I have this exercise and i dont know how to do it

DDB Corporation was formed by twenty-four shareholders on January 1, 2017. The shareholders will be having their semi-annual meeting on September 28, 2018 to review the financial results for January 1 – June 30, 2018. As of January 1, 2018, the company has a retained deficit (this means the company incurred a net loss in 2017).

The following are the unadjusted balances of DDB Corporation as of June 30, 2018. Although the accounts are all shown with a positive balance, with the exception of retained earnings, they have the normal debit or credit balance that accounts in their account type have (e.g. – assets have a debit balance, liabilities have a credit balance).

Accounts payable 95,000

Accounts receivable 75,000

Accumulated depreciation 28,000

Additional paid-in capital 15,000

Cash 56,960

Common stock 12,000

Depreciation expense 8,000

Rent expense 14,000

Income tax expense 22,736

Income tax payable 22,736a.

Interest expense 1,000

Interest payable 1,000

Inventory 16,000

Cost of goods sold 87,540

Note payable - current portion 10,000

Note payable - long-term 50,000

Payroll taxes payable 6,000

Prepaid expenses 5,000

Property, plant, & equipment 100,000

Retained deficit 35,000

Product revenue 330,000

Deferred revenue 6,000

Advertising expense 61,000

Salary expense 93,500

You have been hired by DDB Corporation to prepare the financial statements. The company has provided you with the following information necessary to record adjustments required to show accurate financial statements.

1. On June 27, 2018, the bookkeeper received $20,000 for a shipment to be sent on July 8, 2018. The bookkeeper debited Cash and credited Product Revenue on June 27.

2. The company performed a physical inventory count on June 30, 2018 and determined that the inventory value on hand was $25,000.

3. The unadjusted balance in the Prepaid Expense account includes prepayment on an advertising contract. The balance in Prepaid Expenses as June 30, 2018 should include:

1. Advertising - January 1 - December 31, 2018 annual contract, original contract amount was $60,000.
2. Rent - July 2018 payment of $2,000. When the bookkeeper paid this on June 29th, he debited Rent Expense and credited Cash.

4. Depreciation expense for the 6 months ended June 30, 2018 should be $10,000.

5. On January 1, 2018, the company borrowed $60,000 at a 5% annual rate. The loan is to be paid back to the bank annually on December 31st in three equal installments beginning December 31, 2018. Each payment will include the interest incurred for that year. The interest for the year should be expensed evenly throughout the year. (Hint: there are two adjustments to be made)

6. Income tax expense must be re-calculated after all adjustments have been recorded. The income tax rate is 35%.

Requirements:

(1) Show trial balance spreadsheet. Reference each adjustments with the letter used above.

(2) show properly formatted income statement and balance sheet based on the adjusted balances from your trial balance spreadsheet. List each account separately in your statements (for example, do not have one amount on your income statement labeled "operating expenses"). . Per share information is not given so you do not need to include earnings per share on your income statement.

(3) Calculate the net profit margin and current ratio for the financial statements.

(4) Show memo to the shareholders reporting the company's financial results for the six months ended June 30, 2018. Include a brief explanation of your ratio analysis results from requirement (3). Also, the company is considering the purchase of a $75,000 piece of equipment. One plan to acquire the equipment calls for a $50,000 cash payment with the remainder financed on a six-month loan. Assuming all account balances other than those accounts affect by the equipment purchase remain the same, include an explanation of the effect of this financing arrangement on the company's current ratio. Ignore interest expense on the new loan.

3) What is the Revenue Recognition Principle? Describe three cases that exemplify this principle.

4) Is unearned revenue classified as an asset, liability or a revenue? Provide a reason for your choice.

5) Write the expanded accounting equation that you would use to study for the information in this chapter.

6) What are T-accounts and why are they used?

7) What is the purpose of an unadjusted trial balance?

8) What is the definition of net profit margin? Provide the formula for this calculation.

(b) Determine the proportion of the Revenue Growth data that lies within 1, 2, and 3 standard deviations of the mean. Determine, using the empirical rule, if the Revenue Growth data is approximately normally distributed.

Determine the proportion of the Revenue Growth data that lies within 1, 2, and 3 standard deviations of the mean. Determine, using the empirical rule, if the Revenue Growth data is approximately normally distributed.

Orlando advertised for bids for the purchase of $3 million principal amount of Waste Water Revenue Bonds. Bonds will be delivered on April 1, 2021, and the interest will be paid on April 1st of the following years. The bonds mature as follows:
Maturity Date
Amount ($)
4/1/2025
100,000
4/1/2026
100,000
4/1/2027
100,000
4/1/2028
100,000
4/1/2029
200,000
4/1/2030
200,000
4/1/2031
250,000
4/1/2032
250,000
4/1/2033
250,000
4/1/2034
700,000
4/1/2035
750,000
The City received three competing bids for the Waste Water Revenue Bonds. The three offers are as follows:
From Rogue Securities:
• The City receives $3.5 million dollars
• The Interest Rates for the serial bonds with maturities:
o 2025 through 2030, 5.50 percent
o 2031 through 2035, 6.00 percent
From Johnson-Miller:
• The City Receives $3 million dollars
• The Interest Rates for the serial bonds with maturities:
o 2025 through 2027, 4.35 percent
o 2028 through 2032, 5.25 percent
o 2033 through 2035, 6.50 percent
From Shostak Corp:
• The City receives $2.9 million dollars
• The Interest rates for the serial bonds with maturities:
o 2025 to 2032, 5.75 percent
o 2033 to 2035, 6.25 percent
For each bid, compute the net interest cost (NIC) and the true interest cost (TIC). Which bid is more advantageous for the city?

Describe the state of the U.S. Economy for the years between 2006 and now in terms of macroeconomic measures discussed in the course (GDP, unemployment, and inflation rates).

If Google's 2006 entry into the Chinese search engine market was a good (or bad) philosophy based decision, is withdrawal necessarily a bad (or good) decision?

A large supermarket carries four qualities of ground beef. Customers are believed to purchase these four varieties with probabilities of 0.13, 0.27, 0.14, and 0.46, respectively, from the least to most expensive variety. A sample of 480 purchases resulted in sales of 48, 148, 74, and 210 of the respective qualities. Does this sample contradict the expected proportions? Use α = 0.05.

(a) Find the test statistic. (Round your answer to two decimal places.)


(ii) Find the p-value. (Round your answer to four decimal places.)

A program for generating random numbers on a computer is to be tested. The program is instructed to generate 100 single-digit integers between 0 and 9. The frequencies of the observed integers were as follows. At the 0.05 level of significance, is there sufficient reason to believe that the integers are not being generated uniformly?

(a) Find the test statistic. (Round your answer to two decimal places.)


(ii) Find the p-value. (Round your answer to four decimal places.)

On January 1, 2021, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2021, the company had the following transactions:

The following information is available on December 31, 2021:

1. Employees are owed an additional $5,900 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $6,900 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.

1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

2. Record the adjusting entries in the 'General Journal' tab.

3. Review the adjusted 'Trial Balance' as of December 31, 2021.

4. Prepare an income statement for the year ended December 31, 2021, in the 'Income Statement' tab.

5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab.

6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.

7. Record the closing entries in the 'General Journal' tab.

[The following information applies to the questions displayed below.]
  
On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions:

The following information is available on December 31, 2021:

1. Employees are owed an additional $5,300 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $6,300 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.

Required:

1. Record the transactions that occurred during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
  

2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
  

3. Prepare an adjusted trial balance.

4. Prepare an income statement, statement of stockholders’ equity, and classified balance sheet.

5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)