34 35 36 37 1-Dec Paid the employees the amount due to them from the November...

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34 35 36 37 1-Dec Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in January. The company borrowed $55000 from Bank of America by signing a 15-year, 6% note. The note requires annual payments of $5663 beginning December 1, 2025. 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was 4-Dec Paid the amount due from the November 15 purchase. 39 5-Dec Declared and paid $2000 in cash dividends to the stockholders of the company. 6-Dec Purchased $4200 of supplies on account, term n/30. 40 41 42 43 CE 45 46 47 48 49 7-Dec Purchased 20 cars at a cost of $8470 each on account, terms n/30, FOB Destination. 15-Dec Sold 22 cars for $11550 each on account, terms 2/10, n/30, FOB Shipping Point, the company uses FIFO to find the cost of goods sold. Record the sales revenue first. 18-Dec Paid for an ad in the local newspaper, $7000. 24-Dec Received $92400 payment for 8 cars to be shipped on January 8, 2025. 31-Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates are as follows: Federal Income Tax Rate - 15%. NC State Income Tax Rate - 10%. FICA Tax Rate - 7.65%. Unemployment Tax Rate - 6% on the first $7000 of each employees earnings per year. 50 2] Post all the Daily Transactions to the Ledger on the Ledger tab. 51 3) As of December 31, a search revealed the following information. Record any necessary 52 adjusting entries for the year on the Adjusting Entries tab. 53 1 The computer equipment purchased on November 1 has a 5-year life and an expected residual (salvage) value 2 Record any interest that has accrued on the note signed on November 1 for the computer system. The rent paid on November 2 is for two years beginning on November 1. 3 54 55 56 4 57 5% The insurance policy purchased on November 18 is effective beginning December 1. 5 Supplies on hand as of December 31 totaled $1540. The delivery truck purchased on December 1 has a 10-year life and an expected residual (salvage) value of Accrue the interest, if needed, on the note signed on December 1. 6 59 7 600 8 Record any bad debt expense for the year ended December 31. Found answer to the whole dollar if 61 62 64 9 Utilites accrued but not yet paid as of December 31 totaled $7600. 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted 656] Based on the adjusted trial balance, prepare a multi-step income statement on the Income 66 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the 8) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. 91 Prepare the closing entries (DO NOT POST them to the ledger. iust produce the entries]. 67 34 35 36 37 1-Dec Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in January. The company borrowed $55000 from Bank of America by signing a 15-year, 6% note. The note requires annual payments of $5663 beginning December 1, 2025. 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was 4-Dec Paid the amount due from the November 15 purchase. 39 5-Dec Declared and paid $2000 in cash dividends to the stockholders of the company. 6-Dec Purchased $4200 of supplies on account, term n/30. 40 41 42 43 CE 45 46 47 48 49 7-Dec Purchased 20 cars at a cost of $8470 each on account, terms n/30, FOB Destination. 15-Dec Sold 22 cars for $11550 each on account, terms 2/10, n/30, FOB Shipping Point, the company uses FIFO to find the cost of goods sold. Record the sales revenue first. 18-Dec Paid for an ad in the local newspaper, $7000. 24-Dec Received $92400 payment for 8 cars to be shipped on January 8, 2025. 31-Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates are as follows: Federal Income Tax Rate - 15%. NC State Income Tax Rate - 10%. FICA Tax Rate - 7.65%. Unemployment Tax Rate - 6% on the first $7000 of each employees earnings per year. 50 2] Post all the Daily Transactions to the Ledger on the Ledger tab. 51 3) As of December 31, a search revealed the following information. Record any necessary 52 adjusting entries for the year on the Adjusting Entries tab. 53 1 The computer equipment purchased on November 1 has a 5-year life and an expected residual (salvage) value 2 Record any interest that has accrued on the note signed on November 1 for the computer system. The rent paid on November 2 is for two years beginning on November 1. 3 54 55 56 4 57 5% The insurance policy purchased on November 18 is effective beginning December 1. 5 Supplies on hand as of December 31 totaled $1540. The delivery truck purchased on December 1 has a 10-year life and an expected residual (salvage) value of Accrue the interest, if needed, on the note signed on December 1. 6 59 7 600 8 Record any bad debt expense for the year ended December 31. Found answer to the whole dollar if 61 62 64 9 Utilites accrued but not yet paid as of December 31 totaled $7600. 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted 656] Based on the adjusted trial balance, prepare a multi-step income statement on the Income 66 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the 8) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. 91 Prepare the closing entries (DO NOT POST them to the ledger. iust produce the entries]. 67