Faculty Info Sheet Year Began:2023Adj Amount: Company Name:Cups & Cones 7 Scoring Section Daily Transactions Journal Page Daily Entry Points General Ledger (T-Account) Ledger Points Adjusting...

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Faculty Info Sheet Year Began:2023Adj Amount:Company Name:Cups & Cones7Scoring SectionDaily Transactions Journal PageDaily Entry PointsGeneral Ledger (T-Account)Ledger PointsAdjusting Entries Journal PageAdjusting PointsIncome StatementIS PointsStatement of SE Product:ice cream machines%DaysNetDaysEarnedPossibleSection WeightDateAccountDRCRPoint Per Item:1CashAccounts ReceivableAllowance for Uncollectible AccountsInventoryPossible:1AccountDRCRPoints each2 Sales Revenue117,600.0010Common StockRetained EarningsTotal Stockholders’ EquitySE Points Terms:3/15, n/30315n30Unemployment Tax:Daily Transaction Points:10012630%1-NovCash150,000.0011150,000.0024,000.0045,000.0045,000.008,000.0015,700.001Depreciation Expense450.0022 Less: Sales Discounts1,350.00Balance, January 1- 0- 0- 0Points3 % of Bad Debt1.00NovDecCHECKAdjusting Entry Points:727217%Common Stock150,000.001143,650.008,000.0072,600.00726.0016,500.0025,740.00Cash0Accumulated Depreciation - Computer450.0022 Net Sales116,250.00Issuance of Stock150,000.00150,000.003 Sales Tech Salary4,000.00726% of Receivables - Bad Debt Exp240.00180.00CORRECT60Ledger:2379%60,000.001,700.0024,200.00AR0 Less: Cost of Goods Sold41,440.00Net Income40,174.0040,174.000 Office Manager Salary6,000.00360.0060.00CORRECTAdjusted TB Points:30399%1-NovComputer Equipment15,000.001133,000.0012,000.00- 0726.007,260.00- 0Allowance02Interest Expense75.0022 Gross Profit74,810.0010Dividends(4,000.00)(4,000.00)3 Owner Investment150,000.00Depreciation:Income Statement:104010%Notes Payable15,000.00111,700.00Inventory0Interest Payable75.0022 Operating Expenses:Balance, December 31150,000.0036,174.00186,174.00300 Computer system15,000.00450.00Two-Months DepAssetLifeSalvage (10%)Equity Statement:9184%6,735.0072,600.00- 0Supplies0Advertising Expense1,700.00 Interest Rate on Computer3.0075.00Two Months IntComputer5.001,500.00Balance Sheet:04811%2-NovPrepaid Rent24,000.001170,000.00Prepaid Rent03Rent Expense2,000.0022Utilities Expense3,200.00Closing EntriesClosing Entries Two Years Rent24,000.002,000.00Two Months RentDelivery Truck10.007,000.00Closing Entries:0246%Cash24,000.001116,500.00SuppliesPrepaid RentPrepaid InsurancePrepaid Insurance0Prepaid Rent2,000.0022Salaries Expense20,000.00DateAccountDRCRPoints1 Inventory Purchase 11,000.00Quantity:8Supplies ExpenseRatios:0154%4,000.001,700.002,890.0024,000.002,000.0012,000.00500.00Computer Equipment0Depreciation Expense975.0031-DecSales Revenue117,600.0000 Supplies Purchase 11,700.00AvailableOn Hand (15%)Total Points:223419100%3-NovInventory8,000.00111,700.001,700.00Acc Dep - Comp04Insurance Expense500.0022Rent Expense2,000.00Sales Discounts1,350.0000 Inventory Purchase 21,100.00Quantity:153,400.00510.00Cash8,000.0011Delivery Truck0Prepaid Insurance500.0022Supplies Expense 2,890.00Retained Earnings116,250.0000 Insurance Policy12,000.00500.00One Month InsuranceFinal Score:53510.00- 022,000.00- 011,500.00- 0Acc Dep - DT0Bad Debt Expense726.00 Inventory Sale 13,000.00Quantity:15Enter at least:94-NovSupplies1,700.0011140,315.00- 0AP05Supplies Expense2,890.0022Payroll Tax Expense2,370.0031-DecRetained Earnings76,076.00000 Utilities1,700.00But no more than:22Accounts Payable1,700.0011Accumulated Depreciation - ComputerAccumulated Depreciation - Delivery TruckInterest Payable0Supplies2,890.0022Insurance Expense500.00Cost of Goods Sold41,440.000 Fed Income Tax Rate15.00Cost of Goods Sold CalculationComputer EquipmentDelivery TruckDeferred Revenue0Total Operating Expenses34,361.000Advertising Expense1,700.000 State Income Tax Rate10.00765.00FICA Tax CHECKCheck:QtyCost15-NovInventory16,500.001115,000.00450.0070,000.00525.00Salaries Payable06Depreciation Expense525.0022Operating Income40,449.000Utilities Expense3,200.000 FICA Tax Rate7.657,000.00Unemployment CapPostive End CashOKPurchase 181,000.008,000.00Accounts Payable16,500.0011Notes Payable0Accumulated Depreciation - Delivery Truck525.0022Other Revenue (Expense):Salaries Expense20,000.000 Unemployment Tax Rate6.00PaymentYear One InterestPostive IncomeOKPurchase 2151,100.0016,500.0015,000.00- 0- 0450.0070,000.00- 0- 0525.00Fed Inc Tax Pay0Interest Expense(275.00)Depreciation Expense975.000 Note Payable 260,000.00$7,3972,400.00Sale 11515,700.00CGS Calculation17-NovAccounts Payable1,700.0011NC State Inc Tax07Interest Expense200.0022Total Other Revenue (Expense)(275.00)Rent Expense2,000.000 Term on Note 2 (years)10.00200.00Interest Exp on NoteRemaining81,100.00Cash1,700.0011Accounts PayableInterest PayableDeferred RevenueSalaries PayableFICA Tax0Interest Payable200.0022Net Income40,174.000Interest Expense275.000 Rate on Note Payable 24.004%Purchase 3201,210.0024,200.001,700.001,700.0075.0033,000.006,735.006,735.00Une. Tax Pay0Supplies Expense 2,890.000 Delivery Truck70,000.00525.00One Month DepreciationSale 22225,740.00CGS Calculation18-NovPrepaid Insurance12,000.001116,500.0016,500.00200.006,735.00Common Stock08Bad Debt Expense726.0022Bad Debt Expense726.000 Dividends4,000.00Ending Inventory61,210.00Cash12,000.00111,700.00Retained Earnings 1Allowance for Uncollectible Accounts726.0022Balance SheetPayroll Tax Expense2,370.000 Supplies Purchase 21,700.002,890.00Supplies ExpenseCGS 41,440.0024,200.00Cash Divs0 Assets:BS PointsInsurance Expense500.000 Inventory Purchase 31,210.00Quantity:2020-NovAccounts Receivable45,000.00111,500.00Sales Revenue09Utilities Expense1,500.0022Current Assets:8 Inventory Sale 23,300.00Quantity:22Enter at least:9Check:CGAS48,700.00Sales Revenue45,000.0011- 027,400.00- 0275.00- 033,000.00- 06,735.00Service Rev1Accounts Payable1,500.0022Cash140,315.0031-DecRetained Earnings4,000.0000 Advertising1,700.00But no more than:25EI7,260.00Sales Discount0Accounts Receivable 72,600.00Cash Dividends4,000.0000 Deferred Revenue33,000.00Quantity:10CGS41,440.0020-NovCost of Goods Sold15,700.0011Notes PayableFederal Income Tax PayableNC State Income Tax PayableFICA Tax PayableCGS0Allowance for Uncollectible Accounts(726.00) Accrued Utilities1,500.00CGS CheckCorrectInventory15,700.001115,000.001,500.001,000.00765.00Ad Exp0McDoodles Inc. Adjusted Trial Balance December 31, 2022TB PointsInventory7,260.00Ratio Points 60,000.001,500.001,000.00765.00Ut. Exp0Account NameDebitCreditEach1Supplies510.00RatioFormulaAnswerPoints3 Notes Payable:Current Portion28-NovCash43,650.0011765.00Sal. Exp0Cash140,3150Prepaid Rent22,000.00Current RatioCurrent Assets/Current Liabilities2.630 Current$4,997$19,997Sales Discounts1,350.0011765.00Dep Exp0Accounts Receivable 72,6001Prepaid Insurance11,500.00Debt to EquityTotal Liabilities/Stockholders Equity0.810 Long-term$55,003Accounts Receivable45,000.0011- 075,000.00- 03,000.00- 02,000.00- 03,060.00Rent Exp0Allowance for Uncollectible Accounts7261 Total Current Assets253,459.000Gross profit ratioGP/Net Sales0.640 Int Exp0Inventory7,2601Property, Plant, and EquipmentProfit marginnet income/net sales0.350 Note CheckCorrect29-NovUtilities Expense1,700.0011Unemployment Tax PayableCommon StockRetained EarningsCash DividendsSup Exp0Supplies5101 Computer Equipment15,000.00Return on AssetsNet income/Average total assets0.240 Cash1,700.0011600.00150,000.004,000.00BD Exp0Prepaid Rent22,0001 Less: Acc Dep(450.00) 240.00Pay Tax Exp0Prepaid Insurance11,5001 Delivery Truck70,000.00 27-NovSalaries Expense10,000.0011- 0840.00- 0150,000.00- 0- 04,000.00- 0Ins. Exp.0Computer Equipment15,0001 Less: Acc Dep(525.00) Federal Income Tax Payable1,500.0011Accumulated Depreciation – Computer 4501 Net Property, Plant, and Equipment84,025.00 FICA Tax Payable765.0000Sales RevenueService RevenueSales DiscountsCost of Goods SoldDelivery Truck70,0001 Total Assets337,484.000 NC State Income Tax Payable1,000.000045,000.001,350.0015,700.00Accumulated Depreciation – Delivery Truck5251 Liabilities: Salaries Payable6,735.000072,600.0025,740.00Accounts Payable27,4000 Current Liabilities: Interest Payable2751Accounts Payable27,400.00 27-NovPayroll Tax Expense1,365.0000- 0117,600.00- 0- 01,350.00- 041,440.00- 0Deferred Revenue33,0001Interest Payable275.00 FICA Tax Payable765.0000Salaries Payable6,7350Deferred Revenue33,000.00 Unemployment Tax Payable600.0000Advertising ExpenseUtilities ExpenseSalaries ExpenseDepreciation ExpenseNotes Payable75,0001Salaries Payable6,735.00 1,700.001,700.0010,000.00450.00Federal Income Tax Payable3,0001Notes Payable19,997.00 1-DecSalaries Payable6,735.00101,500.0010,000.00525.00NC State Income Tax Payable2,0001Federal Income Tax Payable3,000.00 Cash6,735.00101,700.00- 03,200.00- 020,000.00- 0975.00- 0FICA Tax Payable3,0600NC State Income Tax Payable2,000.00 Unemployment Tax Payable8401FICA Tax Payable3,060.00 1-DecCash60,000.0011Rent ExpenseInterest ExpenseSupplies ExpenseBad Debt ExpenseCommon Stock150,0001Unemployment Tax Payable840.00 Notes Payable60,000.00112,000.0075.002,890.00726.00Retained Earnings- 00Total Current Liabilities96,307.000 200.00Dividends4,0001Long-Term Liabilities: 1-DecDelivery Truck70,000.00112,000.00- 0275.00- 02,890.00- 0726.00- 0Sales Revenue117,6001Notes Payable55,003.00 Cash70,000.0011Service Revenue- 01Total Liabilities151,310.000 Payroll Tax ExpenseInsurance ExpenseSales Discounts1,3501Stockholders’ Equity: 4-DecAccounts Payable16,500.00111,365.00500.00Cost of Goods Sold41,4401Common Stock150,000.00 Cash16,500.00111,005.00Advertising Expense1,7001Retained Earnings36,174.00 2,370.00- 0500.00- 0Utilities Expense3,2001Total Stockholders’ Equity186,174.000 5-DecCash Dividends4,000.0011Salaries Expense20,0001Total Liabilities & Stockholders’ Equity337,484.000 Cash4,000.0011Depreciation Expense9750 2,3702,870Debits420,611Rent Expense2,0001 6-DecSupplies1,700.0011500Credits420,611Interest Expense2751 Accounts Payable1,700.0011Balanced- 0Supplies Expense 2,8901 Bad Debt Expense7261 7-DecInventory24,200.0011Payroll Tax Expense2,3700 Accounts Payable24,200.0011Insurance Expense5001 Totals420,611420,61100 15-DecAccounts Receivable72,600.0011 Sales Revenue72,600.0011 15-DecCost of Goods Sold25,740.0011 Inventory25,740.0011 18-DecAdvertising Expense1,700.0011 Cash1,700.0011 24-DecCash33,000.0011 Deferred Revenue33,000.0011 31-DecSalaries Expense10,000.0011 Federal Income Tax Payable1,500.0011 FICA Tax Payable765.0000 NC State Income Tax Payable1,000.0000 Salaries Payable6,735.0000 31-DecPayroll Tax Expense1,005.0000 FICA Tax Payable765.0000 Unemployment Tax Payable240.0000 Chart of Accounts Alphabetical Chart of Accounts:Financial Statement Validation: Accounts PayableAccounts Payable Accounts ReceivableAccounts Receivable Accumulated Depreciation - ComputerAdvertising Expense Accumulated Depreciation - Delivery TruckAllowance for Uncollectible Accounts Advertising ExpenseAssets: Allowance for Uncollectible AccountsBad Debt Expense Bad Debt ExpenseBalance, December 31 CashBalance, January 1 Cash DividendsCash Common StockCommon Stock Computer EquipmentComputer Equipment Cost of Goods SoldCost of Goods Sold Deferred RevenueCurrent Assets: Delivery TruckCurrent Liabilities: Depreciation ExpenseDeferred Revenue Federal Income Tax PayableDelivery Truck FICA Tax PayableDepreciation Expense Insurance ExpenseDividends Interest ExpenseFederal Income Tax Payable Interest PayableFICA Tax Payable InventoryGross Profit NC State Income Tax PayableInsurance Expense No Entry RequiredInterest Expense Notes PayableInterest Payable Payroll Tax ExpenseInventory Prepaid InsuranceIssuance of Stock Prepaid RentLess: Accumulated Depreciation-Computer Rent ExpenseLess: Accumulated Depreciation-Equipment Retained EarningsLess: Sales Discounts Salaries ExpenseLiabilities: Salaries PayableLong-Term Liabilities: Sales AllowancesNC State Income Tax Payable Sales DiscountsNet Income Sales ReturnsNet Income Sales RevenueNet Property, Plant & Equipment Service RevenueNet Sales SuppliesNotes Payable Supplies ExpenseNotes Payable Unemployment Tax PayableOperating Expenses: Utilities ExpenseOperating Income Other Revenue (Expense): Payroll Tax Expense Prepaid Insurance Prepaid Rent Property, Plant, and Equipment Rent Expense Retained Earnings Salaries Expense Salaries Payable Sales Revenue Stockholders’ Equity: Supplies Supplies Expense Total Assets Total Current Assets Total Current Liabilities Total Operating Expenses Total Liabilities Total Liabilities & Stockholders’ Equity Total Other Revenue (Expense) Total Stockholders’ Equity Unemployment Tax Payable Utilities Expense Instructions Company Information & Summary of Significant Account Policies Cups & Cones Company began operations on November 1, 2023. The main operating goal of the company is to sell high end ice cream machines. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 3/15, n/30 . The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 1% of the balance in accounts recievable will be uncollectible. The company purchases ice cream machines for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of $4000 per month and the other employee is the office manager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1) Cups & Cones Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full credit. 1-NovThe owner invested $150000 into the company in exchange for 5,000 shares of common stock. 1-NovThe company purchased a computer system for $15000 and signed a one-year note for the entire balance. The note is due on November 1, 2024 and has an annual rate of interest of 3%. 2-NovPaid for two years rent on the office space, $24000. 3-NovPurchased 8 ice cream machines at a total cost of $1000 each for cash, FOB Destination. 4-NovPurchased $1700 of supplies on account, term n/30. 15-NovPurchased 15 ice cream machines at a total cost of $1100 each on account, terms n/30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party. 17-NovPaid for the supplies purchased on November 4. 18-NovPaid for a two-year insurance policy for the store, $12000. The policy was effective beginning December 1, 2023.
acct-251-practice-set-2021williampeterson920631897-lmdfn0x4.xlsx
Answered Same DayJul 30, 2022

Answer To: Faculty Info Sheet Year Began:2023Adj Amount: Company Name:Cups & Cones 7 Scoring Section Daily...

Rochak answered on Jul 30 2022
83 Votes
Faculty Info Sheet
    Year Began:    2023    Adj Amount:        Company Name:    Cups & Cones            7        Scoring Section                    Daily Transactions Journal Page                    Daily Entry Points                General Ledger (T-Account)                                                Ledger Points            Adjusting Entries Journal Page                    Adjusting Points                Income Statement                IS Points        Statement of SE
    Product:    ice cream machines    %    Days    Net    Days                        Earned    Possible    Section Weight        Date    Account    DR    CR        Point Per Item:        1        Cash            Accounts Receivable            Allowance for Uncollectible Accounts            Inventory            Possible:    1            Account    DR    CR        Points each        2         Sales Revenue        117,600.00        10            Common Stock    Retained Earnings    Total Stockholders’ Equity        SE Points
    Terms:    3/15, n/30    3    15    n    30    Unemployment Tax:                Daily Transaction Points:    ERROR:#REF!    125    30%        1-Nov    Cash    150,000.00            1    1            150,000.00    24,000.00        45,000.00    45,000.00                    8,000.00    15,700.00                    1    Depreciation Expense    450.00            2    2             Less: Sales Discounts        1,350.00                Balance, January 1    - 0    - 0    - 0        Points        3
    % of Bad Debt    1.00                    Nov    Dec    CHECK        Adjusting Entry Points:    72    72    17%            Common Stock        150,000.00        1        1        43,650.00    8,000.00        72,600.00                726.00        16,500.00    25,740.00        Cash    1            Accumulated Depreciation - Computer        450.00        2        2         Net Sales        116,250.00                Issuance of Stock    150,000.00        150,000.00                3
    Sales Tech Salary    4,000.00    726    % of Receivables - Bad Debt Exp            240.00    180.00    CORRECT    60    Ledger:    34    37    9%                                            60,000.00    1,700.00                                24,200.00            AR    1                                             Less: Cost of Goods Sold        41,440.00                Net Income        40,174.00    40,174.00                3
    Office Manager Salary    6,000.00                    360.00    60.00    CORRECT        Adjusted TB Points:    39    39    9%        1-Nov    Computer Equipment    15,000.00            1    1            33,000.00    12,000.00                    - 0    726.00        7,260.00    - 0        Allowance    1        2    Interest Expense    75.00            2    2             Gross Profit        74,810.00        10        Dividends        (4,000.00)    (4,000.00)                3
    Owner Investment    150,000.00                    Depreciation:                Income Statement:    40    40    10%            Notes Payable        15,000.00        1        1            1,700.00                                            Inventory    1            Interest Payable        75.00        2        2         Operating Expenses:                        Balance, December 31    150,000.00    36,174.00    186,174.00        3    3    3
    Computer system    15,000.00    450.00    Two-Months Dep            Asset    Life    Salvage (10%)        Equity Statement:    18    18    4%                                                6,735.00        72,600.00    - 0                                Supplies    1                                            Advertising Expense    1,700.00
    Interest Rate on Computer    3.00    75.00    Two Months Int            Computer    5.00    1,500.00        Balance Sheet:    48    48    11%        2-Nov    Prepaid Rent    24,000.00            1    1                70,000.00                                            Prepaid Rent    1        3    Rent Expense    2,000.00            2    2            Utilities Expense    3,200.00                    Closing Entries                    Closing Entries
    Two Years Rent    24,000.00    2,000.00    Two Months Rent            Delivery Truck    10.00    7,000.00        Closing Entries:    24    24    6%            Cash        24,000.00        1        1            16,500.00        Supplies            Prepaid Rent            Prepaid Insurance            Prepaid Insurance    1            Prepaid Rent        2,000.00        2        2        Salaries Expense    20,000.00                    Date    Account    DR    CR        Points        1
    Inventory Purchase 1    1,000.00    Quantity:    8            Supplies Expense                Ratios:    15    15    4%                                                4,000.00        1,700.00    2,890.00        24,000.00    2,000.00        12,000.00    500.00        Computer Equipment    1                                            Depreciation Expense    975.00                    31-Dec    Sales Revenue    117,600.00            1    1
    Supplies Purchase 1    1,700.00                        Available    On Hand (15%)        Total Points:    ERROR:#REF!    418    100%        3-Nov    Inventory    8,000.00            1    1                1,700.00        1,700.00                                    Acc Dep - Comp    1        4    Insurance Expense    500.00            2    2            Rent Expense    2,000.00                        Sales Discounts        1,350.00        1        1
    Inventory Purchase 2    1,100.00    Quantity:    15                3,400.00    510.00                                Cash        8,000.00        1        1                                                        Delivery Truck    1            Prepaid Insurance        500.00        2        2        Supplies Expense     2,890.00                        Retained Earnings        116,250.00        1        1
    Insurance Policy    12,000.00    500.00    One Month Insurance                            Final Score:        ERROR:#REF!                                                            510.00    - 0        22,000.00    - 0        11,500.00    - 0        Acc Dep - DT    1                                            Bad Debt Expense    726.00
    Inventory Sale 1    3,000.00    Quantity:    15    Enter at least:    9                                        4-Nov    Supplies    1,700.00            1    1            140,315.00    - 0                                            AP    1        5    Supplies Expense    2,890.00            2    2            Payroll Tax Expense    2,370.00                    31-Dec    Retained Earnings    76,076.00            1    1    1
    Utilities    1,700.00            But no more than:    22                                            Accounts Payable        1,700.00        1        1                    Accumulated Depreciation - Computer                        Accumulated Depreciation - Delivery Truck            Interest Payable    1            Supplies        2,890.00        2        2        Insurance Expense    500.00                        Cost of Goods Sold        41,440.00        1
    Fed Income Tax Rate    15.00                                    Cost of Goods Sold Calculation                                                        Computer Equipment                        Delivery Truck                        Deferred Revenue    1                                            Total Operating Expenses        34,361.00        10            Advertising Expense        1,700.00        1
    State Income Tax Rate    10.00    765.00    FICA Tax CHECK            Check:                    Qty    Cost            15-Nov    Inventory    16,500.00            1    1            15,000.00                450.00        70,000.00                525.00        Salaries Payable    1        6    Depreciation Expense    525.00            2    2            Operating Income        40,449.00        10            Utilities Expense        3,200.00        1
    FICA Tax Rate    7.65    7,000.00    Unemployment Cap            Postive End Cash    OK            Purchase 1    8    1,000.00    8,000.00            Accounts Payable        16,500.00        1        1                                                        Notes Payable    1            Accumulated Depreciation - Delivery Truck        525.00        2        2        Other Revenue (Expense):                            Salaries Expense        20,000.00        1
    Unemployment Tax Rate    6.00    Payment        Year One Interest        Postive Income    OK            Purchase 2    15    1,100.00    16,500.00                                            15,000.00    - 0        - 0    450.00        70,000.00    - 0        - 0    525.00        Fed Inc Tax Pay    1                                            Interest Expense    (275.00)                        Depreciation Expense        975.00        1
    Note Payable 2    60,000.00    $7,397        2,400.00                        Sale 1    15    15,700.00    CGS Calculation        17-Nov    Accounts Payable    1,700.00            1    1                                                            NC State Inc Tax    1        7    Interest Expense    200.00            2    2            Total Other Revenue (Expense)        (275.00)                    Rent Expense        2,000.00        1
    Term on Note 2 (years)    10.00    200.00    Interest Exp on Note                            Remaining    8    1,100.00                Cash        1,700.00        1        1        Accounts Payable            Interest Payable            Deferred Revenue            Salaries Payable            FICA Tax    1            Interest Payable        200.00        2        2        Net Income        40,174.00        10            Interest Expense        275.00        1
    Rate on Note Payable 2    4.00    4%                                Purchase 3    20    1,210.00    24,200.00                                            1,700.00    1,700.00            75.00            33,000.00        6,735.00    6,735.00        Une. Tax Pay    0                                                                        Supplies Expense         2,890.00        1
    Delivery Truck    70,000.00    525.00    One Month Depreciation                            Sale 2    22    25,740.00    CGS Calculation        18-Nov    Prepaid Insurance    12,000.00            1    1            16,500.00    16,500.00            200.00                        6,735.00        Common Stock    1        8    Bad Debt Expense    726.00            2    2                                        Bad Debt Expense        726.00        1
    Dividends    4,000.00                                    Ending Inventory    6    1,210.00                Cash        12,000.00        1        1            1,700.00                                            Retained Earnings     1            Allowance for Uncollectible Accounts        726.00        2        2        Balance Sheet                            Payroll Tax Expense        2,370.00        1
    Supplies Purchase 2    1,700.00    2,890.00    Supplies Expense                                CGS     41,440.00                                                    24,200.00                                            Cash Divs    1                                             Assets:                BS Points            Insurance Expense        500.00        1
    Inventory Purchase 3    1,210.00    Quantity:    20                                                20-Nov    Accounts Receivable    45,000.00            1    1                1,500.00                                            Sales Revenue    1        9    Utilities Expense    1,500.00            2    2            Current Assets:                8
    Inventory Sale 2    3,300.00    Quantity:    22    Enter at least:    9                        Check:    CGAS    48,700.00            Sales Revenue        45,000.00        1        1        - 0    27,400.00        - 0    275.00        - 0    33,000.00        - 0    6,735.00        Service Rev    1            Accounts Payable        1,500.00        2        2        Cash    140,315.00                    31-Dec    Retained Earnings    4,000.00            1    1
    Advertising    1,700.00            But no more than:    25                            EI    7,260.00                                                                                            Sales Discount    1                                            Accounts Receivable     72,600.00                        Cash Dividends        4,000.00        1        1
    Deferred Revenue    33,000.00    Quantity:    10                                    CGS    41,440.00        20-Nov    Cost of Goods Sold    15,700.00            1    1            Notes Payable            Federal Income Tax Payable            NC State Income Tax Payable            FICA Tax Payable            CGS    1                                            Allowance for Uncollectible Accounts    (726.00)
    Accrued Utilities    1,500.00                                            CGS Check    Correct            Inventory        15,700.00        1        1            15,000.00            1,500.00            1,000.00            765.00        Ad Exp    1            McDoodles Inc. Adjusted Trial Balance
December 31, 2022                TB Points                Inventory    7,260.00                                    Ratio Points
                                                                                                        60,000.00            1,500.00            1,000.00            765.00        Ut. Exp    0            Account Name    Debit    Credit        Each    1            Supplies    510.00                    Ratio    Formula    Answer        Points    3
                                            Notes Payable:        Current Portion            28-Nov    Cash    43,650.00            1    1                                                    765.00        Sal. Exp    1            Cash    140,315            1                Prepaid Rent    22,000.00                    Current Ratio    Current Assets/Current Liabilities    2.63        3
                                            Current        $4,997    $19,997            Sales Discounts    1,350.00            1    1                                                    765.00        Dep Exp    1            Accounts Receivable     72,600            1                Prepaid Insurance    11,500.00                    Debt to Equity    Total Liabilities/Stockholders Equity    0.81        3
                                            Long-term            $55,003            Accounts Receivable        45,000.00        1        1        - 0    75,000.00        - 0    3,000.00        - 0    2,000.00        - 0    3,060.00        Rent Exp    1            Allowance for Uncollectible Accounts        726            1             Total Current Assets        253,459.00        8        Gross profit ratio    GP/Net Sales    0.64        3
                                                                                                                                                    Int Exp    1            Inventory    7,260            1                Property, Plant, and Equipment                        Profit margin    net income/net sales    0.35        3
                                                    Note Check    Correct        29-Nov    Utilities Expense    1,700.00            1    1            Unemployment Tax Payable            Common Stock            Retained Earnings            Cash Dividends            Sup Exp    1            Supplies    510            1                 Computer Equipment    15,000.00                    Return on Assets    Net income/Average total assets    0.24        3
                                                                    Cash        1,700.00        1        1            600.00            150,000.00                    4,000.00            BD Exp    1            Prepaid Rent    22,000            1                 Less: Acc Dep    (450.00)
                                                                                                        240.00                                            Pay Tax Exp    0            Prepaid...
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