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Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax.
Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax. On December X its general ledger contained the accounts and balances shown below:
ACCOUNTS BALANCES
Cash $ Dr
Accounts Receivable Dr
Allowance for Doubtful Accounts Cr
Merchandise Inventory Dr
Supplies Dr
Prepaid Insurance Dr
Equipment Dr
Accumulated DepreciationEquipment Cr
Notes Payable Cr
Accounts Payable Cr
Social Security Tax Payable Cr
Medicare Tax Payable Cr
Yasser Tousson, Capital Cr
Yasser Tousson, Drawing Dr
Sales Cr
Sales Returns and Allowances Dr
Purchases Dr
Freight In Dr
Purchases Returns and Allowances Cr
Purchases Discounts Cr
Rent Expense Dr
Telephone Expense Dr
Salaries Expense Dr
Payroll Taxes Expense Dr
Interest Expense Dr
The data needed for the adjustments on December are as follows:
ab Ending merchandise inventory, $
Uncollectible accounts, percent of net credit sales of $
Supplies on hand December $
Expired insurance, $
Depreciation ExpenseEquipment $
Accrued interest expense on notes payable, $
Accrued salaries, $
Social Security Tax Payable percent and Medicare Tax Payable percent of accrued salaries.
The following accounts had zero balances:
Salaries Payable
Interest Payable
Income Summary
Supplies Expense
Insurance Expense
Depreciation ExpenseEquipment
Uncollectible Accounts Expense
Required:
Prepare a worksheet for the year ended December X
Prepare a classified income statement. The firm does not divide its operating expenses into selling and administrative expenses.
Prepare a statement of owners equity. No additional investments were made during the period.
Prepare a classified balance sheet. All notes payable are due within one year.
Journalize the adjusting entries.
Journalize the closing entries.
Journalize the reversing entries.
Analyze:
By what percentage did the owners capital account change in the period from January X to December X
Please use my exact numbers. Please do income statement, statement of owners equity, Balance sheet, Journalize adjusting entries, Journalize closing entries, Journalize the reversing entries. ALONG WITH FILLING OUT THE PROVIDED SCREENSHOT.
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