13 Oct Hassellhouf Company’s trial balance at December 31, 2017, is presented. All 2017 transactions have been recorded exce
COMPREHENSIVE PROBLEM: CHAPTERS 39 TO
Hassellhouf Company's trial balance at December 31, 2017, is presented. All 2017 transactions have been recorded except for the items described.
- On May 1, 2017, Hassellhouf purchased equipment for $21,200 plus sales taxes of $1,600 (all paid in cash).
- On July 1, 2017, Hassellhouf sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2017, was $1,800; 2017 depreciation prior to the sale of the equipment was $450.
- On December 31, 2017, Hassellhouf sold on account $9,000 of inventory that cost $6,300.
- Hassellhouf estimates that uncollectible accounts receivable at year-end is $3,500.
- The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded.
- The balance in prepaid insurance represents payment of a $3,600 6-month premium on September 1, 2017.
- The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000.
- 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.
- The equipment purchased on May 1, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,800.
- The patent was acquired on January 1, 2017, and has a useful life of 10 years from that date.
- Unpaid salaries and wages at December 31, 2017, total $5,200.
- The unearned rent revenue of $6,000 was received on December 1, 2017, for 3 months' rent.
- Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 9% interest rate. All interest is payable in the next 12 months.Instructions(a) Prepare journal entries for the transactions listed above.(b) Prepare an updated December 31, 2017, trial balance.Totals $1,205,040(c) Prepare a 2017 income statement and a retained earnings statement.(d) Prepare a December 31, 2017, classified balance sheet.Total assets $259,200CONTINUING PROBLEM COOKIE CREATIONS(Note: This is a continuation of the Cookie Creations problem from Chapters 1 through 8.)CC9 Natalie is also thinking of buying a van that will be used only for business. Natalie is concerned about the impact of the van's cost on her income statement and balance sheet. She has come to you for advice on calculating the van's depreciation.Go to the book's companion website, www.wiley.com/college/weygandt, to see the completion of thi
HOW OUR WEBSITE WORKS
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of
HIGH QUALITY & PLAGIARISM FREE.
To make an Order you only need to click ORDER NOW and we will direct you to our Order Page at WriteDen. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Deadline range from 6 hours to 30 days.
Once done with writing your paper we will upload it to your account on our website and also forward a copy to your email.
Upon receiving your paper, review it and if any changes are needed contact us immediately. We offer unlimited revisions at no extra cost.
Is it Safe to use our services?
We never resell papers on this site. Meaning after your purchase you will get an original copy of your assignment and you have all the rights to use the paper.
Our price ranges from $8-$14 per page. If you are short of Budget, contact our Live Support for a Discount Code. All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.
Please note we do not have prewritten answers. We need some time to prepare a perfect essay for you.