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Please prepare a full trial balance Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, Balance Sheet, and Statement of Owners Equity , as well the
Please prepare a full trial balance Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, Balance Sheet, and Statement of Owners Equity, as well the individual Balance Sheet, Income Statement, and Statement of Owners Equity. Include any journal entries necessary for this assignment. Use T accounts if you find them helpful.
Attached are the files for your use. Check your formulas.
1. You are reporting for your client for the One Month period September 30, 2020
2. The started the month with Cash of $22,305; Equipment (5 year property) of $40,000; Accum Deprec $4,000; Accounts Payable $4,335, Capital $53,970.
3. During September they had the following transactions:
a. Sold to customers on account $55,375
b. Customers paid $12,000 on their accounts
c. Company purchased 1 year of Supplies for $12,200
d. Company has no Accts Payable at month end.
e. Company paid the annual insurance premium of $12,000
f. The owner C Mason had $5,500 of draw
g. The company incurred and paid the following expenses Rent $3500, Repairs $105, Wages $3,000, Travel expenses $4200, Utilities $150, Miscellaneous Expenses $750.
h. The last week of payroll was unpaid at September 30. Accrue payroll and the related expenses of the company. The information is as follows:
Employees
Employee | Hourly Rate | Hours Worked | Fed Inc Tax Withheld |
|
Mary | 22.50 | 46 | 250 |
|
Jim | 15.00 | 42 | 175 |
|
Hank | 35.00 | 40 | 1205 |
|
Joe | 12.00 | 62 | 100 |
|
Cindy | 15.00 | 45 | 125 |
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