Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare The necessary journal entries as of December 31, 2017 Problem II (30 Points) Flint Hills, Inc. has prepared a ye balance do not reflect
Prepare The necessary journal entries as of December 31, 2017 Problem II (30 Points) Flint Hills, Inc. has prepared a ye balance do not reflect all activities that have occurred. Consider the following information: ar-end Dec. 31, 2017 trial balance. Certain accounts in the trial The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand at year end. I. 2. Flint Hills purchased a 36 month insuarance policy for $16,000 on May 1, 2017. The accounts remained unadjusted at year end. 3 Flint Hills' employees work Monday through Friday, and salaries of $2,400 per week are paid each Friday. Assume December 31 falls on Tuesday. The company borrowed $50,000, 10% 60 month loan dated September 1, 2017. 5. On January 1, 2017, Flint Hills purchased equipment for $48,000. The machine has has an estimated life of 6 years with a salvage value of $3,000. 6 On December 20, 2017, Flint made a sale to ABC company for $42,000. The invoice was prepared on December 31, 2017. The company has a 30% tax rate on its current income which is payable in the firs quarter of every year. The pretax income of the compay is $27,749. 8. On August 1, 2017, Flint received $36,000 for rent on a 3-year facility it owns. account was unadjusted at December 31. On May 1, 2017 Flint Hills lent Micro Company S90,000 at 8%. Principal and the loan is due on April 30, 2020. On October 31, 2017, Flint Hills received $100,000 from a customer for serv performed over the next 5 months. By December 31, the company has alread performing its service obligations. 10. Required: Prepare the required adjusting entries as of December 31, 2017 for each of the scena
Prepare The necessary journal entries as of December 31, 2017
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started