ACC 101 Comprehensive Problem 2 3 Summer Corporation\'s trial balance at Decembe

Question

ACC 101 Comprehensive Problem 2 3 Summer Corporation's trial balance at December 31, 2017 is presented on the next tab. 4 Al 2017 transactions have been recorded excet for the items listed below the trial balance. 6 REQUIRED (Ignore income taxes journal entries for the transactions listed on the next tab. 8 (b) 9 (c) 10 (d) Prepare a 2017 adjusted trial balance, reflecting the unrecorded transactions. Prepare a 2017 multiple step income statement. Prepare a statement of retained earnings for the year ending December 31, 2017 e) Prepare a 12

Explanation / Answer

ORIGINAL TB

JOURNAL

ADJUSTED TB

CASH

79000

+53000

+84425

-5250

+42000

+76950

53000

COMMON STOCK

30000

53000

EXCESS PAR

COMMON

-16800

6000

84425

90425

CASH

PREF STOCK

0

42000

EXCESS PAR PRE STOCK

0

76950

RETAINED EARNINGS

75050

11205

DIVIDENDS PROPOSED C/ STOCK

11205

BAD DEBTS

0

0

4000

ACC REC

82000

4000

DEP BLDG

0

0

8500

ACC DEP

34000

8500

DEP EQUIP

0

0

11840

ACC DEP EQUIP

14400

11840

PAYROLL SALES SALARIES

0

0

25500

INCOME TAX

3375

UNION DUES

125

PAYROLL PAYABLE

22000

MEDICARE EXPENSE

370

MEDICARE PAYABLE

370

BANK

45000

LOAN

BANK LOAN INTEREST

1868

ACCRUED LOAN INTEREST

1868

INCOME STATEMENT

SALES

647500

LESS COS

326500

GROSS PROFIT

321000

RENTAL INCOME

8000

329000

LESS EXPENSES

BAD DEBTS

4000

DEP BLDG + EQUIP

20340

INTEREST

1868

SALES PAYROLL

25500

MEDICARE

370

-52078

NET PROFIT

276922

LESS DIVIDENDS

11205

265717

ADD RETAINED EARNIGS

340767

BALANCE SHEET 31.12.2017

COST

ACC DEP

NBV

LAND

129500

0

129500

BLDG

185000

42500

142500

EQUIPMENT

125000

26240

98760

439500

68740

370760

CURRENT ASSETS

INVENTORY

36500

ACC REC

77175

CASH

330125

443800

814560

CURRENT LIABILITIES

ACC PAY

ACCD EXPENSES

-1868

DIV PAYABLE

-11205

FIC

17391

MEDICARE

370

UNION DUES

-1500

SALARY PAYABLE

22000

92409

LTL LOAN

45000

EQUITY

COM STK

77750

EXCESS PAR COM STK

73625

PREF STK

42000

EXCESS PAR PRE STK

76950

270325

REATINED EARNINGS

340767

748501

BALANCE SHEET 31.12.2017

COST

ACC DEP

NBV

LAND

129500

0

129500

BLDG

185000

42500

142500

EQUIPMENT

125000

26240

98760

439500

68740

370760

CURRENT ASSETS

INVENTORY

36500

ACC REC

77175

CASH

330125

443800

814560

CURRENT LIABILITIES

ACC PAY

ACCD EXPENSES

-1868

DIV PAYABLE

-11205

FIC

17391

MEDICARE

370

UNION DUES

-1500

SALARY PAYABLE

22000

92409

LTL LOAN

45000

EQUITY

COM STK

77750

EXCESS PAR COM STK

73625

PREF STK

42000

EXCESS PAR PRE STK

76950

270325

REATINED EARNINGS

340767

748501

UNION DUES

-1500

SALARY PAYABLE

22000

92409

LTL LOAN

45000

EQUITY

COM STK

77750

EXCESS PAR COM STK

73625

PREF STK

42000

EXCESS PAR PRE STK

76950

270325

407734

ORIGINAL TB

JOURNAL

ADJUSTED TB

CASH

79000

+53000

+84425

-5250

+42000

+76950

53000

COMMON STOCK

30000

53000

EXCESS PAR

COMMON

-16800

6000

84425

90425

CASH

PREF STOCK

0

42000

EXCESS PAR PRE STOCK

0

76950

RETAINED EARNINGS

75050

11205

DIVIDENDS PROPOSED C/ STOCK

11205

BAD DEBTS

0

0

4000

ACC REC

82000

4000

DEP BLDG

0

0

8500

ACC DEP

34000

8500

DEP EQUIP

0

0

11840

ACC DEP EQUIP

14400

11840

PAYROLL SALES SALARIES

0

0

25500

INCOME TAX

3375

UNION DUES

125

PAYROLL PAYABLE

22000

MEDICARE EXPENSE

370

MEDICARE PAYABLE

370

BANK

45000

LOAN

BANK LOAN INTEREST

1868

ACCRUED LOAN INTEREST

1868

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