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1 10 points eBook Ask Print Reference The trial balance of Pacilio Security Services, Incorporated as of January 1 Year 9, had the following normal balances Cash $ 93,380 Petty cash 100 Accounts receivable 21,390 Allowance for doubtful accounts 2,485 Supplies 180 Prepaid rent 3,000 Merchandise inventory (23 $280) 6,440 Equipment 9,000 Van 27,888 Accumulated depreciation 14,900 Salaries payable 1,500 Common stock Se, 200 Retained earnings 91,605 During Year 9, Pacilio Security Services experienced the following transactions: 1. Pald the salaries payable from Year 8. 2. Paid $9,000 on May 2, Year 9, for one year's office rent in advance 3. Purchased $425 of supplies on account 4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase. 5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable 6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account 7. Record cost of good sold for the sales transaction mentioned in previous transaction number 6). Be sure to compute cost of goods sold using the FIFO cost flow method. 8. Billed $107.000 of monitoring services for the year. Credit card sales amounted to $42,000, and the credit card company charged a 4 percent fee. The remaining $65.000 were sales on account Sales taxis not charged on this service 9. Replenished the petty cash fund on June 30. The fund had $5 cash and has receipts of $60 for yard mowing. 515 for office supplies expense, and $17 for miscellaneous expenses 10. Collected the amount due from the credit card company 11. Paid the sales tax collected on $69.600 of the alarm sales 12. Paid installers and other employees a total of $65,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 15 percent. Federal income taxes withheld amounted to 57.500 Cash was paid for the net amount of salaries due. 13. Pacilio now offers a one-year warranty on its alarm systems. Paid $1.950 in warranty repairs during the yem 14. On September 1, borrowed $12,000 from State Bank The note had an 8 percent interest rate and a one year term to maturity 15. Collected $136,100 of accounts receivable during the year. 16. Paid $15,000 of advertising expense during the year 17. Paid $7.200 of utilities expense for the year. 18. Paid the payroll taxes, both the amounts withheld from the salaries plus the employer share of Social Security tax and Medicare tax, on $60,000 of the salaries plus $7,000 of the federal income tax that was withheld Unemployment taxes were not paid at this time) 19. Paid the accounts payable. 20. Paid a dividend of $10,000 to the shareholders Adjustments 21 There was $165 of supplies on hand at the end of the year 12. Recognized the expired rent for the office building for the year 23. Recognized uncollectible accounts expense for the year using the allowance method. The company revised Ostimate of uncollectible accounts based on prior years' experience. This year, Pacilo estimates that 2.75 percent of sales on account will not be collected 24. Recognized depreciation expense on the equipment and the van. The equipment has a five year life and a $2.000 salvage value. The van has a four year life and a $6,000 salvege value. The company uses double-declining balance for the van and straight line for the equipment. (A full year's depreciation was taken in Year & the year of acquisition) 25. The alarm systems sold in transaction 6 were covered with a one-year warranty. Pacilo estimated that the warranty cost would be percent of alarm sales 26. Recognized the accrued interest on the note payable at December 31, Year 27. The unemployment tax on salaries has not been paid. Recorded the accrued unemployment tax on the sales for the year. The unemployment tax rates 45 percent ($14,000 of stories is subject to this tax 28. Recognized the employer Social Security and Medicare payroll tax that has not been paid on 55.000 of salaries TOL een pala on $5,000 of salaries expe Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Prepare the statement of changes in stockholders' equity for the year ended December 31, Year 9. You will need to determine and enter the accounts and balances to prepare the Statement of Changes in Stockholders' Equity. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Show less Post-closing Pacilio Security Services, Incorporated Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 9 Beginning Common Stock Add: Common stock issued Ending Common Stock Beginning Retained Earnings 31,098 Ending Retained Earnings Total Stockholders' Equity Income Statement Balance Sheet > Prey 1 of 1 BE Next 3 CE General General Trial Requir... Income Changes Balance State... Journal Ledger Balance State... in SE Sheet of CF Analysis The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Choose the appropriate accounts to be reported on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. (Enter the balance sheet items in the order of liquidity.) Show less Post-closi Unadjusted Balance Sheet Adjusted At December 31, Year 9 Assets Post- closing 0 0 Liabilities 0 Stockholders' Equity 0 Changes in Statement of CF > - 1 unemployment tax rate is 4.5 percent. ($14,000 of salaries is subject to this tax) 28. Recognized the employer Social Security and Medicare payroll tax that has not been pa ts Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Stater of Prepare the statement of cash flow for year ended December 31, Year 9. (Enter cash outflow with a minus sign.) eBook Pacilio Security Services, Incorporated Statement of Cash Flows For the Year Ended December 31, Yoar 9 Cash flows from operating activities: Ask Print Herences $ 0 Net cash flow from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 Ending cash balance $ Requirement Journal Ledger nardan Statement SE Sheet of CF Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) each element of the financial statements. Also, in the Statement of Cash Flows column, use the letters On to designate operating activity, IA for investing activity, FA for financing activity, and leave blank for no effect. The first transaction is recorded as an example. (Not all cells require input.) Show less Pacilo Security Services, Incorporated Horizontal Statements Model Balance Sheet Income Statement Liabilities Stockholders Revenue Expenses Equity Assets Net Income Statement of Cash Flows Transaction 1 2 a 4 5 6. ces 7 9 10 11 12 13 14 15. 16 17 18. 19. 20. 21. 22. 23 24 25. 26. 27. 28. Prey 1 of 1 Next