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prepare the adjusted journal entry for the following, the team reported that on December 31, they received a $4,000 payment from SSG, Inc.  Neptune closed SSG's account in July when they believed the company would not be able to pay any of  their outstanding bill. No entries have been made for this transactions either

prepare the adjusted journal entry for the following, the team reported that on December 31, they received a $4,000 payment from SSG, Inc.  Neptune closed SSG's account in July when they believed the company would not be able to pay any of  their outstanding bill. No entries have been made for this transactions either

FINANCIAL ACCOUNTING
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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prepare the adjusted journal entry for the following,

the team reported that on December 31, they received a $4,000 payment from SSG, Inc. 
Neptune closed SSG's account in July when they believed the company would not be able to pay any of 
their outstanding bill. No entries have been made for this transactions either

Sales Revenue Net Sales Revenue Sales Revenue Less: Sales Discounts Sales Returns Cost of Goods Sold A Gross Profit B Neptune Co. Multi-Step Income Statement For Year Ended December 31, 2021 Cost of Goods Sold Operating Activities Selling Expenses Advertising Expense Miscellaneous Selling Expenses Sales Force Salaries Expense Selling Commissions Expense Shipping Expense Administrative Expenses Consulting and Legal Fees Expense Executive Salaries Expense Depreciation Expense Insurance Expense Miscellaneous Admin. Expenses Office Supplies Expense Utilities Expense Total Administrative Expenses Income from Operations EPS Other Gains and Losses Rent Revenue Interest Expense $151,875 $5,670 $111,375 $405,000 $66,319 $5,063 $354,375 $486,000 $69,863 Income from Continuing Operations before Taxes Income Tax Expense Net Income $3,999 $31,388 $60,750 $97,200 $384,750 $740,239 $1,011,438 $25,313 ($51,638) D $8,100,000 $481,950 $7,618,050 $4,433,606 $3,184,444 $1,751,677 $1,432,767 ($26,325) $1,406,442 ($423,634) $982,808 $1.09 E Current Assets Cash A/R PPE Allowance for Bad Debts Inventory Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Loans to other businesses Expansion Fund Total Long-term Investments Total PPE Intangible Assets Patents, net F Land Building Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Tax Payable Unearned Revenue Long-term Debt Loan Payable Notes Payable Neptune Co. Balance Sheet As of 12/31/2021 Assets Wages Payable Current Portion of Loan Payable Total Current Liabilities Total Long-term Debt Total Liabilities Stockholders' Equity Common Stock G 2021 Liabilities and Stockholders' Equity $192,622 $141,750 $202,500 Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholder's E $366,000 $729,000 ($21,870) $972,000 $180,750 $101,250 $2,327,130 $324,000 $243,000 $567,000 $121,500 $5,526,630 $97,200 $40,500 $674,572 $891,000 $567,000 $648,000 $648,000 $2,268,000 $1,053,000 ($1,296,000) ($810,000) $2,511,000 $1,458,000 $202,500 $1,134,000 H $900,000 ($1 par, 5,000,000 authorized, 900,000 outstanding) 2020 $405,000 $688,500 ($202,500) $1,134,000 $121,500 $81,000 $2,227,500 $324,000 $243,000 $567,000 $121,500 $4,374,000 $486,000 $81,000 $121,500 $101,250 $40,500 $830,250 $243,000 $648,000 $1,336,500 $891,000 $2,011,072 $1,721,250 $900,000 $243,000 $243,000 $2,372,558 $1,509,750 $3,515,558 $2,652,750 $5,526,630 $4,374,000 Neptune Co. Statement of Cash Flows For Year Ended December 31, 2021 Cash Flow from Operations Net Income Adjustments: Change in A/R Change in Inventory Change in Prepaid Insurance Change in Prepaid Rent Depreciation & Amortization Change in A/P Change in Income Tax Payable Change in Unearned Revenue Change in Wages Payable Net Cash Flow from Operations Cash Flow from Investments Purchase of Land Purchase of Equipment Net Cash Flow from Investments Cash Flow from Financing Repayment of Loans Issuance of Notes Payable Payments of Dividends Net Cash Flow from Financing K Net Increase (Decrease) in Cash Cash, January 1, Year 2 Cash, December 31, Year 2 ($221,130) $162,000 ($59,250) ($20,250) $486,000 ($293,378) $60,750 $81,000 ($4,050) ($324,000) ($1,215,000) ($40,500) $486,000 ($120,000) L $982,808 $191,692 $1,174,500 ($1,539,000) $325,500 ($39,000) $405,000 $366,000 M
Transcribed Image Text:Sales Revenue Net Sales Revenue Sales Revenue Less: Sales Discounts Sales Returns Cost of Goods Sold A Gross Profit B Neptune Co. Multi-Step Income Statement For Year Ended December 31, 2021 Cost of Goods Sold Operating Activities Selling Expenses Advertising Expense Miscellaneous Selling Expenses Sales Force Salaries Expense Selling Commissions Expense Shipping Expense Administrative Expenses Consulting and Legal Fees Expense Executive Salaries Expense Depreciation Expense Insurance Expense Miscellaneous Admin. Expenses Office Supplies Expense Utilities Expense Total Administrative Expenses Income from Operations EPS Other Gains and Losses Rent Revenue Interest Expense $151,875 $5,670 $111,375 $405,000 $66,319 $5,063 $354,375 $486,000 $69,863 Income from Continuing Operations before Taxes Income Tax Expense Net Income $3,999 $31,388 $60,750 $97,200 $384,750 $740,239 $1,011,438 $25,313 ($51,638) D $8,100,000 $481,950 $7,618,050 $4,433,606 $3,184,444 $1,751,677 $1,432,767 ($26,325) $1,406,442 ($423,634) $982,808 $1.09 E Current Assets Cash A/R PPE Allowance for Bad Debts Inventory Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Loans to other businesses Expansion Fund Total Long-term Investments Total PPE Intangible Assets Patents, net F Land Building Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Tax Payable Unearned Revenue Long-term Debt Loan Payable Notes Payable Neptune Co. Balance Sheet As of 12/31/2021 Assets Wages Payable Current Portion of Loan Payable Total Current Liabilities Total Long-term Debt Total Liabilities Stockholders' Equity Common Stock G 2021 Liabilities and Stockholders' Equity $192,622 $141,750 $202,500 Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholder's E $366,000 $729,000 ($21,870) $972,000 $180,750 $101,250 $2,327,130 $324,000 $243,000 $567,000 $121,500 $5,526,630 $97,200 $40,500 $674,572 $891,000 $567,000 $648,000 $648,000 $2,268,000 $1,053,000 ($1,296,000) ($810,000) $2,511,000 $1,458,000 $202,500 $1,134,000 H $900,000 ($1 par, 5,000,000 authorized, 900,000 outstanding) 2020 $405,000 $688,500 ($202,500) $1,134,000 $121,500 $81,000 $2,227,500 $324,000 $243,000 $567,000 $121,500 $4,374,000 $486,000 $81,000 $121,500 $101,250 $40,500 $830,250 $243,000 $648,000 $1,336,500 $891,000 $2,011,072 $1,721,250 $900,000 $243,000 $243,000 $2,372,558 $1,509,750 $3,515,558 $2,652,750 $5,526,630 $4,374,000 Neptune Co. Statement of Cash Flows For Year Ended December 31, 2021 Cash Flow from Operations Net Income Adjustments: Change in A/R Change in Inventory Change in Prepaid Insurance Change in Prepaid Rent Depreciation & Amortization Change in A/P Change in Income Tax Payable Change in Unearned Revenue Change in Wages Payable Net Cash Flow from Operations Cash Flow from Investments Purchase of Land Purchase of Equipment Net Cash Flow from Investments Cash Flow from Financing Repayment of Loans Issuance of Notes Payable Payments of Dividends Net Cash Flow from Financing K Net Increase (Decrease) in Cash Cash, January 1, Year 2 Cash, December 31, Year 2 ($221,130) $162,000 ($59,250) ($20,250) $486,000 ($293,378) $60,750 $81,000 ($4,050) ($324,000) ($1,215,000) ($40,500) $486,000 ($120,000) L $982,808 $191,692 $1,174,500 ($1,539,000) $325,500 ($39,000) $405,000 $366,000 M
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