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Please Help with the red boxes, its an adjusted trial balance. Cash ta 2688 $ Accounts Receivable 49024 Accounts Receivable Notes Receivable 12,800 Inventory 46,336
Please Help with the red boxes, its an adjusted trial balance.
Cash ta 2688 $ Accounts Receivable 49024 Accounts Receivable Notes Receivable 12,800 Inventory 46,336 Prepaid Insurance 4,608 Land 25,600 Buildings 192,000 Equipment 91904 Accumulated Depreciation-Equipment 10272 Accumulated Depreciation-Buildings Patents 11,520 Allowance for Doubtful Accounts Accounts Payable 34,944 Income Taxes Payable 19200 Salaries and Wages Payable 2816 Common Stock 64,000 Retained Earnings 81,408 Interest Expense 5888 Bad Debt Expense 4480 Insurance Expense 3072 Cost of Goods Sold 810,880 Amortization Expense 1280 Other Operating Expenses 79,104 Dividends 15,360 Salaries and Wages Expense 137984 Interest Payable 5888 Depreciation Expense 14048 TIE 19200 Sales Revenue Totals $ $ Grouper Corp.'s unadjusted trial balance at December 1, 2022, is presented below. Debit Credit Cash $28,160 Accounts Receivable 47,104 Notes Receivable 12,800 Interest Receivable 0 Inventory 46,336 Prepaid Insurance 4,608 Land 25,600 Buildings 192,000 Equipment 76,800 Patent 11,520 Allowance for Doubtful Accounts $640 Accumulated Depreciation- Buildings 64,000 Accumulated Depreciation- Equipment 30,720 Accounts Payable 34,944 Salaries and Wages Payable o Notes Payable (due April 30, 2023) 14,080 Income Taxes Payable 0 Interest Payable Notes Payable (due in 2028) 44,800 Common Stock 64,000 Retained Earnings 81,408 Dividends 15,360 Sales Revenue 1,152,000 Interest Revenue o Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 806,400 Depreciation Expense 0 The following transactions occurred during December. Dec. 2. Purchased equipment for $20,480, plus sales taxes of $1,024 (paid in cash). 2 Grouper sold for $4,480 equipment which originally cost $6,400. Accumulated depreciation on this equipment at January 1, 2022, was $2,304; 2022 depreciation prior to the sale of equipment was $1,056. Grouper sold for $6,400 on account inventory that cost $4,480. 15 23 Salaries and wages of $8,448 were paid. Adjustment data: 1. Grouper estimates that uncollectible accounts receivable at year-end are $5,120. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $4,608, 6-month premium on September 1, 2022. 3. 4. 5. The building is being depreciated using the straight-line method over 30 years. The salvage value is $38,400. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,304. 7. 8. 9. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2022, total $2,816. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $19,200. It was unpaid at December 31. 10
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