Please help me on this. Need the answer within 1 day (tomorrow) please!

ROCHESTER\tINSTITUTE\tOF\tTECHNOLOGY SAUNDERS\tCOLLEGE\tOF\tBUSINESS SCB-ACCT-110-06-FINANCIAL\tACCOUNTING PROJECT\t#5\t-\tFALL\t2016-2017\t(2161) Please\tPrint\tYour\tFull\tName\tHere:\t_________________________________________________________________________ Company\tBackground: Silver\tTone\tPartners,\tInc.\tis\ta\tspecialty\tmanufacturing\tbusiness\tthat\tbegan\tas\ta\tfamily\tbusiness\tin\t1899\twith\t2\tshareholders. By the mid 1930's, after the Great Depression, those shareholders began to sell stock to their children, and by the early 1960's their children began selling shares of stock to their children. By 1990 the Company had grown to include 32 shareholders;\tall\tfamily\trelatives. In\tSeptember,\t2001,\tthe\tCompany\tsuffered\ta\ttremendous\tfinancial\tloss\tin\tthe\taftermath\tof\tthe\tWorld\tTrade\tCenter\tterrorist attacks\tand\tnearly\twent\tbankrupt\tbut\tfor\tthe\tfact\tthat\tone\tshareholder,\ta\tforth\tgeneration\tchild\tnamed\tGinny,\tagreed\tto purchase\tall\tof\tthe\toutstanding\tshares\tof\tcommon\tstock\tfrom\ther\tfamily\trelatives,\twhich\tshe\tdid\ton\tDecember\t31,\t2001,\tat which\tpoint\tshe\tbecame\tthe\tsole\tshareholder\tof\tthe\tCompany. The\tCompany\thas\talways\tbeen\tprivately\theld\tand\toperated\tas\ta\tCorporation\tincorporated\tin\tthe\tState\tof\tCalifornia. Additional\tInformation: Upon\treview\tof\tthe\t2015\tfinancial\trecords\tthe\tfollowing\tinformation\twas\tdetermined\tby\tthe\tAccounting\tManager\tand\the made\tthe\tappropriate\tAdjusting\tJournal\tEntries\tin\tthe\taccounting\trecords: 1. The Company paid an additional cash dividend on 12/31/15 in the amount of $2,000, which had not yet been recorded. 2. The\tCompany\tcompleted\ta\tphysical\tinventory\tcount\tand\tdetermined\tthe\tactual\tvalue\tof\tinventory\tas\tof\t12/31/15 was\t$5,000. 3. Upon analyzing Rent Expense it was determined that the expense account was overstated by $1,000 and that amount\tshould\tbe\treclassified\tto\tPrepaid\tRent. 4. On 02/01/15 the Company borrowed $500,000 from the bank and made principal payments totaling $400,000 during\tthe\tyear,\tas\trequired\tby\tthe\tPromissory\tNote,\tand\tthe\tentire\tremaining\tbalance\tis\tdue\t01/02/16. 5. Upon\treviewing\tthe\tinsurance\tpolicy\tit\twas\tdetermined\tthat\tthe\tproper\tbalance\tat\tyear-end\tshould\tbe\t$3,000. 6. Upon reviewing the payroll reports from Paychex it was determined that the amount of unpaid payroll as of 12/31/15\twas\tonly\t$3,000. Your\tAnalysis: Using\tthe\tabove\tinformation\tand\tthe\tclient\tdata\tattached\tto\tthis\tpacket: 1. Review the above five (5) 2015 transactions and determine if the Accounting Manager made the proper Adjusting Journal\tEntries. a. Did\tthe\tAccounting\tManager\tmake\tthe\tproper\tentries: _________(Yes) or _________(No) b. Is\tthe\tBalance\tSheet\tproperly\tstated\tas\tof\t12/31/14: _________(Yes) or _________(No) c. Is\tthe\tBalance\tSheet\tproperly\tstated\tas\tof\t12/31/15: _________(Yes) or _________(No) d. Is\tthe\tStatement\tof\tCash\tFlow\tproperly\tstated\tfor\tthe\tYE\t12/31/15: _________(Yes) or _________(No) e. Is\tthe\tIncome\tStatement\tproperly\tstated\tfor\tthe\tYE\t12/31/15: _________(Yes) or _________(No) 2. Historical\tBalance\tSheets: a. Various\tfinancial\tratios\tare\tlisted\ton\tthe\tattached\tHistorical\tBalance\tSheets. Based\ton\tthe\tinformation\tprovided, please\tcompute\teach\tyear's\tfinancial\tratios\tand\tprint\tthe\tresult\tin\tthe\trespective\tboxes. Page\t1\tof\t3 Macintosh\tHD:Users:pcg2:Documents:RIT:ACCT-110:Fall\t(2161)\t06:00-Instructional:00-Project\t#5:Project\t#5.doc b. 3. c. d. e. f. g. h. Please\tcomplete\tthe\tStatements\tof\tRetained\tEarnings\tfor\teach\tyear\tlisted. The\tdividends\tpaid\tin\t2012\tamounted to\t$10,000,000. What\tis\tthe\ttotal\tdollar\tamount\tof\tdividends\tGinny\thas\treceived\tsince\tJanuary\t1,\t2012?\t$_____________ Based\ton\tthe\tinformation\tprovided,\tin\twhich\tyear\twas\tthe\tbank\tdebt\tpaid\toff?\t_______________ Based\ton\tthe\tinformation\tprovided,\tin\twhich\tyear\twas\tthe\tCurrent\tRatio\tthe\tgreatest?\t____________ Based\ton\tthe\tinformation\tprovided,\tin\twhich\tyear\twas\tthe\tCash\tRatio\tthe\tgreatest?\t____________ Based\ton\tthe\tinformation\tprovided,\tin\twhich\tyear\twas\tthe\tEquity\tRatio\tthe\tgreatest?\t____________ Based\ton\tthe\tinformation\tprovided,\ton\twhat\tdate\t(MM/DD/YY)\twere\tthe\tFixed\tAssets\tsold?\t__________ Historical\tIncome\tStatements: a. Excluding\tOperating\tExpenses,\tin\twhich\tyear\tdid\tthe\tCompany\tmake\tthe\tgreatest\tprofit\tfrom\tselling\tthe\tproducts they\tmanufactured?\t___________ b. Assuming\tdisposition\tof\tassets\tis\tnot\tconsidered\tpart\tof\toperations\tbut\tincome\ttaxes\tare,\twhat\twas\tthe\tCompany's Net\tIncome\tfrom\tOperations\tin: i. 2015\t_________________ ii. 2014\t_________________ iii. 2013\t_________________ iv. 2012\t_________________ c. In\twhich\tyear\twere\tOperating\tExpenses,\tas\tlisted,\tthe\tgreatest\tas\ta\tpercent\tof\tNet\tSales?\t___________ d. Why\tis\tCost\tof\tGood\tSold\tgreater\tin\t2015\tthan\t2013? __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ e. Why\tis\tPayroll\tExpense\tless\tin\t2013\tthan\t2012? __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ f. Why\tis\tIncome\tTax\tExpense\tapproximately\tthe\tsame\tin\t2014\tas\tit\tis\tin\t2013\twhen\tGross\tProfit\tis\talmost\t$28\tmillion less\tin\t2014? __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ g. Why\tare\tSales\tdeclining? __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ Page\t2\tof\t3 Macintosh HD:Users:pcg2:Documents:RIT:ACCT-110:Fall (2161) 06:00-Instructional:00-Project #5:Project #5.doc 4. Legibly\twrite\ta\tnarrative\tas\tto\tyour\tanalysis\tof\tGinny's\tCompany\tsince\tthe\tend\tof\t2011: ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ Page\t3\tof\t3 Macintosh HD:Users:pcg2:Documents:RIT:ACCT-110:Fall (2161) 06:00-Instructional:00-Project #5:Project #5.doc Silver\tTone\tPartners,\tInc. HISTORICAL\tBALANCE\tSHEETS As\tof\tDecember\t31,\t2015,\t2014,\t2013\t&\t2012 2015 2014 2013 2012 $ 310,000 43,000 5,000 $ 358,000 $ 195,500 21,000 35,000 $ 251,500 $ 14,222,112 751,090 9,898,011 $ 24,871,213 $ 351,213 75,234 45,524,242 $ 45,950,689 $ 13,000 - 2,500 $ 10,500 $ 3,000 - 500 $ 2,500 $ $ - $ 21,913,212 - 10,324,124 $ 11,589,088 $ 4,000 3,000 $ 7,000 $ 2,000 $ 2,000 $ 40,000 25,111 $ 65,111 $ 350,000 410,132 $ 760,132 TOTAL\tASSETS $ 375,500 $ 256,000 $ 24,936,324 $ 58,299,909 LIABILITIES\t&\tSTOCKHOLDER'S\tEQUITY Current\tLiabilities Accounts\tPayable Payroll\tPayable Accrued\tExpenses Note\tPayable\t-\tCurrent\tPortion Total\tCurrent\tLiabilities $ 38,000 3,000 2,000 12,000 $ 55,000 $ 42,500 2,000 500 $ 45,000 $ 1,251,223 3,000,000 $ 4,251,223 $ 3,243,227 1,850,443 5,901,112 3,000,000 $ 13,994,782 Long\tTerm\tLiabilities Note\tPayable\t-\tLong\tTerm\tPortion Total\tLong\tTerm\tLiabilities $ 88,000 $ 88,000 $ $ - $ 20,000,000 $ 20,000,000 $ 33,000,000 $ 33,000,000 Total\tLiabilities $ 143,000 $ 45,000 $ 24,251,223 $ 46,994,782 Stockholder's\tEquity Common\tStock Retained\tEarnings Total\tStockholder's\tEquity $ 1,000 231,500 $ 232,500 $ 1,000 210,000 $ 211,000 $ 1,000 684,101 $ 685,101 $ 1,000 11,304,127 $ 11,305,127 $ 375,500 $ 256,000 $ 24,936,324 $ 58,299,909 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ASSETS Current\tAssets Cash Accounts\tReceivable Inventory Total\tCurrent\tAssets Property,\tPlant\t&\tEquipment Furniture\t&\tEquipment Accumulated\tDepreciation Total\tProperty,\tPlant\t&\tEquipment Other\tAssets Prepaid\tRent Prepaid\tInsurance Total\tOther\tAssets TOTAL\tLIABILITIES\t&\tSTOCKHOLDER'S\tEQUITY RATIOS: Working\tCapital Current\tRatio Quick\tRatio\t(#.##\tto\t1) Debt\tRatio Equity\tRatio Asset\tto\tEquity Debt\tto\tEquity Cash\tRatio Statement\tof\tRetained\tEarnings: Beginning\tBalance +\tNet\tIncome = -\tDividends\tPaid =\tEnding\tBalance Silver\tTone\tPartners,\tInc. HISTORICAL\tINCOME\tSTATEMENTS For\tthe\tYears\tEnded\tDecember\t31,\t2015,\t2014,\t2013\t&\t2012 2015 Amount $ 350,000 %\tSales 100.0% 2014 Amount $ 35,142,681 %\tSales 100.0% 2013 Amount $ 68,775,422 %\tSales 100.0% 2012 Amount $ 125,989,321 %\tSales 100.0% - 130,000 -37.1% - 12,741,919 -36.3% - 17,821,311 -25.9% - 22,909,672 -18.2% GROSS\tPROFIT $ 220,000 62.9% $ 22,400,762 63.7% $ 50,954,111 74.1% $ 103,079,649 81.8% OPERATING\tEXPENSES Depreciation Gain\ton\tSale\tof\tAssets Income\tTax\tExpense Insurance Interest\tExpense Meals\tand\tEntertainment Office\tSupplies Payroll Professional\tFees Rent\tExpense Travel Utilities Total\tOperating\tExpenses $ 2,000 17,500 10,000 800 400 94,000 3,000 42,300 17,000 7,500 194,500 0.6% 0.0% 0.0% 5.0% 2.9% 0.2% 0.1% 26.9% 0.9% 12.1% 4.9% 2.1% 55.7% $ 500 4,121,332 298,231 49,832 12,726 8,731 1,231,641 35,000 240,000 25,235 43,323 6,066,551 0.0% 0.0% 11.7% 0.8% 0.1% 0.0% 0.0% 3.5% 0.1% 0.7% 0.1% 0.1% 17.1% $ - 5,898,933 4,228,775 2,854,236 1,452,325 465,222 298,454 12,625,348 1,210,000 2,600,000 1,250,412 1,946,312 23,032,151 0.0% -8.6% 6.1% 4.2% 2.1% 0.7% 0.4% 18.4% 1.8% 3.8% 1.8% 2.8% 33.5% $ 2,109,462 11,212,934 2,503,782 1,651,090 355,454 23,899 44,598,989 955,000 2,400,000 1,118,221 2,998,663 69,927,494 1.7% 0.0% 8.9% 2.0% 1.3% 0.3% 0.0% 35.4% 0.8% 1.9% 0.9% 2.4% 55.6% Net\tIncome $ 25,500 7.2% $ 16,334,211 46.6% $ 27,921,960 40.6% $ 33,152,155 26.2% SALES COST\tOF\tGODS\tSOLD Silver\tTone\tPartners,\tInc. STATEMENT\tOF\tCASH\tFLOWS For\tthe\tYear\tEnded\tDecember\t31,\t2015 Cash\tflows\tfrom\toperating\tactivities Net\tIncome Adjustments\tto\treconcile\tnet\tincome\tto cash\tprovided\tby\toperating\tactivities Depreciation Net\tchange\tin\tAccounts\tReceivable Net\tchange\tin\tInventory Net\tchange\tin\tPrepaid\tRent Net\tchange\tin\tPrepaid\tInsurance Net\tchange\tin\tAccounts\tPayable Net\tchange\tin\tPayroll\tPayable Net\tchange\tin\tAccrued\tExpenses Net\tcash\tprovided\tby\toperating\tactivities $ 25,500 2,000 - 22,000 30,000 - 4,000 - 1,000 - 4,500 1,000 1,500 Cash\tflows\tfrom\tinvesting\tactivities Cash\tPaid\tfor\tFurniture\tand\tEquipment Net\tcash\tused\tby\tinvesting\tactivities - 10,000 Cash\tflows\tfrom\tfinancing\tactivities Proceeds\tfrom\tNote\tPayable Cash\tPaid\tfor\tDividend Net\tcash\tprovided\tby\tfinancing\tactivities 100,000 - 4,000 Net\tincrease\tin\tcash Cash\tbalance,\tbeginning Cash\tbalance,\tending $ 28,500 -$ 10,000 $ 96,000 $ 114,500 195,500 $ 310,000 Silver\tTone\tPartners,\tInc. STATEMENT\tOF\tRETAINED\tEARNINGS For\tthe\tYear\tEnded\tDecember\t31,\t2015 Retained\tearnings,\tbeginning Add\tNet\tIncome Less\tDividends Retained\tearnings,\tending $ 210,000 25,500 235,500 - 4,000 $ 231,500 Silver Tone Partners, Inc. Trial Balance Worksheet 12/31/14 Post Closing Trial Balance Credit Debit 10000 Cash - Checking 195,500 12000 Accounts Receivable 21,000 13200 Inventory 35,000 15000 Furniture and Equipment 3,000 17000 Accumulated Depreciation 500 18000 Prepaid Rent 18700 Prepaid Insurance 2,000 20000 Accounts Payable 42,500 21000 Payroll Payable 2,000 23000 Accrued Expenses 500 24000 Note Payable - Current 28000 Note Payable - Long Term 30100 Capital Stock 1,000 30200 Dividends Paid 32000 Retained Earnings 210,000 47900 Sales 51000 Purchases 62400 Depreciation Expense 63300 Insurance Expense 63400 Interest Expense 64300 Meals and Entertainment 64900 Office Supplies 65600 Payroll Expenses 66700 Professional Fees 66750 Rent Expense 68400 Travel Expense 68600 Utilities $ 256,500 $ 256,500 12/31/15 Unadjusted Trial Balance Debit Credit 312,000 43,000 10,000 13,000 2,500 3,000 12,000 38,000 11,000 2,000 12,000 88,000 1,000 2,000 210,000 350,000 125,000 2,000 8,500 10,000 800 400 102,000 3,000 43,300 17,000 7,500 $ 714,500 $ 714,500 Adjusting Entries Debit Credit 2,000 5,000 1,000 9,000 8,000 2,000 5,000 9,000 8,000 1,000 $ 25,000 $ 25,000 12/31/15 Adjusted Trial Balance Debit Credit 310,000 43,000 5,000 13,000 2,500 4,000 3,000 38,000 3,000 2,000 12,000 88,000 1,000 4,000 210,000 350,000 130,000 2,000 17,500 10,000 800 400 94,000 3,000 42,300 17,000 7,500 $ 706,500 $ 706,500 Closing Entries Debit Credit $ 350,000 350,000 $ 4,000 21,500 130,000 2,000 17,500 10,000 800 400 94,000 3,000 42,300 17,000 7,500 350,000 12/31/15 Post Closing Trial Balance Debit Credit 310,000 43,000 5,000 13,000 2,500 4,000 3,000 38,000 3,000 2,000 12,000 88,000 1,000 231,500 $ 378,000 $ 378,000