- 1 25 Points Mc Healthy Eating Foods Company Is A Distributor Of Nutritious Snack Foods Such As Granola Bars On December 1 (32.94 KiB) Viewed 25 times
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- 1 25 Points Mc Healthy Eating Foods Company Is A Distributor Of Nutritious Snack Foods Such As Granola Bars On December 4 (49 KiB) Viewed 25 times
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- 1 25 Points Mc Healthy Eating Foods Company Is A Distributor Of Nutritious Snack Foods Such As Granola Bars On December 6 (48.29 KiB) Viewed 25 times
8 с aw ADJUSTMENTS a.-b. Merchandise inventory on December 31, 20X1, is $79,000. c. During 20X1, the firm had net credit sales of $570,000; past experience indicates that 0.25 percent of these sales should result in uncollectible accounts. d. On December 31, 20X1, an inventory of supplies showed that items costing $1,280 were on hand. e. On May 1, 20X1, the firm purchased a one-year insurance policy for $6,600. f. Three years ago the firm purchased office equipment for $7,400. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $525. g. Three years ago the firm purchased warehouse equipment for $28,200. At that time, the equipment was estimated to have a useful life of four years and a salvage value of $5,000. h. On November 1, 20X1, the firm issued a four-month, 12 percent note for $37,000. L. On December 31, 20X1, the firm owed salaries of $10,000 that will not be paid until 20x2. J. On December 31, 20x1, the firm owed the employer's social security tax (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire $10,000 of accrued wages. k. On December 31, 20x1, the firm owed the federal unemployment tax (assume 0.6 percent) and the state unemployment tax (assume 5.4 percent) on the entire $10,000 of accrued wages. Required: 1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 20X1. 2. Enter the adjustments above in the Adjustments section of the worksheet. 3. Complete the worksheet. Analyze: When the financial statements for Healthy Eating Foods Company are prepared, what net income will be reported for the period ended December 31, 20X1? Complete this question by entering your answers in the tabs below. Drai 20 *** Answer is not complete. Return to questi
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Notes Payable-Bank Accounts Payable Interest Payable Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Salaries Payable Philip Tucker, Capital Phillip Tucker, Drawing Sales Trial Balance Debit $31,100 36,200 87.000 11,400 6,000 7,400 28,200 61,000 < Prev Credit 520 2.750 11,000 37,000 13.200 1,780 398 Ⓒ 117,874 Healthy Eating Foods Company Worksheet Year Ended December 31, 20X1 Adjustments 583,778 8 of 8 Debit Credit 28,200 10,120 6,000 7,400 1,375 5,800 740 620 1450 00 540 100,000 Next > Adjusted Trial Balance Debit Credit $ 31,100 O 36,200 87.000 1,280 28,200 $1,000 28,7203 4,125 O 17,400 37,000 13,200 740 2400 543 60Ⓒ 540 10.000 117.874 663,778 Return to question Income Statement Debit Credit 87,000 4 663,778 Balan Debit $ 31,100 36,200 79,000 1,280 7,400 28,200 61,000
pment e Equipment Trial Balance Debit $ 31,100 36,200 87,000 11,400 6,600 7,400 28,200 61,000 nan Credit 520 2,750 11,600 37,000 13,200 1,780 398 117,874 663,778 Healthy Eating Foods Company Worksheet Year Ended December 31, 20X1 Adjustments Debit < Prev Credit 28,200 10,120 6,600 7,400 1,375 5,800 740 620 145 60 540 100,000 Adjusted Trial Balance Debit Credit $ 31,100 36,200 8 of 8 ⠀ 87,000 1,280 28,200 61,000 28,720 4,125 Next > 17,400 37,000 13,200 740 2,400 543 60 540 10,000 117,874 663,778 Income Statement Debit Credit 87,000 663,778 Balance Sheet Debit $31,100 36,200 79,000 1,280Ⓒ 7,400 28,200 61,000 to queston Credit 28,720 + 4,125 17,400 37,000 13,200 740 2.400 543 60 540 10,000 117,874
oter 12 Homework 8 share someongyaya Salaries Payable Philip Tucker, Capital Phillip Tucker, Drawing Sales Sales Returns and Allowances Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Purchases Purchases Returns and Allowances Income Summary Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Supples Expense Insurance Expense Depreciation Expense-Office Equipment Depreciation Expense Warehouse Equipment Uncolectible Accounts Expense Interest Expense Totals Net Income 61,000 11,000 355,000 37,000 3,200 O Saved 170,000 14,000 117,874 663,778 10.200 $ 850,100 $ 850,100 28.200 10,000 1,365 10,120 6,600 1,375 5,800 1,425 740 65,625 www. 100,000 $ 161,600 Worksheet 61,000 37,775 355,000 37,000 3,200 180,000 15,365 10,120 6,600 1,375 5,800 1,425 740 $800,180 10,000 117,874 663,778 10,200 $ 906,540 Help Save & Exit Analyze > 37,775 355,000 3.200 180,000 15,365 10,120 6,600 1,375 5,800 1,425 O 740 $ 704,400 $704.400 Return to que 663.778 10,200 37.000 $710,978 $ $710,978 13
ent 61,000 11,000 355,000 37,000 3,200 170,000 14,000 398 117,874 663,778 10,200 10 $ 859,100 $ 859,100 28,200 10,000 1,365 10,120 6,600 € 1,375 5,800 1,425 740 $ 65,625 145 60✔ 540 100,000 $ 161,600 < Prev 61,000 37,775 355,000 37,000 3,200 180,000 15,365 10,120 6,600 1,375 5,800 1,425 740 $ 899,180 8 of 8 543 60 540 # 10,000 117,874 *** 663,778 $ 906,580 10,200 Analyze > 37,775 355,000 3,200 180,000 15,365 10,120 6,600 1,375 5,800✔ 1,425 740 $ 704,400 $ 704,400 (* Next > 663,778 10,200 37,000 $ 710,978 $710.978 61,000 $ 244,180 S 244,180 543 60 540 10,000 117,874 $ 232,602 $ 232,602 Return to question 00