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Comprehensive-balance sheet LO1,2,3,4 FIGURES: ES: 2. Total current assets$219,386: Total assets $926.386 2. Total current assets - $219,386: Total assets $926.386 Total current liabilities $235,451 Golden Wedding Dress Compang designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to illness. You have been given the following unadjusted trial balance along with some additional information for the December 31, 2017, year-end Balance Account Accounts receivable Accum. deprec, building Accum. deprec..equipment Advance salesn Allowance for doubtful accounts s 71.400 Income tax expense 33.660 116,000 Land 332.000 Merchandise inventory 216.000 Mortgage payable 64.800 217.997 204.863 150,000 500 Sarah Golden, capital 15.000 Note payable. 87,100 Other operating expenses 619,000 Sales Cash. Equipment Estimated warranty liability 3.200 Sales returns and alowane 7,500 Other information: 1. Assume all accounts have a normal balance. 2, 75% of the balance in the Advance Sales account is for wedding dresses to be made and delivered 3. Golden warranties its wedding dresses against defects and estimates its warranty liability to be (4) The 3.5%, 5-year note payable was issued on October 1, 2017, interest is payable annually each 5. A partial amortization schedule for the mortgage follows: by Golden during 2018, the remaining 25% is from sales earned during 2017. 2.5% of adjusted net sales. September 30 Portion at Dec. 31 $32,37q 32,374 2015 2016 2017 2018 2019 511.346 10,505 4,630 8.720 7.774 21,874 22,749 23,659 24,605 $262.620 240,746 217.997 194 338 164.733 32.374 Payments are made annualy each January 2. 6. Uncollectible accounts are estimated to be 1% of outstanding receivables 7. A physical count of the inventory showed a balance actually on hand of $61,600 8 The balance in Income Tax Expense represents taxes accrued and paid for the 2017 year at the rate of $3.000 per month. Assume the income tax rate is 20%. Required 1. Based on the information provided, journalize the adjusting entries at December 31, 2017. 2. Prepare a classified balance sheet (round all values on the balance sheet to whole numbers). 715
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Golden Wedding Dress Compan Journal entries Date Debit Calculation Account 2 Advance Sales Credit 54,000.00 -216000*25% Sales 54,000.00 3 Warranty expense 34,785.00 -( 1345000+54000-7600) * 2.5% Estimated Warranty Liability 34,785.00 4 Interest expense 1,312.50 -150000* 3.5% *3/12 Interest Payable 1,312.50 5 Interest expense 8,720.00 Interest Payable Mortagage Payable Mortagage Payable - current portion 8,720.00 23,659.00 23,659.00 6 Bad debt expense 214.00 -(71400 * 1%)-500 Allowance for doubtful accounts 214.00 7 Other operating expense:s 8,200.00 -69800-61600 Merchandise Invento 8,200.00 -(177168.5*20%)-33660 8 Income tax expense Income tax Payable 1,773.70 1,773.70Golden Wedding Dress Compan Account Cash Accounts Receivable Allowance for doubtful accounts Merchandise Invento Land Building Equipment Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advance Sales Estimated Warranty Liability Interest Payable Income tax Payable Mortagage Payable - current portion Mortagage Payable Note Payable Sarah Golden, Capital Sales Sales Returns & Allowances Warranty expense Interest expense Bad debt expense Other operating expenses Income tax expense Totals Unadjusted TB Credit Adjustments Adjusted TB Debit Debit Credit Debit Credit 87,100.00 71,400.00 87,100.00 71,400.00 500.00 714.00 214.00 8,200.00 69,800.00 121,000.00 415,000.00 619,000.00 61,600.00 121,000.00 415,000.00 619,000.00 116,000.00 332,000.00 216,000.00 54,000.00 116,000.00 332,000.00 162,000.00 37,985.00 10,032.50 1,773.70 23,659.00 194,338.00 150,000.00 204,863.00 1,399,000.00 3,200.00 34,785.00 10,032.50 1,773.70 23,659.00 217,997.00 23,659.00 150,000.00 204,863.00 1,345,000.00 54,000.00 7,600.00 34,785.00 10,032.50 214.00 8,200.00 1,773.70 7,600.00 34,785.00 10,032.50 214.00 1,169,200.00 35,433.70 1,161,000.00 33,660.00 2,585,560.00 2,585,560.00 132,664.20 132,664.202,632,365.202,632,365.20Golden Wedding Dress Compan Income Statement Sales Less: Sales Returns & Allowances Net Sales Expenses Warranty expense Interest expense Other operating expenses Bad debt expense Total expenses Net profit before tax Income tax expense Net profit 1,399,000.00 7,600.00 1,391,400.00 34,785.00 10,032.50 1,169,200.00 214.00 1,214,231.50 177,168.50 35,433.70 141,734.80 177,168.50*20% Statement of changes in equity Beginning balance, C Net profit Ending Balance, Capital apital 204,863.00 141,734.80 346,597.80Golden Wedding Dress Compan Balance Sheet Assets Current Assets Cash Accounts Receivable Allowance for doubtful accounts Accounts Receivable, Net Merchandise Invento Total Current Assets 87,100 71,400 714 70,686 61,600 219,386 Fixed Assets Land Building Accumulated Depreciation-Building Building, Net Equipment Accumulated Depreciation-Equipment Equipment, Net Total Fixed Assets Total Assets 121,000 415,000 116,000 299,000 619,000 (332,000) 287,000 707,000 926,386 Liabilities Current Liabilities Advance Sales Estimated Warranty Liability Interest Payable Income tax Payable Mortagage Payable - current portion Total Current Liabilities 162,000 37,985 10,033 1,774 23,659 235,450 Non-Current Liabilities Mortagage Payable Note Payable Total Non-Current Liabilities Total Liabilities 194,338 150,000 344,338 579,788 Equity Capital Total Liabilities & Equity 346,598 926,386

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