Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense Utilities Expense 87,500 Rent Expense 126,000 Depreciation Expense – Furniture & Fixtures Depreciation Expense – Computer Equipment Store Supplies Expense Gain on Disposal of Old Computer Equipment 14,000 Bad-Debt Expense Interest Expense _ 27,000 ________ Total 2,826,500 2,826,500 The following additional information is available at June 30, 2020: Store Supplies on hand at June 30, 2020 amounted to $25,000. Insurance of $72,000 was paid on May 1, 2020 for the 6-months to October 31, 2020 Rent was paid on March 31, 2020 for the 4-months to July 31, 2020. The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $160,000. The computer equipment was acquired on March 31, 2020 and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $30,000 Salaries earned by employees not yet paid amounted to $14,000 at June 30, 2020. Accrued interest expense as of June 30, 2020, $9,000. At June 30, 2020, $48,000 of the previously unearned sales revenue had been earned The aging of the Accounts Receivable schedule at June 30, 2020 indicated that the Allowance for Bad Debts should be $19,500 After making all other adjustments, a physical count of inventory was done, which reveals that there was $186,000 worth of inventory on hand at June 30,2020 Other data: (xi) The business is expected to make principal payments totalling $90,000 towards the loan during the fiscal year to June 30 ,2021 Required: Prepare the necessary adjusting journal entries on June 30, 2020. [Narrations are not required] Using the Adjusted trial balance, generate the statements requested by MNB, i.e. A Multiple-step income statement & a Statement of owner’s equity for the year ended June 30, 2020 d) A Classified balance sheet, in report format , at June 30, 2020.
https://helpmewriteessay.xyz/wp-content/uploads/2021/08/whatsapp-logo-300x115.jpeg 0 0 First class essays https://helpmewriteessay.xyz/wp-content/uploads/2021/08/whatsapp-logo-300x115.jpeg First class essays2022-04-21 06:24:362022-04-21 06:24:36Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory