Problem, Please solve!!!

Comprehensive Problem 9

Kenseth Corporations unadjusted trial balance at December 1, 2014, is presented below.

	Debit		Credit
Cash	$27,760
Accounts Receivable	36,680
Notes Receivable	8,400
Interest Receivable	0
Inventory	36,370
Prepaid Insurance	3,360
Land	20,200
Buildings	153,000
Equipment	60,000
Patent	9,720
Allowance for Doubtful Accounts			$550
Accumulated DepreciationBuildings			51,000
Accumulated DepreciationEquipment			24,000
Accounts Payable			27,500
Salaries and Wages Payable			0
Notes Payable (due April 30, 2015)			12,000
Interest Payable			0
Notes Payable (due in 2020)			35,060
Common Stock			58,700
Retained Earnings			30,460
Dividends	13,000
Sales Revenue			927,400
Interest Revenue			0
Gain on Disposal of Plant Assets			0
Bad Debt Expense	0
Cost of Goods Sold	633,400
Depreciation Expense	0
Insurance Expense	0
Interest Expense	0
Other Operating Expenses	61,380
Amortization Expense	0
Salaries and Wages Expense	103,400
Total	$1,166,670		$1,166,670

The following transactions occurred during December.

Dec. 2		Kenseth purchased equipment for $16,200, plus sales taxes of $600 (all paid in cash).
2		Kenseth sold for $3,560 equipment which originally cost $5,100. Accumulated depreciation on this equipment at January 1, 2014, was $1,900; 2014 depreciation prior to the sale of equipment was $490.
15		Kenseth sold for $5,250 on account inventory that cost $3,430.
23		Salaries and wages of $6,340 were paid.

Adjustment data:

1.		Kenseth estimates that uncollectible accounts receivable at year-end are $4,040.
2.		The note receivable is a one-year, 8% note dated April 1, 2014. No interest has been recorded.
3.		The balance in prepaid insurance represents payment of a $3,360, 6-month premium on September 1, 2014.
4.		The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000.
5.		The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost.
6.		The equipment purchased on December 2, 2014, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,220.
7.		The patent was acquired on January 1, 2014, and has a useful life of 9 years from that date.
8.		Unpaid salaries at December 31, 2014, total $2,160.
9.		Both the short-term and long-term notes payable are dated January 1, 2014, and carry a 10% interest rate. All interest is payable in the next 12 months.
10		Income tax expense was $12,700. It was unpaid at December 31.

Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Prepare an adjusted trial balance at December 31, 2014

Prepare Income Statement for the year ended December 31, 2014 ( include other revenues and gains plus other expenses and losses)

Prepare a 2014 retained earnings statement (List items that increase retained earnings first.)

Prepare a December 31, 2014, balance sheet (List current assets in order of iquidity. List property, plant and equipment in order of land, buildings and equipment.)