Faculty Info Sheet Year Began:2023Adj Amount: Company Name:Cups & Cones 7 Scoring Section Daily Transactions Journal Page Daily Entry Points General Ledger (T-Account) Ledger Points Adjusting...

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Faculty Info Sheet
Year Began:2023Adj Amount:Company Name:Cups & Cones7Scoring SectionDaily Transactions Journal PageDaily Entry PointsGeneral Ledger (T-Account)Ledger PointsAdjusting Entries Journal PageAdjusting PointsIncome StatementIS PointsStatement of SE
Product:ice cream machines%DaysNetDaysEarnedPossibleSection WeightDateAccountDRCRPoint Per Item:1CashAccounts ReceivableAllowance for Uncollectible AccountsInventoryPossible:1AccountDRCRPoints each2 Sales Revenue117,600.0010Common StockRetained EarningsTotal Stockholders’ EquitySE Points
Terms:3/15, n/30315n30Unemployment Tax:Daily Transaction Points:10012630%1-NovCash150,000.0011150,000.0024,000.0045,000.0045,000.008,000.0015,700.001Depreciation Expense450.0022 Less: Sales Discounts1,350.00Balance, January 1- 0- 0- 0Points3
% of Bad Debt1.00NovDecCHECKAdjusting Entry Points:727217%Common Stock150,000.001143,650.008,000.0072,600.00726.0016,500.0025,740.00Cash0Accumulated Depreciation - Computer450.0022 Net Sales116,250.00Issuance of Stock150,000.00150,000.003
Sales Tech Salary4,000.00726% of Receivables - Bad Debt Exp240.00180.00CORRECT60Ledger:2379%60,000.001,700.0024,200.00AR0 Less: Cost of Goods Sold41,440.00Net Income40,174.0040,174.000
Office Manager Salary6,000.00360.0060.00CORRECTAdjusted TB Points:30399%1-NovComputer Equipment15,000.001133,000.0012,000.00- 0726.007,260.00- 0Allowance02Interest Expense75.0022 Gross Profit74,810.0010Dividends(4,000.00)(4,000.00)3
Owner Investment150,000.00Depreciation:Income Statement:104010%Notes Payable15,000.00111,700.00Inventory0Interest Payable75.0022 Operating Expenses:Balance, December 31150,000.0036,174.00186,174.00300
Computer system15,000.00450.00Two-Months DepAssetLifeSalvage (10%)Equity Statement:9184%6,735.0072,600.00- 0Supplies0Advertising Expense1,700.00
Interest Rate on Computer3.0075.00Two Months IntComputer5.001,500.00Balance Sheet:04811%2-NovPrepaid Rent24,000.001170,000.00Prepaid Rent03Rent Expense2,000.0022Utilities Expense3,200.00Closing EntriesClosing Entries
Two Years Rent24,000.002,000.00Two Months RentDelivery Truck10.007,000.00Closing Entries:0246%Cash24,000.001116,500.00SuppliesPrepaid RentPrepaid InsurancePrepaid Insurance0Prepaid Rent2,000.0022Salaries Expense20,000.00DateAccountDRCRPoints1
Inventory Purchase 11,000.00Quantity:8Supplies ExpenseRatios:0154%4,000.001,700.002,890.0024,000.002,000.0012,000.00500.00Computer Equipment0Depreciation Expense975.0031-DecSales Revenue117,600.0000
Supplies Purchase 11,700.00AvailableOn Hand (15%)Total Points:223419100%3-NovInventory8,000.00111,700.001,700.00Acc Dep - Comp04Insurance Expense500.0022Rent Expense2,000.00Sales Discounts1,350.0000
Inventory Purchase 21,100.00Quantity:153,400.00510.00Cash8,000.0011Delivery Truck0Prepaid Insurance500.0022Supplies Expense 2,890.00Retained Earnings116,250.0000
Insurance Policy12,000.00500.00One Month InsuranceFinal Score:53510.00- 022,000.00- 011,500.00- 0Acc Dep - DT0Bad Debt Expense726.00
Inventory Sale 13,000.00Quantity:15Enter at least:94-NovSupplies1,700.0011140,315.00- 0AP05Supplies Expense2,890.0022Payroll Tax Expense2,370.0031-DecRetained Earnings76,076.00000
Utilities1,700.00But no more than:22Accounts Payable1,700.0011Accumulated Depreciation - ComputerAccumulated Depreciation - Delivery TruckInterest Payable0Supplies2,890.0022Insurance Expense500.00Cost of Goods Sold41,440.000
Fed Income Tax Rate15.00Cost of Goods Sold CalculationComputer EquipmentDelivery TruckDeferred Revenue0Total Operating Expenses34,361.000Advertising Expense1,700.000
State Income Tax Rate10.00765.00FICA Tax CHECKCheck:QtyCost15-NovInventory16,500.001115,000.00450.0070,000.00525.00Salaries Payable06Depreciation Expense525.0022Operating Income40,449.000Utilities Expense3,200.000
FICA Tax Rate7.657,000.00Unemployment CapPostive End CashOKPurchase 181,000.008,000.00Accounts Payable16,500.0011Notes Payable0Accumulated Depreciation - Delivery Truck525.0022Other Revenue (Expense):Salaries Expense20,000.000
Unemployment Tax Rate6.00PaymentYear One InterestPostive IncomeOKPurchase 2151,100.0016,500.0015,000.00- 0- 0450.0070,000.00- 0- 0525.00Fed Inc Tax Pay0Interest Expense(275.00)Depreciation Expense975.000
Note Payable 260,000.00$7,3972,400.00Sale 11515,700.00CGS Calculation17-NovAccounts Payable1,700.0011NC State Inc Tax07Interest Expense200.0022Total Other Revenue (Expense)(275.00)Rent Expense2,000.000
Term on Note 2 (years)10.00200.00Interest Exp on NoteRemaining81,100.00Cash1,700.0011Accounts PayableInterest PayableDeferred RevenueSalaries PayableFICA Tax0Interest Payable200.0022Net Income40,174.000Interest Expense275.000
Rate on Note Payable 24.004%Purchase 3201,210.0024,200.001,700.001,700.0075.0033,000.006,735.006,735.00Une. Tax Pay0Supplies Expense 2,890.000
Delivery Truck70,000.00525.00One Month DepreciationSale 22225,740.00CGS Calculation18-NovPrepaid Insurance12,000.001116,500.0016,500.00200.006,735.00Common Stock08Bad Debt Expense726.0022Bad Debt Expense726.000
Dividends4,000.00Ending Inventory61,210.00Cash12,000.00111,700.00Retained Earnings 1Allowance for Uncollectible Accounts726.0022Balance SheetPayroll Tax Expense2,370.000
Supplies Purchase 21,700.002,890.00Supplies ExpenseCGS 41,440.0024,200.00Cash Divs0 Assets:BS PointsInsurance Expense500.000
Inventory Purchase 31,210.00Quantity:2020-NovAccounts Receivable45,000.00111,500.00Sales Revenue09Utilities Expense1,500.0022Current Assets:8
Inventory Sale 23,300.00Quantity:22Enter at least:9Check:CGAS48,700.00Sales Revenue45,000.0011- 027,400.00- 0275.00- 033,000.00- 06,735.00Service Rev1Accounts Payable1,500.0022Cash140,315.0031-DecRetained Earnings4,000.0000
Advertising1,700.00But no more than:25EI7,260.00Sales Discount0Accounts Receivable 72,600.00Cash Dividends4,000.0000
Deferred Revenue33,000.00Quantity:10CGS41,440.0020-NovCost of Goods Sold15,700.0011Notes PayableFederal Income Tax PayableNC State Income Tax PayableFICA Tax PayableCGS0Allowance for Uncollectible Accounts(726.00)
Accrued Utilities1,500.00CGS CheckCorrectInventory15,700.001115,000.001,500.001,000.00765.00Ad Exp0McDoodles Inc. Adjusted Trial Balance
December 31, 2022TB PointsInventory7,260.00Ratio Points
60,000.001,500.001,000.00765.00Ut. Exp0Account NameDebitCreditEach1Supplies510.00RatioFormulaAnswerPoints3
Notes Payable:Current Portion28-NovCash43,650.0011765.00Sal. Exp0Cash140,3150Prepaid Rent22,000.00Current RatioCurrent Assets/Current Liabilities2.630
Current$4,997$19,997Sales Discounts1,350.0011765.00Dep Exp0Accounts Receivable 72,6001Prepaid Insurance11,500.00Debt to EquityTotal Liabilities/Stockholders Equity0.810
Long-term$55,003Accounts Receivable45,000.0011- 075,000.00- 03,000.00- 02,000.00- 03,060.00Rent Exp0Allowance for Uncollectible Accounts7261 Total Current Assets253,459.000Gross profit ratioGP/Net Sales0.640
Int Exp0Inventory7,2601Property, Plant, and EquipmentProfit marginnet income/net sales0.350
Note CheckCorrect29-NovUtilities Expense1,700.0011Unemployment Tax PayableCommon StockRetained EarningsCash DividendsSup Exp0Supplies5101 Computer Equipment15,000.00Return on AssetsNet income/Average total assets0.240
Cash1,700.0011600.00150,000.004,000.00BD Exp0Prepaid Rent22,0001 Less: Acc Dep(450.00)
240.00Pay Tax Exp0Prepaid Insurance11,5001 Delivery Truck70,000.00
27-NovSalaries Expense10,000.0011- 0840.00- 0150,000.00- 0- 04,000.00- 0Ins. Exp.0Computer Equipment15,0001 Less: Acc Dep(525.00)
Federal Income Tax Payable1,500.0011Accumulated Depreciation – Computer 4501 Net Property, Plant, and Equipment84,025.00
FICA Tax Payable765.0000Sales RevenueService RevenueSales DiscountsCost of Goods SoldDelivery Truck70,0001 Total Assets337,484.000
NC State Income Tax Payable1,000.000045,000.001,350.0015,700.00Accumulated Depreciation – Delivery Truck5251 Liabilities:
Salaries Payable6,735.000072,600.0025,740.00Accounts Payable27,4000 Current Liabilities:
Interest Payable2751Accounts Payable27,400.00
27-NovPayroll Tax Expense1,365.0000- 0117,600.00- 0- 01,350.00- 041,440.00- 0Deferred Revenue33,0001Interest Payable275.00
FICA Tax Payable765.0000Salaries Payable6,7350Deferred Revenue33,000.00
Unemployment Tax Payable600.0000Advertising ExpenseUtilities ExpenseSalaries ExpenseDepreciation ExpenseNotes Payable75,0001Salaries Payable6,735.00
1,700.001,700.0010,000.00450.00Federal Income Tax Payable3,0001Notes Payable19,997.00
1-DecSalaries Payable6,735.00101,500.0010,000.00525.00NC State Income Tax Payable2,0001Federal Income Tax Payable3,000.00
Cash6,735.00101,700.00- 03,200.00- 020,000.00- 0975.00- 0FICA Tax Payable3,0600NC State Income Tax Payable2,000.00
Unemployment Tax Payable8401FICA Tax Payable3,060.00
1-DecCash60,000.0011Rent ExpenseInterest ExpenseSupplies ExpenseBad Debt ExpenseCommon Stock150,0001Unemployment Tax Payable840.00
Notes Payable60,000.00112,000.0075.002,890.00726.00Retained Earnings- 00Total Current Liabilities96,307.000
200.00Dividends4,0001Long-Term Liabilities:
1-DecDelivery Truck70,000.00112,000.00- 0275.00- 02,890.00- 0726.00- 0Sales Revenue117,6001Notes Payable55,003.00
Cash70,000.0011Service Revenue- 01Total Liabilities151,310.000
Payroll Tax ExpenseInsurance ExpenseSales Discounts1,3501Stockholders’ Equity:
4-DecAccounts Payable16,500.00111,365.00500.00Cost of Goods Sold41,4401Common Stock150,000.00
Cash16,500.00111,005.00Advertising Expense1,7001Retained Earnings36,174.00
2,370.00- 0500.00- 0Utilities Expense3,2001Total Stockholders’ Equity186,174.000
5-DecCash Dividends4,000.0011Salaries Expense20,0001Total Liabilities & Stockholders’ Equity337,484.000
Cash4,000.0011Depreciation Expense9750
2,3702,870Debits420,611Rent Expense2,0001
6-DecSupplies1,700.0011500Credits420,611Interest Expense2751
Accounts Payable1,700.0011Balanced- 0Supplies Expense 2,8901
Bad Debt Expense7261
7-DecInventory24,200.0011Payroll Tax Expense2,3700
Accounts Payable24,200.0011Insurance Expense5001
Totals420,611420,61100
15-DecAccounts Receivable72,600.0011
Sales Revenue72,600.0011
15-DecCost of Goods Sold25,740.0011
Inventory25,740.0011
18-DecAdvertising Expense1,700.0011
Cash1,700.0011
24-DecCash33,000.0011
Deferred Revenue33,000.0011
31-DecSalaries Expense10,000.0011
Federal Income Tax Payable1,500.0011
FICA Tax Payable765.0000
NC State Income Tax Payable1,000.0000
Salaries Payable6,735.0000
31-DecPayroll Tax Expense1,005.0000
FICA Tax Payable765.0000
Unemployment Tax Payable240.0000
Chart of Accounts
Alphabetical Chart of Accounts:Financial Statement Validation:
Accounts PayableAccounts Payable
Accounts ReceivableAccounts Receivable
Accumulated Depreciation - ComputerAdvertising Expense
Accumulated Depreciation - Delivery TruckAllowance for Uncollectible Accounts
Advertising ExpenseAssets:
Allowance for Uncollectible AccountsBad Debt Expense
Bad Debt ExpenseBalance, December 31
CashBalance, January 1
Cash DividendsCash
Common StockCommon Stock
Computer EquipmentComputer Equipment
Cost of Goods SoldCost of Goods Sold
Deferred RevenueCurrent Assets:
Delivery TruckCurrent Liabilities:
Depreciation ExpenseDeferred Revenue
Federal Income Tax PayableDelivery Truck
FICA Tax PayableDepreciation Expense
Insurance ExpenseDividends
Interest ExpenseFederal Income Tax Payable
Interest PayableFICA Tax Payable
InventoryGross Profit
NC State Income Tax PayableInsurance Expense
No Entry RequiredInterest Expense
Notes PayableInterest Payable
Payroll Tax ExpenseInventory
Prepaid InsuranceIssuance of Stock
Prepaid RentLess: Accumulated Depreciation-Computer
Rent ExpenseLess: Accumulated Depreciation-Equipment
Retained EarningsLess: Sales Discounts
Salaries ExpenseLiabilities:
Salaries PayableLong-Term Liabilities:
Sales AllowancesNC State Income Tax Payable
Sales DiscountsNet Income
Sales ReturnsNet Income
Sales RevenueNet Property, Plant & Equipment
Service RevenueNet Sales
SuppliesNotes Payable
Supplies ExpenseNotes Payable
Unemployment Tax PayableOperating Expenses:
Utilities ExpenseOperating Income
Other Revenue (Expense):
Payroll Tax Expense
Prepaid Insurance
Prepaid Rent
Property, Plant, and Equipment
Rent Expense
Retained Earnings
Salaries Expense
Salaries Payable
Sales Revenue
Stockholders’ Equity:
Supplies
Supplies Expense
Total Assets
Total Current Assets
Total Current Liabilities
Total Operating Expenses
Total Liabilities
Total Liabilities & Stockholders’ Equity
Total Other Revenue (Expense)
Total Stockholders’ Equity
Unemployment Tax Payable
Utilities Expense
Instructions
Company Information & Summary of Significant Account Policies
Cups & Cones Company began operations on November 1, 2023. The main operating goal of the company is to sell high end
ice cream machines. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 3/15, n/30 .
The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all
adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation
for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At
the end of the period, based on industry standards, the company believes 1% of the balance in accounts recievable will be
uncollectible. The company purchases ice cream machines for resale only as such they carry them as inventory.
The company has two employees, one is a sales technician, salary of $4000 per month and the other employee is the office
manager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the
following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1.
Required:
1) Cups & Cones Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab.
Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full credit.
1-NovThe owner invested $150000 into the company in exchange for 5,000 shares of common stock.
1-NovThe company purchased a computer system for $15000 and signed a one-year note for the entire balance. The note is due on November 1, 2024 and has an annual rate of interest of 3%.
2-NovPaid for two years rent on the office space, $24000.
3-NovPurchased 8 ice cream machines at a total cost of $1000 each for cash, FOB Destination.
4-NovPurchased $1700 of supplies on account, term n/30.
15-NovPurchased 15 ice cream machines at a total cost of $1100 each on account, terms n/30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party.
17-NovPaid for the supplies purchased on November 4.
18-NovPaid for a two-year insurance policy for the store, $12000. The policy was effective beginning December 1, 2023.
Answered Same DayJul 30, 2022

Answer To: Faculty Info Sheet Year Began:2023Adj Amount: Company Name:Cups & Cones 7 Scoring Section Daily...

Rochak answered on Jul 30 2022
20 Votes
Faculty Info Sheet
    Year Began:    2023    Adj Amount:        Company Name:    Cups & Cones            7        Scoring Section                    Daily Transactions Journal Page                    Daily Entry Points                General Ledger (T-Account)                                                Ledger Points            Adjusting Entries Journal Page                    Adjusting Points                Income Statement                IS Points        Statement of SE
    Product:    ice cream machines    %    Days    Net    Days                        Earned    Possible    Section Weight        Date    Account    DR    CR        Point Per Item:        1        Cash            Accounts Receivable            Allowance for Uncollectible Accounts            Inventory            Possible:    1            Account    DR    CR        Points each        2         Sales Revenue        117,600.00        10            Common Stock    Retained Earnings    Total Stockholders’ Equity        SE Points
    Terms:    3/15, n/30    3    15    n    30    Unemployment Tax:                Daily Transaction Points:    ERROR:#REF!    125    30%        1-Nov    Cash    150,000.00            1    1            150,000.00    24,000.00        45,000.00    45,000.00                    8,000.00    15,700.00                    1    Depreciation Expense    450.00            2    2             Less: Sales Discounts        1,350.00                Balance, January
1    - 0    - 0    - 0        Points        3
    % of Bad Debt    1.00                    Nov    Dec    CHECK        Adjusting Entry Points:    72    72    17%            Common Stock        150,000.00        1        1        43,650.00    8,000.00        72,600.00                726.00        16,500.00    25,740.00        Cash    1            Accumulated Depreciation - Computer        450.00        2        2         Net Sales        116,250.00                Issuance of Stock    150,000.00        150,000.00                3
    Sales Tech Salary    4,000.00    726    % of Receivables - Bad Debt Exp            240.00    180.00    CORRECT    60    Ledger:    34    37    9%                                            60,000.00    1,700.00                                24,200.00            AR    1                                             Less: Cost of Goods Sold        41,440.00                Net Income        40,174.00    40,174.00                3
    Office Manager Salary    6,000.00                    360.00    60.00    CORRECT        Adjusted TB Points:    39    39    9%        1-Nov    Computer Equipment    15,000.00            1    1            33,000.00    12,000.00                    - 0    726.00        7,260.00    - 0        Allowance    1        2    Interest Expense    75.00            2    2             Gross Profit        74,810.00        10        Dividends        (4,000.00)    (4,000.00)                3
    Owner Investment    150,000.00                    Depreciation:                Income Statement:    40    40    10%            Notes Payable        15,000.00        1        1            1,700.00                                            Inventory    1            Interest Payable        75.00        2        2         Operating Expenses:                        Balance, December 31    150,000.00    36,174.00    186,174.00        3    3    3
    Computer system    15,000.00    450.00    Two-Months Dep            Asset    Life    Salvage (10%)        Equity Statement:    18    18    4%                                                6,735.00        72,600.00    - 0                                Supplies    1                                            Advertising Expense    1,700.00
    Interest Rate on Computer    3.00    75.00    Two Months Int            Computer    5.00    1,500.00        Balance Sheet:    48    48    11%        2-Nov    Prepaid Rent    24,000.00            1    1                70,000.00                                            Prepaid Rent    1        3    Rent Expense    2,000.00            2    2            Utilities Expense    3,200.00                    Closing Entries                    Closing Entries
    Two Years Rent    24,000.00    2,000.00    Two Months Rent            Delivery Truck    10.00    7,000.00        Closing Entries:    24    24    6%            Cash        24,000.00        1        1            16,500.00        Supplies            Prepaid Rent            Prepaid Insurance            Prepaid Insurance    1            Prepaid Rent        2,000.00        2        2        Salaries Expense    20,000.00                    Date    Account    DR    CR        Points        1
    Inventory Purchase 1    1,000.00    Quantity:    8            Supplies Expense                Ratios:    15    15    4%                                                4,000.00        1,700.00    2,890.00        24,000.00    2,000.00        12,000.00    500.00        Computer Equipment    1                                            Depreciation Expense    975.00                    31-Dec    Sales Revenue    117,600.00            1    1
    Supplies Purchase 1    1,700.00                        Available    On Hand (15%)        Total Points:    ERROR:#REF!    418    100%        3-Nov    Inventory    8,000.00            1    1                1,700.00        1,700.00                                    Acc Dep - Comp    1        4    Insurance Expense    500.00            2    2            Rent Expense    2,000.00                        Sales Discounts        1,350.00        1        1
    Inventory Purchase 2    1,100.00    Quantity:    15                3,400.00    510.00                                Cash        8,000.00        1        1                                                        Delivery Truck    1            Prepaid Insurance        500.00        2        2        Supplies Expense     2,890.00                        Retained Earnings        116,250.00        1        1
    Insurance Policy    12,000.00    500.00    One Month Insurance                            Final Score:        ERROR:#REF!                                                            510.00    - 0        22,000.00    - 0        11,500.00    - 0        Acc Dep - DT    1                                            Bad Debt Expense    726.00
    Inventory Sale 1    3,000.00    Quantity:    15    Enter at least:    9                                        4-Nov    Supplies    1,700.00            1    1            140,315.00    - 0                                            AP    1        5    Supplies Expense    2,890.00            2    2            Payroll Tax Expense    2,370.00                    31-Dec    Retained Earnings    76,076.00            1    1    1
    Utilities    1,700.00            But no more than:    22                                            Accounts Payable        1,700.00        1        1                    Accumulated Depreciation - Computer                        Accumulated Depreciation - Delivery Truck            Interest Payable    1            Supplies        2,890.00        2        2        Insurance Expense    500.00                        Cost of Goods Sold        41,440.00        1
    Fed Income Tax Rate    15.00                                    Cost of Goods Sold Calculation                                                        Computer Equipment                        Delivery Truck                        Defe
ed Revenue    1                                            Total Operating Expenses        34,361.00        10            Advertising Expense        1,700.00        1
    State Income Tax Rate    10.00    765.00    FICA Tax CHECK            Check:                    Qty    Cost            15-Nov    Inventory    16,500.00            1    1            15,000.00                450.00        70,000.00                525.00        Salaries Payable    1        6    Depreciation Expense    525.00            2    2            Operating Income        40,449.00        10            Utilities Expense        3,200.00        1
    FICA Tax Rate    7.65    7,000.00    Unemployment Cap            Postive End Cash    OK            Purchase 1    8    1,000.00    8,000.00            Accounts Payable        16,500.00        1        1                                                        Notes Payable    1            Accumulated Depreciation - Delivery Truck        525.00        2        2        Other Revenue (Expense):                            Salaries Expense        20,000.00        1
    Unemployment Tax Rate    6.00    Payment        Year One Interest        Postive Income    OK            Purchase 2    15    1,100.00    16,500.00                                            15,000.00    - 0        - 0    450.00        70,000.00    - 0        - 0    525.00        Fed Inc Tax Pay    1                                            Interest Expense    (275.00)                        Depreciation Expense        975.00        1
    Note Payable 2    60,000.00    $7,397        2,400.00                        Sale 1    15    15,700.00    CGS Calculation        17-Nov    Accounts Payable    1,700.00            1    1                                                            NC State Inc Tax    1        7    Interest Expense    200.00            2    2            Total Other Revenue (Expense)        (275.00)                    Rent Expense        2,000.00        1
    Term on Note 2 (years)    10.00    200.00    Interest Exp on Note                            Remaining    8    1,100.00                Cash        1,700.00        1        1        Accounts Payable            Interest Payable            Defe
ed Revenue            Salaries Payable            FICA Tax    1            Interest Payable        200.00        2        2        Net Income        40,174.00        10            Interest Expense        275.00        1
    Rate on Note Payable 2    4.00    4%                                Purchase 3    20    1,210.00    24,200.00                                            1,700.00    1,700.00            75.00            33,000.00        6,735.00    6,735.00        Une. Tax Pay    0                                                                        Supplies Expense         2,890.00        1
    Delivery Truck    70,000.00    525.00    One Month Depreciation                            Sale 2    22    25,740.00    CGS Calculation        18-Nov    Prepaid Insurance    12,000.00            1    1            16,500.00    16,500.00            200.00                        6,735.00        Common Stock    1        8    Bad Debt Expense    726.00            2    2                                        Bad Debt Expense        726.00        1
    Dividends    4,000.00                                    Ending Inventory    6    1,210.00                Cash        12,000.00        1        1            1,700.00                                            Retained Earnings     1            Allowance for Uncollectible Accounts        726.00        2        2        Balance Sheet                            Payroll Tax Expense        2,370.00        1
    Supplies Purchase 2    1,700.00    2,890.00    Supplies Expense                                CGS     41,440.00                                                    24,200.00                                            Cash Divs    1                                             Assets:                BS Points            Insurance Expense        500.00        1
    Inventory Purchase 3    1,210.00    Quantity:    20                                                20-Nov    Accounts Receivable    45,000.00            1    1                1,500.00                                            Sales Revenue    1        9    Utilities Expense    1,500.00            2    2            Cu
ent Assets:                8
    Inventory Sale 2    3,300.00    Quantity:    22    Enter at least:    9                        Check:    CGAS    48,700.00            Sales Revenue        45,000.00        1        1        - 0    27,400.00        - 0    275.00        - 0    33,000.00        - 0    6,735.00        Service Rev    1            Accounts Payable        1,500.00        2        2        Cash    140,315.00                    31-Dec    Retained Earnings    4,000.00            1    1
    Advertising    1,700.00            But no more than:    25                            EI    7,260.00                                                                                            Sales Discount    1                                            Accounts Receivable     72,600.00                        Cash Dividends        4,000.00        1        1
    Defe
ed Revenue    33,000.00    Quantity:    10                                    CGS    41,440.00        20-Nov    Cost of Goods Sold    15,700.00            1    1            Notes Payable            Federal Income Tax Payable            NC State Income Tax Payable            FICA Tax Payable            CGS    1                                            Allowance for Uncollectible Accounts    (726.00)
    Accrued Utilities    1,500.00                                            CGS Check    Co
ect            Inventory        15,700.00        1        1            15,000.00            1,500.00            1,000.00            765.00        Ad Exp    1            McDoodles Inc. Adjusted Trial Balance
December 31, 2022                TB Points                Inventory    7,260.00                                    Ratio Points
                                                                                                        60,000.00            1,500.00            1,000.00            765.00        Ut. Exp    0            Account Name    Debit    Credit        Each    1            Supplies    510.00                    Ratio    Formula    Answer        Points    3
                                            Notes Payable:        Cu
ent Portion            28-Nov    Cash    43,650.00            1    1                                                    765.00        Sal. Exp    1            Cash    140,315            1                Prepaid Rent    22,000.00                    Cu
ent Ratio    Cu
ent Assets/Cu
ent Liabilities    2.63        3
                                            Cu
ent        $4,997    $19,997            Sales Discounts    1,350.00            1    1                                                    765.00        Dep Exp    1            Accounts Receivable     72,600            1                Prepaid Insurance    11,500.00                    Debt to Equity    Total Liabilities/Stockholders Equity    0.81        3
                                            Long-term            $55,003            Accounts Receivable        45,000.00        1        1        - 0    75,000.00        - 0    3,000.00        - 0    2,000.00        - 0    3,060.00        Rent Exp    1            Allowance for Uncollectible Accounts        726            1             Total Cu
ent Assets        253,459.00        8        Gross profit ratio    GP/Net Sales    0.64        3
                                                                                                                                                    Int Exp    1            Inventory    7,260            1                Property, Plant, and Equipment                        Profit margin    net income/net sales    0.35        3
                                                    Note Check    Co
ect        29-Nov    Utilities Expense    1,700.00            1    1            Unemployment Tax Payable            Common Stock            Retained Earnings            Cash Dividends            Sup Exp    1            Supplies    510            1                 Computer Equipment    15,000.00                    Return on Assets    Net income/Average total assets    0.24        3
                                                                    Cash        1,700.00        1        1            600.00            150,000.00                    4,000.00            BD Exp    1            Prepaid Rent    22,000            1                 Less: Acc Dep    (450.00)
                                                                                                        240.00                                            Pay Tax Exp    0            Prepaid...
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