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a 9 Share Comments 0 P Q R S T U V AutoSave OFF A 2o Comprehensive Excel Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me A1 e xv fi A A B D E F H 1 K M N 1 Antman Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account 2 balances of Antman Corporation: 3 Debits Credits 5 Cash 75750 Allowance for Doubtful Accounts 4500 8 Accounts Receivable Accumulated Depreciation (Van) 60000 7 Inventory (750 units) 142500 Accumulated Depreciation (Furniture & Fixtures) 7500 B Van 67500 Accounts Payable 18750 9 9 Furniture & Fixtures 22500 Common Shares 30000 10 Retained Earnings _217500 11 Total Debits 338250 Total Credits 338250 12 13 During May 2022, the following transactions took place 14 May 1: Bought 300 desktop printers for $300 each on account 15 May 1: Bought a van, paying $16500 cash as a down payment and signed a 10 month $30000,9% nole payabile for the balance. The company paid 18 $675 to have its company logo painted on the side of the van. The residual value is $10500. The old van was sold for $6000; it cost $67500 and 17 acculumated depreciation up to the date of disposal was $60000 18 May 10: Sold 270 printers to Hela Inc. on account 19 May 12: Wakande Ltd. agreed to sign a 90-day not receivable to replace a $4800 accounts receivable due that day. The interest rate on the note is 20 10.5% 21 May 20: Sold 9 printers to Dr. Strange Inc. using a VISA card to pay for the transaction. A 7.5% service fee is charged by VISA 22 May 22: Sold 185 printers to Stephen Strange Public School an account 23 May 24: Retured for credit 5 damaged printers from Hela Inc., costing $225 each. 24 May 28: Received payment in full from Hela Inc. for tha balance owing. 25 May 28: Wrote off as uncollectable $4950 of accounts receivable. 28 May 29: Paid accounts payable, $18750. 27 May 30: Recovered an accounts receivable that was written off in April, $1125. 28 May 31: Pald operating expenses totalling $68250. 29 May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-ine depreciation for the van. The van is estimated to be 30 used for 10 years. The furniture & fixtures are depreciated using the straight-line method over 11 years. There is no residual value on the fumiture 31 and fixtures 32 May 31: Recorded interest on the note payable 33 May 31: Recorded interest on the nates receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: 35 36 Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days 37 Accounts Receivablo $40500 $22500 34125 $1275 3B Estinated Percentage Uncollectable 15% 6% 18% 37.5% 39 40 Other Information: 41 1) The selling price for each of the printers is $675. 42 2) Antman Corporation uses the FIFO method under the perpetual inventory system to account for inventory. Instructions Problem A Answer + Ready 115% Auto Save OFF AC ... 2o a Comprehensive Excel Assignment 9 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments A1 A x fr A B C M N 0 P Q R S T U V D E F H K Number of Days Outstanding 0-30 days 31-60 days 61.90 days 90+ days Accounts Receivable $40500 $22500 $4125 $1275 Estinated Percentage Uncollectable 1.5% 6 6% 18% 37.5% Other Information: 1) The selling price for each of the printers is $675. 2) Antman Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Antman Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense. Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period. 36 37 3B 39 40 41 42 43 44 45 46 47 4B 49 50 51 52 53 54 55 56 57 58 59 60 81 82 83 84 65 66 67 68 69 70 71 72 73 74 75 76 77 Required: 1) Prepare the joumal entries for the transactions including any adjusting journal entries for the month of May 31, 2022. Place your answer under "Requirement in the "Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement in the Answer tab. Place your accountitles in column H, debits in column land credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Stalement for the month of May 2022. Ignore income taxes. Place your answer under "Requirement 3' in the "Answer tab. Ensure your spelling te accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use is the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2022. Place your answer under "Requirement 4' in the 'Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirely. A reminder to only use the accounts given in the question. 5) Assume Antman Corporation overstated its ending inventory by $2400. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year, , Place your answer under "Requirements in the "Answer' tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Antman Corporation used the LCNRV to report inventory on the balance sheet. The NRV af $750 is less than the FIFO cost. Prepare the journal entry. Place your answer under Requirement 6' in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. Instructions Problem A Answer + Ready 115% a 9 Share Comments 0 P Q R S T U V AutoSave OFF A 2o Comprehensive Excel Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me A1 e xv fi A A B D E F H 1 K M N 1 Antman Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account 2 balances of Antman Corporation: 3 Debits Credits 5 Cash 75750 Allowance for Doubtful Accounts 4500 8 Accounts Receivable Accumulated Depreciation (Van) 60000 7 Inventory (750 units) 142500 Accumulated Depreciation (Furniture & Fixtures) 7500 B Van 67500 Accounts Payable 18750 9 9 Furniture & Fixtures 22500 Common Shares 30000 10 Retained Earnings _217500 11 Total Debits 338250 Total Credits 338250 12 13 During May 2022, the following transactions took place 14 May 1: Bought 300 desktop printers for $300 each on account 15 May 1: Bought a van, paying $16500 cash as a down payment and signed a 10 month $30000,9% nole payabile for the balance. The company paid 18 $675 to have its company logo painted on the side of the van. The residual value is $10500. The old van was sold for $6000; it cost $67500 and 17 acculumated depreciation up to the date of disposal was $60000 18 May 10: Sold 270 printers to Hela Inc. on account 19 May 12: Wakande Ltd. agreed to sign a 90-day not receivable to replace a $4800 accounts receivable due that day. The interest rate on the note is 20 10.5% 21 May 20: Sold 9 printers to Dr. Strange Inc. using a VISA card to pay for the transaction. A 7.5% service fee is charged by VISA 22 May 22: Sold 185 printers to Stephen Strange Public School an account 23 May 24: Retured for credit 5 damaged printers from Hela Inc., costing $225 each. 24 May 28: Received payment in full from Hela Inc. for tha balance owing. 25 May 28: Wrote off as uncollectable $4950 of accounts receivable. 28 May 29: Paid accounts payable, $18750. 27 May 30: Recovered an accounts receivable that was written off in April, $1125. 28 May 31: Pald operating expenses totalling $68250. 29 May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-ine depreciation for the van. The van is estimated to be 30 used for 10 years. The furniture & fixtures are depreciated using the straight-line method over 11 years. There is no residual value on the fumiture 31 and fixtures 32 May 31: Recorded interest on the note payable 33 May 31: Recorded interest on the nates receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: 35 36 Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days 37 Accounts Receivablo $40500 $22500 34125 $1275 3B Estinated Percentage Uncollectable 15% 6% 18% 37.5% 39 40 Other Information: 41 1) The selling price for each of the printers is $675. 42 2) Antman Corporation uses the FIFO method under the perpetual inventory system to account for inventory. Instructions Problem A Answer + Ready 115% Auto Save OFF AC ... 2o a Comprehensive Excel Assignment 9 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments A1 A x fr A B C M N 0 P Q R S T U V D E F H K Number of Days Outstanding 0-30 days 31-60 days 61.90 days 90+ days Accounts Receivable $40500 $22500 $4125 $1275 Estinated Percentage Uncollectable 1.5% 6 6% 18% 37.5% Other Information: 1) The selling price for each of the printers is $675. 2) Antman Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Antman Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense. Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period. 36 37 3B 39 40 41 42 43 44 45 46 47 4B 49 50 51 52 53 54 55 56 57 58 59 60 81 82 83 84 65 66 67 68 69 70 71 72 73 74 75 76 77 Required: 1) Prepare the joumal entries for the transactions including any adjusting journal entries for the month of May 31, 2022. Place your answer under "Requirement in the "Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement in the Answer tab. Place your accountitles in column H, debits in column land credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Stalement for the month of May 2022. Ignore income taxes. Place your answer under "Requirement 3' in the "Answer tab. Ensure your spelling te accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use is the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2022. Place your answer under "Requirement 4' in the 'Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirely. A reminder to only use the accounts given in the question. 5) Assume Antman Corporation overstated its ending inventory by $2400. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year, , Place your answer under "Requirements in the "Answer' tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Antman Corporation used the LCNRV to report inventory on the balance sheet. The NRV af $750 is less than the FIFO cost. Prepare the journal entry. Place your answer under Requirement 6' in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. Instructions Problem A Answer + Ready 115%