UNADJUSTED TBADJUSTMENTSADJUSTED TBINCOME STATEMENTBALANCE SHEETDecember 31, 2020December 31, 2020DebitCreditDebitCreditDebitCreditDebitCreditDebitCreditCash$90,00090,000Short-term investments25,00025,000Accounts receivable, net45,00045,000Allowance for doubtful accounts$1,0001,000Supplies22,00022,00035,00036,000217,000110,000Inventory35,00036,000217,000110,000Prepaid rentLandEquipmentAccumulated depreciation20,00020,000TrademarkAccounts payableWages payableInterest payableIncome tax payableUnearned revenue30,00030,00027,00027,00015,00015,00012,00050,00012,00050,000Long-term notes payable - due 02.01.23Common stock75,00075,000200,000Retained earningsDividends200,00050,00050,000Sales revenue, netCost of goods soldWages expenseRent expense657,000657,000307,000307,00080,00080,000РageBad debt expenseSupplies expenseDepreciation expenseInterest expense15,00015,000Interest revenue5,0005,000Income tax expenseTOTALS$1,062,000$1,062,000$1,062,000$1,062,000NET INCOME 4Information Available for Adjusting Entries1 $12,000 of wages earned since the December 24th payroll have not yet been paid or recorded.They will be paid in 2021.2 $6,000 of the unearned revenue has now been earned.3 Bad debt expense is recorded at 3% of sales revenue.4 Interest has not yet been recorded on the notes payable which was issued on February 1, 2020 with a 4% annual interest rate.The note has a three-year term and principal and interest are due on the maturity date in 2023.5 A physical count of supplies revealed that $8,000 of supplies were remaining as of December 31, 2020.6 Equipment was purchased on January 1, 2018 and management has determined a useful life of 10 years and a $10,000 salvage value.Record current year depreciation expense.7 $36,000 was recorded to prepaid rent on January 1, 2020 to cover 2 years .8 Income tax expense of $34,390 is due in 2021.

Income Statement as on 31st December 2020 Particular Amount Amount Sales Revenue 657000…

December 31, 2020 December 31, 2020 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 90,000 90,000 -term investments 25,000 25,000 unts receivable, net ance for doubtful accounts ies tory mid rent 45,000 45,000 1,000 1,000 22,000 35,000 36,000 22,000 35,000 36,000 217,000 217,000 ment mulated depreciation emark unts payable s payable st payable ne tax payable rned revenue term notes payable - due 02.01.23 non stock 110,000 110,000 20,000 20,000 30,000 30,000 27,000 27,000 15,000 15,000 12,000 12,000 50,000 50,000 75,000 200,000 75,000 200,000 ned earnings ends 50,000 50,000 revenue, net 657,000 657,000 of goods sold s expense expense ebt expense es expense eciation expense st expense st revenue ne tax expense ALS 307,000 80,000 307,000 80,000 15,000 15.000 5,000 5.000 1,062,000 1,062.000 1,062,000 1,062,000

December 31, 2020 December 31, 2020 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 90,000 90,000 -term investments 25,000 25,000 unts receivable, net ance for doubtful accounts ies tory mid rent 45,000 45,000 1,000 1,000 22,000 35,000 36,000 22,000 35,000 36,000 217,000 217,000 ment mulated depreciation emark unts payable s payable st payable ne tax payable rned revenue term notes payable - due 02.01.23 non stock 110,000 110,000 20,000 20,000 30,000 30,000 27,000 27,000 15,000 15,000 12,000 12,000 50,000 50,000 75,000 200,000 75,000 200,000 ned earnings ends 50,000 50,000 revenue, net 657,000 657,000 of goods sold s expense expense ebt expense es expense eciation expense st expense st revenue ne tax expense ALS 307,000 80,000 307,000 80,000 15,000 15.000 5,000 5.000 1,062,000 1,062.000 1,062,000 1,062,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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