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I NEED TO FIGURE OUT THIS QUESTION 3456On October 1, 2013,

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Microchip lent $97,000 to another...
I NEED TO FIGURE OUT THIS QUESTION 3456On October 1, 2013, Microchip lent $97,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2014.On November 1, 2013, the company paid its landlord $11,400 representing rent for the months of November through January. Prepaid rent was debited.On August 1, 2013, collected $17,400 in advance rent from another company that is renting a portion of Microchip’s factory. The $17,400 represents one year’s rent and the entire amount was credited to rent revenue.Depreciation on machinery is $6,300 for the year.Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,800.Microchip began the year with $3,800 in its asset account, supplies. During the year, $8,300 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,150 remain on hand.
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Submitted: 1 year ago.Category: Single Problem
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Business Tutor: ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS replied 1 year ago
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Customer reply replied 1 year ago
Excalibur Corporation manufactures and sells video games for personal computers. The unadjusted trial balance as of December 31, 2013, appears below. December 31 is the company’s fiscal year-end. The company uses the perpetual inventory system.
Account Title Debits Credits
Cash 23,300
Accounts receivable 32,500
Supplies 0
Prepaid rent 0
Inventory 65,000
Equipment 75,000
Accumulated depreciation—equipment 10,000
Accounts payable 26,100
Wages payable 3,000
Note payable 30,000
Common stock 80,000
Retained earnings 16,050
Sales revenue 180,000
Cost of goods sold 95,000
Interest expense 0
Wage expense 32,350
Rent expense 14,000
Supplies expense 2,000
Utility expense 6,000
Totals 345,150 345,150
Cash dividends paid to shareholders during the year amounted to $6,000.
Information necessary to prepare the year-end adjusting entries appears below.
1.
The equipment was purchased in 2011 and is being depreciated using the straight-line method over an eight-year useful life with no salvage value.
2. Accrued wages at year-end should be $4,500.
3.
The company borrowed $30,000 on September 1, 2013. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%.
4.
The company debits supplies expense when supplies are purchased. Supplies on hand at year-end cost $500.
5. Prepaid rent at year-end should be $1,000.
Complete the worksheet below.Use the information in the worksheet to prepare an income statement for 2013.
Use the information in the worksheet to prepare a statement of shareholders’ equity for 2013. (Negative amounts should be indicated by a minus sign.)Use the information in the worksheet to prepare a balance sheet as of December 31, 2013.Actually I need this answeredPrepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
Business Tutor: ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS replied 1 year ago
Sorry. The technology seems weird because I can't even opt out!
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Customer reply replied 1 year ago
you never received anything because i never got an answer
Business Tutor: ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS replied 1 year ago
correct. I tried to opt out as I will not be answering.
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