Prepare appropriate adjusting entries in general journal form.

Prepare :

1.Income statement (including EPS) (MULTI-STEP)

2.Statement of comprehensive income

3.Statement of retained earnings

4.Balance Sheet (CLASSIFIED)Prepare the appropriate closing entries in general journal form.Post closing entries to worksheet.Prepare post-closing trial balance.\

PUP makes ANNUAL adjusting entries.In addition to the trial balance, the controller's group has compiled the following information to facilitate the preparation of year-end financial statement:

1.PUP purchased an insurance policy on 8/1/19 that is effective 8/1/19 to 7/31/20.

2. Employees worked a total of $1,440 between the last pay date and 12/31/19 that will be paid on 1/3/20.

3.PUP determined that a $350 receivable from Lucky's Lively Llamas is not collectible.PUP uses the A/R (balance sheet) allowance method for bad debts.

4PUP took a physical count of supplies on 12/31/19 and there was $456 left in the supply closet.

5.PUP has a note payable to Bank of America (hereinafter BOA) for $50,000 at an annual interest rate of 3%.The five-year note is dated 4/30/19 and pays interest annually every 4/30.

6.On 12/31/19 PUP sold $5,000 of merchandise to Pappa's Pet Groomers.Pappa paid for the merchandise but PUP cannot deliver it until 1/6/20.PUP has included the $5,000 in Cash and Sales on the unadjusted trial balance.

7.An analysis completed by the controller's office, using the balance sheet(A/R) approach, indicates that 5% of total accounts receivable is uncollectible. (Round to nearest whole dollar).

8.PUP uses a FIFO perpetual inventory system.A physical count of invenotry reveals $10,908 of inventory on hand at year end. (Do not use an inventory over/short account)

10. PUP owns a building that was purchased in 2015 for $248,500.The building is being depreciated using straight line over a 20 year useful life and has a $74,500 salvage value.PUP's controller wants to find the orginal invoice for the building purchase and belives the invoice was filed by month of purchase, what month in 2015 was the building purchased?

11.PUP owns a forklift for moving freight that was purchased in 2016 for $9,300. The forklift is being depreciated using straight line over a 10 year useful life and has a $2,100 salvage value.

12. PUP has one investement currently classified as Available for Sale, as of 12/31/19 the fair value of the investment is $2,310.

13.PUP remits the state's 6% sales tax during the first week of the month following the end of each quarter. Based on PUP's 12/31/19 sales tax liability, what were PUP's total 4th quarter 2019 pre-tax sales?

14.The tax rate is 30% which affects all items of income and expense at the same rate.Hint: you must determine income before taxes to calculate income tax expense. (Round total income tax expense to nearest whole dollar)

15.The 30% tax rate applies to "other comprehensive income" items as well as income statement items.

16PUP declared and paid $0.10 /per share in dividends during the year 2019.100,000 shares of stock were outstanding during the entire year. Close the Dividend account as part of closing entries, no adjusting entry is needed for this.)

Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Account Titles Closing Entries Dr Post Closing Trial Balance Dr. Balance Sheet Cr. Cash DI C Dr. 18,154 Cr. Dr C Dr C 9 Supplies 18,154 1,535 18,154 18,154 1,535 Accounts Receivable 26,000 1,535 1,535 26,000 11 Allowance for Doubtful Accounts 2,100 6,000 6,000 12 Inventory 2,100 10,783 2,100 2,100 13 Prepaid Insurance 10,783 1,800 10,783 10,78 14 Investment in marketable securities 1,800 2,125 1,800 1,800 15 2,125 2,125 2,125 16 L 8,000 Buildings 78,000 248,500 78,000 48,500 8,000 18 Accumulated Depreciation-Bidg 48,500 28,275 248,500 19 Equipment 28,275 .300 9,300 28,275 28,275 0 Accumulated Depreciation-Equip 1,800 9,300 3,300 21 1,800 1,800 1,800 22 23 24 5 Accounts Payable 13,870 26 Payroll Taxes Payable 13,870 451 13,870 13,870 27 Sales Tax Payable 451 5,286 451 8 Interest Payable 5,286 451 5,286 5,286 29 Salaries and Wages Payable 0 Note Payable 50,000 31 Unearned Revenue 50,000 50,000 50,000 32 Income Tax Payable 33 34 36 Common Stock, $1 par 100,000 37 Retained Earnings 100,000 79,415 100,000 100,000 8 Dividend 79,415 10,000 79,415 79,415 39 10,000 10,000 10,000 0 Sales Revenue 383,137 Cost of Goods Sold 383,137 98,100 42 Salaries and wages expense 98,100 146,803 98,100 43 Advertising expense 46,803 5,300 5 ,300 46,803 44 Depreciation expense 5,300 45 Misc. expense 46 Supplies expense 7 Utility expense 7,934 48 7,934 7,934 9 Interest Expense 50 Bad debt expense 51 Insurance expense 2 Unrealized gain/loss on AFS security 53 Income tax expense 55 5 Income Summary 57 Totals 664,334 664,334 664,334 664,334 58 664,334 281,197 406,197 281,197 9 Total Assets 0 Total Liabilities 61 Total Equity 62 63Adjusting entries No. Account titles: Debit Credit Supporting Caluculations 1 2 3 10 11 12 4 5 6 7 8 9 10 31 32 33 11 34 35 36 12 37 38 13Make sure you do multistep income statement See Ch 4 Illustrations 4.1 and 4.20 (comp income) Income Statement U 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32D B C A See Ch 4 Illustration 4.19 Statement of Retained Earnings 5 00 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31B C D E Closing entries No. Account titles: Debit Credit Supporting Caluculations LD 00 10 11 12B C D A Prepare a CLASSIFIED BALANCE SHEET See Ch 5 Illustration 5.16 Balance Sheet 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38A B C D E F G H K CHECK FIGURES Net Income 74,777 Comp Income 74,962 Total Assests 353,550 6 00 9 10 11 12 13 14 15 39 40