Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare an adjusted trial balance at December 31, 2014
Prepare Income Statement for the year ended December 31, 2014 ( include other revenues and gains plus other expenses and losses)
Prepare a 2014 retained earnings statement (List items that increase retained earnings first.)
Prepare a December 31, 2014, balance sheet (List current assets in order of iquidity. List property, plant and equipment in order of land, buildings and equipment.)
Comprehensive Problem 9 (Part L el Submission Raymond Corporation's unadjusted trial balance at December 1, 2014, is presented below. Al 2014 transactions have been recorded except for the items described below redit Cash $26,410 Accounts Receivable 36,920 Notes Receivable 9,800 Interest Receivable 36,110 nventory Prepaid Insurance 3,720 Land 20,900 Buildings 144,000 Equipment 61,200 Patents 10,710 Allowance for Doubtful Accounts $530 Accumulated Depreciation-Buildings 45,000 Accumulated Depreciation-Equipment 24,480 27,200 Accounts Payable Income Taxes Payable Salaries and Wages Payable Unearned Rent Revenu 5,930 Notes Payable (due in 2015 12,600 Interest Payable Notes Payable (due after 2015) 35,440 Common Stock 50,800 Retained Earnings 58,630 Dividends 12,400 Sales Revenue 902,400 Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold 632,700 Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses 61,540 Amortization Expense Salaries and Wages Expense 106,600 Tota $1,163,010 $1,163,010 Unrecorded transcations: 1. On May 1, 2014, Raymond purchased equipment for $16,800, plus sales taxes of $1,800 (all paid in c 2. On July 1, 2014, Raymond sold for $3,510 equipment which originally cost $5,400. Accumulated depreciation on this equipment at January 1, 2014, was $1,930; 2014 depreciation prior to the sale of equipment was $430. 3. On December 31, 2014 Raymond sold for $9,200 on account inventory that cost 4. Raymond estimates that uncollectible accounts receivable at year-end are $3,950 5. The note receivable is a one-year, 8% note dated April 1, 2014. No interest has been recorded 6. The balance in prepaid insurance represents payment of a $3,720, 6-month premium on October 1, 2014 7. The building is being depreciated using the straight-line method over 40 years. The salvage value is $21,200. 8. 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. 9. The equipment purchased on December 2, 2014, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,100 10. The patent was acquired on January 1, 2014, and has a useful life of 10 years from that date. 11. Unpaid salaries at December 31, 2014, total $2,010 12. The unearned rent revenue of $5,930 was received on December 1, 2014, for 4 months rent. 13. Both the short-term and long-term notes payable are dated January 1, 2014, and carny a 9% interest rate. All interest is payable in the next 12 months 14. Income tax expense was $16,020. It was unpaid at December 31
