the second part is that statement of problem 5-1
M c D F G H -2. Use the unadjusted trial balance to the right and prepare a cash-basis income statement. Make a list of medifferences between this income statement and the scculadjusted income statement in Problem 5.1 Credits UNADJUSTED TRIAL BALANCE Accounts Debits 1000 Cash $17.600.00 1800 Machinery and Equipment 235.000.00 1050 Office Equipment and hanitore 2.000.00 1800 Land Building and improvements 560.000.00 2310 Notes Patie Die within One Year 2400 Peal Notes Payable-Non-Current 3100 Petained Capital 3130 Other Capital Contribution/Gifts/beritances 1000 Cash Crop Sales 6100 Wage Experte 12.000.00 6190 Payroll Tax Exote 1868 00 6520 Heidel. Pesticides 5.300.00 6700 inance 5.230.00 6710 Pro Property Tones 7.200.00 8200 Gains on Sales of Fam Capital Asset 1.000.00 9100 Income Tax Die 3.800.00 Total 598.00 10,000.00 2500000 80.26800 180 000 00 120.000,00 20 33 5-1 . Using the answer from Problem 4-9 in Chapter 4, prepare an accrual-adjusted income statement. - Problem 4-9 Unadjusted Trial Balance and Adjusted Trial Balance are posted in the Chapter 5 Module ACCRUAL ADJUSTMENT INCOME STATEMENT Steve and Chris Farmer Cash Crop Sales $12,600.00 Change in Crop Inventories 8300 Cash Sales of Livestock 50900 Loss from sale of breeding livestock -250 Change in Value due to change in Qty 6000 Change in Accounts Receivable 3500 Gross Revenues $81,050.00 Freeder Livestock -1500 Changes in Purchased Feeder Livestock 750 Purchase Feed 1000 Changes in Purchased Feed Inventory 230 Wage Expense -1200 Payroll Tax Expense -129.2 Truck and Machinery Hire -150 Herbicides Pesticides -500 Livestock Supplies Insurance -1200 Real Estate & Personal Taxes -1300 Depreciation Expense -22150 Change in Accounts Payable -340 Change in Prepaid Insurance 700 Change in Ir. In growing crop 2500 Interest Expense -1200 Change in Interest Payable Net Farm Income from Oper. $49,485.00 Loss on Sales of farm capital -800 Income before Taxes $18,685.00 Income Tax Expense -2160 Changes in Taxes Payable -870 Changes in Taxes Payable Changes in Taxes Payable Accrual Adjusted Net Income S40,905 80 1450 M c D F G H -2. Use the unadjusted trial balance to the right and prepare a cash-basis income statement. Make a list of medifferences between this income statement and the scculadjusted income statement in Problem 5.1 Credits UNADJUSTED TRIAL BALANCE Accounts Debits 1000 Cash $17.600.00 1800 Machinery and Equipment 235.000.00 1050 Office Equipment and hanitore 2.000.00 1800 Land Building and improvements 560.000.00 2310 Notes Patie Die within One Year 2400 Peal Notes Payable-Non-Current 3100 Petained Capital 3130 Other Capital Contribution/Gifts/beritances 1000 Cash Crop Sales 6100 Wage Experte 12.000.00 6190 Payroll Tax Exote 1868 00 6520 Heidel. Pesticides 5.300.00 6700 inance 5.230.00 6710 Pro Property Tones 7.200.00 8200 Gains on Sales of Fam Capital Asset 1.000.00 9100 Income Tax Die 3.800.00 Total 598.00 10,000.00 2500000 80.26800 180 000 00 120.000,00 20 33 5-1 . Using the answer from Problem 4-9 in Chapter 4, prepare an accrual-adjusted income statement. - Problem 4-9 Unadjusted Trial Balance and Adjusted Trial Balance are posted in the Chapter 5 Module ACCRUAL ADJUSTMENT INCOME STATEMENT Steve and Chris Farmer Cash Crop Sales $12,600.00 Change in Crop Inventories 8300 Cash Sales of Livestock 50900 Loss from sale of breeding livestock -250 Change in Value due to change in Qty 6000 Change in Accounts Receivable 3500 Gross Revenues $81,050.00 Freeder Livestock -1500 Changes in Purchased Feeder Livestock 750 Purchase Feed 1000 Changes in Purchased Feed Inventory 230 Wage Expense -1200 Payroll Tax Expense -129.2 Truck and Machinery Hire -150 Herbicides Pesticides -500 Livestock Supplies Insurance -1200 Real Estate & Personal Taxes -1300 Depreciation Expense -22150 Change in Accounts Payable -340 Change in Prepaid Insurance 700 Change in Ir. In growing crop 2500 Interest Expense -1200 Change in Interest Payable Net Farm Income from Oper. $49,485.00 Loss on Sales of farm capital -800 Income before Taxes $18,685.00 Income Tax Expense -2160 Changes in Taxes Payable -870 Changes in Taxes Payable Changes in Taxes Payable Accrual Adjusted Net Income S40,905 80 1450
