1)Prepare an adjusted trial balance.2) Generate the statements required by MNB (multiple step income and statement of owners equity) for the year ended in June 30, 2020 The following additional information is available atJune 30, 2020:) Store Supplies on hand at June 30, 2020 amounted to $25,000.(i) Insurance of $72,000 was paid on May 1, 2020 for the 6-months to October 31, 2020(ii) Rent was paid on March 31, 2020 for the 4-months to July31, 2020.(iii) The furniture and fixtures have an estimated useful life of 10years and is beingdown to a residual value of $160,000.depreciated on the straight-line method» The computer equipment was acquired on March 31, 2020 andis being depreciatedover 5 years on the double-declining balance method ofdepreciation, down toa residue of $30,000(vi) Salaries earned by employees not yet paid amounted to$14,000 at June 30, 2020.(vii) Accrued interest expense as of June 30, 2020, $9,000.(vii) At June 30, 2020, $48,000 of the previously unearned salesrevenue had been earned(ix) The aging of the Accounts Receivable schedule at June 30,2020 indicated that theAllowance for Bad Debts should be $19,500(4) After making all other adjustments, a physical count ofinventory was done, whichreveals that there was $186,000 worth of inventory onhand at June 30,2020Other data:The business is expected to make principal payments(хі)totalling $90,000 towards theloan during the fiscal year to June 30 ,2021 Ready Hospital SuppliesTrial Balance as at June 30, 2020Cr $Dr $CashAccounts ReceivableAllowance for Bad-DebtsMerchandise InventoryStore SuppliesPrepaid InsurancePrepaid RentFurniture & FixturesAccumulated Depreciation: Furniture & FixturesComputer EquipmentAccumulated Depreciation: Computer EquipmentAccounts PayableSalaries PayableInterest PayableUnearned Sales RevenueLong-Term LoanEva Ready, CapitalEva Ready, WithdrawalsSales RevenueSales DiscountSales Returns & AllowancesCost of Goods SoldSalaries ExpenseInsurance ExpenseUtilities ExpenseRent ExpenseDepreciation Expense – Furniture & FixturesDepreciation Expense - Computer EquipmentStore Supplies ExpenseGain on Disposal of Old Computer EquipmentBad-Debt ExpenseInterest Expense127,000151,00012,500187,50058,00072,00056,000800,000256,000450,000133,50027,00082,000|360,000|898,500104,0001,043,0007,0005,500403,000165,00087,500126,00014,00027,000Total2,826,500 2,826,500

Name: 1)Prepare an adjusted trial balance.2) Generate the statements require
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Description: 1)Prepare an adjusted trial balance.2) Generate the statements required by MNB (multiple step income and statement of owners equity) for the year ended in June 30, 2020 The following additional information is available atJune 30, 2020:) Store Supplie

Required financial statements are given below:

Answered: 1)Prepare an adjusted trial balance. 2)…

Business

Accounting

1)Prepare an adjusted trial balance. 2) Generate the statements required by MNB (multiple step income and statement of owners equity) for the year ended in June 30, 2020

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 22E

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Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020     Dr $       Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense…
The following is the pre-closing trial balance for Christina Rehabilitation Hospital as of September 30, 2020. CHRISTINA REHABILITATION HOSPITAL Preclosing Trial Balance September 30, 2020 (000s omitted) Debits Credits Cash and Cash Equivalents $ 50,235 Accounts Receivable 61,880 Allowance for Uncollectible Receivables $ 16,580 Inventory 8,440 Prepaid Expenses 6,640 Assets Limited as to Use—Investments 49,470 Investments 201,000 Pledges Receivable 3,850 Discount on Pledges Receivable 940 Land 7,610 Buildings 325,940 Accumulated Depreciation—Buildings 145,960 Equipment 262,160 Accumulated Depreciation—Equipment 119,540 Accounts Payable 20,760 Accrued Payables 26,820 Interest Payable…
Matthias Medical manufactures hospital beds and other institutional furniture. The company’s comparative balance sheet and income statement for 2019 and 2020 follow. Matthias MedicalComparative Balance SheetAs of December 31 2020 2019 Assets Current assets Cash $397,220 $417,400 Accounts receivable, net 906,800 776,400 Inventory 743,000 681,000 Other current assets 381,300 247,000 Total current assets 2,428,320 2,121,800 Property, plant, & equipment, net 8,678,000 8,440,100 Total assets $11,106,320 $10,561,900 Liabilities and Stockholders’ Equity Current liabilities $2,934,700 $2,846,000 Long-term debt 3,700,600 3,892,600 Total liabilities 6,635,300 6,738,600 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,600 103,800 Retained earnings 4,307,520 3,660,600 Total…