Project #25010 - Financial Accounting 101

Financial accounting 101 basic project due tomorrow. Balance sheet, income statement, statement of stockholder's equity, adjusting journal entries, trial account balance, etc. 

 

Ex data to adjust from list of information:

 

Group 1
In reviewing the trial balance, three deferred accounts (Prepaid Expenses, Equipment, and Unearned Revenues) may need 
to be adjusted and additional accruals may be necessary related to the interest on Notes Payable and Notes Receivable, 
Wages Expense, Income Tax Expense, and others. 
 
Deferred Accounts:
1. Fifteen percent of the sales revenues are amounts received for products to be delivered in 2013.
2. Insurance costs of $745 which were shown as prepaid in the unadjusted trial balance provided coverage for 2012.
3. Equipment has been used to generate revenues. The company estimates $2000 in depreciation for 2012.
    Depreciation is entered only one time a year for the entire year at the time of the adjusting entries.
    You may need to review depreciation in the text book before making this entry.
 
Accrued Accounts
4. Wages have been paid through December 28th. The six employees worked December 29, 30 and 31.
     and each earned $1200 per day.
5. An extra telephone line was installed in December. The telephone bill for $900 including hookup and usage charges 
    was received on February 4th and will be paid when we get to it. This payable in not currently in the unadjusted
    trial balance.
6. Interest accrues on the long term notes payable at an annual rate of 12 percent. The principal 
       has been outstanding all month. Interest expense has been accounted for through November 30, 2012
      Interest on other debt has been paid at December 31, 2012.
7. The estimated income tax rate is 35%.

Subject Business
Due By (Pacific Time) 03/13/2014 11:00 am
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