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Follow instructions for A through C . Done in Excel Mulder Corporation's balance sheet at December 31, 2006 is presented below.
Follow instructions for A through C ... Done in ExcelMulder Corporation's balance sheet at December 31, 2006 is presented below.Mulder Corporation Balance sheetDecemeber 31, 2006Cash$13,100Accounts payable $8,750Accounts receivable 19,780Common Stock 20,000Allowance for doubtful accounts (1000)Retained earnings 12,530Merchandise inventory 9,400 $41,280 $41,280During January 2007, the following transactions occurred. Mulder uses the perpetual inventory method. Jan. 1Mulder accepted a 4-month, 12% note from Alien Company in payment of Alien's $1000 account. 3Mulder wrote off as uncollectible the accounts of Ex Corporation ($450) and Files Company ($230).8Mulder purchased $17,200 of inventory on account.11Mulder sold for $25,000 on account inventory that cost $15,00015Mulder sold inventory that cost $600 to Ben Borke for $1000. Borke charged this amount on his Visa First Bank card. The service fee charged Mulder by First Bank is 3%.17Mulder collected $21,900 from customers on account.21Mulder paid $16,300 on accounts payable.24Mulder received payment in full ($230) from Files Company on the account written off on January 3.27Mulder Purchased advertising supplies for $1,400 cash.31Mulder paid other operating expenses, $4218.Adjustment data:1.Interest is recorded for the month on the note from January 1.2.Bad debts are expected to be 6% of the January 31,2007, accounts receivable.3.Account of advertising supplies on January 31, 2007, reveals that $560 remains unused.4.The income tax rate is 30% (Hint: Prepare the income statement up to "Income before taxes" and multiply by 30% to compute the amount.)Instructions(You may want to set up T accounts to determine ending balancing.)a)Prepare journal entries for the transactions listed above and adjusting entries.b)Prepare an adjusted trial balance at January 31, 2007.c)Prepare an income statement and a retained earnings statement for the month ending January 31,2007, and a classified balance sheet as of January 31,2007.Mulder Corporationâs balance sheet at Decemeber 31, 2006 is presentedbelow.Mulder CorporationBalance sheetDecemeber 31, 2006$8,75020,00012,530$41,280$41,280During January 2007, the following transactions occurred. Mulder usesthe perpetual inventory method.Jan. 1Mulder accepted a 4-month, 12% note from Alien Company in paymentof Alienâs $1000 account.Mulder wrote off as uncollectible the accounts of Ex Corporation ($450)and Files Company ($230).Mulder purchased $17,200 of inventory on account.Mulder sold for $25,000 on account inventory that cost $15,000Mulder sold inventory that cost $600 to Ben Borke for $1000. Borkecharged this amount on his Visa First Bank card. The service feecharged Mulder by First Bank is 3%.17Mulder collected $21,900 from customers on account.21Mulder paid $16,300 on accounts payable.24Mulder received payment in full ($230) from Files Company on theaccount written off on January 3.27Mulder Purchased advertising supplies for $1,400 cash.31Mulder paid other operating expenses, $4218.Adjustment data:Interest is recorded for the month on the note from January 1.Bad debts are expected to be 6% of the January 31,2007, accountsreceivable.Account of advertising supplies on January 31, 2007, reveals that $560remains unused.The income tax rate is 30% (Hint: Prepare the income statement up toâIncome before taxesâ and multiply by 30% to compute the amount.)Instructions(You may want to set up T accounts to determine ending balancing.)Prepare journal entries for the transactions listed above and adjustingentries.Prepare an adjusted trial balance at January 31, 2007.Prepare an income statement and a retained earnings statement for themonth ending January 31,2007, and a classified balance sheet as ofJanuary 31,2007.
