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SB 3) As of December 31, a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting Entries tab.

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SB 3) As of December 31, a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting Entries tab. 1 The computer equipment purchased on November 1 has a 5-year life and an expected residual (salvage) value of $2000. 4 2 Record any interest that has accrued on the note signed on November 1 for the computer system. 5 3 The rent paid on November 2 is for two years beginning on November 1. -6 4 The insurance policy purchased on November 18 is effective beginning December 1. 57 5 Supplies on hand as of December 31 totaled $510 6 The delivery truck purchased on December 1 has a 10-year life and an expected residual (salvage) value of $7000. 59 7 Accrue the interest, if needed, on the note signed on December 1. 60 8 Record any bad debt expense for the year ended December 31. If needed, round to the nearest dollar. 61 9 Utlites accrued but not yet paid as of December 31 totaled $1500. 62 63 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 64 5)Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tab. 65 6) Based on the adjusted trial balance, prepare a multi-step Income statement on the income Statement tab. 67) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement tab. 67 ) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. 9) Prepare the closing entries (DO NOT POST them to the ledger, Just produce the entries). When Journaling, close the accounts in the order they 68 appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. 6910) Cakulate the ratios on the Ratios tab. 70 U. 2 Note: Place debits first, credits second but do NOT indent credits. If more than one debitor credit, please list in alphabetical order to receive full credit. 1. Nov The owner invested $130000 into the company in exchange for 5,000 shares of common stock. 1-Nov The company purchased a computer system for $20000 and signed a one-year note for the entire balance. The note is due on November 1 2025 and has an annual rate of interest of 3%. 2-Nov Paid for two years rent on the office space, $18000. 3-Nov Purchased 10 tractors at a total cost of $1100 each for cash, FOB Destination 4-Nov Purchased $1700 of supplies on account, termn/30. 15-Nov Purchased 12 tractors at a total cost of $1210 each on account, terms 1/30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party. 17-Nov Paid for the supplies purchased on November 4. 4 18 Nov Pald for a two-year Insurance policy for the store. $12000. The policy was effective beginning December 1, 2024. 20 Nov Sold 17 tractors for $3200 each on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. The printers were 5 shipped FOB Shipping Point. Record the sales revenue first. 26 28-Nov Received payment in full on account from the November 20 sale, 27 29-Nov Paid for November's utilities bill $1700 Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax rates are as 28 30-Nov follows: 29 Federal Income Tax Rate -15% 30 NC State Income Tax Rate -10% 31 FICA Tax Rate -7.65% 32 Unemployment Tax Rate - 6% on the first $7000 of each employees eamings per year, 1.Dec Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in January 1-Dec The company borrowed $60000 from Bank of America by signing a 10-year,4% note. The note requires annual payments of $7397 beginning December 1, 2025 36 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $70000 37 4-Dec Paid the amount due from the November 15 purchase. 5.Dec Declared and paid $4000 in cash dividends to the stockholders of the company 39 6-Dec Purchased $1700 of supplies on account, term 1/30. 40 7-Dec Purchased 20 tractors at a cost of $1331 each on account, terms n/30 FOB Destination Sold 18 tractors for $3520 each on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. Record the sales revenue 15-Dec 41 first 18-Dec Paid for an ad in the local newspaper $1700. 24-Dec Received $28160 payment for 8 tractors to be shipped on January 8, 2025. 31-Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates are as follows: Federal income Tax Rate -15% NC State Income Tax Rate -10% 47 FICA Tax Rate -7.65%. 48 Unemployment Tax Rate -6% on the first $7000 of each employees eamings per year. 33 34 38 42 43 44 45 46 SB 3) As of December 31, a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting Entries tab. 1 The computer equipment purchased on November 1 has a 5-year life and an expected residual (salvage) value of $2000. 4 2 Record any interest that has accrued on the note signed on November 1 for the computer system. 5 3 The rent paid on November 2 is for two years beginning on November 1. -6 4 The insurance policy purchased on November 18 is effective beginning December 1. 57 5 Supplies on hand as of December 31 totaled $510 6 The delivery truck purchased on December 1 has a 10-year life and an expected residual (salvage) value of $7000. 59 7 Accrue the interest, if needed, on the note signed on December 1. 60 8 Record any bad debt expense for the year ended December 31. If needed, round to the nearest dollar. 61 9 Utlites accrued but not yet paid as of December 31 totaled $1500. 62 63 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 64 5)Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tab. 65 6) Based on the adjusted trial balance, prepare a multi-step Income statement on the income Statement tab. 67) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement tab. 67 ) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. 9) Prepare the closing entries (DO NOT POST them to the ledger, Just produce the entries). When Journaling, close the accounts in the order they 68 appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. 6910) Cakulate the ratios on the Ratios tab. 70 U. 2 Note: Place debits first, credits second but do NOT indent credits. If more than one debitor credit, please list in alphabetical order to receive full credit. 1. Nov The owner invested $130000 into the company in exchange for 5,000 shares of common stock. 1-Nov The company purchased a computer system for $20000 and signed a one-year note for the entire balance. The note is due on November 1 2025 and has an annual rate of interest of 3%. 2-Nov Paid for two years rent on the office space, $18000. 3-Nov Purchased 10 tractors at a total cost of $1100 each for cash, FOB Destination 4-Nov Purchased $1700 of supplies on account, termn/30. 15-Nov Purchased 12 tractors at a total cost of $1210 each on account, terms 1/30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party. 17-Nov Paid for the supplies purchased on November 4. 4 18 Nov Pald for a two-year Insurance policy for the store. $12000. The policy was effective beginning December 1, 2024. 20 Nov Sold 17 tractors for $3200 each on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. The printers were 5 shipped FOB Shipping Point. Record the sales revenue first. 26 28-Nov Received payment in full on account from the November 20 sale, 27 29-Nov Paid for November's utilities bill $1700 Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax rates are as 28 30-Nov follows: 29 Federal Income Tax Rate -15% 30 NC State Income Tax Rate -10% 31 FICA Tax Rate -7.65% 32 Unemployment Tax Rate - 6% on the first $7000 of each employees eamings per year, 1.Dec Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in January 1-Dec The company borrowed $60000 from Bank of America by signing a 10-year,4% note. The note requires annual payments of $7397 beginning December 1, 2025 36 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $70000 37 4-Dec Paid the amount due from the November 15 purchase. 5.Dec Declared and paid $4000 in cash dividends to the stockholders of the company 39 6-Dec Purchased $1700 of supplies on account, term 1/30. 40 7-Dec Purchased 20 tractors at a cost of $1331 each on account, terms n/30 FOB Destination Sold 18 tractors for $3520 each on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. Record the sales revenue 15-Dec 41 first 18-Dec Paid for an ad in the local newspaper $1700. 24-Dec Received $28160 payment for 8 tractors to be shipped on January 8, 2025. 31-Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates are as follows: Federal income Tax Rate -15% NC State Income Tax Rate -10% 47 FICA Tax Rate -7.65%. 48 Unemployment Tax Rate -6% on the first $7000 of each employees eamings per year. 33 34 38 42 43 44 45 46

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