1

HELP!!!!!! ADJUSTING ENTRIES...... Bledsoe Flowers Inc. Trial Balance (Unadjusted) 31-D...

Question

HELP!!!!!! ADJUSTING ENTRIES...... Bledsoe Flowers Inc. Trial Balance (Unadjusted) 31-D...

HELP!!!!!! ADJUSTING ENTRIES......

Bledsoe Flowers Inc.
Trial Balance (Unadjusted)
31-Dec-18
Dr. Cr.
Cash $38,600
Accounts receivable, 12/31/17 116,200
Inventory, 12/31/17 62,000
Investments, at cost 179,700
Furniture and Fixtures 198,200
Accumulated depreciation, 12/31/17 $82,400
Accounts payable, 12/31/17 17,000
Capital stock, $10 par value 50,000
Retained earnings, 12/31/2017 117,000
Sales 877,700
Notes payable, due 3/31/20 200,000
Purchases 405,100
Land improvement expense 50,000
Salaries expense 174,000
Payroll Taxes 12,400
Income tax expense 45,000
Insurance expense 8,700
Rent expense 7,400
Utilities expense 34,200
Travel and entertainment expense 12,600
TOTALS $1,344,100

$1,344,100

  1. Bledsoe is being sued for $100,000. The coverage under the comprehensive insurance policy is limited to $50,000. Bledsoe's attorney believes that an unfavorable outcome is probable and that a reasonable settlement is $65,000.                             
  2. All employees are paid weekly on Friday. The average payroll is $3,000 (6 day work week) per week. Employees were last paid on Friday, December 28th, 2018 for the week ended December 22nd.

Answers

Adjusting Entries
Damage Expenses (on law-suit settlement) 15000
Liability on law-suit settlement 15000
(65000-50000)
Salaries expense 3857
Salary payable 3857
3000/7*9
(Salary for Dec 23- 31---9 days)
Bledsoe Flowers Inc.
Trial Balance
31-Dec-18 Unadjusted T/B Adj.Entries Adjusted T/B
Dr. Cr. Dr. Cr. Dr. Cr.
Cash 38600 38600
Accounts receivable, 12/31/17 116,200 116,200
Inventory, 12/31/17 62,000 62,000
Investments, at cost 179,700 179,700
Furniture and Fixtures 198,200 198,200
Accumulated depreciation, 12/31/17 82400 82400
Accounts payable, 12/31/17 17,000 17,000
Liability for law-suit 15000 15000
Salary payable 3857 3857
Capital stock, $10 par value 50,000 50,000
Retained earnings, 12/31/2017 117,000 117,000
Sales 877,700 877,700
Notes payable, due 3/31/20 200,000 200,000
Purchases 405,100 405,100
Land improvement expense 50,000 50,000
Salaries expense 174,000 3857 177,857
Payroll Taxes 12,400 12,400
Income tax expense 45,000 45,000
Insurance expense 8,700 8,700
Rent expense 7,400 7,400
Utilities expense 34,200 34,200
Travel and entertainment expense 12,600 12,600
Damage expenses(Law-suit) 15000 15,000
TOTALS 1344100 1344100 18857 18857 1362957 1362957


Similar Solved Questions

1 answers
You have been given the task of estimating Year 1 operating cash flow for a project...
You have been given the task of estimating Year 1 operating cash flow for a project with the following data. What is the operating cash flow for Year 1? Sales Revenue $13,600     Depreciation $4,000 Operating Costs   $6,000 Tax Rate 35% a. $7,481 b....
1 answers
Chapter 1, Section 1.1, Question 038 The following table gives A = the amount of money...
Chapter 1, Section 1.1, Question 038 The following table gives A = the amount of money in bills of denomination d crculating in US currency in 2013.1 For example, there were $74.5 billion worth of $50 bills in circulation. Denomination (S)2 5102050 100 Circulation (Sbn) 10.6 2.1 12.7 18.5 155.074.5 ...
7 answers
Name the lenghts of the sides of three rectangles with a perimeter of 12 units use whole numbers only
Name the lenghts of the sides of three rectangles with a perimeter of 12 units use whole numbers only. I don't understand the question...
2 answers
Challenger Factory produces two similar products: regular widgets and deluxe widgets. The total factory overhead budget...
Challenger Factory produces two similar products: regular widgets and deluxe widgets. The total factory overhead budget is $565,000 with 362,700 estimated direct labor hours. Deluxe widget production requires 3 direct labor hours for each unit, and regular widget production requires 6 direct labor h...
1 answers
Required information CC3-1 Accounting for Business Operations (LO 3-2, LO 3-3, LO 3-5) (The following information...
Required information CC3-1 Accounting for Business Operations (LO 3-2, LO 3-3, LO 3-5) (The following information applies to the questions displayed below.) Starting in May, Nicole has decided that she has everything she needs to open her doors to customers. To keep up with competition, Nicole has a...
1 answers
If n=13, ¯xx¯(x-bar)=47, and s=11, construct a confidence interval at a 80% confidence level. Assume the...
If n=13, ¯xx¯(x-bar)=47, and s=11, construct a confidence interval at a 80% confidence level. Assume the data came from a normally distributed population. Give your answers to one decimal place...
1 answers
How do you simplify #Log (1/10^x)#?
How do you simplify #Log (1/10^x)#?...
1 answers
What is the domain and range of #y=5#?
What is the domain and range of #y=5#?...
1 answers
Traditional financial reporting can be insufficient for proper understanding and analysis of a company. Considering the...
Traditional financial reporting can be insufficient for proper understanding and analysis of a company. Considering the inherent gaps or potential gaps in the information normally provided: 1. How does this apply to the financial institutions and Fintech companies? 2. What are these gaps?...
1 answers
Starting with the fully eclipsed Newman projection, how many gauche and how many anti Newman projections...
Starting with the fully eclipsed Newman projection, how many gauche and how many anti Newman projections will you encounter when the back C atom (C3) in the C2-C3 bond in butane is rotated clockwise from 0 to 360 degrees? Select one: a. two gauche, one anti b. one gauche, two anti c. one gauche, one...
1 answers
5 The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following...
5 The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter4th Quarter Budgeted direct labor 9,000 8,700 9,eee 8,400 hours 25 points eBook Ask The company uses direct labor-ho...
1 answers
S Review View It, lea .--. . rrnalI1No Spac Heading 1 Heading 2 Title Subtitle Subtle Ern Emphas ...
s Review View It, lea .--. . rrnalI1No Spac Heading 1 Heading 2 Title Subtitle Subtle Ern Emphas Paragraph Styles 1. Explain how you would isolate a mixture of Ala-Arg-Glu using a negatively charged resin (carboxylmethyl cellulose) and a positively charged resin (DEAE). A sample of a peptide of unkn...
1 answers
The E-JEM Company produces two types of laptop computer bags. The regular version requires $32 in...
The E-JEM Company produces two types of laptop computer bags. The regular version requires $32 in capital, 4 hours of labor, and sells for S47. The deluxe version requires $38 in capital, 6 hours of labor, and sells for $57. How many of each type of bag should the company produce in order to maximiz...
1 answers
Pseudomas aeruginosa Exos effector toxin has a ADP ribosylation and GAP function. In its gap function,...
Pseudomas aeruginosa Exos effector toxin has a ADP ribosylation and GAP function. In its gap function, it acts as a Rho GAP for Rho, Rac, Cdc42 (What are the substrates for these three things) and how does the pathogen's gap function allow it to evade the immune response?...
1 answers
QUESTION 3 [TOTAL MARKS:20] (a) Explain the difference between the enthalpy of formation and enthalpy of...
QUESTION 3 [TOTAL MARKS:20] (a) Explain the difference between the enthalpy of formation and enthalpy of combustion [4 marks] (b) Carbon reacts with Hydrogen to form Kerosene (C12H26) vapour in a steady flow chamber. Calculate the energy per kg of Kerosene produced and state the type of reaction. [4...
1 answers
Upton Umbrellas has a cost of equity of 11.5 percent, the YTM on the company's bonds is 6.1 percent, and the tax rate i...
Upton Umbrellas has a cost of equity of 11.5 percent, the YTM on the company's bonds is 6.1 percent, and the tax rate is 39 percent. The company's bonds sell for 103.1 percent of par. The debt has a book value of $405,000 and total assets have a book value of $951,000. If the market-to-book ...

-- 0.059569--