ACCT495 Capstone Project Fall 2019 Part 1 Adjusting entries & Statements 12/31/2019 Year-end Adjustment Data for Bruce and Emmett Corp is as follows:

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Home>Business & Finance homework help>Accounting homework help>ACCT495 Capstone Project Fall 2019 Part 1 Adjusting entries & Statements 12/31/2019 Year-end Adjustment Data for Bruce and Emmett Corp is as follows:

Sheet1

Bruce and Emmett Corporation
Unadjusted Balances
12/31/19
Debit Credit
101 Cash $ 425,000
102 Cash Equivalents $ 38,000
103 Accounts Receivable $ 825,000
104 Allowance for Doubtful Accounts $ 25,000
105 Inventory $ 1,375,000
106 Prepaid expenses $ 122,593
107 Other Current Assets $ 25,531
121 Equipment $ 487,000
122 Building $ 875,000
123 Land $ 310,000
124 Accumulated Depreciation $ 457,500
125 Investments $ 675,868
131 Goodwill $ 175,000
132 Other Intangible Assets $ 250,000
201 Accounts Payable $ 1,144,925
202 Wages Payable $ 80,000
204 Payroll taxes payable $ 18,000
205 Interest Payable $ 12,550
206 Dividends Payable $ 50,000
207 Unearned Revenue $ 187,500
210 Income Tax payable
212 Compensated Absence Payable
221 Long Term Liabilities $ 688,500
301 Common Stock ($10 par) $ 735,000
302 Paid-in Capital Common Stock $ 157,500
310 Dividends $ 50,000
315 Treasury Stock $ 250,000
320 Retained Earnings $ 369,700
401 Product Sales Revenue $ 9,280,673
402 Service Revenue $ 1,542,678
403 Sales Returns $ 162,500
404 Sales Discounts $ 269,500
420 Investment Income $ 28,290
421 Gain/Loss on Disposal
501 Cost of Goods Sold $ 5,100,000
601 Office Expenses $ 215,000
602 Bad debts expenses $ - 0
603 Equipment Repair Expense $ 150,000
604 Advertising Expense $ 168,500
605 Depreciation Expense
607 Legal Fees $ 205,000
608 Office Wages Expense $ 400,000
609 Accounting Consultants $ 100,000
610 Property Taxes $ 107,831
611 Maintenance Expense $ 42,500
612 Dues and subscriptions Expense $ 22,960
613 Telephone Expense $ 20,199
614 Utilities Expenses $ 78,000
615 Wages Expense $ 962,000
616 Travel & Entertainment Expense $ 220,000
617 Research & Development $ 290,000
618 Insurance Expense $ 85,000
619 Income Tax Expense
620 Payroll taxes Expense $ 168,488
625 Compensated Absence Expense
695 Interest Expense $ 47,500
699 Miscellaneous Expense $ 78,846
Totals $ 14,777,816 $ 14,777,816