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Directions Critical Thinking Assignment #2 This assignment continues Critical Thinking Assignment #1 on Cody Mountain Sports (CMS). CMS completed the following adjusting transactions during March of 2021: Mar. 31Accrued Wages Expense of $2,000 Mar. 31One month of prepaid insurance has expired. Requirements: 1. Copy in original journal entries from Critical Thinking Assignment #1. Journalize the adjusting entries and post these entries to the t-accounts. 2. Prepare an adjusted trial balance as of March 31st, 2021. 3. Prepare an income statement for CMS as of March 31st, 2021. 4. Prepare a statement of retained earnings for CMS for the month ended March 31st, 2021. 5. Prepare a balance sheet for CMS for the month ended March 31st, 2021. 6. Journalize all closing entries and post to the t-accounts. 7. Prepare a post-closing trial balance as of March 31st, 2021. Non-Closing Journal Entries Debit AccountCredit AccountDebit AmountCredit Amount Mar. 1 Mar. 1 Mar. 4 Mar. 15 Mar. 18 Mar. 19 Mar. 22 Mar. 24 Mar. 27 Mar. 31 Mar. 31 Mar. 31 T-Accounts CashCommon StockPrepaid InsuranceService Revenue DebitsCreditsDebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.:Bal.: Accounts ReceivableDividends ExpenseInsurance ExpenseRent Expense DebitsCreditsDebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.:Bal.: Wages PayableWages ExpenseAccounts PayableFuel Expense DebitsCreditsDebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.:Bal.: Adjusted Trial Balance Unadjusted Trial Balance CMS March 31st, 2021 Debit Bal. Credit Bal. Cash Prepaid Insurance Accounts Receivable Wages Payable Accounts Payable Common Stock Service Revenue Wages Expense Fuel Expense Rent Expense Dividends Expense Insurance Expense Totals Income Statement Service Revenue Wages Expense Fuel Expense Rent Expense Insurance Expense Net Income Statement of Retained Earnings Retained Earnings, Beginning Balance Net Income Dividends Expense Retained Earnings, Ending Balance Balance Sheet Assets Cash Accounts Receivable Prepaid Insurance Total Assets Liabilities Accounts Payable Wages Payable Insurance Payable Total Liabilities Stockholders' Equity Retained Earnings Common Stock Total Stockholders' Equity Total Liabilities + Stockholders' Equity Closing Journal Entries Debit AccountCredit AccountDebit AmountCredit Amount Mar. 31 Mar. 31 Mar. 31 Mar. 31 Closing T-Accounts CashCommon StockPrepaid InsuranceService Revenue DebitsCreditsDebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.:Bal.: Accounts ReceivableDividends ExpenseIncome SummaryRetained Earnings DebitsCreditsDebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.:Bal.: Wages PayableWages ExpenseAccounts PayableFuel Expense DebitsCreditsDebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.:Bal.: Rent ExpenseInsurance Expense DebitsCreditsDebitsCredits Bal.:Bal.: Post-Closing Trial Balance Post-Closing Trial Balance CMS March 31st, 2021 Debit Bal. Credit Bal. Cash Prepaid Insurance Accounts Receivable Wages Payable Accounts Payable Common Stock Service Revenue Wages Expense Fuel Expense Rent Expense Dividends Expense Insurance Expense Income Summary Retained Earnings Totals Directions Critical Thinking Assignment #3 Tikkity Tock Clock Company sells three types of clocks. They purchase these clocks from manufacturers and sell them to retail stores. Tikkity Tock uses a perpetual inventory system, weighted average method. Tikkity Tock rents their building, but owns the merchandising furniture and equipment within the building - for these depreciable assets, they use a sole accumulated depreciation account. The balance sheet for Tikkity Tock Clock Company is seen below: Tikkity Tock Clock Company Balance Sheet October 31st, 2021 AccountBalance Assets Cash$ 239,558.00 Accounts Receivable$ 105,682.00 Inventory$ 97,476.00 Office Supplies$ 1,232.00 Merchandising Furniture + Equipment$ 150,000.00 Accumulated Depreciation$ 119,952.00 Total Assets$ 473,996.00 Liabilities Accounts Payable$ 108,979.00 Total Liabilities$ 108,979.00 Stockholders' Equity Common Stock$ 300,000.00 Retained Earnings$ 65,017.00 Total Stockholders' Equity$ 365,017.00 Total Liabilities + Stockholders' Equity$ 473,996.00 Merchandise Inventory as of October 31st, 2021 consists of the following clocks: ItemQuantityUnit CostTotal Cost Base Level Clock2,940.00$ 23.21$ 68,237.40 Mid Level Clock582.00$ 33.49$ 19,491.18 Luxury Clock177.00$ 55.07$ 9,747.39 During the month of November, Tikkity Tock completed the following transactions: November 3rd - Purchased clocks on account from Clock Manufacturers, Inc. terms n/30, FOB destination. These were composed of 332 Base Level Clocks at a unit cost of $23.96/unit, 172 Mid Level Clocks at a unit cost of $35.51/unit, and 23 Luxury Clocks at a unit cost of $61.09/unit. November 7th - Sold 1,000 Base Level Clocks to a Alpine Retail at $32.99/unit, paid in full via cash. November 12th - Sold 22 Luxury Clocks at $82.99/unit and 200 Mid Level Clocks at $44.59/unit to Aspen Local on account, terms 2/15, n/30. November 16th - Paid amount due to Clock Manufacturer's Inc. in full. November 17th - Paid rent on building, $5,000. November 23rd - Received a check from Aspen Local for total amount due on November 12th sale. November 26th - Sold 788 Base Level Clocks to Mountain Meadows Retail at $32.99/unit on account, terms 2/10, n/30. November 30th - Paid utilities, $2,500. November 30th - Refilled office supplies for $250, paid cash. November 30th - Accumulated depreciation of $833 on merchandising furniture and equipment. November 30th - Counted office supplies, valued at $1,268. November 30th - Physical inventory count yielded 1,474 Base Level Clocks, 547 Mid Level Clocks, and 177 Luxury Clocks. Requirements: 1. Open T-accounts and enter opening balances as of October 31st, 2021. 2. Open inventory records for the three inventory items and enter opening balances. Complete the inventory records. 3. Journalize the transactions. Explanations are not required. 4. Post the transactions to the t-accounts. 5. Prepare an adjusted trial balance as of November 30th, 2021. 6. Prepare an income statement as of November 30th, 2021. 7. Prepare a statement of retained earnings as of November 30th, 2021. 8. Prepare a balance sheet as of November 30th, 2021. 9. Journalize all closing entries and post to the t-accounts. 10. Prepare a post-closing trial balance as of November 30th, 2021. Inventory Records Item: DateQuantity PurchaseQuantity SoldCost per UnitQuantity on Hand Item: DateQuantity PurchaseQuantity SoldCost per UnitQuantity on Hand Item: DateQuantity PurchaseQuantity SoldCost per UnitQuantity on Hand Non-Closing Journal Entries DateDebit AccountCredit AccountDebit AmountCredit Amount T-Accounts DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: Adjusted Trial Balance AccountDebit Bal. Credit Bal. Income Statement Retained Earnings Retained Earnings, Beginning Balance Net Income Dividend Expense Retained Earnings, Ending Balance Balance Sheet Assets Total Assets Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities + Stockholders' Equity Closing Journal Entries DateDebit AccountCredit AccountDebit AmountCredit Amount Closing T-Accounts DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: DebitsCreditsDebitsCreditsDebitsCredits Bal.:Bal.:Bal.: Post-Closing Trial Balance AccountDebit Bal. Credit Bal. Directions Critical Thinking Assignment #4 On August 31st, 2021, the bank statement of Jill's Auto Shop arrived from Local Bank. Additionally, you have gathered the following information in order to complete a bank reconciliation. First, the bank balance as of August 31st, 2021 is $17,412.00 and the Cash Book Balance was $14,421.23. Secondly, there is a $622.37 deduction for a check drawn by Jim's Auto Parts that was notified to Local Bank as an error. The statement additionally included three charges for NSF checks - for $482.31, $182.41, and $532.68. On August 21st, 2021 a deposit was made for $600 that is not reflected in the bank statement. Jill does collect some payments from customers by EFT- the bank statement lists two EFT deposits, one for $1,562.89 and one for $2,367.82. The bank statement also has a $75 deduction for bank service charges. Jill also has two outstanding checks - Check #324 for $567.32 and Check #362 for $987.31. Requirements: 1. Prepare the bank reconciliation for Jill's Auto Shop at August 31, 2021. 2. Journalize any required entries from the bank reconciliation, including explanations. 3. Complete a cash t-account showing the beginning balance and applicable transactions from the reconciliation. Bank Reconciliation BankBook Balance, August 31st, 2021Balance, August 31st, 2021 ADD:ADD: LESS:LESS: Adj. Bank Balance, August 31st, 2021Adj. Book Balance, August 31st, 2021 Journal Entries DateDebit AccountCredit AccountDebit AmountCredit Amount T-Account Cash DebitsCredits Bal.: Directions Critical Thinking Assignment #5 Jack and Jill's Water Delivery Service is preparing adjusting entries for the month end of April 2021. As part of this, they need you to complete depreciation schedules for the first five years for three assets that they purchased April 1st, 2021. On April 1st, 2021 they purchased two trucks and a forklift - the following transactions show these purchases: 1. Paid $30,000 for a Ford truck retrofitted with water delivery supplies. The truck has a 15 year useful life, a residual value of $4,000, and 43,800 hours of useful life. In each year, it is used 2,920 hours, or eight hours a day for 365 days a year. 2. Paid $40,000 for a Dodge truck retrofitted with water delivery supplies. The truck has a 15 year useful life, a residual value of $6,000, and the same hours of useful life as well as use per year as the Ford truck. 3. Paid $10,000 for a Forklift to load the trucks. The forklift has a nine year useful life, a $1,000 residual value, and 10,000 hours of useful life. In its first year, it is used for 2,000 hours due to training involved. Each year after it is used for 1,000 hours per year. Requirements: 1. Complete depreciation schedules of the first five years for each asset. As part of these depreciation schedules, you must decide which type of depreciation to utilize and provide a short paragraph on why you chose that schedule. Ford Truck Depreciation for the Year Date 2021 2022 2023 2024 2025 2026 Reasoning: Dodge Truck Depreciation for the Year Date 2021 2022 2023 2024 2025 2026 Reasoning: Forklift Depreciation for the Year Date 2021 2022 2023 2024 2025 2026 Reasoning: Instructions Critical Thinking Assignment #6 Ankel Footwear employees three salespeople, and pays time-and-a-half for overtime. Weekly paychecks are distributed on the Tuesday following the last day of the week (Saturday). Ankel withholds income tax (18%), FICA—OASDI (6.2%), and FICA—Medicare (1.45%). Ankel also pays payroll taxes for FICA—OASDI (6.2%), FICA—Medicare (1.45%), and state and federal unemployment (5.4% and 0.6% respectively). The payroll data for the three salespeople for the week ended March 31 follows: NameStraightHoursBeginning TimeWorkedCumulative RateEarnings Jimmy Chew$1552$420 Manny Blanik1748540 Alexa King2246480 Requirements: 1. Complete the Payroll Register for the three employees for the week ended March 31, 2018. 2. Complete the Payroll Tax Register. 3. Compute the total payroll expense for the week ended March 31. Format to two decimal places. 4. Record the payroll entries Ankel makes for each of the following: a. Wage expense related to the three employees on Saturday, March 31. b. Employer payroll taxes related to the three employees on Saturday, March 31. c. Payment of all payroll taxes (employee and employer related) on Tuesday, April 3. d. Payment of wages on Tuesday, April 3. Payroll Requirement 1Complete the Payroll Register for the three employees for the week ended March 31, 2018. Payroll RegisterPayroll Tax Register Employee NameEarningsEarningsWithholdingsWitholdingsNet PayCheck NoWages Expense Beginning Cumulative EarningsPay RateHours WorkedRegular PayOvertime PayCurrent Period EarningsEnding Cumulative EarningsOASDIMedicareIncome TaxOtherTotal Withholdings 6.2%1.45% Jimmy Chew1104 Manny Blanik1105 Alexa King1106 Total Requirement 2Complete the Payroll Tax Register for the week ended March 31, 2018. Payroll Tax RegisterPayroll Tax Register Employee NameEarningsEmployer Payroll Taxes Beginning Cumulative EarningsCurrent Period EarningsEnding Cumulative EarningsOASDIMedicareFUTASUTATotal Taxes 6.2%1.45%0.60%5.40% Jimmy Chew Manny Blanik Alexa King Total Requirement 3Compute the total payroll expense for the week ended March 31. DescriptionAmount Journal Entries Requirement 4aRecord the payroll entry Ankel makes for wages expense related to the three employees on Saturday, March 31. DateAccount/ExplanationDRCR To record wages expense and payroll withholdings. Requirement 4bRecord the payroll entry Ankel makes for employer payroll taxes related to the three employees on Saturday, March 31. DateAccount/ExplanationDRCR To record employer's payroll tax expense. Requirement 4cRecord the payroll entry Ankel makes for payment of all payroll taxes (employee and employer related) on Tuesday, April 3. DateAccount/ExplanationDRCR To record payment of payroll tax liabilities. Requirement 4dRecord the payroll entry Ankel makes for payment of wages on Tuesday, April 3. DateAccount/ExplanationDRCR To record payment of wages.