ACCT 211-1 X S Connect Assignment x Assignment x C Complete TIX C Get Homew X C Get Homew X Accounting X G Post the entx + File /home/chronos/u-e7d31f42ded939d545e2ae3173f962a69a1caf3d/MyFiles/Downloads/Accounting211-5.7.pdf : N Cinch Men's WRX O... 10/26/2020 Assignment Print View SUSQUEHANNA EQUIPMENT RENTALS Worksheet December 31, Year 1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Trial Balance Credit Income State Debt Balance sheet accounts Cash Accounts receivable Prepaident Unexpired insurance Office supplies Rental equipment Nos payable Accounts payable Ungamedrentales Dividends payable Capital stock Retained eaming Dividends Interest payable Accumulated depreciation requipment Salaries payable income taxes payable Income statement accounts Rentales comed Salaries expense Maintenance expense Utilities expense $ 0 $ 0 Rent expense interest expense Depreciation expense Office supplies expense Income taxes expense 03 os 0 $ Net income Totals $ 0 References Financial Statement Difficulty: 3 Hard G Post the entx + File /home/chronos/u-e7d31f42ded939d545e2ae3173f962a69a1caf3d/MyFiles/Downloads/Accounting211-5.7.pdf : Dedy Mover the $700. the band the That does not my but ACCT 211-1 X S Connect Assignment x Assignment x C Complete TIX C Get Homew X C Get Homew x Accounting X N Cinch Men's WRX O... The following information applies to the questions displayed below. On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent It, an equipment rental company that was going out of business. The newly formed company uses the following accounts Capital Stock Accounts Receivable Rutained Baming Prepaid Runt Dividende Und sunca Income Summary Office Supplies Rutal Fees Eamed Rental Equipment Salaries Expense Accumulated Deprecation Rental Equipment Menance Expen Nos Payable Les Expen Accounts Payable Rent Expert Interest Payable Ofice Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unand Burials Income Tax Expen Income Tax Pyable The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions Des. Thed to John and Patty Driver 27000 shares of capital steck in exchange for a total of $270,000 cash. Dec. Purchased for $288.000 all of the equipment formerly owned by Rent-it. Paid $134,000 cash and issued a 1-year note payable for $154,000. The note, plus all 12 months of accrued interestre de November 30, Year 2 Dec. Pald $10,200 to Shapiro Realty in three months' advance rent on the rental yard and office formerly occupied by Rent- Dec. 4 Purchased alice supplies on account from Modern Office Co 1800. Payment din 30 day. (These supplies are expected to last for several month debit the Office Dec. 8 Receved $8.500 cash advance payment on equipment rental from McNamar Contruction Company Credit Uneamed Rental) Dec. 12 Pads for the first two weeks in December 54,900. Dec. 15 Encluding the McNamaradvance, equipment rental fees med during the first 15 day of December amounted to $1,900, of which $12,500 was received in cash Dec. 17 Purchased on account from Earth Movers inc., 5700 in paraneeded to repair antal tractor Debit an expert content is de in 10 days Dec 23 Collected $2.900 of the account receivable recorded on December 15 Dec 26 Runted a backhoe to Mission Landscaping price of $280 per day, to be paid when the backhoe is returned. Mission Landicaping expect to the backhoe for wbout two or three weeks Dec 28 Declared a dividend of 10 carta pars payable on January 15 Year 2 Dec 29 Sunquehanna Equipment Rentals was named along with Malon Landscaping and Collier Construction, as co-defendant in a $27,000 lawsuit fled on behalf of Kevin Davenport Mission Landicaping had left the rented backhoe in funced construction site owned by Collier Comicon. After working hours on December 28 Davenport had climbed the fence to play on parked camion equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company's legal and financial responsibility for this accident, if any. did not Dec 29 Purchased a 12-month public ability insurance policy for $8,540. This policy protect the company again labey for injuries and property damage cauried by statement equipment. However, the policy goes into uted on January 1 Year 2 and afforda ne coverage for the injuries sustained by Kevin Davenport on December 28 Dec. 31 Received a bill from Universal alles for the month of December 3630. Payment is due in 30 days Dec. 21 Equipment rental fees camad during the second half of December amounted to $20,400, of which $16,200 was received in cash. Data for Adjusting Entries a. The advance payment of rent on December 1 covered a period of three months b. The annual interest rate on the note payable to Rent-It is 6 percent The rental equipment is being depreciated by the straight-line method over a period of eight years. d. Office supplies on hand at December 31 are estimated $650 e During December, the company camed $3,700 of the rental fees paid in advance by McNamer Construction Company on December 8. t As of December 31, six days' rent on the backhoe rented to Mission Landscaping on December 26 has been earned. g. Salaries camed by employees since the last payroll data (December 26) amounted to $1700 a month and h. It is estimated that the company is subject to a combined federal and state income tax rate of 30 percent of income before income taxes (total revenue minus al expenses other than income taxes. These will be payable in Year 2 5. Award: 15.00 points Complete the 10-column worksheet for the year ended December 31. (For accounts where multiple Adjustments are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Round your final answers to the nearest whole dollar.) ACCT 211-1 X S Connect Assignment x Assignment x C Complete TIX C Get Homew X C Get Homew X Accounting X G Post the entx + File /home/chronos/u-e7d31f42ded939d545e2ae3173f962a69a1caf3d/MyFiles/Downloads/Accounting211-5.7.pdf : N Cinch Men's WRX O... 10/26/2020 Assignment Print View SUSQUEHANNA EQUIPMENT RENTALS Worksheet December 31, Year 1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Trial Balance Credit Income State Debt Balance sheet accounts Cash Accounts receivable Prepaident Unexpired insurance Office supplies Rental equipment Nos payable Accounts payable Ungamedrentales Dividends payable Capital stock Retained eaming Dividends Interest payable Accumulated depreciation requipment Salaries payable income taxes payable Income statement accounts Rentales comed Salaries expense Maintenance expense Utilities expense $ 0 $ 0 Rent expense interest expense Depreciation expense Office supplies expense Income taxes expense 03 os 0 $ Net income Totals $ 0 References Financial Statement Difficulty: 3 Hard G Post the entx + File /home/chronos/u-e7d31f42ded939d545e2ae3173f962a69a1caf3d/MyFiles/Downloads/Accounting211-5.7.pdf : Dedy Mover the $700. the band the That does not my but ACCT 211-1 X S Connect Assignment x Assignment x C Complete TIX C Get Homew X C Get Homew x Accounting X N Cinch Men's WRX O... The following information applies to the questions displayed below. On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent It, an equipment rental company that was going out of business. The newly formed company uses the following accounts Capital Stock Accounts Receivable Rutained Baming Prepaid Runt Dividende Und sunca Income Summary Office Supplies Rutal Fees Eamed Rental Equipment Salaries Expense Accumulated Deprecation Rental Equipment Menance Expen Nos Payable Les Expen Accounts Payable Rent Expert Interest Payable Ofice Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unand Burials Income Tax Expen Income Tax Pyable The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions Des. Thed to John and Patty Driver 27000 shares of capital steck in exchange for a total of $270,000 cash. Dec. Purchased for $288.000 all of the equipment formerly owned by Rent-it. Paid $134,000 cash and issued a 1-year note payable for $154,000. The note, plus all 12 months of accrued interestre de November 30, Year 2 Dec. Pald $10,200 to Shapiro Realty in three months' advance rent on the rental yard and office formerly occupied by Rent- Dec. 4 Purchased alice supplies on account from Modern Office Co 1800. Payment din 30 day. (These supplies are expected to last for several month debit the Office Dec. 8 Receved $8.500 cash advance payment on equipment rental from McNamar Contruction Company Credit Uneamed Rental) Dec. 12 Pads for the first two weeks in December 54,900. Dec. 15 Encluding the McNamaradvance, equipment rental fees med during the first 15 day of December amounted to $1,900, of which $12,500 was received in cash Dec. 17 Purchased on account from Earth Movers inc., 5700 in paraneeded to repair antal tractor Debit an expert content is de in 10 days Dec 23 Collected $2.900 of the account receivable recorded on December 15 Dec 26 Runted a backhoe to Mission Landscaping price of $280 per day, to be paid when the backhoe is returned. Mission Landicaping expect to the backhoe for wbout two or three weeks Dec 28 Declared a dividend of 10 carta pars payable on January 15 Year 2 Dec 29 Sunquehanna Equipment Rentals was named along with Malon Landscaping and Collier Construction, as co-defendant in a $27,000 lawsuit fled on behalf of Kevin Davenport Mission Landicaping had left the rented backhoe in funced construction site owned by Collier Comicon. After working hours on December 28 Davenport had climbed the fence to play on parked camion equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company's legal and financial responsibility for this accident, if any. did not Dec 29 Purchased a 12-month public ability insurance policy for $8,540. This policy protect the company again labey for injuries and property damage cauried by statement equipment. However, the policy goes into uted on January 1 Year 2 and afforda ne coverage for the injuries sustained by Kevin Davenport on December 28 Dec. 31 Received a bill from Universal alles for the month of December 3630. Payment is due in 30 days Dec. 21 Equipment rental fees camad during the second half of December amounted to $20,400, of which $16,200 was received in cash. Data for Adjusting Entries a. The advance payment of rent on December 1 covered a period of three months b. The annual interest rate on the note payable to Rent-It is 6 percent The rental equipment is being depreciated by the straight-line method over a period of eight years. d. Office supplies on hand at December 31 are estimated $650 e During December, the company camed $3,700 of the rental fees paid in advance by McNamer Construction Company on December 8. t As of December 31, six days' rent on the backhoe rented to Mission Landscaping on December 26 has been earned. g. Salaries camed by employees since the last payroll data (December 26) amounted to $1700 a month and h. It is estimated that the company is subject to a combined federal and state income tax rate of 30 percent of income before income taxes (total revenue minus al expenses other than income taxes. These will be payable in Year 2 5. Award: 15.00 points Complete the 10-column worksheet for the year ended December 31. (For accounts where multiple Adjustments are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Round your final answers to the nearest whole dollar.)