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Show work please. Unadjusted TB Adjustments Adjusted TB Debit Credit Debit Credit Debit Credit Cash $600,000 Accounts receivable 500,000 Inventory 400,000 Building and equipment 1,000,000
Show work please.
Unadjusted TB Adjustments Adjusted TB Debit Credit Debit Credit Debit Credit Cash $600,000 Accounts receivable 500,000 Inventory 400,000 Building and equipment 1,000,000 Accumulated depreciation $300,000 Accounts payable 250,000 Unearned revenue 100,000 Long term Notes Payable 100,000 Contributed capital 800,000 Retained earnings * 400,000 Sales Revenue 1,500,000 Investment income 100,000 Cost of Goods Sold 800,000 Selling and Admin Costs 100,000 Loss on Sale of MV 50,000 Interest expense 100,000 Totals $3,550,000 $3,550,000 1. Building and Equipment is stated at cost. Salvage value is zero. They will be depreciated over 4 years Include depreciation in COGS 2. Inventory on hand as of 12/31/2017 was $300,000 (Include Inventory expenses in COGS) 3. $40,000 of unearned revenue was earned during the year 4. Income taxes are 10% of pretax profitsStep by Step Solution
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