I need help with this homework: ***I need the trial balance sheet, adjusted tria
ID: 2772374 • Letter: I
Question
I need help with this homework:
***I need the trial balance sheet, adjusted trial balance, Income statement, Retained Earnings Statement, and Balance sheet.
Can you please help: Can you review this.
The 2014 balance sheet of the Captain Fishing Inc. is attached. During 2015, the following events occurred. 1. On January 10, sold merchandise on account to Rayms $8,500 and Fischer $7,600. Terms 2/10, n/30. 2. On January 12, purchased merchandise on account from Zapfel $3,200 and Liotta $2,600. Terms 1/10, n/30. 3. On January 14, received checks, $4,500 from Longhini and $2,500 from Hall, for sales on account after discount period has lapsed. 4. On January 15, sent checks to Joosten for 9,000 less 3% cash discount, and to Maida for $10,000 less 2% cash discount. 5. On January 16, issued credit of $500 to Fischer for merchandise returned. 6. On January 21, paid off the balances to Zapfel and Liotta for the purchases made on January 12. 7. On Feburary 9, received payment in full from Rayms and Fischer. 8. On March 1, paid rent of $9,600 for a two-year term starting from July 1, 2015. 9. On April 1, the company CEO paid $49,999 from her savings bank account to purchase a car for personal use. 10. On April 12, paid $700 cash for office supplies. 11. Cash dividends totaling $1,600 were declared on June 13 and paid to stockholders on June 23. 12. Issued a note of $120,000 to bank (one year, annual interest rate 4%) for cash on July 1. 13. On July 5, purchased merchandise from Maida $32,000, terms 3/10, n/30. 14. On July 7, issued common stock 1000 shares, $10 par, in exchange of a land with a fair market value of $16,000. 15. On July 8, returned $300 of merchandise to Maida and received credit. 16. On August 1, sold merchandise to Lachey on account $80,000, term 1/10, n/30. 17. Paid off the balance to Maida on August 4. 18. On Auguest 8, paid utilities expense, $11,920. 19. On August 18, Lachey paid off its balance. 20. On September 1, paid cash $7,500 to Farmington for merchandise purchased last year. 21. On October 1, paid off notes payable $110,000 (issued in 2014) and associated interest $5,000 (this amount includes $1,500 interest payable on the balance sheet). 22. Over the year, cash sales to other retail customers were $16,500. 23. Over the year, sales and office employees earned $27,500 in salaries and wages, of which $2,500 remained as payable at the end of year. 24. On Dec 31, received an utilities bill of $1,250 (for December 2015) and paid off the bill on January 10, 2016. 25. On Dec 31, paid 5% interest on bonds payable. Additional Information at the end of the year: 1 .Depreciation expense for the year was $14,800. 2. The company estimated that it will pay federal income tax, $5,550. 3. After physically counting, the company decided that the ending inventories was $41,164. 4. Based on its historical data, the bad debts expense are about $2,000. 5. Unearned revenue was decreased by $12,000. 6. The company expenses all of the supplies purchased during the year. 7. No insurance policy was effective during the year (will be effective from Jan 1, 2016). 8. The company uses the gross method to record its purchases and sales on credit. 9. The company adopts the periodic inventory system. 10. Rayms, Fischer, and Lachey had zero balance on account as of Jan 1, 2015. Instructions: 1. Prepare journal entries for each event. 2. Prepare adjusting entries. 3. Prepare trial balance sheet and adjusted trial balance. 4. Prepare Income Statement, Retained Earnings Statement and Balance Sheet. 5. Prepare closing entries.***I need the trial balance sheet, adjusted trial balance, Income statement, Retained Earnings Statement, and Balance sheet.
Can you please help: Can you review this.
Ajustments Debit Credit Debit Credit Cash 47608 Accounts Receivable 34800 Sales Revenue 112100 Inventory 77500 3164 Supplies 700 Cash Discount 528 Rent Expenses 9600 Utilities Expenses 13170 Payable Utilities 2016 1250 Retained Earnings 1600 Interest 20000 Dividends 0 Land (Equity) 16000 14800 Common Stock 10000 Profit on land 6000 Notes Payable 120000 Accounts Payable 6000 Salary and Wages 27500 Remaining Payable wages 2500 248478 258378 Depreciation Expense 14800 Income Tax expected 5550 Income Tax Payable 5550 Ending inventory 3164 Allowance for doubtful accounts 2000 Bad Debt Expense 2000Explanation / Answer
T-Accounts Cash Accounts Receivable 51800 18530 41800 7000 7000 5742 15600 600 15000 9600 80000 15000 120000 900 80000 80000 1500 16500 31700 34800 10920 7500 115000 Inventories 24000 40000 470 15000 5800 58 49908 32000 35108 Notes Receivable 42164 16000 Prepaid Insurance 16000 540 Investment in held for maturity 540 51000 Land held for future development 45500 51000 45500 Land 85000 16000 Building 675000 101000 675000 Accumulated Depreciation 187500 13500 Notes payable 110000 110000 201000 120000 120000 Accounts payable 19000 33500 5800 5800 Sales 300 32000 15600 31700 80000 7500 16500 7000 11000 123100 3. Prepare adjusted trial balance. Particulars Debit Credit Cash 49,908 Notes Receivable 16,000 Accounts Receivable 34,800 Allowance for Doubtful Accounts 4,000 Inventories 42,164 Prepaid Insurance 540 Prepaid rent 7,200 Long-term Investments Investments in held-for-maturity securities 51,000 Land held for future development 45,500 Property, Plant, and Equipment Land 101,000 Buildings 675,000 Accumulated Depreciation 201,000 Intangible Assets Capitalized Development Costs 8,000 Goodwill 76,000 Other Identifiable Intangible Assets 48,000 Notes Payable 120,000 Accounts Payable 7,000 Unearned Revenues 1,000 Income Taxes Payable 13,690 Property Taxes Payable 6,600 Interest Payable 2,400 Utility Bill Payable 1,250 Salary Payable 2,500 Provisions Related to Pensions 93,100 Bonds Payable 300,000 Common Stock 110,000 Preferred Stock 100,000 Paid-in-capital - Common Stock 33,500 Paid-in-capital - Preferred Stock 10,000 Retained Earnings 152,250 Accumulated Other Comprehensive Income 5,000 Less: Treasury Stock 12,750 Sales revenue 123,100 Cost of Goods Sold 34,808 Sales return 600 Purchase Discount Purchase Return Utilities expense 12,170 Interest expense 20,900 Depreciation expense 13,500 Bad debts expense 1,000 Salaries expense 26,500 Income tax Expense 4,250 Supplies Expense 900 Rent expense 2,400 Dividend 1,500 Total 1,286,390 1,286,390 4. Prepare Income Statement, Retained Earnings Statement and Balance Sheet. Income Statement For the Year ending 2015 Particulars Details $ Amount $ Sales revenue 123,100 less Sales return (600) Net sales 122,500 Cost of Goods Sold (34,808) Gross Profit 87,692 Less expenses Utilities expense 12,170 Interest expense 20,900 Depreciation expense 13,500 Bad debts expense 1,000 Salaries expense 26,500 Income tax Expense 4,250 Supplies Expense 900 Rent expense 2,400 81,620 Net Income 6,072 Statement of Retained Earnings For the Year ending 2015 Particulars Details $ Amount $ Opening Balance of Retained Earnings 152,250 Add Net Income 6,072 Less Dividend (1,500) Closing Balance of Retained Earnings 156,822 Balancesheet As on 31st Dec.2015 Particulars Details $ Amount $ Assets Cash 49,908 Notes Receivable 16,000 Accounts Receivable 34,800 Less: Allowance for Doubtful Accounts (4,000) Inventories 42,164 Prepaid Insurance 540 Prepaid rent 7,200 Total Current Assets 146,612 Long-term Investments Investments in held-for-maturity securities 51,000 Land held for future development 45,500 Property, Plant, and Equipment Land 101,000 Buildings 675,000 Less: Accumulated Depreciation (201,000) Intangible Assets Capitalized Development Costs 8,000 Goodwill 76,000 Other Identifiable Intangible Assets 48,000 803,500 Total Assets 950,112 Total Liabilities & Shareholder's Equity Notes Payable 120,000 Accounts Payable 7,000 Unearned Revenues 1,000 Income Taxes Payable 13,690 Property Taxes Payable 6,600 Interest Payable 2,400 Utility Bill Payable 1,250 Salary Payable 2,500 Total Current Liabilities 154,440 Provisions Related to Pensions 93,100 Bonds Payable 300,000 393,100 Total Liabilities 547,540 Common Stock 110,000 Preferred Stock 100,000 Paid-in-capital - Common Stock 33,500 Paid-in-capital - Preferred Stock 10,000 Retained Earnings 156,822 Accumulated Other Comprehensive Income 5,000 Less: Treasury Stock (12,750) 402,572 Total Liabilities & Shareholder's Equity 950,112 5. Prepare closing entries. Particulars Amount $ Amount $ Sales revenue 122,500 Net Income 122,500 Net Income 116,428 Cost of Goods Sold 34,808 Utilities expense 12,170 Interest expense 20,900 Depreciation expense 13,500 Bad debts expense 1,000 Salaries expense 26,500 Income tax Expense 4,250 Supplies Expense 900 Rent expense 2,400 Net Income 6,072 Retained earnings 6,072 Retained earnings 1,500 Dividend 1,500