Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me complete the following worksheets: general journal, General ledger, trial balance, income statement, changes in stockholders equity, balance sheet, statement of cash flows,

please help me complete the following worksheets:
general journal, General ledger, trial balance, income statement, changes in stockholders equity, balance sheet, statement of cash flows, Analysis
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
its due tonight
The account balances of Pacilio Security Services, Incorporated as of January 1, Year 10, are shown here: During Year 10. Pacilio Security Services experienced the following transactions: 1. Paid the sales tax payable from Year 9. 2. Paid the balance of the payroll liablities due for Year 9 (federal income tax, FICA taxes, and unemployment taxes). 3. On January 1, Year 10, purchased land and a building for $150,000. The building was appraised at $125,000 and the land at $25,000. Pacilio paid $50,000 cash and financed the balance. The balance was financed with a 10year instaliment note. The note had an interest rate of 7 percent and annual payments of $14,238 due on the last day of the yeat. 4. On January 1, Year 10, issued $50,000 of 6 percent, five year bonds. The bonds were issued at 98 . 5. Purchase $660 of supplies on account. 6. Purchased 170 alarm systems at a cost of $300. Cash was paid for the purchase. 7. After numerous attempts to collect from customers, wrote off $2,450 of uncollectible accounts recelvable. 8. Sold 160 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.) 9. Record the cost of goods sold related to the sale from Event 8 using the FIFO method. 10. Billed $120,000 of monitoring services for the year. Credit card sales amounted to $36,000, and the credit card company charged a 4 percent fee. The remaining $84,000 were sales on account. Sales tax is not charged on this service. 11. Replenished the petty cash fund on June 30 . The fund had $11 cash and receipts of $65 for yard mowing and $24 for office supplies expense. 12. Collected the amount due from the credit card company. 13. Paid the sales tax collected on $85,000 of the alarm sales. 14. Collected $167,000 of accounts recelvable during the year. 15. Paid installers and other employees a total of $82,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes witheld amounted to $9,600. The net amount of salaries was paid in cash. 16. Pald $1,250 in warranty repairs during the year: 17. On September 1, paid the note and interest owed to State Bank. 18. Paid \$18,000 of advertising expense during the year. 19. Paid $5,600 of utities expense for the yeot: 20. Paid the payroll liabilities, both the amounts withheld from the salaries plus the employer share of Social Security tax and Medicare tax, on $75,000 of the salarles plus $8.600 of the federal income tax that was withheld. (Distegard unemployment taxes in this entry.) 21. Paid the accounts payable. 22. Paid bond interest and amortized the discount. 23. Paid the annual installment on the amortized note: 24 Pald a dividend of $10,000 to the shareholders. 25. There was $210 of supplies on hand at the end of the year. 26. Recognized the explred rent for the office building for the year. 27. Recognized the uncollectible accounts expense for the year using the aliowance method. Pacilio now estimates that 1.5 percent of sales on account will not be collected. 28. Recognized depreciation expense on the equipment, van, and building. The equipment has a 5 -year life and a $2,000 salvage value. The van has a 4 year life and a $6,000 salvage value. The bulding has a 40 year life and a $10,000 \$alvage value. The compony uses double-dectining-balence for the van and stralght-line for the equipment and the bulling. The equlpment and van were purchased in Year 8 and a full year of depreciation was taken for both in Year 8. 29. The alarms systems sold in transaction 8 were covered with a one-year warranty. Pacilio estimated that the warranty cost would be 2 percent of alarm sales. 30. The unemployment tax on the three employees has not been paid. Record the accrued unemployment tax on the sataries for the year. The unemployment tax rate is 4.5 percent and gross wages for all employees exceeded $7,000. 31. Recognized the employer Social Security and Medicare payroli tax that has not been paid on $7,000 of salaries expense, General Journal tab - Prepare the journal entries to record transactions (1) through (24). Then prepare the necessary adjusting entries (25) through (31) to correctly report net income for the perlod. Then record the closing entries (32) through (34) as of December 31 , Year 10. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Changes in Stockholders' Equity tab - Prepare the statement of changes in stockholders' equity for the year ended December 31 , Year 10. Balance Sheet tab - Prepare a classified Balance Sheet at December 31, Year 10. Statement of Cash flows - Prepare the statement of cash flow for year ended December 31, Year 10. Analysis tab - Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows. The account balances of Pacilio Security Services, Incorporated as of January 1, Year 10, are shown here: During Year 10. Pacilio Security Services experienced the following transactions: 1. Paid the sales tax payable from Year 9. 2. Paid the balance of the payroll liablities due for Year 9 (federal income tax, FICA taxes, and unemployment taxes). 3. On January 1, Year 10, purchased land and a building for $150,000. The building was appraised at $125,000 and the land at $25,000. Pacilio paid $50,000 cash and financed the balance. The balance was financed with a 10year instaliment note. The note had an interest rate of 7 percent and annual payments of $14,238 due on the last day of the yeat. 4. On January 1, Year 10, issued $50,000 of 6 percent, five year bonds. The bonds were issued at 98 . 5. Purchase $660 of supplies on account. 6. Purchased 170 alarm systems at a cost of $300. Cash was paid for the purchase. 7. After numerous attempts to collect from customers, wrote off $2,450 of uncollectible accounts recelvable. 8. Sold 160 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.) 9. Record the cost of goods sold related to the sale from Event 8 using the FIFO method. 10. Billed $120,000 of monitoring services for the year. Credit card sales amounted to $36,000, and the credit card company charged a 4 percent fee. The remaining $84,000 were sales on account. Sales tax is not charged on this service. 11. Replenished the petty cash fund on June 30 . The fund had $11 cash and receipts of $65 for yard mowing and $24 for office supplies expense. 12. Collected the amount due from the credit card company. 13. Paid the sales tax collected on $85,000 of the alarm sales. 14. Collected $167,000 of accounts recelvable during the year. 15. Paid installers and other employees a total of $82,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes witheld amounted to $9,600. The net amount of salaries was paid in cash. 16. Pald $1,250 in warranty repairs during the year: 17. On September 1, paid the note and interest owed to State Bank. 18. Paid \$18,000 of advertising expense during the year. 19. Paid $5,600 of utities expense for the yeot: 20. Paid the payroll liabilities, both the amounts withheld from the salaries plus the employer share of Social Security tax and Medicare tax, on $75,000 of the salarles plus $8.600 of the federal income tax that was withheld. (Distegard unemployment taxes in this entry.) 21. Paid the accounts payable. 22. Paid bond interest and amortized the discount. 23. Paid the annual installment on the amortized note: 24 Pald a dividend of $10,000 to the shareholders. 25. There was $210 of supplies on hand at the end of the year. 26. Recognized the explred rent for the office building for the year. 27. Recognized the uncollectible accounts expense for the year using the aliowance method. Pacilio now estimates that 1.5 percent of sales on account will not be collected. 28. Recognized depreciation expense on the equipment, van, and building. The equipment has a 5 -year life and a $2,000 salvage value. The van has a 4 year life and a $6,000 salvage value. The bulding has a 40 year life and a $10,000 \$alvage value. The compony uses double-dectining-balence for the van and stralght-line for the equipment and the bulling. The equlpment and van were purchased in Year 8 and a full year of depreciation was taken for both in Year 8. 29. The alarms systems sold in transaction 8 were covered with a one-year warranty. Pacilio estimated that the warranty cost would be 2 percent of alarm sales. 30. The unemployment tax on the three employees has not been paid. Record the accrued unemployment tax on the sataries for the year. The unemployment tax rate is 4.5 percent and gross wages for all employees exceeded $7,000. 31. Recognized the employer Social Security and Medicare payroli tax that has not been paid on $7,000 of salaries expense, General Journal tab - Prepare the journal entries to record transactions (1) through (24). Then prepare the necessary adjusting entries (25) through (31) to correctly report net income for the perlod. Then record the closing entries (32) through (34) as of December 31 , Year 10. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Changes in Stockholders' Equity tab - Prepare the statement of changes in stockholders' equity for the year ended December 31 , Year 10. Balance Sheet tab - Prepare a classified Balance Sheet at December 31, Year 10. Statement of Cash flows - Prepare the statement of cash flow for year ended December 31, Year 10. Analysis tab - Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Dr Carl S. Warren, Dr James M. Reeve, Philip E. Fess

9th Edition

032418803X, 978-0324188035

More Books

Students also viewed these Accounting questions