ACCT495 Capstone Project Fall 2019 Part 1 Adjusting entries & Statements 12/31/2019 Year-end Adjustment Data for Bruce and Emmett Corp is as follows:

  

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Bruce and Emmett use a perpetual inventory system.

2. Employees are allowed to carry over up to 10 days of earned vacation days per year up to 40 days. Employees earn an average of $150 per day. A total of 500 earned vacation days will be carried over to 2020. It is probable that the employees will take the vacation days.

3. Accrued wages at December 31, 2019 amount to $50,000.

4. You discover that a product sale was made and recorded in December for $50,000; the product had not yet been shipped. The cost of the product was $24,000. 

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

5. The Prepaid Expense account balance includes the $24,000 cost of a two year insurance policy purchased on April 1, 2019. (Prepaid Expense was debited for $24,000 on April 1, 2019)

6. Depreciation & Amortization expense for the year is $150,000

7. Interest expense accrued on its long-term liabilities is $35,000. 

8. A dividend of $40,000 was declared on December 16, to be paid on January 15, 2020

9. It is estimated that 5% of accounts receivable will be uncollectable. 

10. Income tax expense is 30% of income before income tax.

INSTRUCTIONS:

A. Record the adjusting journal entries

B. Compute the adjusted trial balance amounts

C. Prepare in good form: 

a.  Multiple Step Income Statement with an other gains and losses section

b. Balance Sheet

c. Retained Earnings Statement

D. Compute the following ratios: Current Ratio, Profit Margin on Sales, Debt to Assets, Earnings per Share, and Book Value per share 

E. Record Closing Entries

Sheet1

,593

122

,000

Payable

310 Dividends $ 50,000

$ 250,000

Wages Expense

$ 14,777,816

Bruce and Emmett Corporation
Unadjusted Balances
12/31/19
Debit Credit
101 Cash $ 425,000
102 Cash Equivalents $ 38,000
103 Accounts Receivable $ 825,000
104 Allowance for Doubtful Accounts $ 25,000
105 Inventory $ 1,375,000
106 Prepaid expenses $

122
107 Other Current Assets $ 25,531
121 Equipment $ 487,000
Building $ 875,000
123 Land $

310
124 Accumulated Depreciation $ 457,500
125 Investments $ 675,868
131 Goodwill $ 175,000
132 Other Intangible Assets $ 250,000
201 Accounts Payable $ 1,144,925
202 Wages Payable $ 80,000
204 Payroll taxes payable $ 18,000
205 Interest Payable $ 12,550
206 Dividends $ 50,000
207 Unearned Revenue $ 187,500
210 Income Tax payable
212 Compensated Absence Payable
221 Long Term Liabilities $ 688,500
301 Common Stock ($10 par) $ 735,000
302 Paid-in Capital Common Stock $ 157,500
315 Treasury Stock
320 Retained Earnings $ 369,700
401 Product Sales Revenue $ 9,280,673
402 Service Revenue $ 1,542,678
403 Sales Returns $ 162,500
404 Sales Discounts $ 269,500
420 Investment Income $ 28,290
421 Gain/Loss on Disposal
501 Cost of Goods Sold $ 5,100,000
601 Office Expenses $ 215,000
602 Bad debts expenses $ – 0
603 Equipment Repair Expense $ 150,000
604 Advertising Expense $ 168,500
605 Depreciation Expense
607 Legal Fees $ 205,000
608 Office

Wages Expense $ 400,000
609 Accounting Consultants $ 100,000
610 Property Taxes $ 107,831
611 Maintenance Expense $ 42,500
612 Dues and subscriptions Expense $ 22,960
613 Telephone Expense $ 20,199
614 Utilities Expenses $ 78,000
615 $ 962,000
616 Travel & Entertainment Expense $ 220,000
617 Research & Development $ 290,000
618 Insurance Expense $ 85,000
619 Income Tax Expense
620 Payroll taxes Expense $ 168,488
625 Compensated Absence Expense
695 Interest Expense $ 47,500
699 Miscellaneous Expense $ 78,846
Totals $ 14,777,816

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.

Order your essay today and save 30% with the discount code ESSAYHELP