BA212 Financial Accounting II Capstone Project Account & Unadjusted Trial Balance data Income statement data: Advertising expense 150,000 Bad Debt Expense - Cost of goods sold 3,500,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Gain (Loss) on asset disposal 1,933 Income tax expense 140,500 Insurance expense - Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable 500,000 Cash 217,650 Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding 1,700,000 Cash dividends - common stock 50,000 Cash dividends - preferred stock 40,000 Dividends Payable - common stock - Dividends Payable - preferred stock - Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Land 2,000,000 Merchandise Inventory 778,000 Notes Receivable - Office buildings 4,000,000 Office Equipment 320,000 Paid-in capital - Treasury Stock 13,000 Paid-in capital in excess of parcommon stock 736,800 Paid-in capital in excess of parpreferred stock 170,000 Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued) 1,280,000 Premium on bonds payable 19,000 Prepaid Insurance 30,000 Retained earnings 10,409,433 Store buildings 9,000,000 Store Equipment 3,560,000 Treasury stock 178,200 Unearned Revenues 112,000

BA212 Financial Accounting II Capstone Project Account \& Unadjusted Trial Balance data Income statement data: Advertising expense Bad Debt Expense Cost of goods sold Delivery expense Depreciation expense - office buildings and equipment Depreciation expense-store buildings and equipment Gain (Loss) on asset disposal Income tax expense Insurance expense Interest expense Interest revenue Miscellaneous administrative expense Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales Sales commissions Sales salaries expense Store supplies expense 150,000 Balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Bonds payable Cash Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding XYZ C. Joumal 2 Adjusting Journal Entries Step 2: Journalize the fallowing adjustments in praper journal entry farm. See Chapter 3 in your text. Record the payment of semiannual interest on the bonds issued in January 2021 and the amortization of the premium for six months. The amortization is determined using the straight-line method. Record interest due on outstanding note receivable that was conwerted to Accounts Receivable in Nowember. As determination whether to write off the note as uncollectible will be made in 1 Q22. Record the adjustment to Unearned Revenues. Goods related to Unearned Rewenues of $22,000 were deliwered. mortize Prepaid Insurance. The 12-month insurance policy was purchased on September 1. Record Depreciation expense on Store Buildings $20,000; Dffice Buildings $30,000; and frice Equipment $10,000. Record Depreciation expense of the Store Equipment: Compute Depreciation expense on the store equipment purchased in July. Depreciation expense on other Store Equipment assets is $62,500. Estimated llowance for Doubthul ccounts is computed to be 1% of current XYZ Co. Journal XYZ Co. Journal 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 sog7^ Total Step 3: Sort the Unadjusted Trial Balance Data into proper Financial Statement order fas the accaunts would be presented in the Chart of Accounts - see Chapter 2) on the Trial Balance Tab, ensuring that the Unadjusted Trial Balance is in balance (ie debits equal credits). Remember, the lournal Entries you wrote on the "lournal" tob are aiready included in the unadjusted baiances! Step 4: Enter adjusting journal entry data an the Trial Balance Worksheet, and prepare the Adjusted Trial Balance, ensuring that debits equal credits. Steo 5a: Using the data in the Adiusted Trial Balance columns on the Trial Balances Worksheet. preoare a multi-steo Income Step 5b: Prepare a Statement of Stockholders Equity for the year ending December 31, 2021, in proper form. Use the data from the Journal and Income Statement tabs to complete. All ending balance should equal the Adjusted Trial Balance amounts except for Retained Earnings. Opening 2 Balance Sheet Step 5c: Using the data in the Adjusted Trial Balance columns an the Trial Balances Warksheet and the Statement of Stockholders' Equity prepare a Balance Sheet as of December 31, 2021, in proper form. Accounts Receivable and Bonds Payable should be reported as net figures with their related contra-accounts. XYZ Co. Balance Sheet December 31, 2021 Assets 12 Current Assets: hint: net the Accounts Receivable and Allowance 14 for Daubtful Accounts together and call it "Accounts Receivable, net" Liabilities Current Liabilities: hint combine Bands Papable and Premium on Bonds Payable account balances inta ane for "Band Payable, Net Carrying Value" Total Stockholders" Equity Total Liabilities and Stockholders" Equity \begin{tabular}{|l|} \hline \\ \hline \hline \end{tabular} Additional Ruestions - enter formulas to compute What is XYZ's current ratio on December 31,2021 ? What is XYZ's Accounts Receivables Turnover for 2021? / asewne Aocouns becenjathe ner What is XYZ's Asset Turnover for 2021