Required: 1. Prepare a worksheet for the year ended December 31, 20X1. 2. Prepare a classified Income statement. The firm does not divide its operating expenses into selling and administrative expenses. 3. Prepare a statement of owner's equity. No additional Investments were made during the period. 4. Prepare a classified balance sheet All notes payable are due within one year. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entries. Analyze: By what percentage did the owner's capital account change in the period from January 1, 20X1. to December 31, 2012 Complete this question entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Analyze Prepare a classified balance sheet. All notes payable are due within one year. (Round your answer to 2 decimal places.) PROGRAMS PLUS Balance Sheet Assets Current Assets Prepaid expenses 0.00 0.00 Total current assets Plant and equipment $ 0.00 Total plant and equipment Total Assets Liability and Owner's Equity Current Liabilities 0.00 Total current liabies Owner's Equity Total Liabilities and owner's equity $ 0.00 Critical Thinking Problem 13.1 (Algo) Year-End Processing LO 13-1, 13-2, 13-3, 13-4, 13-5, 13-6, 13-7 Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax. On December 31, 20x1, Its general ledger contained the accounts and balances shown below: ACCOUNTS Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Social Security Tax Payable Medicare Tax Payable Yasser Tousson, Capital Yasser Tousson, Drawing Sales Sales Returns and Allowances Purchases Freight In Purchases Returns and Allowances Purchases Discounts Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Interest Expense BALANCES $ 31,280 Dr. 42,680 Dr. 175 Cr. 78,375 Dr. 8,340 Dr. 5,588 Dr. 50,eee Dr. 18,180 Cr. 8,864 Cr. 9,700 Cr. 1,360 Cr. 290 Cr. 189,629 Cr. 50,000 Dr. 546,980 Cr. 16,eee Dr. 324,230 Dr. 5,289 Dr. 10,345 Cr. 56,888 Cr. 30,580 Dr. 2,964 Dr. 188,00 Dr. 8,900 Dr. 265 Dr. The data needed for the adjustments on December 31 are as follows: a.-b. Ending merchandise Inventory. $69.450. c. Uncollectible accounts, 0.5 percent of net credit sales of $261.000. d. Supplies on hand December 31, $1.820. e. Expired Insurance. $2.790. f. Depreciation Expense-Equipment $12.000. 9. Accrued Interest expense on notes payable. $1.925. h. Accrued salarles. $5,300. Social Security Tax Payable (6.2 percent) and Medicare Tax Payable (1.45 percent) of accrued salaries. . The following accounts had zero balances: Salarles Payable Interest Payable Income Summary Supplies Expense Insurance Expense Depreciation Expense-Equipment Uncollectible Accounts Expense . Required: 1. Prepare a worksheet for the year ended December 31, 20X1. 2 Prepare a classified Income statement. The firm does not divide its operating expenses into selling and administrative expenses. 3. Prepare a statement of owner's equity. No additional Investments were made during the period. 4. Prepare a classified balance sheet. All notes payable are due within one year. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entries
