2024 INTREMIDIATE ACCOUNTING Assignment Help
INTREMIDIATE ACCOUNTING Question Detail Assignment 2 Caleb Company s fiscal year runs from January through December Its January 2023
INTREMIDIATE ACCOUNTING Question Detail: Assignment 2 Caleb Company’s fiscal year runs from January through December. Its January 1, 2013’s trial balances are below: Account Title Debits Credits Cash $30,000 Accounts Receivable 15,000 Equipment 20,000 Accumulated Depreciation $ 6,000 Salaries Payable 9,000 Common Stock 40,500 Retained Earnings 9,500 Total $ 65,000 $ 65,000 Summary of transactions that occurred during the year are below: a. Sales of services $100,000 Out of the sales, credit sales was 30,000 b. Accounts Receivable collected 27,300 c. Shares issued for cash 10,000 d. Salaries paid 50,000 Out of the salaries paid, Salaries Payable amount was 9,000 e. Miscellaneous Expense paid 24,000 f. Equipment Purchased 15,000 g. Cash Dividends paid 2,500 Other pertinent information: Year-end accrued salaries $ 1,000 Equipment Depreciation 2,000 Required: Using the template provided by the instructor, Set up the necessary T- accounts and enter the beginning balances from the trial balance provided. Prepare a journal entry for each of the summary of transactions listed above. Post the journal entries to the T-accounts. Prepare an unadjusted trial balance. Prepare and post adjusting journal entries. Enter the adjusting entries in the T-accounts as applicable. The two adjusting entries are the year-end accrued salaries and equipment depreciation provided in the question. Prepare an adjusted trial balance. Prepare an income statement for year ended 2013 and a balance sheet as of December 31, 2013. Prepare and post closing entries. Prepare a post- closing trial balance. Assignment 3 The following are the common classifications used in a balance sheet: Current assets F. Current liabilities Investments G. Long-term liabilities Property, plant and equipment H. Paid-in-capital Intangible assets I. Retained earnings Other assets Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account or valuation account, place a minus sign before the chosen letter. ___ Note receivable (due in 2 years) ___ Accounts receivable ___ Accumulated depreciation ___Land, in use ___Note payable (due in 10 months) ___Interest payable ___ Note receivable (due in 6 months) ___Cash equivalents ___ Investment in XYZ Corp ( long-term) ___ Inventories ___Goodwill ___Accrued salaries payable ___Accrued interest payable ___Prepaid insurance ___Common stock ___Equipment ___Unearned revenue ___Warranties payable The following are common disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear. Use A if the item would appear in summary of significant accounting policies notes Use B if the item would appear in subsequent events notes Use C if the item would appear in noteworthy events and transactions 1. Depreciation method _ 2. Information on related party transactions _____ 3. Method of accounting for acquisitions _____ 4. Composition and details of long-term debt _____ 5. Inventory method _____ 6. Basis of revenue recognition _____ 7. Major damage to a plant facility occurring after year-end _____ 8. Composition of accrued liabilities _____ The December 31, 2013 post-closing trial balance for Tricam Engineering, an exploration company, is presented below. Account Title Debits Credits Cash …………………………………………………… 52,000 Accounts receivable ………………………………. 223,000 Allowance for uncollectible accounts …………. 15,000 Inventories …………………………………………… 200,000 Supplies ……………………………………………… 3,000 Investments …………………………………………. 140,000 Land …………………………………………………… 100,000 Buildings …………………………………………….. 500,000 Accumulated depreciation – buildings ………… 150,000 Machinery ……………………………………………. 250,000 Accumulated depreciation – machinery ……….. 80,000 Goodwill ……………………………………………… 36,000 Accounts payable …………………………………. 125,000 Bonds payable ……………………………………… 500,000 Interest payable …………………………………….. 40,000 Common stock …………………………………….. 500,000 Retained earnings ………………………………….. ______ 94,000 Totals 1,504,000 1,504,000 Additional information provided is below: Accounts receivable includes a $50,000 note receivable received from a customer that is due in 2015. Also included is interest on the note of $3,000 that is due in six months. The land account includes land that cost $20,000 that the company has not used and is currently listed for sale. 3. The investment account includes a $10,000, 3-month certificate of deposit due in 40 days. The remaining investments will be sold within the next year. 4. The bonds payable account consists of the following: a. a $200,000 issue due in six months. b. a $300,000 issue due in six years. 5. The common stock account represents 500,000 shares of no par value common stock issued and outstanding. The corporation has 1,000,000 shares authorized. Required: Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.