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olivewolf541Lv1

28 Sep 2019

Selected balance sheet information for the WolfCompany at November 30, and December 31, 2013, is presented below.The company uses the perpetual inventory system and all sales tocustomers are made on credit.

Nov. 30 Dec. 31

Dr. Cr. Dr. Cr.

Accounts receivable 9,500 2,500

Prepaid insurance 4,500 7,000

Inventory 6,500 5,500

Accounts payable 11,500 14,500

Wages payable 4,500 2,500

The following cash flowinformation also is available:

a.
Cashcollected from credit customers, $75,000.

b. Cashpaid for insurance, $4,500.

c.
Cash paid to suppliers of inventory, $55,000(the entire accounts payable amounts relate to inventorypurchases).

d. Cashpaid to employees for wages, $9,500.

Determine the following for the month of December:

Sales Revenue ?
Cost of goods sold ?
Insurnace expenses ?
Wage expenses ?

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Beverley SmithLv2

28 Sep 2019

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Related questions

The Green Thumb Gardener is a retail store that sells plants,soil, and decorative pots. On December 31, 2019, the firm's generalledger contained the accounts and balances that appearbelow.

ACCOUNTS ANDBALANCES
Cash	$	5,200	Dr.
Accounts Receivable		2,100	Dr.
Allowance for DoubtfulAccounts		47	Cr.
Merchandise Inventory		10,800	Dr.
Supplies		1,150	Dr.
Prepaid Advertising		960	Dr.
Store Equipment		7,800	Dr.
Accumulated DepreciationâStoreEquipment		1,450	Cr.
Office Equipment		1,300	Dr.
Accumulated DepreciationâOfficeEquipment		230	Cr.
Accounts Payable		2,575	Cr.
Social Security Tax Payable		380	Cr.
Medicare Tax Payable		83	Cr.
Federal Unemployment TaxPayable
State Unemployment TaxPayable
Salaries Payable
Beth Argo, Capital		22,927	Cr.
Beth Argo, Drawing		19,500	Dr.
Sales		87,548	Cr.
Sales Returns andAllowances		1,050	Dr.
Purchases		44,900	Dr.
Purchases Returns andAllowances		380	Cr.
Rent Expense		5,500	Dr.
Telephone Expense		540	Dr.
Salaries Expense		13,600	Dr.
Payroll Taxes Expense		1,220	Dr.
Income Summary
Supplies Expense
Advertising Expense
Depreciation ExpenseâStoreEquipment
Depreciation ExpenseâOfficeEquipment
Uncollectible AccountsExpense

ADJUSTMENTS

a.âb. Merchandise inventory on December 31,2019, is $11,821.

During 2019, the firm had net credit sales of $30,000; the firmestimates that 0.6 percent of these sales will result inuncollectible accounts.

On December 31, 2019, an inventory of the supplies showed thatitems costing $250 were on hand.

On October 1, 2019, the firm signed a six-month advertisingcontract for $960 with a local newspaper and paid the full amountin advance.

On January 2, 2018, the firm purchased store equipment for$7,800. At that time, the equipment was estimated to have a usefullife of five years and a salvage value of $550.

On January 2, 2018, the firm purchased office equipment for$1,300. At that time, the equipment was estimated to have a usefullife of five years and a salvage value of $150.

On December 31, 2019, the firm owed salaries of $1,780 that willnot be paid until 2020.

On December 31, 2019, the firm owed the employerâs socialsecurity tax (assume 6.2 percent) and Medicare tax (assume 1.45percent) on the entire $1,780 of accrued wages.

On December 31, 2019, the firm owed federal unemployment tax(assume 0.6 percent) and state unemployment tax (assume 5.4percent) on the entire $1,780 of accrued wages.

Required:

Prepare the Trial Balance section of a 10-column worksheet. Theworksheet covers the year ended December 31, 2019.

Enter the adjustments above in the Adjustments section of theworksheet.

Complete the worksheet.

Analyze:
By what amount were the assets of the business affected byadjustments?

Below is the journal I completed. Based on this, please help meout to complete following worksheet and income statement, statementof retained earning, and balance sheet. (also, how do I close allthe accounts?)

Date	Accounts and Explanation	Debit	Credit
12/2/14	Inventory	1,300
	Account Payable		1,300
	Purchased 10 Units of Software on Account for $1300
12/2/14	Salaries Payable	2,500
	Cash		2,500
	Paid Employees Salaries Owed
12/2/14	Account Receivable	3,200
	Service Revenue		3,200
	Provided Accounting Service on Account, $3200
12/5/14	Office Equipment	4,800
	Account Payable		4,800
	Purchased Office Equipment on Account, $4800
12/8/14	Supplies	950
	Cash		950
	Purchased Supplies for $950 Cash
12/10/14	Cash	3,000
	Account Receivable		3,000
	Received $3000 Payment on Account
12/11/14	Account Receivable	4,500
	Sales Revenue		4,500
	Sold 15 Units of Inventory on Account, $4500
12/11/14	Cost of goods sold	2,000
	Inventory		2,000

12/11/14	Account Payable	1,200
	Cash		1,200
	Made Payment on Account
12/12/14	Inventory	2,400
	Account Payable		2,400
	Purchased Inventory on Account
12/14/14	Advertising Expense	375
	Cash		375
	Paid for Advertising
12/15/14	Cash	8,000
	Service Revenue		8,000
	Provided Accounting Service for Cash
12/16/14	Salaries Expense	2,500
	Cash		2,500
	Paid Salaries for December 1st-15th
12/17/14	Account Receivable	6,000
	Service Revenue		6,000
	Provided Accounting Service on Account
12/19/14	Account Receivable	3,000
	Sales Revenue		3,000

12/19/14	Cost of goods sold	1,200
	Inventory		1,200

12/22/14	Cash	2,500
	Accounts Receivable		2,500

12/23/14	Accounts Payable	2,800
	Cash		2,800
	Made Payment on Account
12/24/14	Utility Expense	850
	Cash		850
	Paid Monthly Utility Bills
12/27/14	Cash	2,000
	Unearned Service Revenue		2,000
	(Advance Received against Services)
12/29/14	Cash	5,000
	Service Revenue		5,000
	Provided Accounting Service for Cash
12/30/14	Cash	15,000
	Common Stock		1,000
	Additional Paid in Capital		14,000
	Issued 1000 shares of Common Stock
12/31/14	Dividend Payable	31,500
	Cash		31,500
	(Dividend paid)
12/31/14	Salary Expense	2,500
Adj	Salary Payable		2,500
	To accrue salary expense
12/31/14	Depreciation Expense - Building	7,500
Adj	Accumulated Depreciation- Building		7,500

12/31/14	Depreciation Expense - Furniture	12,000
Adj	Accumulated Depreciation - Furniture		12,000

12/31/14	Depreciation Expense - Equiptment	200
Adj	Accumulated Depreciation - Equiptment		200

12/31/14	Supplies Expense	1,625
Adj	Supplies		1,625

12/31/14	Cost of Inventories Sold	280
Adj	Inventory		280

12/31/14	Unearned Revenue	500
Adj	Revenue		500

12/31/14	Uncollectible Account Expense	167
Adj	Allowance for Uncollectible Accounts		167

	Service Revenue
Clo	Retained Earnings


	Retained Earnings
Clo	Salary Expense
	Supplies Expense
	Depreciation Expense
	Utilities Expense





	Retained Earnings
Clo	Dividends

Worksheet (I worked onit, but debit and credit balances are not correct. Please help meout to find errors and complete it correctly.)

	Trial Balance		Adjustments		Adj. Trial Balance
	Debit	Credit	Debit	Credit	Debit	Credit
Cash	79,941				79,941
Accounts Receivable	26,200				26,200
Allowance for Unc. Accounts		900		167		1,067
Supplies	3,950			1,625	2,325
Inventory	4,700			280	4,420
Building	150,000				150,000
Accumulated Depreciation- Building				7,500		7,500
Furnishing	30,000				30,000
Accumulated Depreciation- Furnishings				12,000		12,000
Office Equipment	4,800				4,800
Accumulated Depreciation- Off. Equip.				200		200
Accounts Payable		5,700			5,700
Salary Payable		-		2,500		2,500
Unearned Service Revenue		2,000		500		2,500
Stock, Common		19,000				19,000
Additonal Paid in Capital		166,000				166,000
Retained Earnings		40,000				40,000
Dividends	31,500				31,500
Service Revenue		142,700				142,700
Sales Revenue		23,000				23,000
Advertising Expense	8,174				8,174
Depreciation Expense	-		19,700		19,700
Repairs & Maintenance Expense	10,675				10,675
Supplies Expense	3,560				3,560
Uncollectible Accounts Expense	900		167		1,067
Utilities Expense	6,500				6,500
Cost of Goods Sold		10,900	280			10,900
Salary Expense	57,500		2,500		60,000
Total	$418,400	$410,200	$22,647	$24,772	$444,562	$427,367

Please help me! Thanks

beigegoose862

ACC 3010

Project 2

Spring Summer 2018

This project will be submitted in 3 parts. The submission dates and Required parts to be completed for each submission are:

Submission 1 - due Saturday June 16 before 5pm - You must submit your completed March Journal entries, your completed Inventory Cards for all 3 Inventory costing methods, and the Worksheet complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 2 part 1. Failure to name your file correctly will result in a 1 point deduction

1. Complete the Perpetual Inventory card worksheets to reflect the March purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar.

2. Complete the March Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post.

3. Post the March entries to the worksheet columns for the March entries and complete the Trial Balance columns of the Worksheet.

Inventory Information

Inventory on hand at the beginning of October:

Units Cost / unit Total Cost

Purchase # 1 10 50 $500

Purchase # 2 35 60 2,100

45 $2,600

March 2018 transactions related to buying and selling doodad inventory

1-Mar Sold 25 doodads at $115 each on credit

3-Mar Purchased 40 doodads at a cost of $70 per doodad on credit

15-Mar Sold 30 doodads at $125 each on credit

20-Mar Purchased 25 doodads at a cost of $80 per doodad on credit

24-Mar Sold 35 doodads at $140 each on credit

The PHYSICAL count of doodad inventory on hand at March 31, 2018 shows 18 doodads at a LIFO cost of $980.

#NAME?
PARTIALLY ADJUSTED TRIAL BALANCE
March 31 2018							Adjusting
	Part Adj T/B		March Jes		Trial	Balance	& Bank Rec	Jes	Adusted TB
	DR	CR	DR	CR	DR	CR	DR	CR	DR	CR
Cash	$253,560
Accounts Receivable	146,800
Allowance for Uncollectible Accounts		$2,569
Supplies	85,650
Inventory	2,600
Prepaid Insurance	16,800
Land	50,000
Building	125,500
Accumulated Depr â Building		5,670
Computer equipment	52,950
Accumulated Depr â Comp Equip		1,750
Office Furniture	85,960
Accumulated Depr - Office Furniture		890
Accounts Payable		48,526
Interest Payable		3,200
Utilities Payable		8,952
Wages Payable		98,505
Long term Note Payable		90,000
Mortgage Payable		60,000
Common Stock		400,000
Retained Earnings		106,468
Dividends	4,000
Service Revenue		345,650
Tablet Sales Revenue		210,250
Cost of Goods Sold	165,850
Bad Debt Expense
Depreciation Expense â Building	1,350
Depreciation Expense - Computer Equip	890
Depreciation Expense - Office Furn	650
Interest Expense	3560
Insurance Expense	38,950
Supplies expense	72,860
Bank fee (expense)
Utilities Expense	75,900
Wage Expense	198,600


TOTALS	$1,382,430	$1,382,430	$0

amaranthreindeer392

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Homework Help 3,900,000

Accounting 580,000

	Nov. 30				Dec. 31

	Dr.		Cr.		Dr.		Cr.
Accounts receivable		9,500				2,500
Prepaid insurance		4,500				7,000
Inventory		6,500				5,500
Accounts payable				11,500				14,500
Wages payable				4,500				2,500

a.	Cashcollected from credit customers, $75,000.
b.	Cashpaid for insurance, $4,500.
c.	Cash paid to suppliers of inventory, $55,000(the entire accounts payable amounts relate to inventorypurchases).
d.	Cashpaid to employees for wages, $9,500.

	Determine the following for the month of December:
	Sales Revenue ? Cost of goods sold ? Insurnace expenses ? Wage expenses ?