Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Comprehensive problem 3 kornett company balance sheet

08/12/2021 Client: muhammad11 Deadline: 2 Day

Selected transactions completed by Kornett company during its first fiscal year ended December 31, 2014 were as follows:
Jan. 3. Issued a check to establish a petty cash fund of $4,500.
Feb 26. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880.
Apr. 14. Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory.
May 13. Paid the invoice of April 14 after the discount period had passed.
17. Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.
June 2. Received a 60-day, 8% note for $180,000 on the Ryanair account.
Aug. 1. Received amount owed on June 2 note, plus interest at the maturity date.
24. Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The Allowance method is used)
Sept. 15. Reinstated the Finley account written off on August 24 and received $1400 cash in full payment.
15. Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%.
Oct. 17. Sold office equipment in exchange for $135,000 cash plus receipt of a $1,00,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17.
Nov. 30. Journalized the monthly payroll for November, based on the following data:

Salaries Deductions

Salaries Deduction

Sales salaries $135,000 Income tax withheld $39,266

Office salaries $77,250 Social security tax withheld $12,735

Total $212,250 Medicare tax withheld $3,184

Unemployment tax rates

State unemployment 5.4%

Federal unemployment 0.8%

Amount subject to unemployment taxes:

State unemployment $5,000

Federal unemployment 5,000

30. Journalized the employer’s payroll taxes on the payroll.
Dec. 14. Journalized the payment of the September 15 note at maturity.
31. The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.

Instructions
1. Journalize the selected transactions.
2. Based on the following data, prepare a bank reconciliation for December of the current year:
a. Balance according to the bank statement at December 31, $283,000.
b. Balance according to the ledger at December 31, $245,410.
c. Checks outstanding at December 31, $68,540.
d. Deposit in transit, not recorded by bank, $29,500.
e. Bank debit memo for service charges, $750.
f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company.
4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year:
a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).
b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300.
c. Prepaid insurance expired during the year, $22,820.
d. Office supplies used during the year, $3,920.
e. Depreciation is computed as follows:

Asset Cost Residual Value Useful life Method

Building $900,000 0 50 Double-declining

Office Equip. $246,000 26,000 5 Straight

Store equip 112,000 12,000 10 Straight

f. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight years.
g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year.
h. Vacation pay expense for December, $10,500.
i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December.
j. Interest was accrued on the note receivable received on October 17.
5. Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year.
The merchandise inventory is stated at cost by the LIFO method.
The product warranty payable is a current liability.
Vacation pay payable:
Current liability ………. $7,140
Long-term liability …….. 3,360
The unfunded pension liability is a long-term liability.
Notes payable:
Current liability ……. $ 70,000
Long-term liability …. 630,000

Kornett Company

Post-Closing Trial Balance

December 31, 2014

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Buy Coursework Help
Top Quality Assignments
Smart Accountants
Top Rated Expert
University Coursework Help
Math Guru
Writer Writer Name Offer Chat
Buy Coursework Help

ONLINE

Buy Coursework Help

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$36 Chat With Writer
Top Quality Assignments

ONLINE

Top Quality Assignments

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$41 Chat With Writer
Smart Accountants

ONLINE

Smart Accountants

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$44 Chat With Writer
Top Rated Expert

ONLINE

Top Rated Expert

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$43 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Being a Ph.D. in the Business field, I have been doing academic writing for the past 7 years and have a good command over writing research papers, essay, dissertations and all kinds of academic writing and proofreading.

$28 Chat With Writer
Math Guru

ONLINE

Math Guru

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$45 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Socw 6443 Project: Final Paper proposal: Questions and Controversies in Clinical Psychopharmacology - End stopped line in poetry - The last dance encountering death and dying 9th edition pdf - Reflection paper-PHILOSOPHY - Human body - Jennifer hoffman asthma simulation - Nike supply chain case study - In 350 words, explain why ethical hacking is necessary in today's complex business environment. The assignment has to be done from the following articles i shared. - Www bbc co uk schools typing level 1 4 - Data flow diagram example - Critical thinking using Critical lenses essay Due Monday - What is the fifth principal energy level - Hdm 4 full form - 344 coatesville riverhead highway - Hilti cast in sockets - Tenet group iit madras - Chapter 9 the outsiders audio - Selection methods in hrm ppt - In 12 hours - How is the word myth used in academic context - Adding and subtracting polar form - Alert and oriented x4 questions - Earth's atmosphere pie chart - China open door policy - Shadow health digital clinical experience health assessment - Yania v bigan - Stick diagram of xor gate - 15 on 24 hour clock - Label each of the arrows in the following slide image - Cardiology city hospital birmingham - Wendy Lewis 1 - Blue sky fostering hampshire - The development of technology is determinative; its expansion occurs beyond the ability of human freedom to control it. - Power analysis independent samples t test - Why are Crafting and Executing Strategy Important? - Thoughts of the past - Stop the clocks poem - Propose a nursing informatics project for your organization - Roberto a help desk technician receives a call from sally - Photography merit badge answers - Smart notebook drivers windows 10 - Www autoenglish org writing htm - A prolonged period of budget deficits may lead to ___________________. - A theoretical orientation is best described as - James madison federalist 10 - Cargo imp message formats - Anderson stoker v machine - Pamela painter the new year - Young man's guide to the orchestra - Data mining application domains are mcq - Cushy armchair case analysis - Sece code of ethics - Find area between two z scores - Software project management 2 marks with answers pdf - Practical on lockdown browser - 990 in roman numerals - Trends in Informatics Case Study - Paged memory reference - At&t swot analysis 2015 - Why does cancerous tissue have a higher mitotic index - Security architecture 9 - 0.6 mm steel sheet - 37b malpas street rostrevor - Principles of Marketing (2 Modules completed) - How to cite sentinel city in apa format - Which describes juscelino kubitschek who began ruling brazil in 1955 - Cognitive behavioral therapy ppt - WRTG 394 Research-Based Report - Jb hi fi warranty period - Mixed Methodology - Quotes about not judging others in to kill a mockingbird - +971561686603 Abortion pills in Dubai/Abu Dhabi-mifepristone & misoprostol in DUBAI - Mornington peninsula national park walk - What version of ip is present in frame 546? what is the source ip address? - To a butterfly by william wordsworth questions and answers - Nether scroll of azumar - Business law chapter 2 - Texas government - The overhang beam is subjected to the uniform distributed load having an intensity of - Issue brief template word - What is the ultimate purpose of human life - 0737179697 MAMA SHANANI ABORTION CLINIC IN QWAQWA WELKOM HARRISMITH BETHLEHEM - DISCUSSION PRACTICUM:Population Cultural Considerations and Genetic Predispositions - Women's health clinic bathurst - Average price for beyonce tickets - And gimble in the wabe - Annotated Bibliography - Acute effects of exercise on inspiration - In praise of folly summary sparknotes - Moodle coleg y cymoedd - Quartus prime - Claudia price colonel sanders - Nur561reply2 - Sample nurses notes for cough - Where is jollibee in australia - Rms guide to traffic generating developments - Manufacturing and production operations create form utility. - Economics Assignment - Essay assignment - Getifydeals scam