Comprehensive Problem Bug-Off Exterminators Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Comprehensive Problem Bug-Off Exterminators Assignment
Comprehensive Problem Bug-Off Exterminators December 31, 2019 Unadjusted
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company’s unadjusted trial balance as of December 31, 2019.
Trial Balance
Cash $17,200
Accounts receivable 4,100
Allowance for doubtful accounts $830
Merchandise inventory 11,500
Trucks 33,000
Accum. depreciation—Trucks 0
Equipment 46,000
Accum. depreciation—Equipment 13,000
Accounts payable 5,050
Estimated warranty liability 1,450
Unearned services revenue 0
Interest payable 0
Long-term notes payable 15,500
- Buggs, Capital 61,600
- Buggs, Withdrawals 11,000
Extermination services revenue 61,350
Interest revenue 874
Sales (of merchandise) 72,476
Cost of goods sold 46,600
Depreciation expense—Trucks 0
Depreciation expense—Equipment 0
Wages expense 36,000
Interest expense 0
Rent expense 10,000
Bad debts expense 0
Miscellaneous expense 1,230
Repairs expense 8,500
Utilities expense 7,000
Warranty expense 0
Totals $232,130 $232,130
The following information in a through h applies to the company at the end of the current year.
1). The bank reconciliation as of December 31, 2019, includes the following facts. Cash balance per bank$15,200Cash balance per books 17,200Outstanding checks 1,850Deposit in transit 2,500Interest earned (on bank account) 54Bank service charges (miscellaneous expense) 16
Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.)
a). An examination of customers’ accounts shows that accounts totaling $680 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $705.
b). A truck is purchased and placed in service on January 1, 2019. Its cost is being depreciated with the straight-line method using the following facts and estimates.
Original cost$32,500Expected salvage value$8,400Useful life (years) 4
Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2017. They are being depreciated with the straight-line method using these facts and estimates.
Sprayer Injector Original cost$27,800 $18,200 Expected salvage value$3,000 $2,600 Useful life (years) 8 5
a). On September 1, 2019, the company is paid $3,900 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in September. When the cash was received, the full amount was credited to the Extermination Services Revenue account.
b). The company offers a warranty for the services it sells. The expected cost of providing warranty service is 4% of the extermination services revenue of $58,750 for 2019. No warranty expense has been recorded for 2019. All costs of servicing warranties in 2019 were properly debited to the Estimated Warranty Liability account.
c). The $15,500 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2019.
d). The ending inventory of merchandise is counted and determined to have a cost of $11,500. Bug-Off uses a perpetual inventory system.
Required:
Determine amounts for the following items:
a). Correct (reconciled) ending balance of Cash; and the amount of the omitted check.
b). Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts.
c). Depreciation expense for the truck used during year 2019.
d). Depreciation expense for the two items of equipment used during year 2019.
e). The adjusted 2019 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts.
f). The adjusted 2019 ending balances of the accounts for Warranty Expense and Estimated Warranty Liability.
g). The adjusted 2019 ending balances of the accounts for Interest Expense and Interest Payable.
Use the results of part 1 to complete the six-column table by first entering the appropriate adjustments for items a through g and then completing the adjusted trial balance columns. Hint: Item b requires two adjustments.
Prepare journal entries to record the adjustments entered on the six-column table. Assume Bug-Off’s adjusted balance for Merchandise Inventory matches the year-end physical count.
4a. Prepare single-step income statement for year 2019.
4b. Prepare statement of owner’s equity (cash withdrawals during 2019 were $11,000) for year 2019 and there were no investments by the owner in the current year.
4c. Prepare classified balance sheet as at 2019
Comprehensive Problem Bug-Off Exterminators Assignment
RUBRIC
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Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). 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