Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016
| Accounts | Debit | Credit |
| cash | ||
| Accounts Receivable | 410,000 | |
| Merchandise Inventory | 330,000 | |
| Store supplies | 144,800 | |
| Prepaid Insurance Expense | 156,000 | |
| Building and Equipment | 800,000 | |
| Accumulated depreciation- Building and Equipment | 237,000 | |
| Accounts payable | 435,000 | |
| Travelling expense payable | ||
| unearned sales revenue | 220,000 | |
| Note payable long term | 345,000 | |
| Baltic capital | 1,791,900 | |
| Baltic Withdrawal | 35,000 | |
| Sales revenue earned | 917,000 | |
| Sales discount | 35,000 | |
| Sales returns and allowances | 42,100 | |
| Cost of goods sold | 585,000 | |
| Salaries expense | 300,000 | |
| Telephone expense | 33,000 | |
| Depreciation expense- building and equipment | ||
| Insurance expense | 182,000 | |
| Store supplies expense | 45,200 | |
| Electricity expense | 85,000 | |
| bad debt expense | 49,500 | |
| Travelling expense | 62,000 | |
| Interest expense | 31,300 | |
| 3,945,900 | 3,945,900 |
The following information was made available at December 31, 2016
A.) Unearned revenue still not earned at December 31, 2016 amounted 120,000
B.) The prepaid insurance of 156,000 was paid on August 1, 2016 for 6 months to January 2017
C.) The building and equipment has an estimated life of (10) years and is being depreciated on the straight line method of depreciation, down to residual value of 10,000
D.) Accrued travelling expense amounted to 2,300 at December 31, 2016
E.) A physical count of inventory at December 31, 2016, reveals 315,000 worth of inventory on hand
Required to:
1 Prepare the necessary adjusting entries on December 31, 2016
2 Prepare the adjusted trial balance as at December 31, 2016
3 Prepare the company multi-step Income Statement for the year ended December 31, 2016
4 Prepare the company statement of Owner's Equity for the year ended December 31, 2016
5 Prepare the company classified Balance Sheet at December 31, 2016
In: Accounting
On March 5, 2018, you were hired by Waterway Inc., a closely
held company, as a staff member of its newly created internal
auditing department. While reviewing the company’s records for 2016
and 2017, you discover that no adjustments have yet been made for
the items listed below.
| Items | ||
| 1. | Interest income of $15,000 was not accrued at the end of 2016. It was recorded when received in February 2017. | |
| 2. | A computer costing $4,000 was expensed when purchased on July 1, 2016. It is expected to have a 4-year life with no salvage value. The company typically uses straight-line depreciation for all fixed assets. | |
| 3. | Research and development costs of $33,600 were incurred early in 2016. They were capitalized and were to be amortized over a 3-year period. Amortization of $11,200 was recorded for 2016 and $11,200 for 2017. | |
| 4. | On January 2, 2016, Waterway leased a building for 5 years at a monthly rental of $8,400. On that date, the company paid the following amounts, which were expensed when paid. |
| Security deposit | $20,100 | |
| First month’s rent | 8,400 | |
| Last month’s rent | 8,400 | |
| $36,900 |
| 5. | The company received $39,300 from a customer at the beginning of 2016 for services that it is to perform evenly over a 3-year period beginning in 2016. None of the amount received was reported as unearned revenue at the end of 2016. | |
| 6. | Merchandise inventory costing $18,900 was in the warehouse at December 31, 2016, but was incorrectly omitted from the physical count at that date. The company uses the periodic inventory method. |
Indicate the effect of any errors on the net income figure reported
on the income statement for the year ending December 31, 2016, and
the retained earnings figure reported on the balance sheet at
December 31, 2017. Assume all amounts are material, and ignore
income tax effects. Using the following format, enter the
appropriate dollar amounts in the appropriate columns. Consider
each item independent of the other items. It is not necessary to
total the columns on the grid.
In: Accounting
By doing a literature search, state the approximate number of collisions that a perfect gas molecule (e.g. N2) makes at room temperature and at 1 atm pressure in 1 second (you do not need to calculate this value). What is the significance of this value in the experiment of diffusion of gases( the purpose of the experiment is to measure rates of diffusion of two gases through the air as an experimental test of Graham`s law)?
In: Chemistry
9.79. Suppose we keep drawing cards from a deck of 52 cards with replacement until we see two face cards (Jack, Queen, or King) or two number cards (ranks one through ten).
1. What is the sample space of this experiment?
2. What is the probability function?
3. What is the probability that the experiment ends with two face cards?
In: Statistics and Probability
9.79. Suppose we keep drawing cards from a deck of 52 cards with replacement until we see two face cards (Jack, Queen, or King) or two number cards (ranks one through ten).
1. What is the sample space of this experiment?
2. What is the probability function?
3. What is the probability that the experiment ends with two face cards?
In: Statistics and Probability
The burner head in the atomic absorption experiment was perfectly aligned with the line of view of the detector (compare to tilting the burner head during the atomic emission experiment). If the burner head was left tilted, how would (1) the sensitivity of your calibration method and (2) the random error in the calculated concentrations of the unknown be affected? (i.e. think what would be affected in your calibration curve)?
In: Chemistry
heart valves and pumps lab experiment
What happened when you pressed on the balloon stretched over the jar? What structure in this experiment mimics a heart valve? How did valve influence the experimental results? If possible, indicate the differences in water displaced (in ml) with valve versus without the Valve. Does the valve enhance water flows? Why?
please help
In: Anatomy and Physiology
An experiment was performed to improve the yield of a chemical process. Four factors were selected, and two replicates of a completely randomized experiment were run. Based on the ANOVA table below, determine which factors are important in explaining yield. Use α = 0.05.
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In: Statistics and Probability
In this experiment, we have claimed to measure the speed of sound in air. To do this, we have used an audible frequency sweep. Why can we claim that the speed of sound will be the same over the bandwidth of the sweep? Is this assertion justified based on your results from experiment 2? Hint: Consider how sound (longitudinal pressure waves) propagate in a medium. (5 pts)
In: Physics
In: Biology