries Continued The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The bond has a contractual interest rate of 6.8% and was issued at par. The bond matures in 10 years and pays interest on July 31 and January 31 each year. What is the amount of interest to be accrued at December 31, 20167 (Round answer to nearest dollar and show your calculation below for full credit) 2125 (75000. 068). 5/12 =2125 Complete below the adjusting journal entry necessary for accrued interest Credit Account description Interest expense Debit 21125 Interest payable 2125 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31 2016 2015 Revenue: Sales Less: Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit 607.480 1,480 620 605,380 461,200 144,180 1424 Operating expenses: Depreciation expense--Office equipment Depreciation expense --Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense Total operating expense 23794 704 4625 13500 1,200 2,500 640 48,000 18,060 24.000 15,900 13,000 123,300 Income from operations 20,880 Other expense --Interest 225 0 Net income 20,880 ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2016 and 2015 Balance, January 1, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2016 Additional Common Stock Paid in Retained Shares Amount Capital Earnings Total 100 $ 1,000 $ 500 $ 153,530 $ 155,030 20 200 400 600 20,880 20,880 12,000 12,000 120 1,200 900 162.410 164,510 50 500 1900 74 10920 10920 15360 2560 120 1700 2900517797052970 ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31 2016 2015 Assets Current assets Cash Accounts receivable Allowance for bad debts Accounts receivable-net of allowance Inventory Supplies Prepaid insurance Prepaid rent Total current assets 94620 42400 - 1908 40992 77,0375 34,620 25,060 (1.200) 23,860 66.750 15200 2600 136145.75 10,700 2,600 138,530 Property, plant and equipment Office equipment Warehouse equipment 65000 30000 35,000 30,000 65,000 24.000 41.000 Less accumulated depreciation Net property, plant and equipment -26344 80656 Total assets 22445175 $ 179,530 ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31 2016 2015 Liabilities Current liabilities Accounts payable Salaries payable Interest payable Dividends payable Unearned revenue Total current liabilities 14350 4025 2125 14,550 470 0 21300 15,020 Long-term liability Bond payable Total liabilities 75000 9300 0 15,020 1200 Stockholders' Equity Common stock, $10 par value, 100,000 shares authorized, 170 and 120 shares issued and outstanding Additional paid-in capital Retained earnings Total equity 16240 16510 1,200 900 162.410 164,510 Total liabilities and equity 260810 $ 179,530 ACME Distribution, Inc. December 31, 2016 Closing Entries After completing the financial statements (income statement, statement of stockholders equity and balance sheet) prepare the entries to close the books at the end of 2016 in preparation of beginning the 2017 accounting year. After preparing the closing entries post them to the trial balance in the closing entries columns and then complete the post-closing columns 1) Entry to close the revenue and contra-revenue accounts: Account description Debit Credit 2) Entry to close the expense accounts: Debit Credit Account description 3) Entry to close the income summary account: Account description Debit Credit 4) Entry to close the dividends account: Account description Debit Credit