Problem 1123456789101113141516Accounts PayableAccounts ReceivableAccumulated Depreciationâ??Equipmen

Problem 1123456789101113141516Accounts PayableAccounts ReceivableAccumulated Depreciation—EquipmentAllowance for Doubtful AccountsBonds PayableCashCommon StockEquipmentPrepaid InsuranceInterest ExpenseInventoryPrepaid RentRetained EarningsRevenueSalaries and Wages ExpenseNormalBalanceType ofAccountFinancial Statement60,000150,000160,00020,000300,00050,000100,000560,00030,00010,000300,000210,000618,000380,000328,000a. Use the down down boxes in column e, f, and g to indicate the type of account and normal balance.b. Prepare adjusting journal entries at year end, December 31, 2014, based on the following information.a. The equipment has a useful life of 15 years with no salvage value. (Straight-line depreciation)b. Interest accrued on the bonds payable is $15,000 as of 12/31/14.c. Prepaid insurance at 12/31/14 is $25,000.d. The rent payment of $180,000 covered the six months from November 30, 2014 through May 31, 2015.e. Salaries and wages earned but unpaid at 12/31/14, $22,000.c. Prepare an adjusted trial balance for December 31, 2014.Entries:Adjusted Trial Balance:DebitTotalCreditCurrent assetsProperty, plant, and eCurrent liabilitiesLong-term liabilitiesStockholders’ equitysetslant, and equipmentbilitiesliabilitiesrs’ equityThe adjusted trial balance appears below. Using the information from theadjusted trial balance, you are to prepare for the month ending December 31 anincome statement, a retained earnings statement, and a balance sheet.Dallas Consulting PartnersAdjusted Trial BalanceDecember 31, 2014CashAccounts ReceivableSuppliesEquipmentAccumulated Depreciation—EquipmentAccounts PayableUnearned Service RevenueCommon StockRetained EarningsDividendsService RevenueSupplies ExpenseDepreciation ExpenseRent ExpenseDebit9003,1001,80016,000Credit4,5001,8003,00010,0004,0001,0005,5006002,5002,90028,80028,800Pete Corporation’s capital structure consists of 50,000 shares of common stock. AtDecember 31, 2014 an analysis of the accounts and discussions with companyofficials revealed the following information:Accounts payableAccounts receivableAccumulated depreciation-machineryAdministrative expensesAllowance for doubtful accountsCashCommon stockCost of goods soldDividend revenueDividends declaredEarthquake loss (net of tax) (extraordinary item)Interest expenseInterest payableLandMachineryMaterialsNotes payable (maturity 7/1/17)PatentsRetained earnings, January 1, 2014Sales revenueSelling expensesUnearned service revenue60,00090,000180,000170,0005,00060,000200,000701,0008,00024,00056,00017,0001,000370,000450,00040,000200,000100,000290,0001,200,000128,0004,400The amount of income taxes applicable to ordinary income was $57,600, excludingthe tax effect of the earthquake loss which amounted to $24,000. Be sure tocompute EPS where appropriate.Instructions(a)Prepare a multiple-step income statement.(b)Prepare a retained earnings statement.Given the following account information for SmithCorporation, prepare a balance sheet in report formfor the company as of December 31, 2014. Allaccounts have normal balances.EquipmentInterest ExpenseInterest PayableRetained EarningsDividendsLandAccounts ReceivableBonds PayableNotes Payable (due in 6 months)Common StockAccumulated Depreciation – Equip.Prepaid AdvertisingService RevenueBuildingsSuppliesIncome Taxes PayableUtilities ExpenseAdvertising ExpenseSalaries and Wages ExpenseSalaries and Wages PayableAccumulated Depr. – Bld.CashDepreciation Expense60,0002,400600?50,400137,320100,60078,00029,40070,00010,0005,000340,00080,4001,8603,0001,3201,56053,04090015,00045,0008,000Selected financial statement information and additional data for Stanislaus Co. is presented below.Prepare a statement of cash flows for the year ending December 31, 2016.2015CashAccounts receivable (net)InventoryLandEquipmentTOTALAccumulated depreciationAccounts payableNotes payable – short-termNotes payable – long-termCommon stockRetained earningsTOTALAdditional data:Net income was $220,200.Depreciation was $31,600.Land was sold at its original cost.Dividends of $81,600 were paid.Equipment was purchased for $84,000 cash.A long-term note for $201,600 was used to pay for an equipment purchase.Common stock was issued to pay a $67,200 long-term note payable.201642,00084,000168,00058,800504,000856,80084,00050,40067,200168,000420,00067,200856,80065,000144,200206,60021,000789,6001,226,400115,60086,00029,400302,400487,200205,8001,226,400

 

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