# Comp problem | Business & Finance homework help

Instructions:

#### How many pages is this assigment?

I need part 1 , 4 and 5 completed

Part 1 – journal entries

Jan. 3, Feb. 26, May 17 – Chapter 8

April 14 – Chapter 6

May 13 – Chapter 2

June 2, Aug. 1, Aug. 24, Sept. 15 – Chapter 9

Sept. 15, Nov. 30, Dec. 14, Dec. 31 – Chapter 11

Oct. 17 – Chapter 10

Part 4 – adjusting journal entries

a – Chapter 9

b – Chapter 6 (pg. 274)

c – Chapter 4 (pg. 168)

d – Chapter 4 (pg. 168)

e – Chapter 10

f – Chapter 10

g – Chapter 10

h – Chapter 11

i – Chapter 11

j – Chapter 9 (pg. 417)

Part 5 -)

Note: you will need to add an extra subsection under Assets titled Intangible Assets. The Intangible Assets subsection will be reported under the Property, Plant, and Equipment subsection. You will have one intangible asset to report in the Intangible Assets subsection. The Total Assets on your balance sheet should equal \$3,569,300

Problem:

Selected transactions completed by Kornett company during its first fiscal year ended December 31, 2014 were as follows:
Jan. 3. Issued a check to establish a petty cash fund of \$4,500.
Feb 26. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, \$1,680; miscellaneous selling expense, \$570; miscellaneous administrative expense, \$880.
Apr. 14. Purchased \$31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory.
May 13. Paid the invoice of April 14 after the discount period had passed.
17. Received cash from daily cash sales for \$21,200. The amount indicated by the cash register was \$21,240.
June 2. Received a 60-day, 8% note for \$180,000 on the Ryanair account.
Aug. 1. Received amount owed on June 2 note, plus interest at the maturity date.
24. Received \$7,600 on the Finley account and wrote off the remainder owed on a \$9,000 accounts receivable balance. (The Allowance method is used)
Sept. 15. Reinstated the Finley account written off on August 24 and received \$1400 cash in full payment.
15. Purchased land by issuing a \$670,000, 90-day note to Zahorik Co., which discounted it at 9%.
Oct. 17. Sold office equipment in exchange for \$135,000 cash plus receipt of a \$1,00,000, 90-day, 9% note. The equipment had a cost of \$320,000 and accumulated depreciation of \$64,000 as of October 17.
Nov. 30. Journalized the monthly payroll for November, based on the following data:

Salaries Deductions

Salaries Deduction

Sales salaries \$135,000 Income tax withheld \$39,266

Office salaries \$77,250 Social security tax withheld \$12,735

Total \$212,250 Medicare tax withheld \$3,184

Unemployment tax rates

State unemployment 5.4%

Federal unemployment 0.8%

Amount subject to unemployment taxes:

State unemployment \$5,000

Federal unemployment 5,000

30. Journalized the employer’s payroll taxes on the payroll.
Dec. 14. Journalized the payment of the September 15 note at maturity.
31. The pension cost for the year was \$190,400, of which \$139,700 was paid to the pension plan trustee.

Instructions
1. Journalize the selected transactions.
2. Based on the following data, prepare a bank reconciliation for December of the current year:
a. Balance according to the bank statement at December 31, \$283,000.
b. Balance according to the ledger at December 31, \$245,410.
c. Checks outstanding at December 31, \$68,540.
d. Deposit in transit, not recorded by bank, \$29,500.
e. Bank debit memo for service charges, \$750.
f. A check for \$12,700 in payment of an invoice was incorrectly recorded in the accounts as \$12,000.
3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company.
4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year:
a. Estimated uncollectible accounts at December 31, \$16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was \$2,000 (debit).
b. The physical inventory on December 31 indicated an inventory shrinkage of \$3,300.
c. Prepaid insurance expired during the year, \$22,820.
d. Office supplies used during the year, \$3,920.
e. Depreciation is computed as follows:

Asset Cost Residual Value Useful life Method

Building \$900,000 0 50 Double-declining

Office Equip. \$246,000 26,000 5 Straight

Store equip 112,000 12,000 10 Straight

f. A patent costing \$48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight years.
g. The cost of mineral rights was \$546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year.
h. Vacation pay expense for December, \$10,500.
i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled \$1,900,000 in December.
j. Interest was accrued on the note receivable received on October 17.
5. Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year.
The merchandise inventory is stated at cost by the LIFO method.
The product warranty payable is a current liability.
Vacation pay payable:
Current liability ………. \$7,140
Long-term liability …….. 3,360
The unfunded pension liability is a long-term liability.
Notes payable:
Current liability ……. \$ 70,000
Long-term liability …. 630,000

Kornett Company

Post-Closing Trial Balance

December 31, 2014

Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our Guarantees

At 111papers.com, we value all our customers, and for that, always strive to ensure that we deliver the best top-quality content that we can. All the processes, from writing, formatting, editing, and submission is 100% original and detail-oriented. With us, you are, therefore, always guaranteed quality work by certified and experienced writing professionals. We take pride in the university homework help services that we provide our customers.

### Money-Back Guarantee

As the best homework help service in the world, 111 Papers ensures that all customers are completely satisfied with the finished product before disbursing payment. You are not obligated to pay for the final product if you aren’t 100% satisfied with the paper. We also provide a money-back guarantee if you don’t feel that your paper was written to your satisfaction. This guarantee is totally transparent and follows all the terms and conditions set by the company.

### Zero-Plagiarism Guarantee

All products that we deliver are guaranteed to be 100% original. We check for unoriginality on all orders delivered by our writers using the most advanced anti-plagiarism programs in the market. We, therefore, guarantee that all products that we submit to you are 100% original. We have a zero-tolerance policy for copied content. Thanks to our strict no plagiarized work rule, you can submit your homework to your professor without worrying.

### Free-Revision Policy

TThis is one of the most cherished courtesy services that we provide to help ensure that our customers are completely satisfied with our finished products. Delivering the best final product to our customers takes multiple inputs. 111papers.com prides itself on delivering the best university homework help services in the writing industry. And, in part, our free revision policy is how we do it. What’s more, all our revisions are 100% free without any strings attached.

Client privacy is important to use. We know and understand just how important customers value their privacy and always want to safeguard their personal information. Thus, all the information that you share with us will always remain in safe custody. We will never disclose your personal information to any third party or sell your details to anyone. 111 Papers uses the most sophisticated, top-of-the-line security programs to ensure that our customers’ information is safe and secured.

### Fair-Cooperation Guarantee

Placing your order with us means that you agree with the homework help service we provide. We, in turn, will endear to ensure that we do everything we can to deliver the most comprehensive finished product as per your requirements. We will also count on your cooperation to help us deliver on this mandate. Yes, we also need you to ensure that you have the highest-quality paper.

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors: