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In: Accounting

The following was taken from the books of Coyote Company as of December 31, 2017. account...

The following was taken from the books of Coyote Company as of December 31, 2017.

account debit credit
cash $30,000
accounts receivable 40,000
allowance for doubtful accounts 2,000
S-T Notes receivable 19,000
inventory, January 1, 2017 50,000
prepaid insurance 20,000
furniture and equipment 100,000
accumulated depreciation of F&E 40,000
patents 110,000
accounts payable 12,000
bonds payable 20,000
L-T notes payable 10,000
common stock 40,000
retained earnings 140,000
sales 360,000
purchase 149,000
salary expense 50,000
rent expense 56,000
totals 624,000 624,000

a. Prepaid insurance expired during the year, $11,000.

b. Estimated bad debts, 1.0% of sales.

c. Inventory as of 12/31/2017 turned out to be $40,000.

d. Four month rent of $56,000 was paid in advance on October 1, 2017 and charged to rent expense then. 4 months From Oct. 2017 to Jan 2018.

e. Furniture and equipment have an average useful life of 5 years and no salvage value. Coyote Company uses the straight line method of depreciation.

f. Utility bill of $600 for the month of December 2017 will be paid on its due date, January 10, 2018: a missing record.

g. Salaries earned but not yet paid by December 31, 2017, $6,000.

Instruction: prepare

1. Any necessary adjusting entries at the end of 2017.

2. Income Statement and statement of retained earnings, and balance sheet of the company for the year 2017.

3. Any necessary closing entries at the end of 2017.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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