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In: Accounting

The problem to be resolved: Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is...

The problem to be resolved:

Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is as follows:

Accounts Debit Credit

Cash

 620000
Accounts Receivable 410000
Merchandise Inventory 480000
Store Supplies 144800
Prepaid Insurance Expense 840000
Building and Equipment 2000000
Accumulated Depreciation- Building and Equipment 976000
Accounts Payable 680000
Travelling Expense Payable
Unearned Sales Revenue 450000
Note payable Long term 213800
Baltic Capital 1700000
Baltic Withdrawal 35000
Sales Revenue Earned 2550500
Sales Discount 45100
Sales returns and allowances 62500
Cost of goods sold 401000
Salaries expense 430000
Telephone expense 85000
Depreciation expense- Building and Equipment
Insurance expense 630000
Store supplies expense 130000
Electricity expense 105000
Bad debt expense 65400
Travelling expense 25000
Interest expense 61500
6,570,300 6,570,300

The following additional information was made available at December 31, 2018

  1. Unearned sales revenue, still NOT earned at December 31, 2018 amounted $65,500.
  2. The prepaid insurance of $840,000 was paid on July 1, 2018 for 8-months to February 2019.
  3. The Building and Equipment has an estimated life of ten (10) years and is being depreciated on the double declining balance method of depreciation, down to a residual value of $10,000.
  4. Accrued travelling expense amounted to $8,800 at December 31, 2018.
  5. A physical count of inventory at December 31, 2018, reveals $485,000 worth of inventory on hand.

  1. Prepare the necessary adjusting entries on December 31, 2018.
  2. Prepare the company adjusted trial balance as at December 31, 2018
  3. Prepare the company’s Multiple-step Income Statement for the year ended December 31, 2018.
  4. Prepare the company’s Statement of Owner’s Equity for the year ended December 31, 2018. Prepare the company’s classified Balance Sheet at December 31, 2018.
  5. Prepare the company’s classified Balance Sheet at December 31, 2018.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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