Yabba-Dabba-Do Case Project Part II

On 01/31, a physical count showed the Office Supplies balance was $900.

b. As of 01/31, Yabba-Dabba-Do had completed all snow removal services for the month of January for customer Brad Stone-Pitt.

c. Monthly depreciation on snow equipment using double-declining balance method based on a salvage value of $500 and a useful life of 4 years.

d. Monthly depreciation on building using straight-line method based on a 40 useful life and 50,000 salvage value

e. Accrued salaries for 01/15 - 01/31 were $8,000, which will not be paid until 02/04. Dont forget to also complete the employee and employer payroll-related tax journal entries. Use a 20% Federal income tax rate, 5.75% state income tax rate, and 5.4% state unemployment tax rate. Assume no deductions from employee earnings other than taxes and no single employee has reached $7,000 in earnings yet.

f. Completed a $1,000 job on 01/31 for Edna Flintstone (Freds mother), but will not be paid until 02/1. No journal entry to record the transaction has been made.

g. Yabba-Dabba-Do Snow Removal uses the Percent-of-Sales Method when estimating uncollectible account expense. Based on industry statistics, 9% of sales on account is estimated to be uncollectible.

h. Record the January interest accruals related to the following items:

Interest on the mortgage balance for January based on 3.75% interest rate

Interest on the note payable to Bank of Bedrock

Interest on the note payable to John Deere Rock

i. Accrued amount owed for 4.25 hours of your accounting services, which will be paid next month.

Round all figures to 2 decimal places.

Asking for answers to: Chart of Accounts, Journal Adjusting, Trial Balance, Financial Statements, Closing JE, T-Accounts