The pictures are the instructions. I need the daily transactions, adjusting entries, ledger, adjusted trial balance, income statement, equity statement, balance sheet, and closing entries. Thanks!
Company Information & Summary of Significant Account Policies Madison Machines Company began operations on November 1, 2023. The main operating goal of the company is to sell high end robots Customers may pay using cash or if appropriate, a credit is extended to customers with terms 3/15/30 The company uses the perpetual Inventory method od FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period December 31. The company uses the straight line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on Industry standards, the company believes 1% of the balance in accounts recevable will be uncollectible. The company purchases robots for resale only as such they carry them as inventary The company has two employees, one is a sales technician, salary of 54000 per month and the other employee is the office manager with a salary of S6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with acttue Into Satarles Payable and then be paid on Decemember 1. Required: 1) Madison Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debite firet, 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 $100000 into the company in exchange for 5.000 shares of common stock 1. Nov The company purchased a computer system for $10000 and signed a one year note for the entire balance. The note is due on November 1, 2024 and has an annual rate of interest of 3% 2. Nov paid for two years rent on the office space $12000 3. Nov Purchased 10 robots at a total cost of S1000 each for cash, FOB Destinations Now Purchased S1600 of supplies on account, term 1/30 15 Nov Purchased 12 robots at a total cost of $1100 each on account terms /30. FOB Destination Shipping of $150 was paid to the shipping company by the appropriate party 12 Now Paid for the supplies purchased on November 4 16-Noy Raid for two year insurance policy for the store, 56000. The policy was effective beginning December 1, 2023, 30-Now Sold 16 robots for $3100 each on account, terms 3/15, 1/30, the company uses FIFO to find the cost of goods sold. The printers were shipped FB Shipple Point. Record the sales revenue fiesta 28 Nov Received payment in full on account from the November 20 sale 39. Nou Paid for November's utilities bill 1500 Prepared payroll for the month of November, the first payroll for the company. Record the Salores Expense entry first. The tax rates BO Now are as follows Federal Income Tax Rate 15 NC State Income Tax Rate - 10% FICAT Rate 7.65% Unemployment Tax Rate -6% on the first $7000 of each employees earnings per year 1-Dee Pad the employees the amount due to them from the November 30 payroll, taxes will be paid in January The company borrowed 560000 from Bank of America by signing a 10 year, ate. The note requires annual payments of 57397 1-Dec beginnin December 1, 2024 1 Dec Purchased a new delivery truck to save customers on chipping. The total cost of the Delivery Truck was $40000 FICA Tax Rate - 7,65% Unemployment Tax Rate 6% on the first $7000 of each employees camins per year: 1-Dec Poid the employees the amount due to them from the November 30 payroll, txos will be paid in January 1-Dec The company borrowed $60000 from Bank of America bygning 10 year, a note. The naturequires annual payments of S7397 beginning December 1, 2024 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $10000 4-Dec Paid the amount due from the November 15 purchase S-Dec Declared and paid $2000 in cash dividends to the stockholders of the company 5-Dec Purchased 51100 ot supplies on account termn/30. 7-Dec Purchased 20 robots at a cost of $1210 each on account termsn/30, FOB Destination 15-Dec Sold 22 robots for $3410 each on account terms 2/10, 1/30, the company wies FIFO to find the cost of goods sold Record the sales revenue first 18-Dec Pald for an ad in the local newspaper, $1500. 24-Des Received 527280 payment for robots to be shipped on January 8, 2024 31-Dec prepared payroll for the month of December, the first payroll for the company Record the Salaries Expense entry fest. The tax rates are as follow Federal Income Tax Rate 15 NC State Income Tax Rate 10% FICA Tax Rate-765 Unemployment Tax Rate 6% on the first $7000 of each employees camines per year 2) Pout all the Daily Transaction to the Ledger on the Ledger tab. 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 equitment purchased on November has a 5 year life and an expected residual Calvare value of $1000, Record any interest that has accrund on the noted on November for the computer system The rent paid on November 2 for two years berinning on November 1 4. The insurance policy purchased on November 18 is effective bening December 1 5 Supplies on and ot of December 31 totaled 5405 6. The delivery truck purchased on December 1 has a 10 year life and an expected residual salvate value of 58000, 7 Accrue the interest, if needed, on the note med on December 1 Record any bad debe expense for the year ended December 31, if needed, round to the nearest dollar 9 Utilites accrued but not yet paid as of December 31 totaled $1800 4) Post all the Adjusting Entires to the Ledger on the edgar tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tab 6) Based on the adjusted trial balance, prepare a multi-step income statement on the Income Statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders equity on the Equity Statement tab. 8) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab 5) Prepare the closing entries (DO NOT POST them to the ledger, just produce the entries). When Journaling, close the accounts in the order they appear on the Trial Balance. Do one entry for revenue sccounts, one for expense accounts and one for dividend accounts. 10) Calculate the ratio on the Ratios tab
