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1. Mr. Farog opened a service station on May 1, a summary of May transactions is presented below. 1. Started business by investing $20,000 cash. 2. Purchased supplied of $1,000 by cash. 3. Purchased equipment of $5000 by cash. 5. Incurred 300 of advertising costs in the Fox News on account. 6. Received $2500 in cash from customers for services provided 7. Mr. Farooq withdrew $1,500 cash for personal use. 8. Paid part-time employee salaries $3,000. 9. Paid utility bills $240. 10. Paid $1000 cash for May office rent. 10. Provided repair service on account to customers $1750. 11. Cash $1000 collected from customer for services billed in transaction (10). 12. Paid cash to Fox News 300 for account payable due in transaction (5) Instructions: Prepare a tabular analysis of the transactions, using the Accounting Equation Assets Liabilities & Equities Sr. No Cash Supplies Equipment Account Account Capital Receivable Payable 2. Ms Robika is a professional dentist, she opened a new dental clinic in a small town on first April 2019. During the first month of the operation of her business, the following events and transactions occurred. April 1Invested $120.000 cash. 1 Hired a secretary-receptionist at a salary of $1800 per week payable monthly. 2 Paid office rent for the month $3,000. 3 Purchased dental supplies on account from Smile Company $12,000. 10 Provided dental services and billed insurance companies $15,300. 11 Received $3,000 cash advance from Trudy Borke for an implant. 20 Received $6,300 cash for services completed and delivered to John Stanley. 30 Paid secretary-receptionist for the month $7,200. 30 Paid $4,800 to Smile Company for accounts payable due. Instructions: (a) Journalize the transactions. (b) Post to the ledger accounts (c) Prepare a trial balance on April 30, 2010. Journal Book Date Account Titles and Explanation Debit Credit Ref Ledger Accounts Ref. Date Explanation Debit Credit Balance Trial Balance Particulars Debit Credit 3. These financial statement items are for Nazir Company at year-end, July 31, 2019. Salaries payable $ 1,040 Note payable (long-term) $900 Salaries expense 25,850 Cash 12,100 Utilities expense 11,300 Accounts receivable 4,890 Equipment 9,259 Accumulated depreciation 3,000 Accounts payable 2,050 Nazir, Drawing 2,000 Commission revenue 30,550 Depreciation expense 2,000 Rent revenue 4,250 Nazir, Capital (beginning 25,600 of the year) Instructions: (a) Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. (b) Prepare a classified balance sheet at July 31. Income Statement Particulars Amount ($) Amount ($) Owner's Equity Statement Particulars Amount ($) Amount ($) Balance Sheet Particulars Amount ($) Amount ($) 4. Zaheer Abbas, an auditor with Saeed CPAs, is performing a review of K Company's inventory account. K Company did not have a good year and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $37,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $125,000 that the company is holding on consignment. The goods belong to S Corporation. 2. The physical count did not include goods purchased by K Company with a cost of $20,000 that were shipped FOB destination on December 28 and did not arrive at K Company's warehouse until January 3. 3. Included in the inventory account was $8,500 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. 1. The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $20,000 and a cost of $15,000. The goods were not included in the count because they were sitting on the dock. 5. On December 29 K Company shipped goods with a selling price of $40,000 and a cost of $30,000 to District Sales Corporation FOB shipping point. The goods arrived on January 3. District Sales had only ordered goods with a selling price of $5,000 and a cost of $4,000. However, a sales manager at k Company had authorized the shipment and said that if District wanted to ship the goods back next week, it could. 6. Included in the count was $20,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of K Company's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all." Instructions: Prepare a schedule to determine the correct inventory amount. Provide explanations for each item above, saying why you did or did not make an adjustment for each item