ACC308 Study Guide - Final Guide: Income Statement

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blueweasel611

21 Apr 2021

School

Southern New Hampshire University

Department

Accounting

Course

ACC308

Professor

M. Littlejohn

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Can't get this to adjust on the balance sheet. The teachsaid the balance sheet total assets should be: 173, 652. I'm only175 off but the only 175 I see would be an expense.

Preliminary Financial Statements have already been prepared(2017 statements in the Final Project Workbook). Final adjustingentries have not yet been made. See table for possible adjustmentsthat indicate what will be recorded at 12/31/17 (fiscal year end).Use the following to complete year-to-year documentation and notesfor managing depreciation, inventory, and long-termdebt.

1. A supplier shipped $3,000 of ingredients on 12/29/17. Peytonreceives an invoice for the goods, as well as a bill for freightfor $175, all dated 12/29/17. Goods were shipped

2. At 12/31/17, Peyton has $200 worth of merchandise onconsignment at Brunoâs House of Bacon.

3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globefor product to be shipped by Peyton in the second week ofJanuary.

4. On 12/03/2017, a mixer with cost of $2,000, accumulateddepreciation $1,200, was destroyed by a forklift. As of 12/23/17,insurance company has agreed to pay $700 in January, 2018, foraccidental destruction.

5. Note about later borrowing financials will show loan fromparents repaid and use of bank financing

	Unadjusted trial balance			Adjusting entries			Adjusted trial balance
	Dr	Cr	ref	Dr	Cr	ref	Dr	Cr
Cash	67,520.04			1,000.00			68,520.04
Accounts Receivable	68,519.91						68,519.91
Other Receivable - Insurance				700.00			700.00
Baking Supplies	15,506.70			3,000.00			18,506.70
Merchandise Inventory	1,238.07				200.00		1,038.07
Consignment Inventory				200.00			200.00
Prepaid Rent	2,114.55						2,114.55
Prepaid Insurance	2,114.55						2,114.55
Misc. Supplies	170.49						170.49
Baking Equipment	14,000.00				2,000.00		12,000.00
Accumulated Depreciation		1,606.44		1,200.00				406.44
Customer Deposit					1,000.00			1,000.00
Accounts Payable		20,262.11			3,175.00			23,437.11
Wages Payable		3,383.28						3,383.28
Interest Payable		211.46						211.46
Notes Payable		5,000.00						5,000.00
Common Stock		20,000.00						20,000.00
Beginning Retained earnings		50,144.84						50,144.84
Dividends	105,000.00						105,000.00
Bakery Sales		327,322.55						327,322.55
Merchandise Sales		1,205.64						1,205.64
Cost of Goods Sold - Baked	105,834.29						105,834.29
Cost of Goods Sold -Merchandise	859.77						859.77
Rent Expense	24,549.19						24,549.19
Wages Expense	10,670.72						10,670.72
Misc. Supplies Expense	3,000.46						3,000.46
Business License Expense	2,045.77						2,045.77
Misc. Expense	1,363.84			175.00			1,538.84
Depreciation Expense	677.86						677.86
Insurance Expense	1,091.08						1,091.08
Advertising Expense	1,549.74						1,549.74
Interest Expense	818.31						818.31
Telephone Expense	490.98						490.98
Gain/Loss on disposal ofequipment				100.00
	429,136.32	429,136.32		6,375.00	6,375.00		432,011.32	432,111.32

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ACC308 Study Guide - Final Guide: Income Statement

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