Swifty Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial...

Swifty Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020.

SWIFTY DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020
	Debit	Credit
Cash	$11,210
Accounts Receivable	21,710
Supplies	5,210
Prepaid Insurance	2,710
Equipment	60,210
Accumulated Depreciation-Equipment		$35,210
Accounts Payable		5,210
Interest Payable		168
Notes Payable		5,600
Unearned Service Revenue		5,810
Salaries and Wages Payable		1,416
Common Stock		10,210
Retained Earnings		3,710
Service Revenue		61,710
Salaries and Wages Expense	11,510
Insurance Expense	966
Interest Expense	518
Depreciation Expense	7,600
Supplies Expenses	3,400
Rent Expense	4,000
	$129,044	$129,044

(a1)

Prepare an income statement for the year ending December 31, 2020, Statement of Retained Earnings, Balance Sheet and

/Answer the following questions. (Round interest rate to 0 decimal places, e.g. 7%.)

(1) If the note has been outstanding 6 months, what is the annual interest rate on that note? (Hint: Assume interest payable is the outstanding for 6 months.)

The annual interest rate

(2) If the company paid $17,500 in salaries and wages in 2014, what was the balance in Salaries and Wages Payable on December 31, 2013?

The balance in Salaries and Wages Payable

Solutions

Expert Solution

Please comment for any explanation,

Thanks,

ekkarill92 answered 1 year ago

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