Can I get requirement C and D answered please from the attached picture Ready Hospital SuppliesTrial Balance as at June 30, 2020Dr $Cr $127,000151,000CashAccounts ReceivableAllowance for Bad-Debts12,500Merchandise InventoryStore SuppliesPrepaid InsurancePrepaid Rent187,50058,00072,00056,000800,000Furniture & FixturesAccumulated Depreciation: Furniture & FixturesComputer EquipmentAccumulated Depreciation: Computer EquipmentAccounts PayableSalaries PayableInterest Payable256,000450,000133,50027,00082,000360,000898,500Unearned Sales RevenueLong-Term LoanEva Ready, CapitalEva Ready, Withdrawals104,000Sales Revenue1,043,000Sales Discount7,0005,500403,000165,000Sales Returns & AllowancesCost of Goods SoldSalaries ExpenseInsurance ExpenseUtilities ExpenseRent ExpenseDepreciation Expense - Furniture & FixturesDepreciation Expense – Computer EquipmentStore Supplies ExpenseGain on Disposal of Old Computer EquipmentBad-Debt ExpenseInterest Expense87,500126,00014,00027,000Total2,826,5002,826,500ACCT1002 – Introduction to Financial Accounting Assignment # 2Page | 3The following additional information is available at June 30, 2020:(i) Store Supplies on hand at June 30, 2020 amounted to $25,000.(ii) Insurance of $72,000 was paid on May 1, 2020 for the 6-months to October 31, 2020(iii)Rent was paid on March 31, 2020 for the 4-months to July 31, 2020.(iv)The furniture and fixtures have an estimated useful life of 10 years and is being depreciated onthe straight-line method down to a residual value of $160,000.(v) The computer equipment was acquired on March 31, 2020 and is being depreciatedover 5 years on the double-declining balance method of depreciation, down toa residue of $30,000(vi)Salaries earned by employees not yet paid amounted to $14,000 at June 30, 2020.(vii)Accrued interest expense as of June 30, 2020, $9,000.(viii) At June 30, 2020, $48,000 of the previously unearned sales revenue had been earned(ix)The aging of the Accounts Receivable schedule at June 30, 2020 indicated that theAllowance for Bad Debts should be $19,500(x) After making all other adjustments, a physical count of inventory was done, whichreveals that there was $186,000 worth of inventory on hand at June 30,2020Other data:(xi)The business is expected to make principal payments totalling $90,000 towards theloan during the fiscal year to June 30 ,2021 Required:a) Prepare the necessary adjusting journal entries on June 30, 2020.[Narrations are not required]b) Prepare the Adjusted Trial balance for the period ending June 30, 2020.c) Using the Adjusted trial balance, generate the statements requested by MNB, i.e.A Multiple-step income statement & a Statement of owner's equity for theyear ended June 30, 2020d) A Classified balance sheet, in report format, at June 30, 2020.

Multi-step income statement - It is an income statement that divides total sales value and costs…

Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 151,000 Accounts Receivable Allowance for Bad-Debts 12,500 Merchandise Inventory Store Supplies Prepaid Insurance Prepaid Rent 187,500 58,000 72,000 56,000 800,000 Furniture & Fixtures Accumulated Depreciation: Furniture & Fixtures Computer Equipment Accumulated Depreciation: Computer Equipment Accounts Payable Salaries Payable Interest Payable 256,000 450,000 133,500 27,000 Unearned Sales Revenue 82,000 Long-Term Loan Eva Ready, Capital Eva Ready, Withdrawals 360,000 898,500 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 5,500 403,000 165,000 Sales Returns & Allowances Cost of Goods Sold Salaries Expense Insurance Expense Utilities Expense Rent Expense Depreciation Expense – Furniture & Fixtures Depreciation Expense – Computer Equipment Store Supplies Expense Gain on Disposal of Old Computer Equipment Bad-Debt Expense Interest Expense 87,500 126,000 14,000 27,000 2,826,500 Total 2,826,500

Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 151,000 Accounts Receivable Allowance for Bad-Debts 12,500 Merchandise Inventory Store Supplies Prepaid Insurance Prepaid Rent 187,500 58,000 72,000 56,000 800,000 Furniture & Fixtures Accumulated Depreciation: Furniture & Fixtures Computer Equipment Accumulated Depreciation: Computer Equipment Accounts Payable Salaries Payable Interest Payable 256,000 450,000 133,500 27,000 Unearned Sales Revenue 82,000 Long-Term Loan Eva Ready, Capital Eva Ready, Withdrawals 360,000 898,500 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 5,500 403,000 165,000 Sales Returns & Allowances Cost of Goods Sold Salaries Expense Insurance Expense Utilities Expense Rent Expense Depreciation Expense – Furniture & Fixtures Depreciation Expense – Computer Equipment Store Supplies Expense Gain on Disposal of Old Computer Equipment Bad-Debt Expense Interest Expense 87,500 126,000 14,000 27,000 2,826,500 Total 2,826,500

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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