Answer 23062017(3) Mile High Ski and Snowboard Shop.xlsx

Answer 23062017(3) Mile High Ski and Snowboard Shop.xlsx -...

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1 of 21 Adjusted TB (PS# Part 1) Mile High Ski and Snowboard Shop Pennsylvania Entity Adjusted Trial Balance For the Eight Month Period Ending 6/30/XX Final Project (Part 1) EXCEL Current Assets 010 Cash $ 134,195 020 Accounts receivable 12,500 030 Bad debt reserve (600) (25) 6 040 Marketable Securities 25,000 050 Inventory 34,600 6,998 4 060 Prepaid Assets 600 4,000 1 100 Computer Equipment 27,500 110 Computer Software 5,000 120 Furniture and Fixtures 10,000 130 Machinery 12,500 150 Accumulated Depreciation - Computer Equipment (3,667) 2 160 Accumulated Depreciation - Computer Software (667) 2 170 Accumulated Depreciation - Furniture and Fixtures (1,333) 2 180 Accumulated Depreciation - Machinery (1,190) 2 210 Customer List 100,000 255 Customer List Amortization (6,667) 3-A 300 Accounts payable (12,500) (6,998) 4 310 Accrued Payroll & Payroll Tax Liability (3,942) (4,533) 7 315 Income Tax Payable (45,433) (6,490) 10 320 Other accrued liabilities (17,157) (8,004) 3-C & 3-D 330 Other short term liabilities - (275) 9 335 Short-tem Portion of Note Payable (12,019) 3-B 340 Unremitted sales tax - 400 Note Payable (120 payments) (100,000) 17,584 3-B & 3-D Account Number Unadjusted Trail Balance Adjusting Entries Entry #
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2 of 21 Adjusted TB (PS# Part 1) Mile High Ski and Snowboard Shop Pennsylvania Entity Adjusted Trial Balance For the Eight Month Period Ending 6/30/XX Final Project (Part 1) EXCEL Current Assets Account Number Unadjusted Trail Balance Adjusting Entries Entry # 500 Capital 510 Retained earnings 600 Clothing and accessory sales (176,800) 610 Rentals (128,500) 620 Services (76,300) 630 Ski equipment sales (225,320) 640 Snow board equipment sales (193,400) 650 Other revenues (32,500) 700 Clothing and Accessory - Cost of Sales 70,720 710 Rentals - Cost of Sales 32,125 720 Services - Cost of Sales 34,335 730 Ski Equipment - Cost of Sales 90,128 740 Snow Board Equipment - Cost of Sales 87,030 800 Advertising 5,230 805 Bank fees 3,500 810 Depreciation Expense 6,857 2 812 Amortization Expense 6,667 3-A 814 Bad Debt Expense 25 6 815 Dues and Subscriptions 500 820 Employee benefits - 822 Income Tax Expenses 45,433 6,490 10 825 Insurance Expense 12,000 (4,000) 1 830 Interest Expense - 2,439 3-C 835 Legal and accounting fees 3,000
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3 of 21 Adjusted TB (PS# Part 1) Mile High Ski and Snowboard Shop Pennsylvania Entity Adjusted Trial Balance For the Eight Month Period Ending 6/30/XX Final Project (Part 1) EXCEL Current Assets Account Number Unadjusted Trail Balance Adjusting Entries Entry # 840 Payroll Tax Expense 29,446 591 7 845 Postage 1,200 850 Rent 24,000 855 Salaries and Wages 196,306 3,942 7 860 Telephone 3,200 865 Travel and Entertainment 4,200 870 Utilities 4,525 275 9 875 Vehicle Expense 3,679 - $ 0
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4 of 21 Adjusted TB (PS# Part 1) $ 134,195 $ 134,195 12,500 $ 12,500 (625) $ (625) 25,000 $ 25,000 41,598 $ 41,598 4,600 $ 4,600 27,500 $ 27,500 5,000 $ 5,000 10,000 $ 10,000 12,500 $ 12,500 (3,667) $ (3,667) (667) $ (667)
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