CAPTAIN JET INC. BALInstructions: 1. Prepare journal entries for each event ...
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CAPTAIN JET INC. BALInstructions: Prepare journal entries for each event Prepare the taccounts for the ledger Prepare unadjusted Trial Balance Record Adjusting Entries Prepare Adjusting Trial Balance Prepare Income Statement, Balance sheet, and Statement of Retained Earnings Prepare Closing Entries The balance sheet of the Captain Fishing Inc. is attached. During the following events occurred. On January sold merchandise on account to Rayms $ and Fischer $ Terms n On January purchased merchandise on account from Zapfel $ and Liotta $ Terms n On January received checks, $ from Longhini and $ from Hall, for sales on account after discount period has lapsed. On January sent checks to Joosten for $ less cash discount, and to Maida for $ less cash discount. On January issued credit of $ to Fischer for merchandise returned. On January paid off the balances to Zapfel and Liotta for the purchases made on January On Feburary received payment in full from Rayms and Fischer. On March paid rent of $ for a twoyear term starting from July On April the company CEO paid $ from her savings bank account to purchase a car for personal use. On April paid $ cash for office supplies and expensed immediately. Cash dividends totaling $ were declared on June and paid to stockholders on June Issued a note of $ to bank one year, annual interest rate for cash on July On July purchased merchandise from Maida $ terms n On July issued common stock shares, $ par, in exchange of a land with a fair market value of $ On July returned $ of merchandise to Maida and received credit. On August sold merchandise to Lachey on account $ term n Paid off the balance to Maida on August On Auguest paid utilities expense, $ On August Lachey paid off its balance. On September paid cash $ to Farmington for merchandise purchased last year. On October paid off notes payable $issued in and associated interest $this amount includes $ interest payable on the balance sheet Over the year, cash sales to other retail customers were $ Over the year, sales and office employees earned $ in salaries and wages, of which $ remained as payable at the end of year. On Dec received an utilities bill of $for December and paid off the bill on January On Dec paid interest on bonds payable. Additional Information at the end of the year: Depreciation expense for the year was $ The company estimated that it will pay federal income tax, $ After physically counting, the company decided that the ending inventories was $ Based on its historical data, the bad debts expense are about $ Unearned revenue was decreased by $ The company expenses all of the supplies purchased during the year. No insurance policy was effective during the year will be effective from Jan The company uses the gross method to record its purchases and sales on credit. The company adopts the perpetual inventory system. Rayms, Fischer, and Lachey had zero balance on account as of Jan Gross profit margin is TRIAL BALANCE SHEET Debit Credit Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventories Prepaid Insurance Prepaid Rent Investments in heldformaturity securities Land held for future development Land Buildings Accumulated Depreciation Capitalized Development Costs Goodwill Other Identifiable Intangible Assets Salary and Wages Payable Interest Payable Accounts Payable Utilities Payable Income Tax Payable Property Tax Payable Notes Payable Unearned Revenues Provisions Related to Pensions Bonds Payable Common Stock Preferred Stock Paidincapital Common Stock Paidincapital Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Sales Revenue Cash Dividends Utilities Expenses Sales Return Sales Discount Interest Expenses Salary and Wages Expenses Supplies Expenses Rent Expenses Depreciation Expenses Income Tax Expenses Cost of Goods Sold Bad Debt Expenses Total CAPTAIN JET INC. INCOME STATEMENT For the year ended Dec Sales Revenue Less: Sales Discount & Return Net Sales Cost of Goods Sold Gross Profit Utilities Expenses Salary and Wages Expenses Rent Expenses Depreciation Expenses Interest Expenses Supplies Expenses Bad Debt Expenses Total Expenses Earnings before Income Taxes Income Tax Expenses Earnings after Income Taxes CAPTAIN JET INC. RETAINED EARNINGS STATEMENT For the year ended Dec Retained Earnings, Beginning of the year Net IncomeLoss Dividends Payment Retained Earnings, End of the year 
CAPTAIN JET INC.
BALInstructions:
Prepare journal entries for each event
Prepare the taccounts for the ledger
Prepare unadjusted Trial Balance
Record Adjusting Entries
Prepare Adjusting Trial Balance
Prepare Income Statement, Balance sheet, and Statement of Retained Earnings
Prepare Closing Entries
The balance sheet of the Captain Fishing Inc. is attached. During the following events occurred.
On January sold merchandise on account to Rayms $ and Fischer $ Terms n
On January purchased merchandise on account from Zapfel $ and Liotta $ Terms n
On January received checks, $ from Longhini and $ from Hall, for sales on account after discount period has lapsed.
On January sent checks to Joosten for $ less cash discount, and to Maida for $ less cash discount.
On January issued credit of $ to Fischer for merchandise returned.
On January paid off the balances to Zapfel and Liotta for the purchases made on January
On Feburary received payment in full from Rayms and Fischer.
On March paid rent of $ for a twoyear term starting from July
On April the company CEO paid $ from her savings bank account to purchase a car for personal use.
On April paid $ cash for office supplies and expensed immediately.
Cash dividends totaling $ were declared on June and paid to stockholders on June
Issued a note of $ to bank one year, annual interest rate for cash on July
On July purchased merchandise from Maida $ terms n
On July issued common stock shares, $ par, in exchange of a land with a fair market value of $
On July returned $ of merchandise to Maida and received credit.
On August sold merchandise to Lachey on account $ term n
Paid off the balance to Maida on August
On Auguest paid utilities expense, $
On August Lachey paid off its balance.
On September paid cash $ to Farmington for merchandise purchased last year.
On October paid off notes payable $issued in and associated interest $this amount includes $ interest payable on the balance sheet
Over the year, cash sales to other retail customers were $
Over the year, sales and office employees earned $ in salaries and wages, of which $ remained as payable at the end of year.
On Dec received an utilities bill of $for December and paid off the bill on January
On Dec paid interest on bonds payable.
Additional Information at the end of the year:
Depreciation expense for the year was $
The company estimated that it will pay federal income tax, $
After physically counting, the company decided that the ending inventories was $
Based on its historical data, the bad debts expense are about $
Unearned revenue was decreased by $
The company expenses all of the supplies purchased during the year.
No insurance policy was effective during the year will be effective from Jan
The company uses the gross method to record its purchases and sales on credit.
The company adopts the perpetual inventory system.
Rayms, Fischer, and Lachey had zero balance on account as of Jan
Gross profit margin is
TRIAL BALANCE SHEET
Debit Credit
Cash
Notes Receivable
Accounts Receivable
Allowance for Doubtful Accounts
Inventories
Prepaid Insurance
Prepaid Rent
Investments in heldformaturity securities
Land held for future development
Land
Buildings
Accumulated Depreciation
Capitalized Development Costs
Goodwill
Other Identifiable Intangible Assets
Salary and Wages Payable
Interest Payable
Accounts Payable
Utilities Payable
Income Tax Payable
Property Tax Payable
Notes Payable
Unearned Revenues
Provisions Related to Pensions
Bonds Payable
Common Stock
Preferred Stock
Paidincapital Common Stock
Paidincapital Preferred Stock
Retained Earnings
Accumulated Other Comprehensive Income
Treasury Stock
Sales Revenue
Cash Dividends
Utilities Expenses
Sales Return
Sales Discount
Interest Expenses
Salary and Wages Expenses
Supplies Expenses
Rent Expenses
Depreciation Expenses
Income Tax Expenses
Cost of Goods Sold
Bad Debt Expenses
Total
CAPTAIN JET INC.
INCOME STATEMENT
For the year ended Dec
Sales Revenue
Less: Sales Discount & Return
Net Sales
Cost of Goods Sold
Gross Profit
Utilities Expenses
Salary and Wages Expenses
Rent Expenses
Depreciation Expenses
Interest Expenses
Supplies Expenses
Bad Debt Expenses
Total Expenses
Earnings before Income Taxes
Income Tax Expenses
Earnings after Income Taxes
CAPTAIN JET INC.
RETAINED EARNINGS STATEMENT
For the year ended Dec
Retained Earnings, Beginning of the year
Net IncomeLoss
Dividends Payment
Retained Earnings, End of the year
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