MACHINE TOOL, INC. MACHINE TOOL, INC. is engaged in the business of repairing industrial machinery. It began operations on January 1, 2015. PART 1 Go to the GENERAL LEDGER and input the January 1, 2015 BEGINNING BALANCE (BB) for each ledger account. Use the balances from the January 1 BEGINNING TRIAL BALANCE (BTB). PART 2 Use the information below to prepare the GENERAL JOURNAL ENTRIES (GJEs) for 2015. Use the GENERAL JOURNAL provided. 2015 TRANSACTION DESCRIPTIONS a. Borrowed $15,000 cash on a 5-year, 8% note payable, dated March 1, 2015. b. Purchased land for a future building site; paid cash, $13,000. c. Earned $215,000 in revenues for 2015, including $52,000 on credit and the rest in cash. d. Sold 4,000 additional shares of common stock for cash at $1 market value per share on January 1, 2015. e. Incurred $ 114,000 in Remaining Expenses for 2015, including $20,000 on credit and the rest paid in cash. f. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. i. Paid off accounts payable, $26,000. j. Signed a 3-year $33,000 service contract to start February 1, 2016. k. Declared and paid cash dividends, $25,000. PART 3 Post the 2015 GENERAL JOURNAL ENTRIES the GENERAL LEDGER accounts. PART 4 Calculate the December 31, 2015 UNADJUSTED BALANCE (UAB) for each GENERAL LEDGER account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE for December 31. PART 6 Use the information below to prepare the ADJUSTING JOURNAL ENTRIES (AJES) for December 31, 2015. Use the GENERAL JOURNAL provided. DATA FOR ADJUSTING ENTRIES 1. Supplies physically counted on December 31, 2015, $18,000. m. n. 0. Depreciation for the year on the equipment, $10,000. Interest accrued on the notes payable has not yet been recorded or paid. Since December 24 payroll, employees earned Wages of $ 16,000. These wages have not been recorded or paid. Income tax expense, $11,000, due on April 15, 2016. p. PART 7 Post the ADJUSTING JOURNAL ENTRIES to the GENERAL LEDGER accounts. PART 8 Calculate the December 31, 2015 ADJUSTED BALANCE (AB) for each GENERAL LEDGER account PART 9 Prepare an ADJUSTED TRIAL BALANCE (ATB) for December 31. PART 10 Use the ADJUSTED BALANCES to prepare the INCOME STATEMENT for the year ending December 31, 2015. MACHINE TOOL, INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2015 PART 11 Prepare the CLOSING JOURNAL ENTRY (CJE) for December 31, 2015. Use the GENERAL JOURNAL provided. PART 12 Post the CLOSING JOURNAL ENTRY to the GENERAL LEDGER accounts. PART 13 Calculate the POST CLOSING BALANCE (PCB) for each GENERAL LEDGER account. PART 14 Prepare a POST CLOSING TRIAL BALANCE for December 31. PART 15 Prepare the STATEMENT OF STOCKHOLDERS' EQUITY for the year ending December 31, 2015. MACHINE TOOL, INC. STATEMENT OF STOCKHOLDERS' EQUITY FOR THE YEAR ENDING DECEMBER 31, 2015 PART 16 Prepare the STATEMENT OF CASH FLOWS for the year ending December 31, 2015 using the direct method. MACHINE TOOL, INC. STATEMENT OF CASH FLOWS DECEMBER 31, 2015 PART 17 Prepare the BALANCE SHEET for December 31, 2015. MACHINE TOOL, INC. BALANCE SHEET DECEMBER 31, 2015 @ 23:59:59 MACHINE TOOL, INC. MACHINE TOOL, INC. is engaged in the business of repairing industrial machinery. It began operations on January 1, 2015. PART 1 Go to the GENERAL LEDGER and input the January 1, 2015 BEGINNING BALANCE (BB) for each ledger account. Use the balances from the January 1 BEGINNING TRIAL BALANCE (BTB). PART 2 Use the information below to prepare the GENERAL JOURNAL ENTRIES (GJEs) for 2015. Use the GENERAL JOURNAL provided. 2015 TRANSACTION DESCRIPTIONS a. Borrowed $15,000 cash on a 5-year, 8% note payable, dated March 1, 2015. b. Purchased land for a future building site; paid cash, $13,000. c. Earned $215,000 in revenues for 2015, including $52,000 on credit and the rest in cash. d. Sold 4,000 additional shares of common stock for cash at $1 market value per share on January 1, 2015. e. Incurred $ 114,000 in Remaining Expenses for 2015, including $20,000 on credit and the rest paid in cash. f. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. i. Paid off accounts payable, $26,000. j. Signed a 3-year $33,000 service contract to start February 1, 2016. k. Declared and paid cash dividends, $25,000. PART 3 Post the 2015 GENERAL JOURNAL ENTRIES the GENERAL LEDGER accounts. PART 4 Calculate the December 31, 2015 UNADJUSTED BALANCE (UAB) for each GENERAL LEDGER account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE for December 31. PART 6 Use the information below to prepare the ADJUSTING JOURNAL ENTRIES (AJES) for December 31, 2015. Use the GENERAL JOURNAL provided. DATA FOR ADJUSTING ENTRIES 1. Supplies physically counted on December 31, 2015, $18,000. m. n. 0. Depreciation for the year on the equipment, $10,000. Interest accrued on the notes payable has not yet been recorded or paid. Since December 24 payroll, employees earned Wages of $ 16,000. These wages have not been recorded or paid. Income tax expense, $11,000, due on April 15, 2016. p. PART 7 Post the ADJUSTING JOURNAL ENTRIES to the GENERAL LEDGER accounts. PART 8 Calculate the December 31, 2015 ADJUSTED BALANCE (AB) for each GENERAL LEDGER account PART 9 Prepare an ADJUSTED TRIAL BALANCE (ATB) for December 31. PART 10 Use the ADJUSTED BALANCES to prepare the INCOME STATEMENT for the year ending December 31, 2015. MACHINE TOOL, INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2015 PART 11 Prepare the CLOSING JOURNAL ENTRY (CJE) for December 31, 2015. Use the GENERAL JOURNAL provided. PART 12 Post the CLOSING JOURNAL ENTRY to the GENERAL LEDGER accounts. PART 13 Calculate the POST CLOSING BALANCE (PCB) for each GENERAL LEDGER account. PART 14 Prepare a POST CLOSING TRIAL BALANCE for December 31. PART 15 Prepare the STATEMENT OF STOCKHOLDERS' EQUITY for the year ending December 31, 2015. MACHINE TOOL, INC. STATEMENT OF STOCKHOLDERS' EQUITY FOR THE YEAR ENDING DECEMBER 31, 2015 PART 16 Prepare the STATEMENT OF CASH FLOWS for the year ending December 31, 2015 using the direct method. MACHINE TOOL, INC. STATEMENT OF CASH FLOWS DECEMBER 31, 2015 PART 17 Prepare the BALANCE SHEET for December 31, 2015. MACHINE TOOL, INC. BALANCE SHEET DECEMBER 31, 2015 @ 23:59:59