PLEASE HELP! Due tonight!!!!

GRADING: Worth up to 15 points. Carefully READ the instructions on page 3 first. Partially completed problems will earn no credit that means all requirements must be FULLY completed. All work must be completed by hand. If you complete all items as requested, you will earn at least 7.5 points. The remaining points are dependent upon the accuracy of your answers! Round amounts to the nearest dollar, if applicable. Jamukha Corporation prepares quarterly financial statements, ending March 31, 2018. The balance sheet at December 31, 2017, is presented below. Jamukha uses a LIFO Periodic inventory system. Jamukha Corporation Balance Sheet December 31, 2017 Liabilities and Stockholders' Equity Accounts payable 7,000 Common stock 30,000 Retained earnings 157,980 Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Land Equipment A/D-equipment Building A/D-building 22,000 3,000 (1.600) 580 60.000 25,000 (4,000) 120,000 (30,000) 194,980 194.980 During the first quarter the following transactions occurred: On January 3, purchased and received 300 units of inventory at $30 per unit, on account. Shipping terms were F.O.B. shipping point and delivery charges of $200 were paid in cash directly to the shipping company using Check #753. The sales terms given to us by the supplier were 2/10, n 30. On January 11, Jamukha paid for the inventory purchased on January 3. Jamukha used check #754. On January 20, purchased and received 200 units of inventory at $38 per unit, paying with Check #755. Shipping terms were F.O.B. destination OBI 9 4. 5. On February 1, sold, an account, 75 units of inventory to Willent Corp. for $123 per unit. The sales terme we gave Willert were 1/10, W60. (reminder: Jamatha was a periodic LFOstem) On February 5, sold, on account, 90 units of inventory to Schulting Corp. for $124 per unit. The sales terms we gave Schulting were 1/10, 1/60. On February 10, received payment, in full, from Schulting Corporation On February 14, paid $4,000 an accounts payable. Check 8756 was used. On March 1, paid administrative expenses of $3,000. Check 1757 was used. 6 7. & 9. On March 17, purchased and received 125 units of inventory at $40 per unit, paying with Check #758, Shipping terms were F.O.B. destination 10. On March 20, received a check from Willert Corp for $3,000 to pay a portion of what is owed to Jamukha. 11. On March 21, sold, on account, 20 units of inventory to Armstrong Inc. for $123 per unit. The sales terms we gave Armstrong were 1/10, 1/60 12. On March 22, found out that Willert Corp. filed for bankruptcy, Jamukha therefore wrote off the remaining amount owed by Willert Corp. 13. On March 25, Armstrong Inc. returned 4 units they had purchased on March 21 because they were defective Adjusting Journal Entries Journal Entries 14. Beginning inventory for Jamukha Corp. was 20 units at $29 per unit. Determine the value of ending inventory as well as the cost of goods sold for the quarter. Record the journal entry. 15. Jamukha Corp. estimates that 21% of its net revenues will end up uncollected. Record bad debt expense. Hint: You will need to calculate the revenue balance before calculating bad debt expense. You should do this by looking at the ledger after posting entries 1-13. $5,000 for the quarter and depreciation on the equipment was $1,000 for 16. Depreciation on the building the quarter. 17. The company reconciles its estas . quarter. Information from the December 31, 2017, bank DACSON Y ned the facts in this item to O Big reconciliation is provided below. Make the necessary joumal entry. You will need the facts in this item to complete the bank reconciliation for Requirement (e). There were no errors Deposit in transit 12/30/17 $3,200 Outstanding Checks 1741 $5,000 747 750 2550 The bank statement resched for the guarter cad Beginning balance per bank Deposits: 1/2/18 $3,200; 2/15/18 $11,048 14,248 Checks: 747 $750; #753 $200, 0754 58,820 56 54,000; #757 $3,000,#758 $5,000 (21,770) Debit meme: Bank service charge (Record as "Administrative expense. 59 Ending balance per bank 16973 Jamukha's income tax rate is 30%. The tax will be paid when the tax return is due in April Hint: Prepare the income statement up to income before taxes and multiply by 30% to compu amount of income tax expense Round the tax expense to the nearest whole dol Instructions Print out the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. If you don't have access to a printer, you may use your own paper to recreate the general journal ledger, and worksheet. I suggest that you use a pencil. You may work with other people only one copy seeds to be turned in with all your names and discussions numbers at the top. You must complete all requirements (a) through (h) to receive any credit. Tum in completed work to your TA via email by midnight, Saturday April 25 Enter the December 31, 2017, balances in ledger accounts. Use the ledger account running balance format accounts provided on the following pages. Look at the cash account for an example of how to use the running balance ledger. I have completed the first line of it for you. It is a good idea to keep track of whether your balance column is a debitor a credit particularly for contra accounts. b. Enter the transactions numbered 1-13 in the general journal provided on the following pages. o i YGS (6) Facebook @agency.government. W enise Home Wisconsin L Instructions and New 16 unread) - Trostructions Prince the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. If you don't have access to a printer, you may use your P C to recreate the general journal ledger, and worksheet. I suggest that you use a pencil. You may work with other people, only one copy needs to be turned in with all your names and discussions numbers at the top. You must complete all requirements (6) through (h) to receive any credit. Tum in completed work to your TA via email by midnight, Saturday April 25 Enter the December 31, 2017, balances in ledger accounts. Use the ledger count running balance format accounts provided on the following pages. Look at the cash account for an example of how to use the running halange lediger. These empleted the first line of for you i god idea to keep track od whether your balance column is a debitor a credit, particularly for contra counts b. Enter the transactions numbered 1-13 in the general journal provided on the following pages. c. Post the journal entries to the ledger accounts for items 1-3. d. Prepare an unadjusted trial balance at March 31 and enter on the worksheet. Then complete the other worksheet columns. (See below) Worksheet requirement: Using your adjusted trial balance (d) above and the data for adjusting entries, (e) and (1) below, prepare a 12 column worksheet. Use the example for Sier Corporation from Chapter 4 in the text (Illustration 4A-1 in Chapter 4 Appendix) for guidance. You will not receive any credit if the worksheet is incomplete. Prepare a bank reconciliation in good form. (Item 17 above.) Use your own paper. Record the necessary AJE in the journal, the ledger, and the worksheet. Journalize and post all other adjusting entries. (Items 14.18 above.) Add them to the worksheet Prepare an income statement and a retained earnings statement for the quarter ended March 31, 2018 and a classified balance sheet at March 31, 2018. Appropriately name the gain loss account on your income statement (you must call it either again or a loss, not both) Use your own paper. (No formatted sheets are supplied as for the other items) h. Journalize closing entries. You are not required to post the closing entries or prepare a post-closing trial balance for this assignment o 9 EXTRA CREDIT I SOLUTION Requirements bh chand Entry Account Tits TH T 11 ULUI TUTTI TTTTTTIIII IIIIIIIIIII III IL TUTUL TUTTI TUTTI 29 10. ITT TILLITI TIL IIIIIIIIIIIIII Eetry E Regaled ACCOUNTS RECEIVARI LIITTIMET IIIII ALLOWANCE FOR DORTFUL DR R RALAM BLIVE BLIVE o & 9 Facebook agency.government... w enise Home Wisconsin L. Instructions and Ne... O SALES RETURNS AND ALLOWANCES COST OF GOODS SOLD DEPRECIATION EXPENSE BALANCE BAD DERT EXPENSE INCOME TAX EXPENSE Worksheet die Wewe of 9 GRADING: Worth up to 15 points. Carefully READ the instructions on page 3 first. Partially completed problems will earn no credit that means all requirements must be FULLY completed. All work must be completed by hand. If you complete all items as requested, you will earn at least 7.5 points. The remaining points are dependent upon the accuracy of your answers! Round amounts to the nearest dollar, if applicable. Jamukha Corporation prepares quarterly financial statements, ending March 31, 2018. The balance sheet at December 31, 2017, is presented below. Jamukha uses a LIFO Periodic inventory system. Jamukha Corporation Balance Sheet December 31, 2017 Liabilities and Stockholders' Equity Accounts payable 7,000 Common stock 30,000 Retained earnings 157,980 Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Land Equipment A/D-equipment Building A/D-building 22,000 3,000 (1.600) 580 60.000 25,000 (4,000) 120,000 (30,000) 194,980 194.980 During the first quarter the following transactions occurred: On January 3, purchased and received 300 units of inventory at $30 per unit, on account. Shipping terms were F.O.B. shipping point and delivery charges of $200 were paid in cash directly to the shipping company using Check #753. The sales terms given to us by the supplier were 2/10, n 30. On January 11, Jamukha paid for the inventory purchased on January 3. Jamukha used check #754. On January 20, purchased and received 200 units of inventory at $38 per unit, paying with Check #755. Shipping terms were F.O.B. destination OBI 9 4. 5. On February 1, sold, an account, 75 units of inventory to Willent Corp. for $123 per unit. The sales terme we gave Willert were 1/10, W60. (reminder: Jamatha was a periodic LFOstem) On February 5, sold, on account, 90 units of inventory to Schulting Corp. for $124 per unit. The sales terms we gave Schulting were 1/10, 1/60. On February 10, received payment, in full, from Schulting Corporation On February 14, paid $4,000 an accounts payable. Check 8756 was used. On March 1, paid administrative expenses of $3,000. Check 1757 was used. 6 7. & 9. On March 17, purchased and received 125 units of inventory at $40 per unit, paying with Check #758, Shipping terms were F.O.B. destination 10. On March 20, received a check from Willert Corp for $3,000 to pay a portion of what is owed to Jamukha. 11. On March 21, sold, on account, 20 units of inventory to Armstrong Inc. for $123 per unit. The sales terms we gave Armstrong were 1/10, 1/60 12. On March 22, found out that Willert Corp. filed for bankruptcy, Jamukha therefore wrote off the remaining amount owed by Willert Corp. 13. On March 25, Armstrong Inc. returned 4 units they had purchased on March 21 because they were defective Adjusting Journal Entries Journal Entries 14. Beginning inventory for Jamukha Corp. was 20 units at $29 per unit. Determine the value of ending inventory as well as the cost of goods sold for the quarter. Record the journal entry. 15. Jamukha Corp. estimates that 21% of its net revenues will end up uncollected. Record bad debt expense. Hint: You will need to calculate the revenue balance before calculating bad debt expense. You should do this by looking at the ledger after posting entries 1-13. $5,000 for the quarter and depreciation on the equipment was $1,000 for 16. Depreciation on the building the quarter. 17. The company reconciles its estas . quarter. Information from the December 31, 2017, bank DACSON Y ned the facts in this item to O Big reconciliation is provided below. Make the necessary joumal entry. You will need the facts in this item to complete the bank reconciliation for Requirement (e). There were no errors Deposit in transit 12/30/17 $3,200 Outstanding Checks 1741 $5,000 747 750 2550 The bank statement resched for the guarter cad Beginning balance per bank Deposits: 1/2/18 $3,200; 2/15/18 $11,048 14,248 Checks: 747 $750; #753 $200, 0754 58,820 56 54,000; #757 $3,000,#758 $5,000 (21,770) Debit meme: Bank service charge (Record as "Administrative expense. 59 Ending balance per bank 16973 Jamukha's income tax rate is 30%. The tax will be paid when the tax return is due in April Hint: Prepare the income statement up to income before taxes and multiply by 30% to compu amount of income tax expense Round the tax expense to the nearest whole dol Instructions Print out the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. If you don't have access to a printer, you may use your own paper to recreate the general journal ledger, and worksheet. I suggest that you use a pencil. You may work with other people only one copy seeds to be turned in with all your names and discussions numbers at the top. You must complete all requirements (a) through (h) to receive any credit. Tum in completed work to your TA via email by midnight, Saturday April 25 Enter the December 31, 2017, balances in ledger accounts. Use the ledger account running balance format accounts provided on the following pages. Look at the cash account for an example of how to use the running balance ledger. I have completed the first line of it for you. It is a good idea to keep track of whether your balance column is a debitor a credit particularly for contra accounts. b. Enter the transactions numbered 1-13 in the general journal provided on the following pages. o i YGS (6) Facebook @agency.government. W enise Home Wisconsin L Instructions and New 16 unread) - Trostructions Prince the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. If you don't have access to a printer, you may use your P C to recreate the general journal ledger, and worksheet. I suggest that you use a pencil. You may work with other people, only one copy needs to be turned in with all your names and discussions numbers at the top. You must complete all requirements (6) through (h) to receive any credit. Tum in completed work to your TA via email by midnight, Saturday April 25 Enter the December 31, 2017, balances in ledger accounts. Use the ledger count running balance format accounts provided on the following pages. Look at the cash account for an example of how to use the running halange lediger. These empleted the first line of for you i god idea to keep track od whether your balance column is a debitor a credit, particularly for contra counts b. Enter the transactions numbered 1-13 in the general journal provided on the following pages. c. Post the journal entries to the ledger accounts for items 1-3. d. Prepare an unadjusted trial balance at March 31 and enter on the worksheet. Then complete the other worksheet columns. (See below) Worksheet requirement: Using your adjusted trial balance (d) above and the data for adjusting entries, (e) and (1) below, prepare a 12 column worksheet. Use the example for Sier Corporation from Chapter 4 in the text (Illustration 4A-1 in Chapter 4 Appendix) for guidance. You will not receive any credit if the worksheet is incomplete. Prepare a bank reconciliation in good form. (Item 17 above.) Use your own paper. Record the necessary AJE in the journal, the ledger, and the worksheet. Journalize and post all other adjusting entries. (Items 14.18 above.) Add them to the worksheet Prepare an income statement and a retained earnings statement for the quarter ended March 31, 2018 and a classified balance sheet at March 31, 2018. Appropriately name the gain loss account on your income statement (you must call it either again or a loss, not both) Use your own paper. (No formatted sheets are supplied as for the other items) h. Journalize closing entries. You are not required to post the closing entries or prepare a post-closing trial balance for this assignment o 9 EXTRA CREDIT I SOLUTION Requirements bh chand Entry Account Tits TH T 11 ULUI TUTTI TTTTTTIIII IIIIIIIIIII III IL TUTUL TUTTI TUTTI 29 10. ITT TILLITI TIL IIIIIIIIIIIIII Eetry E Regaled ACCOUNTS RECEIVARI LIITTIMET IIIII ALLOWANCE FOR DORTFUL DR R RALAM BLIVE BLIVE o & 9 Facebook agency.government... w enise Home Wisconsin L. Instructions and Ne... O SALES RETURNS AND ALLOWANCES COST OF GOODS SOLD DEPRECIATION EXPENSE BALANCE BAD DERT EXPENSE INCOME TAX EXPENSE Worksheet die Wewe of 9