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BUS ADM 201 Introduction to Financial Accounting Fall 2017 EXTRA CREDIT II Hardcopy due to vour TA by 11:59pm on 12/2 GRADING: Worth up to 15 points. Carefully READ the requirements on page 3 first. Partially completed problems will earn no credit that means all requirements must be FULLY completed. All work must be completed by hand. If you complete all items as requested, you will earn at least 7.5 points. The remaining points are dependent upon the accuracy of your answers! Round amounts to the nearest dollar, if applicable Cudahy Corporation prepares quarterly financial statements, ending March 31, 2017. The balance sheet at December 31, 2016, is presented below Cudahy Corporation Balance Sheet December 31, 2016 Liabilities and Stockholders' Equity 17.270 80,000 47,230 sscts Cash Accounts receivable Allowance for doubtful accounts Land Equipment AD - equipment Building AD - building 26,700Accounts payable 23,300 Common stock (2,100) 25,000 36,000 Retained earnings (24,400) 75,000 (15,000) 144,500 144,500 During the first quarter the following transactions occurred: 1. Performed services for $195,000 on account 2. On February 1, collected fees of $14,400 in advance. $1,200 worth of services are to be performed each month from February 1, 2017, to January 31, 2018. (Wait to make adjusting entries.) 3. On February 1, purchased equipment for $9,000 plus 5% sales tax, $3,000 cash was paid with the 4. 5. 6, remaining balance on account. Check #755 was used. On March 5, collected S163,000 on from customers on account. Paid $14,270 on accounts payable. Check #756 was used Paid administrative expenses of $64,500. Check #757 was used Acquired a patent with a 10-year life for $6,600 cash on March 1 . Check #758 was used 8. Wrote off a receivable of $300 from a customer who went bankrupt. BUS ADM 201 Introduction to Financial Accounting Fall 2017 EXTRA CREDIT II Hardcopy due to vour TA by 11:59pm on 12/2 GRADING: Worth up to 15 points. Carefully READ the requirements on page 3 first. Partially completed problems will earn no credit that means all requirements must be FULLY completed. All work must be completed by hand. If you complete all items as requested, you will earn at least 7.5 points. The remaining points are dependent upon the accuracy of your answers! Round amounts to the nearest dollar, if applicable Cudahy Corporation prepares quarterly financial statements, ending March 31, 2017. The balance sheet at December 31, 2016, is presented below Cudahy Corporation Balance Sheet December 31, 2016 Liabilities and Stockholders' Equity 17.270 80,000 47,230 sscts Cash Accounts receivable Allowance for doubtful accounts Land Equipment AD - equipment Building AD - building 26,700Accounts payable 23,300 Common stock (2,100) 25,000 36,000 Retained earnings (24,400) 75,000 (15,000) 144,500 144,500 During the first quarter the following transactions occurred: 1. Performed services for $195,000 on account 2. On February 1, collected fees of $14,400 in advance. $1,200 worth of services are to be performed each month from February 1, 2017, to January 31, 2018. (Wait to make adjusting entries.) 3. On February 1, purchased equipment for $9,000 plus 5% sales tax, $3,000 cash was paid with the 4. 5. 6, remaining balance on account. Check #755 was used. On March 5, collected S163,000 on from customers on account. Paid $14,270 on accounts payable. Check #756 was used Paid administrative expenses of $64,500. Check #757 was used Acquired a patent with a 10-year life for $6,600 cash on March 1 . Check #758 was used 8. Wrote off a receivable of $300 from a customer who went bankrupt