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1. An inventory of supplies showed $4,500 were used up. 2. The furniture was purchased for $35,000. It has $0 salvage value and a 5 year useful life. One year of depreciation must be recorded. 3. $3,000 of insurance was purchased for 12 months. $1,800 of insurance was used. 4. Performed $27,000 of services that was paid for in advance 5. On last day of the month, performed $26,100 of services for new customer and will be paid next month 6. Happy cleaners provided $19,000 of cleaning services on the last day of the month. This waas a special yearly clean. They will be paid next month. 7. An inventory count revealed there was $4,000 of inventory shrinkage. This was a larger than usual amount of shrinkage. 8. The company estimates bad debt expense to be 3% of credit sales. Assume all sales are made on credit. 9. A company with net assets of $100,000 was purchased for $210,000 one year ago. The current fair value of the company is 180,000 . Perform a goodwill impairment test and record an impairment entry if one is needed. 10. The company had a calculated warranty expense of 14,000 on oustanding sales 11. The company sold an additional 10,000 shares at a market price of $19. The par value of the stock is $1. 12. The company purchased 1,000 of its own shares at a market price of $23. General Journal \begin{tabular}{|l|l|l|l|} \hline Date & Accounts and Explanation & Debit & Credit \\ \hline Adj 1 & & & \\ \hline & & & \\ \hline Adj2 & & & \\ \hline & & & \\ \hline Adj3 & & & \\ \hline & & & \\ \hline Adj4 & & & \\ \hline & & & \\ \hline Adj5 & & & \\ \hline & & & \\ \hline Adj6 & & & \\ \hline & & & \\ \hline Adj7 & & & \\ \hline & & & \\ \hline Adj8 & & & \\ \hline Adj12 & & & \\ \hline & & & \\ \hline & & & \\ \hline Adj9 & & & \\ \hline & & & \\ \hline Adj10 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Adjusted Trial Balance ANN SIMPSON DESIGNER Balance Sheet December 31, 2018 Other Information: Land was sold for $45,000 in cash Furniture was purchased for $30,000 in cash Goodwill was purchased for $80,000 in cash The compnay sold stock for $271,000 in cash Company stock was purchased for $23,000 in cash The company paid $4,000 in cash dividends 1) what is the total debit balance amount on the adjusted trial balance? 2) What is the total stockholders' equity balance on the balance sheet? 3) What is the total liabilities and stockholders Equity balance on the balance sheet? 1. An inventory of supplies showed $4,500 were used up. 2. The furniture was purchased for $35,000. It has $0 salvage value and a 5 year useful life. One year of depreciation must be recorded. 3. $3,000 of insurance was purchased for 12 months. $1,800 of insurance was used. 4. Performed $27,000 of services that was paid for in advance 5. On last day of the month, performed $26,100 of services for new customer and will be paid next month 6. Happy cleaners provided $19,000 of cleaning services on the last day of the month. This waas a special yearly clean. They will be paid next month. 7. An inventory count revealed there was $4,000 of inventory shrinkage. This was a larger than usual amount of shrinkage. 8. The company estimates bad debt expense to be 3% of credit sales. Assume all sales are made on credit. 9. A company with net assets of $100,000 was purchased for $210,000 one year ago. The current fair value of the company is 180,000 . Perform a goodwill impairment test and record an impairment entry if one is needed. 10. The company had a calculated warranty expense of 14,000 on oustanding sales 11. The company sold an additional 10,000 shares at a market price of $19. The par value of the stock is $1. 12. The company purchased 1,000 of its own shares at a market price of $23. General Journal \begin{tabular}{|l|l|l|l|} \hline Date & Accounts and Explanation & Debit & Credit \\ \hline Adj 1 & & & \\ \hline & & & \\ \hline Adj2 & & & \\ \hline & & & \\ \hline Adj3 & & & \\ \hline & & & \\ \hline Adj4 & & & \\ \hline & & & \\ \hline Adj5 & & & \\ \hline & & & \\ \hline Adj6 & & & \\ \hline & & & \\ \hline Adj7 & & & \\ \hline & & & \\ \hline Adj8 & & & \\ \hline Adj12 & & & \\ \hline & & & \\ \hline & & & \\ \hline Adj9 & & & \\ \hline & & & \\ \hline Adj10 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Adjusted Trial Balance ANN SIMPSON DESIGNER Balance Sheet December 31, 2018 Other Information: Land was sold for $45,000 in cash Furniture was purchased for $30,000 in cash Goodwill was purchased for $80,000 in cash The compnay sold stock for $271,000 in cash Company stock was purchased for $23,000 in cash The company paid $4,000 in cash dividends 1) what is the total debit balance amount on the adjusted trial balance? 2) What is the total stockholders' equity balance on the balance sheet? 3) What is the total liabilities and stockholders Equity balance on the balance sheet
