Alabama State University Financial Statement Excel Task
Description
(1) Inventory on hand at December 31, 2021 (i.e., ending inventory) is $ 84,753(2) Bad Debt Expense, Insurance Expense, Repairs and Maintenance Expense, Depletion Expense, Amortization Expense,and Utilities Expense are 100% administrative.(3) Advertising Expense is 100% selling.(4) Depreciation Expense and Salaries Expense are 60% administrative and 40% selling.(5) Portion of Notes Payable payable in the next year: $ 40,000(6) Kim Kollins contributions to the business in 2021 were $ 5,400
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Due Tuesday, April 26, 12:30 p.m.
Kim Kollins, Inc.
Adjusted Trial Balance
December 31, 2021
Dr.
31,725
34,600
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory (beginning)
Prepaid Insurance
Land
Office Equipment
Accumulated Depreciation-Office Equipment
Buildings
Accumulated Depreciation-Buildings
Timber
Accumulated Depletion-Timber
Patent
Accounts Payable
Salaries Payable
Interest Payable
Customer Refunds Payable
Unearned Rent
Notes Payable
Capital, Kim Kollins
Kim Kollins, Drawings
Sales
Purchases
Purchases Returns and Allowances
Purchase Discounts
Freight-in
Bad Debt Expense
Insurance Expense
Interest Expense
Repairs and Maintenance Expense
Salaries Expense
Advertising Expense
Depreciation Expense
Depletion Expense
Amortization Expense
Utilities Expense
Rent Revenue
Cr.
3,000
59,640
13,600
150,000
46,000
16,865
325,000
48,125
15,000
2,700
12,500
27,654
6,000
1,550
5,750
1,800
330,000
140,506
4,000
514,750
308,600
2,750
5,500
4,450
2,720
1,600
21,400
7,750
37,250
5,700
11,815
1,200
3,000
12,750
1,110,300
3,350
1,110,300
–
Other data:
$ 84,753
(1) Inventory on hand at December 31, 2021 (i.e., ending inventory) is
(2) Bad Debt Expense, Insurance Expense, Repairs and Maintenance Expense, Depletion Expense, Amortization Expense,
and Utilities Expense are 100% administrative.
(3) Advertising Expense is 100% selling.
(4) Depreciation Expense and Salaries Expense are 60% administrative and 40% selling.
$ 40,000
(5) Portion of Notes Payable payable in the next year:
$
5,400
(6) Kim Kollins contributions to the business in 2021 were
Instructions: Prepare a(n)
Classified Balance Sheet
Multi-step Income Statement
Statement of Owner’s Equity
Closing entries
Total
Points
15
15
8
7
45
**You are required to turn in a neat, legible, HANDWRITTEN copy by the due date.
**This is not a group project!
Purchase answer to see full
attachment
Tags:
Depreciation Expense
Notes Payable
Advertising expense
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