WALNUT GROVE TRIAL BALANCE For the Years Ended December 31, 2020 and December 31, 2021 2020...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
WALNUT GROVE TRIAL BALANCE For the Years Ended December 31, 2020 and December 31, 2021 2020 2021 Debit Credit Debit 173,000 26,415 32,160 275,000 10,000 25,000 75,000 Cash Accounts Receivable Inventory Prepaid Expenses Building Computers & Software Furniture & Fixtures Land Machinery & Equipment Accumulated Depreciation Accounts Payable Payroll Tax Payable Sales Tax Payable Unearned Revenue Line of Credit Notes Payable Peters, J., Capital Peters, M., Capital Retained Earnings Custom Cabinet Sales Material & Supplies Sales Small Tool Sales Tool Rental Revenue COGS: Custom Cabinets COGS: Material & Supplies COGS: Small Tools COGS: Wages Depreciation Expense Insurance Expense Office Supplies Expense Payroll Tax Expense Postage Expense Small Tool Expense Interest Expense Income Tax Expense 92,278 21,735 33,721 8,950 6,426 1,464 6,069 347 6,162 7,500 38,972 840,199 8,775 12,311 136 22,135 250,000 2,500 2,500 201,301 288,368 35,972 16,201 840,199 0 Credit Prepare an Excel workbook which contains the following information: Tab 1: 2020 Trial Balance (provided in this document) Tab 2: 2021 Projected Income Statement Tab 3: 2021 Projected Balance Sheet Tab 4: 2021 Projected Statement of Cash Flows Assumptions: 1. Sales will change as follows: a. Material & Supplies Sales will increase 5.0% b. Small Tool Sales will increase 4.0% c. Tool Rental Revenue will continue throughout the 2021 year. An average of 16 tools will be rented each week. The weekly rental per tool is $55. Assume that the average number of tools given will be rented for all 52 weeks. 2. Cost of sales for materials and supplies and small tools will increase proportionately based on their current percentage of sales, respectively. (HINT: You will need to use vertical analysis.) 3. Small tools, including blades and other items, is expected to total $7,300 in 2021. 4. Office supplies and postage are expected to increase by 9% during 2021. 5. On January 1st, the company will invest $122,000 in new equipment for its custom cabinet division. a. This equipment will have a 5-year life and should be depreciated using the straight-line method. This purchase represents the only expected change to property, plant, and equipment. b. The company will finance the equipment purchased with a 5-year note at 3.50% interest. You will need to use an amortization schedule to find the principle and interest payment amounts. The loan is paid monthly. WALNUT GROVE TRIAL BALANCE For the Years Ended December 31, 2020 and December 31, 2021 2020 2021 Debit Credit Debit 173,000 26,415 32,160 275,000 10,000 25,000 75,000 Cash Accounts Receivable Inventory Prepaid Expenses Building Computers & Software Furniture & Fixtures Land Machinery & Equipment Accumulated Depreciation Accounts Payable Payroll Tax Payable Sales Tax Payable Unearned Revenue Line of Credit Notes Payable Peters, J., Capital Peters, M., Capital Retained Earnings Custom Cabinet Sales Material & Supplies Sales Small Tool Sales Tool Rental Revenue COGS: Custom Cabinets COGS: Material & Supplies COGS: Small Tools COGS: Wages Depreciation Expense Insurance Expense Office Supplies Expense Payroll Tax Expense Postage Expense Small Tool Expense Interest Expense Income Tax Expense 92,278 21,735 33,721 8,950 6,426 1,464 6,069 347 6,162 7,500 38,972 840,199 8,775 12,311 136 22,135 250,000 2,500 2,500 201,301 288,368 35,972 16,201 840,199 0 Credit Prepare an Excel workbook which contains the following information: Tab 1: 2020 Trial Balance (provided in this document) Tab 2: 2021 Projected Income Statement Tab 3: 2021 Projected Balance Sheet Tab 4: 2021 Projected Statement of Cash Flows Assumptions: 1. Sales will change as follows: a. Material & Supplies Sales will increase 5.0% b. Small Tool Sales will increase 4.0% c. Tool Rental Revenue will continue throughout the 2021 year. An average of 16 tools will be rented each week. The weekly rental per tool is $55. Assume that the average number of tools given will be rented for all 52 weeks. 2. Cost of sales for materials and supplies and small tools will increase proportionately based on their current percentage of sales, respectively. (HINT: You will need to use vertical analysis.) 3. Small tools, including blades and other items, is expected to total $7,300 in 2021. 4. Office supplies and postage are expected to increase by 9% during 2021. 5. On January 1st, the company will invest $122,000 in new equipment for its custom cabinet division. a. This equipment will have a 5-year life and should be depreciated using the straight-line method. This purchase represents the only expected change to property, plant, and equipment. b. The company will finance the equipment purchased with a 5-year note at 3.50% interest. You will need to use an amortization schedule to find the principle and interest payment amounts. The loan is paid monthly.
Expert Answer:
Answer rating: 100% (QA)
2021 Project income statement 2021 Custom cabinet O sale... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
The statement of comprehensive income for the years ended December 31, 2008 and 2009, plus selected items from comparative balance sheets of Johnson Wholesalers Inc. are as follows: There were no...
-
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009, are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the...
-
The following is the adjusted trial balance for the Woodbine Circle Corporation on December 31, 2007: Other financial data for the year ended December 31, 2007: Federal Income...
-
Measured along the surface of the water, a rectangular swimming pool has a length of 15 m. along this length, the flat bottom of the pool slopes downward at an angle of 11 below the horizontal, from...
-
Maxwell floring produces its product in two processing departments: Forming and Finishing. The following T- account shows the Forming Departments Work in Process Inventory at October 31 prior to...
-
Grasses survive grazing (and mowing) because they grow from the ____________.
-
What is complex frequency-response function?
-
Goshford Company produces a single product and has capacity to produce 100,000 units per month. Costs to produce its current sales of 80,000 units follow. The regular selling price of the product is...
-
1. From the perspective of the marketer, when do wants become demands? 2. From the perspective of consumer behavior, when do needs become wants? 3) An audiophile who has invested $60,000 in a...
-
For the beams in Figures P16 -13 and P16 -14 subjected to the forcing functions shown, determine the maximum deflections, velocities, and accelerations. Use a computer program. Use α =...
-
1. List out Linear and Non Linear data structures and explain them briefly. 2a) Write an algorithm for Bubble Sort.Also sort the folowing numbers using Bubble sort: 45, 23, 5, 41,5, 1, 20 2b) Sort...
-
An idea that vertical spring mass system oscillates with a period of 1.6 second when the mass used is 2.00 kg. how much elastic potential energy is stored in the spring when the mass is at its...
-
A bus travels 280 km South along a straight path with an average velocity of 88 km/hr to the south. The bus stops for 24 min. Then, it travels 210 km south with an average velocity of 75 km/h to the...
-
Harvey's Junk Jewelry started business January 1, 2011, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2021: Beginning...
-
Kubes Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current...
-
On January 1, 2025, Nash Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Nash common stock. Nash's net income in 2025 was $403,200,...
-
plsanswer #5 5. Let \( D \) be the region in the first octant bounded by the coordinate planes and the surface \( \sqrt{x}+ \) \( \sqrt{y}+\sqrt{z}=1 \). Compute \( \iiint_{D} z d V \) using the...
-
Suppose the concentration of glucose inside a cell is 0.1 mm and the cell is suspended in a glucose solution of 0.01 mm. a. What would be the free energy change involved in transporting 10-o mole of...
-
Andeo Corporation purchased a truck at the beginning of 2014 for $48,000. The truck is estimated to have a residual value of $3,000 and a useful life of 275,000 km. It was driven for $2,000 km in...
-
A series of unrelated situations follow: 1. Atlantic Inc.'s unadjusted trial balance at December 31, 2014, included the following accounts: 2. An analysis and aging of Central Corp.s accounts...
-
On December 31, 2013, Zurich Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: During 2014, Bilby Corp. shares...
-
If the majority in a community finds an artistic representation of their religion, race, or culture offensive, should it be censored? The statue of President Theodore Roosevelt flanked by an African...
-
What are some of the ways in which the arts of various cultures differ from each other?
-
Compare the ways that art expresses cultural themes using the examples of manga, anime, and cockfighting.
Study smarter with the SolutionInn App