Prepare an unadjusted trial balance for “Your name” Company

| November 9, 2018

Prepare an unadjusted trial balance for "Your name" Companyat December 31, 2013. Then proceed to the adjustments tab.401K PayableAccounts payableAccounts receivableAccumulated depreciation – buildingsAccumulated depreciation – equipmentAccumulated depreciation – furnitureAdvertising expenseAllowance for doubtful accountsBad debt expenseBuildingsCashCommon stockCost of goods soldDepreciation expense – buildingDepreciation expense – equipmentDepreciation expense – furnitureDividendsEquipmentFederal income tax payableFurnitureGain on the sale of old furnitureIncome tax expenseIncome tax payableInterest expenseInterest payableInterest receivableInterest revenueInventoriesLandLong-term notes payableNotes ReceivableOther operating expensesPayroll tax expensePayroll tax payable – employeePayroll tax payable – employerPrepaid advertisingRent expenseRetained earnings (beginning of year)Salaries expenseSalaries payableSalesShort-term investmentsShort-term notes payableSuppliesSupplies expenseUnearned Revenue215,000.00150,000.00338,000.0014,550.0017,950.0021,500.001,500,000.0030,925.00500,000.00405,000.0025,000.0020,000.0055,000.005,000.0050,000.0050,000.00418,500.00647,700.001,250,000.0046,875.0050,000.0024,000.00130,000.00300,000.00168,000.001,075,000.00100,000.0025,000.003,000.0012,000.00Create your trial balance below. Be sure to put your accounts in the correct order.ACCOUNTSCashAccounts ReceivableInterest ReceivableNotes ReceivableBuildingsEquipmentFurnitureLandInventoriesSuppliesPrepaid AdvertisingShort term InvestmentsAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentAccumulated Depreciation-FurnitureAllowance for doubtful accountsAccounts PayableFederal Income Tax PayableIncome Tax PayableInterest PayableLong-Term Notes PayablePayroll Tax Payable-EmployeePayroll Tax Payable-EmployerSalaries PayableShort Term Notes PayableCommon StockDEBIT30,925.00150,000.00CREDIT46,875.001,500,000.0020,000.0055,000.00647,700.00418,500.003,000.0024,000.00100,000.00338,000.0014,550.0017,950.0021,500.00215,000.0050,000.001,250,000.0025,000.00500,000.00DividendsGain on sale of FurnitureInterest RevenueRetained EarningsSalesUnearned RevenueCost of Goods SoldAdvertising ExpenseBad Debt ExpenseDepreciation Expense-BuildingDepreciation Expense-EquipmentDepreciation Expense-FurnitureIncome Tax ExpenseInterest ExpenseOther Operating ExpensesPayroll Tax ExpenseRent ExpenseSalaries ExpenseSupplies ExpenseTOTAL25,000.005,000.00300,000.001,075,000.0012,000.00405,000.0050,000.0050,000.00130,000.00168,000.003,824,000.003,824,000.00Adjusting Journal Entries:1A Record depreciation expense on building (tab 4).1B Record depreciation expense on furniture (tab 4).1C Record depreciation expense on equipment (tab 4).2 Record inventory adjustments (tab 5).3A Record accrued salaries (tab 6).Salaries ExpensePayroll Tax Payable – EmployeeFederal Income Tax Payable401K PayableSalaries Payable3B Record accrued payroll taxes (tab 6).Payroll Tax ExpensePayroll Tax Payable – Employer4 Record accrued interest on notes receivable (tab 7).5 Record interest on long-term notes payable. Interest only is paid annually at 6% rate on July 1 each year.6 Record supplies used. Supplies on hand December 31 is $ 500.7 Record expired advertising. Prepaid advertising of $24,000 was for 3 years. One year’s cost has expired.8 Record bad debts expense. Of $150,000 of Accounts Receivable, $25,000 is not expected to be collected so adjust the balance in the Allowancefor bad debts to $25,000.9 Unearned revenue on December 31 is $4,000. Record earned portion of unearned revenue.Create a worksheet here. Post your adjustments and compute the adjusted balances. Then go to tab 8 and prepare your financial statements.BuildingsFurnitureEquipmentLand1,500,000.0055,000.0020,000.00200,000.00Use SLN and VDB depreciation functions. Use an IF formula to enter 0 if this period is greater than the useful life of the asset.Depreciation ScheduleItemBuildingsFurnitureFurnitureFurnitureFurnitureFurnitureFurnitureEquipmentEquipmentEquipmentEquipmentEquipmentLandCost1,500,000.0010,000.002,000.001,500.008,500.008,000.0025,000.002,000.001,500.007,500.008,000.001,000.00200,000.001,775,000.00Salvage200,000.00500.00500.00500.001,000.00800.00500.00250.00-Useful Life5010101010101055555MethodStraight LineStraight LineStraight LineStraight LineStraight LineStraight LineStraight LineDouble DecliningDouble DecliningDouble DecliningDouble DecliningDouble DecliningPeriod141486432145432DepreciationSold this year for $5,0005,000The Company has the following merchandise inventory. on it’s books and records. A physical inventory was taken and some of the parts werenot found. The company adjusts the shortage into cost of goods sold. Inventory should also be adjusted to the lower of cost or market at 12/31.PartCostQuantityTotalB-1452115.0020023000200116B-1556225.0015033750148225B-8552138.0012016560118100G-512374.001751295017075J-55121,012.00303036030125M-1552105.0020210020105S-7532889.00154136906150890Y-4466958.00170162860170952Total$418,486.00Counted QuantityCurrent Replacement2588The Company has these employees. They are paid every 2 weeks. Hourly employees are paid time and a half (150%) for all hour over 40 per week. One week ofthe two week pay period should be accrued since employees were last paid 12/25. The employer must match the payroll taxes so that should also be accrued aspayroll tax expense (disregard accruing SUTA and FUTA).NameJane Doe401(k) ParticipantParticipation %3%Payroll Type (Salary orPay Rate Hourly+ Overtime at 150%)Biweekly Salary80$10.00Pat Beddoe$2,000.00Hours WorkedHourly + Overtime at 150%80Matt Frank2%$15.00Hourly + Overtime at 150%100Sally McDonald4%$14.00Hourly + Overtime at 150%90Cindy McCoy4%$12.00Hourly + Overtime at 150%80Martha Moore2%$10.00Hourly + Overtime at 150%60$2,500.00Biweekly Salary80$1,500.00Biweekly Salary80Gloria RandallFred RichardsTotal3%Total PayIncludingOvertime401(k)Taxable PayPayroll taxes(7.65%)FederalIncome Tax(20%)Net PayAccrue Interest to:12/31/2013The Company has signed note receivable with several customers. Please use the dates in a formula to calulate the number of days of interest to accrue. Tocalculate the accrued interest, the formula is (principal x rate x days interest is due/365). This will give you the interest earned for the period and the interestreceivable at year end.NameNote BalanceDate of NoteInterest DueNote DueLast PaymentRate10/05/139.0%Ball$5,000.0001/05/12Quarterly01/05/14Black$8,500.0001/17/13At maturity01/17/14Brown$7,000.0002/16/11Quarterly02/15/1711/15/13$6,500.0003/12/12Semiannually03/11/1509/11/137.8%Jones$2,000.0007/01/13At maturity06/30/14Moore$12,000.0008/16/10Quarterly08/15/1411/15/137.0%Smith$3,375.0010/01/11Quarterly09/30/1610/01/138.5%Ye$2,500.0012/15/13Monthly12/14/14Total$46,875.00Amount Accrued7.5%GreenDays Interest Due8.0%8.3%8.0%0Prepare an income statement, statement of retained earnings, and a balance sheet.

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