Accounting Chapter 14.2 Work Together

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Work Together Problem 14.1-14.6

Problem Number: Work Together 14.2 - 14.6
Student's Name:
		Coastal Aquatics
		Work Sheet
		For Year Ended December 31, 2020
	Work Together 14-2			Work Together 14-3 to 14-6
	Trial Balance		Adjustments				Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit		Credit		Debit	Credit	Debit	Credit
Cash	18,485.00	0.00							[F]
Petty Cash	300.00	0.00							[F]
Accounts Receivable									[F]
Allow. for Uncoll. Accounts	0.00	524.84								[F]
Merchandise Inventory	248,752.25	0.00							[F]
Supplies--Office	5,485.25				(a)	0.00			[F]
Supplies--Store	4,578.36	0.00							[F]
Prepaid Insurance	6,200.00	0.00							[F]
Office Equipment	35,487.25	0.00							[F]
Acc. Depr.--Office Equipment	0.00	12,485.25								[F]
Store Equipment	40,849.50	0.00							[F]
Acc. Depr.--Store Equipment	0.00	15,483.25								[F]
Accounts Payable										[F]
Federal Income Tax Payable	0.00	0.00								[F]
Emp. Income Tax Pay.--Fed.	0.00	998.00								[F]
Social Security Tax Payable	0.00	774.07								[F]
Medicare Tax Payable	0.00	181.03								[F]
Sales Tax Payable	0.00	1,848.35								[F]
Unemp. Tax Pay.--Federal	0.00	24.00								[F]
Unemp. Tax Pay.--State	0.00	162.00								[F]
Health Ins. Premiums Pay.	0.00	950.00								[F]
U.S. Savings Bonds Payable	0.00	80.00								[F]
United Way Donations Pay.	0.00	75.00								[F]
Dividends Payable	0.00	10,000.00								[F]
Capital Stock	0.00	175,000.00								[F]
Retained Earnings	0.00	12,577.45								[F]
Dividends	21,000.00	0.00							[F]
Income Summary	0.00	0.00					[F]
Sales								[F]
Sales Discount	648.25	0.00					[F]
Sales Returns and Allow.	8,157.27	0.00					[F]
Purchases							[F]
Purchases Discount	0.00	4,615.25						[F]
Purch. Returns and Allow.	0.00	9,497.00						[F]
Advertising Expense	15,280.00	0.00					[F]
Cash Short and Over	12.85	0.00					[F]
Credit Card Fee Expense	6,482.27	0.00					[F]
Depr. Exp.--Office Equipment	0.00	0.00					[F]
Depr. Exp.--Store Equipment	0.00	0.00					[F]
Insurance Expense	0.00	0.00					[F]
Miscellaneous Expense	4,568.97	0.00					[F]
Payroll Taxes Expense	16,184.25	0.00					[F]
Rent Expense	24,000.00	0.00					[F]
Salary Expense	204,180.85						[F]
Supplies Expense--Office	0.00	0.00	(a)	0.00			[F]
Supplies Expense--Store	0.00	0.00					[F]
Uncollectible Accounts Exp.	0.00	0.00					[F]
Utilities Expense	4,264.28	0.00					[F]
Fed. Income Tax Expense	40,000.00	0.00					[F]
	[F]	[F]		[F]		[F]	[F]	[F]	[F]	[F]
Net Inc. after Fed. Income Tax							[F]			[F]
							[F]	[F]	[F]	[F]
Column Verification		[L]				[L]		[L]		[L]
Work Together 14-6
Before Federal Income Tax				Federal Income Tax				Rate
Total of Income Statement Credit		[F]		First $50,000				15%	[F]
Total of Income Statement Debit		[F]		Next $25,000				25%	[F]
Net Income Before Federal Taxes		[F]		Next $25,000				34%	[F]
				[F]	-	100,000.00 =	[F]	39%	[F]
				Total Federal Income Tax					[F]