Find the Balance Sheet, the Income Statement, the Ratios ( Working Capital and the Current Ratio), the Retained Earnings Statement and to find the Adjusting Income Entries with Account Titles

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G Elkhorn Industries 2 The following items should be considered in adjusting the accounts for financial statement preparation: 31 On February 1, 2021 a 12-month insurance policy was purchased. No expense has been recoginized for 2021. Signed a one year lease for rental space on March 1, 2021. By paying for the entire year, the landlord offered a reduced rate. 5 3. 42 The physical inventory count of Merchandise Inventory indicated an amount of $62,100. Supplies on hand at December 31, 2021 total $733. Store Equipment is depreciated on a straight-line basis; residual value is $10,000 with service life of 10 years. The assets were held the entire year. On August 1, Issued Carter Supplies a six-month note receivable at a 8.6% annual interest rate. Management estimates 3% of its gross accounts receivable to be uncollectible. On September 1, 2021 borrowed funds. The note bears 6.4 % annual interest. Salaries & Wages of $2,451 are accrued and unpaid at December 31, 2021 6 4 7 5 8 6 97 10 8 11 9. 12 10 Accrued utilities totaled $285. 13 G Elkhorn Industries 2 The following items should be considered in adjusting the accounts for financial statement preparation: 31 On February 1, 2021 a 12-month insurance policy was purchased. No expense has been recoginized for 2021. Signed a one year lease for rental space on March 1, 2021. By paying for the entire year, the landlord offered a reduced rate. 5 3. 42 The physical inventory count of Merchandise Inventory indicated an amount of $62,100. Supplies on hand at December 31, 2021 total $733. Store Equipment is depreciated on a straight-line basis; residual value is $10,000 with service life of 10 years. The assets were held the entire year. On August 1, Issued Carter Supplies a six-month note receivable at a 8.6% annual interest rate. Management estimates 3% of its gross accounts receivable to be uncollectible. On September 1, 2021 borrowed funds. The note bears 6.4 % annual interest. Salaries & Wages of $2,451 are accrued and unpaid at December 31, 2021 6 4 7 5 8 6 97 10 8 11 9. 12 10 Accrued utilities totaled $285. 13

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1 Adjustment Journal Entries 2 Adjusted Trial Balance ... View the full answer