Reference no: EM13975964
Raymond Company's trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described shown below.
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Debit
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Credit
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Cash
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$28,000
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Accounts receivable
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36,000
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Notes receivable
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10,000
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Interest receivable
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0
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Inventory
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36,200
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Prepaid insurance
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4,400
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Land
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20,000
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Buildings
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160,000
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Equipment
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60,000
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Patents
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8,000
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Allowances for doubtful accounts
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300
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Accumulated depreciation-Buildings
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49,000
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Accumulated depreciation-Equipment
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24,000
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.......and so on........
1. On May 1, 2014, Raymond purchased equipment for $13,000 plus sales taxes of $780 (all paid in cash).
2. On July 1, 2014, Raymond sold for $3,500 equipment which originally cost $5,000.
Accumulated depreciation on this equipment at January 1, 2014, was $1,800; 2014 depreciation prior to the sale of the equipment was $450.
3. On December 31, 2014, Raymond sold for $9,400 on account inventory that cost $6,600.
4. Raymond estimates that uncollectible accounts receivable at year-end is $4,000.
5. The note receivable is a one-year, 8% note dated April 1, 2014. No interest has been recorded.
6. The balance in prepaid insurance represents payment of a $4,400 6-month premium on October 1, 2014.
7. The building is being depreciated using the straight-line method over 40 years. The salvage value is $20,000.
8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost.
9. The equipment purchased on May 1, 2014, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,000.
10. The patent was acquired on January 1, 2014, and has a useful life of 10 years from that date.
11. Unpaid salaries and wages at December 31, 2014, total $2,200.
12. The unearned rent revenue of $6,000 was received on December 1, 2014, for 4 months rent.
13. Both the short-term and long-term notes payable are dated January 1, 2014, and carry a 9% interest rate. All interest is payable in the next 12 months.
14. Income tax expense was $17,000. It was unpaid at December 31.
Instructions
(a) Prepare journal entries for the transactions listed above.
(b) Prepare an updated December 31, 2014, trial balance.
(c) Prepare a 2014 income statement and a 2014 retained earnings statement.
(d) Prepare a December 31, 2014, classified balancesheet.
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