Note: Round all figures to whole dollars ($0.50 round up) Attached is a partiall

Question

Note: Round all figures to whole dollars ($0.50 round up) Attached is a partially completed worksheet for A1 Security Systems, Inc., a Hawaii based corporation for year-end 2017 Year-end adjustments have been calculated and are as follows: 1 A1 adjusts Allowance for Bad Debts using the percent of sales method. 2. Expired insurance for the period totaled $6,000. 3. Depreciation for the year totals $45,000. 4 A count of the ending merchandise inventory at December 31, 2017 5. Cash dividends totaling $22,000 were declared on December 31, 2017 The current estimate is 0.6% of years Sales Revenue. resulted in a value of $245,000. A1 uses the perpetual inventory system. and will paid on March 1, 2018. 6. Other revenue earned during the period totaled $19,200.

Explanation / Answer

1.

2.

3.

4.

5.

A1 Security Systems Inc. Worksheet Year ended December 31, 2017 Account Trial balance Adjustments Adjusted Trial Balance Income statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 155000 155000 155000 Investments 395000 395000 395000 Accounts Receivable 43100 43100 43100     Allowance for bad debts 2300 5370 7670 7670 Merchandise Inventory 252500 7500 245000 245000 Prepaid Insurance 12000 6000 6000 6000 Equipment 585000 585000 585000    Accumulated Depreciation 255250 45000 300250 300250 Accounts Payable 82700 82700 82700 Other Revenue Unearned 34000 19200 14800 14800 Dividends Payable 22000 22000 22000 Common Stock 85000 85000 85000 Paid-in-Capital Common 200000 200000 200000 Retained Earnings 575000 22000 553000 716680 Sales Revenue 895000 895000 895000 Other Revenue 57500 19200 76700 76700 Cost of goods sold 358000 7500 365500 365500 Advertising Expense 13550 13550 13550 Bad debt Expense 5370 5370 5370 Depreciation Expense 45000 45000 45000 Insurance Expense 6000 6000 6000 Rent Expense 50000 50000 50000 Salaries Expense 285050 285050 285050 Utilities Expense 37550 37550 37550 T O T A L 2186750 2186750 105070 105070 2237120 2237120 808020 971700 1429100 1429100 Income Summary 163680 T O T A L 2186750 2186750 105070 105070 2237120 2237120 971700 971700 1429100 1429100

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.