2 at 123117 peyton has 200 worth of merchandise on

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2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno’s House of Bacon 5. Note about later borrowing financials will show loan from parents repaid and use of bank financ Preliminary Financial Statements have already been prepared (2017 statements in the Final Projec adjusting entries have not yet been made. See table for possible adjustments that indicate what w 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes fo inventory, and long-term debt. 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for the goods for $175, all dated 12/29/17. Goods were shipped FOB supplier’s warehouse. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Pe of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed b 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction.
odule 7) h event following statements: re the company’s financials They would like your nancial statements HOME
n. cing. ct Workbook). Final will be recorded at or managing depreciation, s, as well as a bill for freight eyton in the second week by a forklift. As of .
PEYTON APPROV TRIAL BALANC As of December 31, Unadjusted trial balance Dr Cr ref Cash 67,520.04 3 Accounts Receivable 68,519.91 Other Receivable - Insurance 4 Baking Supplies 15,506.70 1 Merchandise Inventory 1,238.07 Consignment Inventory 2 Prepaid Rent 2,114.55 Prepaid Insurance 2,114.55 Misc. Supplies 170.49 Baking Equipment 14,000.00 Accumulated Depreciation 1,606.44 4 Customer Deposit Accounts Payable 20,262.11 Wages Payable 3,383.28 Interest Payable 211.46 Notes Payable 5,000.00 Common Stock 20,000.00 Beginning Retained earnings 50,144.84 Dividends 105,000.00 Bakery Sales 327,322.55 Merchandise Sales 1,205.64 Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandise 859.77 Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091.08 Advertising Expense 1,549.74 Interest Expense 818.31 Telephone Expense 490.98 Gain/Loss on disposal of equipment 4 429,136.32 429,136.32
VED CE , 2017 Adjusting entries Adjusted trial balance Dr Cr ref Dr Cr 1,000.00 68,520.04 68,519.91 700.00 700.00 3,175.00 18,681.70 200.00 ### 1,038.07 200.00 200.00 2,114.55 2,114.55 170.49 2,000.00 ### 12,000.00 1,200.00 406.44 1,000.00 ### 1,000.00 3,175.00 ### 23,437.11 3,383.28 211.46 5,000.00 20,000.00 50,144.84 105,000.00 327,322.55 1,205.64 105,834.29 859.77 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 100.00 100.00 6,375.00 6,375.00 432,111.32 432,111.32 Instructions Milestone 1
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REVISED Peyton Approved Balance Sheet As of December 31, 2017 Assets Current Assets: Cash 68,520.04 Accounts Receivable 68,519.91 Other Receivables (Insurance) 700.00 Baking Supplies 18,681.70 Merchandise Inventory 1,038.07 Consignmet Inventory 200.00 Prepaid Rent 2,114.55 Prepaid Insurance 2,114.55 Misc. Supplies 170.49 Total Current Assets 162,059.31 Long Term/Fixed Assets: Baking Equipment 12,000.00 Accumulated Depreciation -406.44 Net Fixed assets 11,593.56 Total Assets: 173,652.87
7 Liabilities and Owners' Equity Current Liabilities: Accounts Payable 23,437.11 Wages Payable 3,383.28 Customer Deposit 1,000.00 Interest Payable 211.46 Total Current Liabilities 28,031.85 Long Term Liabilities: Notes Payable 5,000.00 Total Long Term Liabilities: 5,000.00 Total Liabilities: 33,031.85 Common Stock 20,000.00 Retained Earnings 120,621.02 Total Equity 140,621.02 Total Liabilities & Equity 173,652.87 Ins Mi
structions ilestone 1
Peyton Approved Income Statement For Year Ended 12/31/2017 Bakery Sales $ 327,322.55 Merchandise Sales 1,205.64

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