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Please help me! 1. An inventory of supplies showed $500 were used up. 2. The furniture was purchased for $30,000. It has $0 salvage value
Please help me!
1. An inventory of supplies showed $500 were used up. 2. The furniture was purchased for $30,000. 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. $1,000 of insurance was used. 4. Performed $25,000 of services that was paid for in advance 5. On last day of the month, performed $6,000 of services for new customer and will be paid next month 6. Happy cleaners provided $9,000 of cleaning services on the last day of the month. This was a special yearly clean. They will be paid next month. 7. An inventory count revealed there was $6,000 of inventory shrinkage. This was a larger than usual amount of shrinkage. 8. The company estimates bad debt expense to be 5% of credit sales. Assume all sales are made on credit. 9. A company with net assets of $100,000 was purchased for $140,000 one year ago. The current fair value of the company is 120,000 . Perform a goodwill impairment test and record an impairment entry if one is needed. \begin{tabular}{|l|l|l|l|l|} \hline Date & Accounts and Explanation & Debit & Credit \\ \hline \hline Adj 1 & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Adj2 & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Adj3 & & & & \\ \hline & & & & \\ \hline Adj4 & & & \\ \hline & & & \\ \hline & & & \\ \hline Adj5 & & & \\ \hline & & & \\ \hline & & & \\ \hline Adj6 & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} General Ledger (starting with balances from unadjusted trial balance) \begin{tabular}{l|r|l|ll|l|c} \multicolumn{4}{c}{ Depreciation Expense- Furniture } & & \multicolumn{2}{c}{ Accumulated Depreciation-Furniture } \\ \cline { 1 - 2 } \cline { 5 - 6 } & & & & & \\ \hline Bal. & 0 & & & & 0 Bal. \end{tabular} Adjusted Trial Balance \begin{tabular}{|l|} \hline \multicolumn{1}{|c|}{ ANN SIMPSON DESIGNER } \\ \multicolumn{1}{|c|}{ Statement of Owner's Equity Year Ended December 31, 2018 } \\ \hline Beginning, January 1,2018 \\ \hline Net income for the year \\ \hline \end{tabular} 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 sheetStep by Step Solution
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