The attached is related to case 1 and case 2 . I need you to help me to do the case two . And I upload the case 2 correct balance sheet and solution for case 1 . So you can check it to help you to do the case 2 .

qattachments_94f28be8addba376537e49cacdcf9eca6f05f746.docx Financial Statement Case The purpose of this assignment is to review material covered in Acct:2100 and refresh your journal entry and financial statement skills as well as build your cash-flow skills. You may collaborate with colleagues; however, you are required to do your own work and your own case. Using the balance sheet at August 31, 2016 and information below; prepare journal entries, post all journal entries to \"T-accounts\" and prepare financial statements for the fiscal year ending August 31, 2017 Use a spreadsheet that is compatible with Excel. Case 1 is due May 27, 2017 post all events into the Expanded Accounting Equation or prepare journal entries, \"T-accounts.\" Prepare Income Statement, Statement of Owners' Equity and the Balance Sheet for the fiscal year ending August 31, 2017. An Expanded Accounting Equation and financial statement formats are provided for you on Case_Support_Student. Submit to CANVAS by 11:59 PM. Case 2 is due June 10, 2017. Submit to CANVAS by 11:59 PM. Case 2 cannot be completed without a correct Balance Sheet for the year ended August 31, 2017. The attached Balance Sheet gives your firm's position at the end of fiscal 2016. During fiscal 2017, your firm has the following transactions: A. Your firm has total sales for the year of $978,505. Included in the total sales figure are $587,103 sales on credit. During the year, the firm received $479,129 of payments on account. Customers returned $29,148 for cash refunds during the year. B. During the year, the firm determined that accounts totaling $2,100 were uncollectible. Moreover, a $150 receivable written off during the year was subsequently collected. The $150 is not included in \"A.\" above. C. Your firm uses the allowance method to record bad debts. Specifically, the firm uses the percentage of receivables method to compute the allowance for doubtful accounts. The firm uses the following information to determine the allowance: Age of Receivables 60 days Percent of current balance 70% 20% 10% Percent expected uncollectible 4% 10% 20% D. Your firm purchases $580,000 of additional inventory on account during the year. The purchases are charged to accounts payable. Total payments made on account for the year were $527,729. Inventory (prior to any LCM write-down's) at August 31, 2017 totaled $128,436. 1 /4 E. Your firm has an outstanding 9% note payable (in long-term debt). Interest is paid annually on August 31st. F. On September 1, 2016, the firm used $83,000 cash to purchase additional ABBEE Company common stock. Your firm intends to continue holding the stock as available-for-sale securities. G. On September 1, 2016, the firm put a new roof on the administrative building. The cash cost of the new roof was $40,000 and is expected to add 10 years to the life of the building from the date of installation. The firm also repainted the exterior of the building. The cash cost of the painting, which the firm does every five years, was $15,000. H. On October 20, 2016, the firm sold trading securities with a book value of $3,000 for $2,800 in cash. I. Annual liability insurance premiums are payable on January 1 st of each year. The premium amount paid in January 2017 was $54,000. J. On March 1st, the firm purchased Sales Building 4 costing $322,000. Your firm paid half the cost in cash and issued a 6% 5-year note payable for the balance. The note requires annual interest payments. The expected life of the facility is 23 years, with no salvage value. Your firm uses the straight-line method of depreciation. The book values (as of 8/31/2016) of other PP&E currently on the books (also with no salvage value) are as follows: Asset Land Sales Building 1 Sales Building 2 Sales Building 3 Administration Building Total Historical Cost $ 185,500 420,000 406,000 350,000 190,000 $1,551,500 Accumulated Depreciation $ 235,200 162,400 84,000 114,000 $ 595,600 Remaining Life 11 15 19 8 K. Administrative and Sales employee wages of $125,000 were accrued and paid during fiscal 2017. In September 2016, the firm paid wages owed from the prior year. Unpaid wages for 2017, which will be paid in September 2017, amount to $35,300. L. On August 31, 2017, the firm sold Sales Building 2 for $230,000. The firm received payment in cash. 2 /4 M. Also on August 31st, the firm determined that a piece of equipment in Sales Building 1 was outdated due to significant technology changes and must be written down. The equipment's book value at August 31 (after adjusting for current year depreciation) is $30,100. The fair value of the equipment is $19,000. N. On August 31, 2017, the available-for-sale securities have a fair market value of $115,675. Trading Securities have a fair market value of $32,000. O. In the closing process, the firm determines that a substantial lower of cost or market (LCM) write-down of inventory is required. The estimated loss is $6,450. P. During 201,7 your firm's board of directors declared $35,000 of dividends. At August 31, 2017, the Dividend Payable account balance was $7,000. Additional information: 1. The firm uses the periodic inventory system. 2. Ignore income taxes Check Figures: Net Income = $53,082 and Total Assets = $1,579,488 3 /4 Your Firm Balance Sheet August 31, 2016 Assets Cash Accounts receivable Allowance for doubtful accounts Accounts receivable, net Inventories Trading securities Prepaid insurance Total Current Assets Property, Plant and Equipment, gross Accumulated depreciation Property, Plant and Equipment, net Available-for-sale securities Total Assets Liabilities and Shareholders' Equity Accounts payable Salaries payable Dividends payable Total Current Liabilities Long-term note payable Total Liabilities Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholder's Equity $85,900 $89,230 (8,030) 81,200 117,200 29,500 16,100 329,900 $1,551,50 0 (595,600) 955,900 51,325 $1,337,125 $92,435 31,470 9,000 132,905 200,000 332,905 600,000 435,265 4,262 (35,307) 1,004,220 $1,337,125 4 /4 qattachments_ce8e56ba2496d49724a1750bd280c5cd8ca9ad7e.docx Journal Entries 1 /7 qattachments_ce8e56ba2496d49724a1750bd280c5cd8ca9ad7e.docx 2 /7 qattachments_ce8e56ba2496d49724a1750bd280c5cd8ca9ad7e.docx 3 /7 qattachments_ce8e56ba2496d49724a1750bd280c5cd8ca9ad7e.docx T - Accounts 4 /7 qattachments_ce8e56ba2496d49724a1750bd280c5cd8ca9ad7e.docx T - Accounts, continued 5 /7 qattachments_ce8e56ba2496d49724a1750bd280c5cd8ca9ad7e.docx 6 /7 qattachments_ce8e56ba2496d49724a1750bd280c5cd8ca9ad7e.docx 7 /7 Your Firm Balance Sheet August 31 2017 Assets Cash Accounts receivable Allowance for doubtful accounts Inventories Trading securities Prepaid insurance Total Current Assets Property, Plant and Equipment, gross Accumulated depreciation Available-for-sale securities Total Assets Liabilities Accounts payable Salaries payable Interest payable Dividends payable Total Current Liabilities Long-term note payable Total Liabilities 2016 $ 68,034 195,104 (13,267) 121,986 32,000 18,000 421,857 1,496,400 (477,444) 115,675 $1,556,488 $ $ 144,706 35,300 4,830 7,000 191,836 361,000 552,836 $ Shareholders' Equity Common stock, no par 600,000 Retained Earnings 453,347 Accumulated Other Comprehensive Income (14,388) Treasury stock (35,307) Total Shareholder's Equity 1,003,652 Total Liabilities and Shareholders' Equity $1,556,488 85,900 89,230 (8,030) 117,200 29,500 16,100 329,900 1,551,500 (595,600) 51,325 $1,337,125 92,435 31,470 9,000 132,905 200,000 332,905 600,000 435,265 4,262 (35,307) 1,004,220 $1,337,125 Your Firm Balance Sheet August 31 2016 Assets Cash Accounts receivable Allowance for doubtful accounts 2017 $ $ 85,900 89,230 (8,030) Accounts receivable, net 81,200 Inventories 117,200 Trading securities 29,500 Prepaid insurance 16,100 Total Current Assets Property, Plant and Equipment, gross Accumulated depreciation 329,900 $ 1,551,500 (595,600) Property, Plant and Equipment, net 955,900 Available-for-sale securities Total Assets 51,325 $ 1,337,125 Liabilities Accounts payable $ 92,435 Salaries payable 31,470 Interest payable - Dividends payable 9,000 Total Current Liabilities 132,905 Long-term note payable 200,000 Total Liabilities 332,905 Shareholders' Equity Common stock, no par 600,000 Retained Earnings 435,265 Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholders' Equity Your Firm 4,262 (35,307) 1,004,220 $ 1,337,125 Income Statement For the Year Ended August 31, 2017 Sales Cost of goods sold Gross profit Operating expenses: Operating income Other income (expense): Net income (loss) 2017 Your Firm Statement of Changes in Shareholder's Equity For the Year Ended August 31, 2017 Balance at August 31, 2016 Balance at August 31, 2017 Common Stock $600,000 Retained Earnings $ 435,265 AOCI $ 4,262 Accounts Cash Balance at August 31, 2016 $ 2017 Transactions: Balance at August 31, 2017 Receivable 85,900 $ 89,230 Treasury Stock $ (35,307) Total $1,004,220 Allowance for DA $ Trading Prepaid Inventories Securities Insurance (8,030) $ 117,200 $ 29,500 $ 16,100 $ PP&E Gross Accumulated Depreciation 1,551,500 $ (595,600) ABBEE Investment (AFS) $ 51,325 $ Total Assets = 1,337,125 - Accounts Payable $ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Salaries Payable Interest Payable 92,435 $ 31,470 $ Dividends Payable 0 $ L-T Note Payable 9,000 $ 200,000 Total Liabilities + $ 332,905 - Common Retained Stock, no par Earnings $ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 600,000 $ 435,265 $ AOCI 4,262 $ Treasury Stock (35,307) $ Total Equity 1,004,220 Total Liabilities & Equity $ 1,337,125 Expense Sales $ COGS 0 $ Salary 0 Depreciation ### $ 0 Bad Debt ### $ Insurance 0 Maintenance $ 0 Impairment Loss LCM Write-down ### $ Gains (losses) on Trading Securities 0 $ 0 Other Gains (losses) Interest Expense ### $ 0 Income (Expense) $ 0 qattachments_6af30a6b366156bc4af6fbe5a902c2e7c82b9cb4.docx 1 /2 qattachments_6af30a6b366156bc4af6fbe5a902c2e7c82b9cb4.docx 2 /2 qattachments_6af30a6b366156bc4af6fbe5a902c2e7c82b9cb4.docx 1 /2 qattachments_6af30a6b366156bc4af6fbe5a902c2e7c82b9cb4.docx 2 /2