please help me to complete assignement for Year end Procedures for waren r

Year-end Procedures and Completing the Project Complete all WAREN'S YEAR-END PROCEDURES on pages 14 and 15 not yet completed. Do WRAPPING UP on page 15. All documents and records are to be filed following the instructions on pages 5 and 6 of the Project Instructions. YEAR-END PROCEDURES - After completing all the month-end procedures, go to page 14 of the Instructions and Flowcharts book and complete all the year-end procedures. Additional information for the year-end procedures is: Ending Inventory - A physical inventory was taken 1/1/23, before business began for the new year. Merchandise on hand cost $202,074.00. Bad Debt Expense - The expense for bad debts is estimated at the end of the year as One-quarter of one percent '0.0025' of net sales. Marketable Securities - At December 31, 2022, the market value of marketable securities held by Waren approximated the cost of the securities. Year-end Procedures and Completing the Project Complete all WAREN'S YEAR-END PROCEDURES on pages 14 and 15 not yet completed. Do WRAPPING UP on page 15. All documents and records are to be filed following the instructions on pages 5 and 6 of the Project Instructions. 1. Open the General Ledger and verify that you have posted ALL entries from ALL journals. Also verify that Debits = Credits in the General Ledger by consulting the check figures at the top of the General Ledger. An unbalanced General Ledger or failure to post ALL entries-those from the five special journals, as well as all entries through month-snd from the general joumal-will result in errors in the year-end worksheet. 2. Jim Adams prepares an unadjusted trial balance as of December 31 using the yearend worksheet provided in your document set. To complete the year-end worksheet, click the Load button at the top of the year-end worksheet page. (a) DO NOT CLICK LOAD UNTIL YOU HAVE VERIFIED ALL OF THE INFORMATION IN STEP 1 ABOVE. READ STEP 1 AGAIN! (b) DO NOT START PREPARING/POSTING ANY OF THE YEAR-END ADJUSTING ENTRIES IN THE GENERAL LEDGER UNIIL AFTER CLICKING LOAD IN THE YEAR-END WORKSHEET. THE LOAD BUTTON LOADS THE CURRENT BALANCES IN THE GENERAL LEDGER, WHICH SHOULD BE ALL BALANCES PRIOR TO THE YEAR-END ADJUSTING ENTRIES. 3. Jim Adams prepares year-end adjusting entries and posts each entry to the year-end workshsst. Below are the normal adjusting entries. Refer to your Systoms Understarding Aid Reference material for further help in preparing appropriate adjusting entries. Hint Be sure to number each adjusting entry on the year-erd workshsst to make it easier to complete year-end procedure 7 later (Example: YE01, YE02, etc). a. Depreciation Expense. Depreciation expense is calculated once annually at the end of each year and recorded in the general journal as of December 91 The depreciation methods, estimated lives, and salvage values are documented in the fixed asset subsidiary ledgor. Depreciation in the year of sale or acquisition is calculated following a half-year convention, which means that six months of depreciation is taken regardless of the amount of time the assets were actually owned during these years. b. Interest Expense. Interest on loans is paid annually on the anniversary of the note. Interest accruals are calculated using a 365-day year with the day after the note was made counting as the first day. c. Bad Debt Expense. Bad debt expense is estimated once annually at the end of each year as a percent of net sales and is recorded as of December 31 in the general journal. The percentage estimate for 2022 is stated in the transactions list (Document No. 1). Waren uses the allowance method for recording the estimate of bad debts. d. Ending Inventory. A physical inventory is taken on New Year's Day before business begins for the new year. The December 31, 2022 ending inventory as counted and priced by Waren's employees is stated in the transactions liot (Document No. 1). For an illustration of procedures used to record cost of goods sold and adjust the inventory balance for the year-end physical count, see pages 77 through 79 of the Systems Understanding Aid Reference material. -. Federal Income Tax Expense. The adjusting entry for federal income tax expense must be saved until last, after the pre-tax net income has been calculated from the worksheet. This entry will be done later, as year-end procedure 4. The 2022 corporate income tax rates are provided there. 4. Jim Adams completes the year-and worksheet through the income statement and balance sheet columns. See page 13 of the Reference material for an ecample of a completed year-end worksheet. 5. Jim Adams calculates federal income tax expense from the income statement column on the year-end workheot, enters it in the adjustments column of the worksheet, and eitends the expense and liability amounts to their respective income statement and balance sheet columns. Corporate income tax rates are subject to change annually, but for 2022 , the corporate income tax rate is 21% (most recent as of date of publication). 6. Jim Adams prepares financial statements in good form: statement of income and retained earnings, comparative balance sheet, and statement of cash flows (indirect method). He uses the formats suggested in the Systoma Undorstanding Aid Peference material. 7. Nancy Ford prepares one supplementary report as of December 31 , which will serve as valuable information for management and the external auditors an accounts receivable aging report. (See page 45 , of the Systems Undorstanding Aid Reference material for information to help you prepare this report) She reconciles this report to the general ledger. She indicates that she has performed the reconciliations by putting her initials to the right of the total on the report. 8. Jim Adams posts the adjusting entries from the general journal to the general ledger. Next, he prepares and records the appropriate closing entries in the general journal and posts them to the general ledger. Finally, he prepares a post-closing trial balanco. Kramer compares the account balances on the post-closing trial balance to the yearond worksheot and initials the trial balance on the bottom-right corner to document his control procedure. (See pages 19 through 24 of the Systems Understanding Aid Reference material for guidance.)