Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please solve this question within 1 hour I have to submit it today by 10:00 PM. Golden Wedding Dress Company designs custom wedding dresses for

Please solve this question within 1 hour I have to submit it today by 10:00 PM.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to Iliness. You have been given the following unadjusted trial balance along with some additional information for the December 31, 2023, year-end. Other information: 1. Assume all accounts have a normal balance, 2. 80% of the balance in the Advance Sales account is for wedding dresses to be made and delivered by Golden during 2024 ; the remaining 20% is from sales earned during 2023. 3. Golden warranties its wedding dresses against defects and estimates its warranty liability to be 3% of adjusted net sales. 4. The 4%,5-year note payable was issued on October 1,2023 ; interest is payable annually each September 30 . 5. The mongage is paid annually on the first day of the next year. The next mortgage payment will be paid consisting of $9.305 interest and $24,874 principal for a total of $34,179. 6. Uncollectible accounts are estimated to be 1% of outstanding receivables. 7. A physical count of the inventory showed a balance actually on hand of $63,400. 8. Sarah promised her operations manager a year-end performance bonus of $2,381, which would be paid with her salary in January for high sales achieved this year. Required: 1. Based on the information provided, journalize the adjusting entries at December 31,2023. View transaction list View journal entry worksheet 2. Prepare a classifled balance sheet. (Be sure to list the assets and liabilities in order of their liquidity. Round the final answers to the nearest whole dollar amount.) Liabilities \begin{tabular}{|l|l|l|l|} \hline Current liabilities: & & & \\ \hline Income tax expense & & & \\ \hline Estimated warranty liabilities & & & \\ \hline Interest payable & & & \\ \hline Mortgage payable (less current portion) & & & \\ \hline Advance sales & & & \\ \hline & & & \\ \hline Total current liabilities & & & \\ \hline Non-current liabilities: & & & \\ \hline Note payable, due 2028 & & & \\ \hline Mortgage payable (less current portion) & & & \\ \hline Total liabilities & & & \\ \hline & & & \\ \hline Equipment & & & \\ \hline Sarah Golden, capital & & & \\ \hline Total liabilities and equity & & & \\ \hline \end{tabular}

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

Guide To Hipaa Auditing Practical Tools And Tips To Ensure Compliance

Authors: Margret Amatayakul

1st Edition

1578393582, 978-1578393589

More Books

Students also viewed these Accounting questions

Question

7. Identify four antecedents that influence intercultural contact.

Answered: 1 week ago

Question

5. Describe the relationship between history and identity.

Answered: 1 week ago