Project Number 1

Company Name As of October 1, 2021 Debit Credits 60,000 22,300 95,000 4,800 16,000 165,000 32,000 425,000 250,000 115,000 261,000 75,000 19,000 3,000 375,000 5,000 3,500 150,000 Cash Short term Investment Accounts Receivable Allowance for Doubtful Accounts Additional Paid in Capital - Preferred Inventory Automobiles Buildings Land Equipment Accumulated Dep - Building Accumulated Dep - Equipment Accumulated Dep - Automobiles Patent Sales Sales Returns Non Controlling Interest Cost of Goods Sold Accounts Payable Wages Payable Long-Term Note Retained Earnings, Beginning Common Stock Additional Paid in Capital-Common Treasury Stock Wage Expense Rent Expense Utilities Expense Employee Benefit Expense Advertising Expense Preferred Stock Credit Card Expense Sales Discount Supplies Expense Accumulated Comprehensive Income Amortization Expense (First year on Patent) Insurance Expense Rental Revenue 52,000 13,000 200,000 284,000 233,750 27,000 4,000 41,000 12,000 8,000 5,000 7,500 40,000 42,000 3.100 5,400 6,000 500 5,800 5,000 2,750 7,000 5,400 Interest Expense Dues Expense Unearned Revenues Prepaid Insurance - Current Auto Expense Interest Income Good Will Additional Paid in Capital - Treasury 7,000 8,200 1,200 142,000 1,900 Totals 1,623,550 1,623,550 Important Notes 1. The income tax rate is 08% 2. '$22,000 of the long-term note payable is due in the current year 3. The investment account is considered short-term in nature 4. At this point no taxes have been accrued 5. When I made this I linked my spreadsheet so you may have some small rounding 6. List the expenses in order of magnitude (biggest first) 7. A cash dividend for $17,000 was declared on 9-29-2021 to be paid 9-30-2021 8. The company uses the LIFO inventory method 9. Based on the Accounts receivble aging method the allowance should be 9,000 10. Annual Depreciation has not been recorded it should be a follows Building 18,000 Equipment 11,500 Automobile 4,000 Project: 1. Make a Balance Sheet in Good Form 2. Make an Income Statement in Good Form 3 Make a Statement of Equity