Reference no: EM132673056
Question - During the year you are hired to write a set of journal entries and an income statements and update their balance sheet. Please make the appropriate journal entry below based on the explanation provided.
1. Acme sold $600,000 dollars of bricks for cash and $150,000 accounts receivable. Cost of goods sold was 60%.
2. They incurred administrative expenses of $80,000 paid for in cash. The also incurred selling expenses of $60,000 to which they paid $56,000 to employees in cash this year and will pay $4,000 in January of next year.
3. Acme took out a long term loan for a building for $75,000 and sold stock for an additional $20,000 to buy a $95,000 building.
4. Depreciation Expense for the year is $10,000.
5. Acme Collected $100,000 dollars of cash on accounts receivable.
6. Acme purchased $400,000 of inventory during the year, for Cash and increases Accounts Payable by $200,000.
7. Acme received $5,000 Cash for products to be delivered next year.
8. Recorded and paid taxes (calculate using your Income before Income taxes from below and a 28% tax rate, assume no DTAs or DTLs)
9. Acme declared and paid $10,000 in cash dividends for common stock holders.
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