Ultimate Frisbee, Inc. had the following post$-$closing trial balance as of December $31,2023.$

Ultimate Frisbee, Inc had the following transactions during $2024$:

Jan $15$ Issued common stock for $$30,000$

Feb $10$ Purchased supplies on account for $$1,750$

Feb $25$ Paid the invoice for Supplies that were purchased on Feb $10$th

Apr $5$ Purchased merchandise $($Inventory$)$ of $9,000$ Frisbees at $$1\mathrm{.}65$ per Frisbee on account

Apr $10$ Paid a Design Company cash to screen print your own logo and design on the frisbee for $\mathrm{.}20$ per Frisbee $($needs to be added to the cost of inventory$).$

May $5$ Paid the invoice of April $5$

May $10$ Sold $3,000$ of the Frisbees on account to Sports Fanatics, Inc., for $$3\mathrm{.}50$ per Frisbee.

May $19$ Received cash from the sale on May $10.$

Jun $1$ Issued a $60-$day, $6\%$ note $($receivable$)$ for $$8,000$ to Phil Dumphy, one of our managers, who stumbled upon some legal trouble.

Jun $15$ Sold $2,000$ Frisbees on account to Win or Go Home, Inc., for $$3\mathrm{.}90$ per Frisbee.

Jun $30$ Paid sales salaries of $$2,700$ and office salaries of $$1,100($these should be combined$),$ utilities of $$500,$ insurance expense of $$400$ and travel expenses of $$250$

July $5$ Purchased a Screen$-$Printing Machine by paying $$4,000$ in cash and signing a $90-$day, $5\%$ note for $$6,000.$

July $24$ Received payment from Win or Go Home, Inc

Aug $1$ Received amount owed on June $1$ note, plus interest at the maturity date.

Sept $1$ Sold $4,000$ Frisbees to Players R Us$,$ Inc, for $$3\mathrm{.}95$ per Frisbee on Account.

Sep $5$ Purchased land by issuing a $$20,000,9\%90-$day note to Ace Development Co$.$

Oct $1$ Received payment in full from Players R Us$,$ Inc.

Oct $15$ Paid off the Note for Equipment.

Nov $30$ Paid sales salaries of $$2,200$ and office salaries of $$1,100,$ utilities of $$500,$ rent expense of $$1,000$ and travel expenses of $$150$

Dec $5$ Paid in full the September $5$ note at maturity.

Instructions:

Enter in your beginning balances from December $31,2023$

Journalize the above transactions $($complete your journal entries$)$

Post beginning balances to the Ledgers $($T$-$accounts$)$

Post your Journal Entries to the ledgers $($T$-$accounts$)$

Based on the following data, prepare a bank reconciliation for December of the current year:

Balance according to the bank statement at December $31,$ $$39,583$

Balance according to the ledger before your Bank Reconciliation at December $31,\_\_\_\_\_\_\_\_\_.$ Hard code this amount in your bank reconciliation.

The following checks were still outstanding as of Dec $31,2019$:

Check #$1234$ $$3,221$

Check #$1235$ $$1,300$

Check #$1236$ $$6,000$

Interest earned, $$150$

Deposit in transit, not recorded by bank, $$4,238$

Bank debit memorandum for service charges, $$25$

A check for $$200$ in payment of an invoice was incorrectly recorded in the ledger as $$20$

Based on the bank reconciliation prepared in $2$ above, journalize the entry or entries to be made by Ultimate Frisbee, Inc and post to the ledger $($T$-$accounts$).$

Based on the above transactions, prepare an Unadjusted Trial balance.

Based on the following information, journalize the adjusting entries in your Unadjusted Trial balance and prepare an Adjusted Trial Balance as of December $31,$ of the current year:

Accrued Sales Revenue, $$4,600$

Prepaid insurance expired during the year, $$3,000.$

Accrued Salaries for a $2-$day period ending Dec $31$st$.$ Salaries of $$2,000$ are typically paid weekly for a $5-$day work week.

Accrued Interest expense for the $5$yr$,3\%$ Long Term Note Payable from the Bank.

A physical count of supplies showed $$1,750$ left on hand.

Depreciation is computed as follows:

Using your Adjusted Trial Balance, prepare an income statement, statement of retained earnings and balance sheet as of December $31,2024.$

Answer the Financial Analysis questions: $1.$ What is the book value of each of the depreciable assets; building, office equipment, machine? $2.$ What are the current assets? $3.$ What are the current liabilities? $4.$ What are the total operating expenses? $5.$ What is the gross profit margin?