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Category > Business & Finance Posted 08 Dec 2017 My Price 10.00

to prepare the year-end adjusting entries

can i have the answer for these please

[The following information applies to the questions displayed below.]

 

Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2016, appears below.

   

  Account Title Debits Credits
  Cash 44,600     
  Accounts receivable 61,000     
  Supplies 2,000     
  Inventory 80,000     
  Note receivable 32,100     
  Interest receivable 0     
  Prepaid rent 3,000     
  Prepaid insurance 0     
  Office equipment 100,000     
  Accumulated depreciation—office equipment   37,500   
  Accounts payable   40,000   
  Salaries and wages payable   0   
  Note payable   74,100   
  Interest payable   0   
  Deferred revenue   0   
  Common stock   60,000   
  Retained earnings   24,500   
  Sales revenue   248,000   
  Interest revenue   0   
  Cost of goods sold 111,600     
  Salaries and wages expense 21,000     
  Rent expense 16,500     
  Depreciation expense 0     
  Interest expense 0     
  Supplies expense 1,500     
  Insurance expense 6,800     
  Advertising expense 4,000     
 
          Totals 484,100    484,100   
 

 

  Information necessary to prepare the year-end adjusting entries appears below.
 1. Depreciation on the office equipment for the year is $12,500.
 2.

Employee salaries and wages are paid twice a month, on the 22nd for salaries and wages earned from the 1st through the 15th, and on the 7th of the following month for salaries and wages earned from the 16th through the end of the month. Salaries and wages earned from December 16 through December 31, 2016, were $1,800.
 3.

On October 1, 2016, Pastina borrowed $74,100 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
 4.

On March 1, 2016, the company lent a supplier $32,100 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2017.
 5.

On April 1, 2016, the company paid an insurance company $6,800 for a two-year fire insurance policy. The entire $6,800 was debited to insurance expense.
 6. $1,070 of supplies remained on hand at December 31, 2016.
 7.

A customer paid Pastina $2,100 in December for 1,750 pounds of spaghetti to be delivered in January 2017. Pastina credited sales revenue.
 8.

On December 1, 2016, $3,000 rent was paid to the owner of the building. The payment represented rent for December 2016 and January 2017, at $1,500 per month.

 

For requirement 4, Assume that no common stock was issued during the year and that $3,600 in cash dividends were paid to shareholders during the year.
 
4.

Prepare the income statement, statement of shareholders' equity and classified balance sheet for the year ended December 31, 2016. (For Balance Sheet only, items to be deducted must be indicated with a negative amount. Other expenses should be indicated with a minus sign.)
 

 

 

5.

Prepare closing entries. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

 

 

 

Answers

CourseLover
(12)
Status NEW Posted 08 Dec 2017 04:12 PM My Price 10.00

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