USING THE NUMBERS BELOW.
Prepare an Income statement using the numbers
below
Prepare an Statement of change in Equity using
numbers below
Prepare a balance sheet using the numbers
below.
- Prepare An Adjusted Trial Balance At December 31 2022 Using The Numbers Below Prepare An Income Statement Using The N 1 (125.79 KiB) Viewed 25 times
- Prepare An Adjusted Trial Balance At December 31 2022 Using The Numbers Below Prepare An Income Statement Using The N 2 (166.01 KiB) Viewed 25 times
- Prepare An Adjusted Trial Balance At December 31 2022 Using The Numbers Below Prepare An Income Statement Using The N 3 (196.63 KiB) Viewed 25 times
- Prepare An Adjusted Trial Balance At December 31 2022 Using The Numbers Below Prepare An Income Statement Using The N 4 (189.65 KiB) Viewed 25 times
- Prepare An Adjusted Trial Balance At December 31 2022 Using The Numbers Below Prepare An Income Statement Using The N 5 (180.53 KiB) Viewed 25 times
Question 1 of 1 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 18,040 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2028) 57,400 Common Stock 82,000 Retained Earnings 104,304 Dividends 19,680 Sales Revenue 1,476,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 1,033,200 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 101,352 Amortization Expense 0 Salaries and Wages Expense 180,400 Total $1,904,696 $1,904,696
3.25 / 20 2 Question 1 of 1 < > The following transactions occurred during December. Purchased equipment for $26,240, plus sales taxes of $1,312 (paid in cash). Dec. 2 2 Sheffield sold for $5,740 equipment which originally cost $8,200. Accumulated depreciation on this equipment at January 1,2022, was $2,952; 2022 depreciation prior to the sale of equipment was $1,353. 15 Sheffield sold for $8,200 on account inventory that cost $5,740. 23 Salaries and wages of $10,824 were paid. Adjustment data: 1. Sheffield estimates that uncollectible accounts receivable at year-end are $6,560. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $5,904, 6-month premium on September 1, 2022. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $49,200. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,952. 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2022, total $3,608. 9. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $24,600. It was unpaid at December 31.
Credit $ Debit $ 27552 27552 1353 1353 5740 4305 = 1845 Solution : No. Particulars Dec-02 Equipment Cash Dec-02 Depreciation expense Accumulated depreciation To record depreciation expense on equipment Cash Accumulated depreciation expense Gain on disposal of plant assets Equipment (To record sale of equipment) Dec-15 Accounts receivables Sales revenue ( To record sales revenue ) Cost of goods sold Inventory (To record cost of goods sold ) Dec-23 Salaries and wages Cash Equipment cost = 8200 Less : Accumulated depreciation + Depreciation = 2952 + 1353 = 4305 Book value of equipment = 8200 - 4305 = $ 3895 Sale price = 5740 Hence, Gain on disposal of equipment = 5740 - 3895 = $ 1845 8200 = 8200 8200 5740 5740 10824 10824 Dec-31 1 Bad debt expense Allowances for doubtful accounts 5740 = Bad debt expense = $ 6560 - Allowance for doubtful accounts credit balance = $ 6560 - $ 820 = $ 5740 5740 =
2 Interest receivables 984 = Interest on notes receivables = $ 16400 * 8 %* 9/12 = $ 984 Interest revenue 984 3 3936 Insurance expense Prepaid insurance 3936 = $ 5904 * 8 / 12 = $ 3936 4 39360 = Depreciation expense Accumulated depreciation - Building Depreciation = $ 246000 - 49200 = $ 196800 / 5 years = $ 39360 39360 = = 5 16236 = Depreciation expense Accumulated depreciation - Equipment Depreciation = ( $ 98400 - $ 8200 ) - 10% = $ 81180 = $ 81180 / 5 years = $ 16236 16236 = 6 410 Depreciation expense Accumulated depreciation - Equipment - 410 * Depreciation = $ 27552 - $ 2952 = $ 24600 = $ 24600 / 5 years * 1 / 12 = $ 410 Amotization = $ 14760 / 9 years = $ 1640 7 1640 1640 8 3608 Amortization expense Patents Salaries and wages expense Salaries and wages payable Interest expense Interest payable 3608 9 7544 Interest = ( $ 18040 + $ 57400 ) * 10 % = $ 7544 7544 10 24600 Income tax expense Income taxes payable 24600