THis is the feedback I received and I don't understand what I did wrong.
Marketable securities adjusting entry is correct. The deferred tax due to difference in depreciation methods for book and tax is the correct amount. Depreciation for income taxes was $209,301 higher than book value. This causes a deferred tax liability and income tax that will be paid at a future date(income taxes currently payable). It does not have a deferred tax expense. Your adjusting entry for permanent difference in income taxes for meals and entertainment is correct
AutoSave O Off) Copy of ACC 309 Final Project Student Workbook Jennifer Etheridge - Excel Jennifer Etheridge JE X File Home Insert Page Layout Formulas Data Review View Help Search Share Comments LO X Arial 12 ~ A A = = ab Wrap Text Accounting Ex AY O Paste BIU ~ 1 v CEE Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting Table Styles ~ Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas H64 X V Deferred taxes for timing difference on depreciation B C D E F G H I J K L M N O P Q R 16 17 Accumulated Depreciation 328,282.00 328,282.00 18 Patent 19 Accounts Payable 1,555,212.85 1,555,212.85 20 Wages Payable 250,203.31 250,203.31 21 Interest Payable 21,888.22 21,888.22 22 Current Portion of Bonds Payable 1,000,000.00 1,000,000.00 23 Income Taxes Currently Payable 1,042, 118.16 375.00 1,042,493.16 24 Accrued Pension Liability 25 Accrued Employees Health Insurance 26 Lease Liability 27 28 Deferred Tax Liability 52,325.25 52,325.25 29 Bonds Payable 4,000,000.00 4,000,000.00 30 Preferred Stock 500,000.00 500,000.00 31 Common Stock 1,750,000.00 1,750,000.00 32 Beginning Retained earnings 2,213, 122.59 2,213, 122.59 33 Dividends - Preferred 50,000.00 50,000.00 34 Dividends - Common 5,250,000.00 5,250,000.00 35 Bakery Sales 33,881,157.15 33,881,157.15 36 Merchandise Sales 124,795.80 124,795.80 27 Cast of Conde Cold DaleAL 10 061 007 26 10 064 007 26 Instructions Instructions - Milestone 1 Trial Balance 2017 Instructions -Milestone 2 Milestone 2 calculations Instructions - final Prel Balance Sheet 2017 ... + :0 + 100% Type here to search O Fi 1I P 6:31 PM 9/24/2020AutoSave O Off) Copy of ACC 309 Final Project Student Workbook Jennifer Etheridge - Excel Jennifer Etheridge JE X File Home Insert Page Layout Formulas Data Review View Help Search Share Comments LO X Arial 12 ~ A A = = ab Wrap Text Accounting Ex AY O Paste BIU ~ 1 v CEE Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting Table v Styles ~ Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas H64 X V Deferred taxes for timing difference on depreciation B C D E F G H I J K M N O P Q R 34 Dividends - Common 5,250,000.00 5,250,000.00 35 Bakery Sales 33,881, 157.15 33,881, 157.15 36 Merchandise Sales 124,795.80 124,795.80 37 Cost of Goods Sold - Bake 10,954,907.36 10,954,907.36 38 Cost of Goods Sold - Merch 88,994.79 88,994.79 39 Rent Expense 1,576,731.95 1,576,731.95 40 Wages Expense 2,604,526.23 2,604,526.23 41 Misc. Supplies Expense 263,224.56 263,224.56 42 Repairs and Maintenance 47,353.05 47,353.05 43 Business License Expense 211,757.65 211,757.65 44 Misc. Expense 141, 171.08 141, 171.08 45 Depreciation Expense 634,520.00 634,520.00 46 Insurance Expense 112,937.69 112,937.69 47 Advertising Expense 160,413.49 160,413.49 48 Interest Expense 484,703.27 484,703.27 49 Telephone Expense 50,821.34 50,821.34 50 Pension Expense 51 Retired Employees Health Ins. 52 Patent Amortization 53 54 Unrealized Gain/(Loss) on Marketable Securities Held for Sale 265,000.00 265,000.00 Instructions Instructions - Milestone 1 Trial Balance 2017 Instructions -Milestone 2 Milestone 2 calculations Instructions - final Prel Balance Sheet 2017 ... + :0 + 100% Type here to search O M P 6:31 PM 9/24/2020AutoSave O Off) Copy of ACC 309 Final Project Student Workbook Jennifer Etheridge - Excel Jennifer Etheridge JE X File Home Insert Page Layout Formulas Data Review View Help Search Share Comments LO X Arial 12 ~ A A = = ab Wrap Text Accounting Ex AY O Paste BIU - CEE Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting Table Styles ~ Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas H64 X V Deferred taxes for timing difference on depreciation B C D E F G H I J K L M N O P Q R 43 Business License Expense 211,757.65 211,757.65 44 Misc. Expense 141, 171.08 141, 171.08 45 Depreciation Expense 634,520.00 634,520.00 46 Insurance Expense 112,937.69 112,937.69 47 Advertising Expense 160,413.49 160,413.49 48 Interest Expense 484,703.27 484,703.27 49 Telephone Expense 50,821.34 50,821.34 50 Pension Expense 51 Retired Employees Health Ins. 52 Patent Amortization 53 54 Unrealized Gain/(Loss) on Marketable Securities Held for Sale 265,000.00 265,000.00 55 56 Income Taxes 4,168,472.62 375.00 4, 168,847.62 57 Deferred Tax Expense 52,325.25 52,325.25 58 59 46,666,780.08 46,666,780.08 317,700.25 317,700.25 46,719,480.33 46,719,480.33 60 61 (1) Unrealized loss on marketable securities milestone 1 62 (2) Adjust income taxes for correct effective rate milestone 1 63 Deferred tower for timing differones on depreciation milestone 1 Instructions Instructions - Milestone 1 Trial Balance 2017 Instructions - Milestone 2 Milestone 2 calculations Instructions - final Prel Balance Sheet 2017 ... + 100% Type here to search O 9 P 6:31 PM 9/24/2020AutoSave O Off) Copy of ACC 309 Final Project Student Workbook Jennifer Etheridge - Excel Jennifer Etheridge JE X File Home Insert Page Layout Formulas Data Review View Help Search Share Comments LO X Arial 12 ~ A A = = ab Wrap Text Accounting Ex AY O Paste BIU ~ 1 v CEE Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting Table Styles ~ Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas H64 X V Deferred taxes for timing difference on depreciation B C D E F G H I J K L M N O P Q R W N - PEYTON APPROVED HOME TRIAL BALANCE As of December 31, 2017 Adjusting entries Dr Cr Dr Cr Dr Cr |Cash 1,488,999.34 1,488,999.34 6 Marketable Securities 5,500,000.00 265,000.00 5,235,000.00 7 Accounts Receivable 7,092,495.88 7,092,495.88 8 Baking Supplies 1,605,098.52 1,605,098.52 9 Merchandise Inventory 128, 152.63 128, 152.63 10 Prepaid Rent 71,877.07 71,877.07 11 Prepaid Insurance 207,834.14 207,834.14 12 Misc. Supplies 17,647.42 17,647.42 13 Land 250,000.00 250,000.00 14 Building 1,250,000.00 1,250,000.00 15 Baking Equipment 2,254, 140.00 2,254, 140.00 16 17 Accumulated Depreciation 328,282.00 328,282.00 18 Patent 19 Accounts Payable 1,555,212.85 1,555,212.85 20 Wages Payable 250,203.31 250,203.31 21 Interest Payable 21,888.22 21,888.22 35 Current Dartion of Bande Davablo 1 non non on 1 000 000 00 Instructions Instructions - Milestone 1 Trial Balance 2017 Instructions -Milestone 2 Milestone 2 calculations Instructions - final Prel Balance Sheet 2017 ... + :0 + 100% Type here to search O 11 P 5:30 PM 9/24/2020
