Complete the end of year accrual adjustments for the following situations below. Put each end of...

 

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Complete the end of year accrual adjustments for the following situations below. Put each end of year adjustment (A, B, C, and D) on its own page (this is required!). It is 12/31/2022 and Bulldog Farms need to do their end of year adjustments for 2022. Remember, EOY adjustments can be positive or negative. The adjustments they need to complete are: A) Crop Inventory Raised for Sale adjustment (21 points)-(the example on pages 74-75 will help). - At the beginning of the year (1/1/2022) they had $14,000 of raised avocados on hand. - During 2022, they sold $56,000 worth of avocados. - At the end of the year (12/31/2022) they had $22,000 of raised avocados on hand. B) Feeder Livestock Inventory Purchased for Resale adjustment (21 points)-(the example on pages 76-77 will help). At the beginning of the year (1/1/2022) they had $39,000 of purchased feeder cattle on hand. - During 2022, they bought $105,000 worth of feeder cattle. - At the end of the year (12/31/2022) they had $27,000 of purchased feeder cattle on hand. C) Taxes Payable adjustment (21 points)- (the example of pages 91-93 will help). At the beginning of the year (1/1/2022) the Taxes Payable balance was $11,000. - During 2022, they had Income Tax Expenses of $17,000. - At the end of the year (12/31/2022) they determine they have accrued interest of $13,000. D) Accounts Receivable adjustment (21 points)- (the example on pages 87-88 will help). - At the beginning of the year (1/1/2022) they had $20,000 of Accounts Receivable. During 2022, they had $72,000 of Cash Sales of Market Livestock and Poultry. - At the end of the year (12/31/2022) they have $15,000 of Accounts Receivable. ** For each end-of-year accrual adjustment, 1) calculate the necessary adjustment, 2) complete the related journal entry, 3) complete the income statement adjustment, and 4) show the proper balance sheet entry for the relevant account. Complete the end of year accrual adjustments for the following situations below. Put each end of year adjustment (A, B, C, and D) on its own page (this is required!). It is 12/31/2022 and Bulldog Farms need to do their end of year adjustments for 2022. Remember, EOY adjustments can be positive or negative. The adjustments they need to complete are: A) Crop Inventory Raised for Sale adjustment (21 points)-(the example on pages 74-75 will help). - At the beginning of the year (1/1/2022) they had $14,000 of raised avocados on hand. - During 2022, they sold $56,000 worth of avocados. - At the end of the year (12/31/2022) they had $22,000 of raised avocados on hand. B) Feeder Livestock Inventory Purchased for Resale adjustment (21 points)-(the example on pages 76-77 will help). At the beginning of the year (1/1/2022) they had $39,000 of purchased feeder cattle on hand. - During 2022, they bought $105,000 worth of feeder cattle. - At the end of the year (12/31/2022) they had $27,000 of purchased feeder cattle on hand. C) Taxes Payable adjustment (21 points)- (the example of pages 91-93 will help). At the beginning of the year (1/1/2022) the Taxes Payable balance was $11,000. - During 2022, they had Income Tax Expenses of $17,000. - At the end of the year (12/31/2022) they determine they have accrued interest of $13,000. D) Accounts Receivable adjustment (21 points)- (the example on pages 87-88 will help). - At the beginning of the year (1/1/2022) they had $20,000 of Accounts Receivable. During 2022, they had $72,000 of Cash Sales of Market Livestock and Poultry. - At the end of the year (12/31/2022) they have $15,000 of Accounts Receivable. ** For each end-of-year accrual adjustment, 1) calculate the necessary adjustment, 2) complete the related journal entry, 3) complete the income statement adjustment, and 4) show the proper balance sheet entry for the relevant account.

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