Expert Answer :INTREMIDIATE ACCOUNTING

Solved by verified expert :INTREMIDIATE ACCOUNTINGQuestion Detail:Assignment 2Caleb Company’s fiscal year runs from January through December. Its January 1, 2013’s trial balances are below:Account TitleDebitsCreditsCash$30,000Accounts Receivable15,000Equipment20,000Accumulated Depreciation$ 6,000Salaries Payable9,000Common Stock40,500Retained Earnings9,500Total$ 65,000$ 65,000Summary of transactions that occurred during the year are below:a. Sales of services$100,000Out of the sales, credit sales was30,000b. Accounts Receivable collected27,300c. Shares issued for cash10,000d. Salaries paid50,000Out of the salaries paid, Salaries Payable amount was9,000e. Miscellaneous Expense paid24,000f. Equipment Purchased15,000g. Cash Dividends paid2,500Other pertinent information:Year-end accrued salaries$ 1,000Equipment Depreciation2,000Required:Using the template provided by the instructor,Set up the necessary T- accounts and enter the beginning balances from the trial balance provided.Prepare a journal entry for each of the summary of transactions listed above.Post the journal entries to the T-accounts.Prepare an unadjusted trial balance.Prepare and post adjusting journal entries. Enter the adjusting entries in the T-accounts as applicable. The two adjusting entries are the year-end accrued salaries and equipment depreciation provided in the question.Prepare an adjusted trial balance.Prepare an income statement for year ended 2013 and a balance sheet as of December 31, 2013.Prepare and post closing entries.Prepare a post- closing trial balance.Assignment 3The following are the common classifications used in a balance sheet:Current assets F. Current liabilitiesInvestments G. Long-term liabilitiesProperty, plant and equipment H. Paid-in-capitalIntangible assets I. Retained earningsOther assetsRequired:For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account or valuation account, place a minus sign before the chosen letter.­­­___ Note receivable (due in 2 years)___ Accounts receivable­­___­ Accumulated depreciation­­___Land, in use___Note payable (due in 10 months)___Interest payable­­­___ Note receivable (due in 6 months)___Cash equivalents­­­___ Investment in XYZ Corp ( long-term)___ Inventories___Goodwill­­­___Accrued salaries payable___Accrued interest payable___Prepaid insurance___Common stock___Equipment___Unearned revenue___Warranties payableThe following are common disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear.Use A if the item would appear in summary of significant accounting policies notesUse B if the item would appear in subsequent events notesUse C if the item would appear in noteworthy events and transactions1. Depreciation method _2. Information on related party transactions _____3. Method of accounting for acquisitions _____4. Composition and details of long-term debt _____5. Inventory method _____6. Basis of revenue recognition _____7. Major damage to a plant facility occurring after year-end _____8. Composition of accrued liabilities _____The December 31, 2013 post-closing trial balance for Tricam Engineering, an exploration company, is presented below.Account TitleDebitsCreditsCash ……………………………………………………52,000Accounts receivable ……………………………….223,000Allowance for uncollectible accounts ………….15,000Inventories ……………………………………………200,000Supplies ………………………………………………3,000Investments ………………………………………….140,000Land ……………………………………………………100,000Buildings ……………………………………………..500,000Accumulated depreciation – buildings …………150,000Machinery …………………………………………….250,000Accumulated depreciation – machinery ………..80,000Goodwill ………………………………………………36,000Accounts payable ………………………………….125,000Bonds payable ………………………………………500,000Interest payable ……………………………………..40,000Common stock ……………………………………..500,000Retained earnings …………………………………..______94,000Totals1,504,0001,504,000Additional information provided is below:Accounts receivable includes a $50,000 note receivable received from a customer that is due in 2015. Also included is interest on the note of $3,000 that is due in six months.The land account includes land that cost $20,000 that the company has not used and is currently listed for sale.3. The investment account includes a $10,000, 3-month certificate of deposit due in 40 days. The remaining investments will be sold within the next year.4. The bonds payable account consists of the following:a. a $200,000 issue due in six months.b. a $300,000 issue due in six years.5. The common stock account represents 500,000 shares of no par value common stock issued and outstanding. The corporation has 1,000,000 shares authorized.Required:Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.