please fill in the blanks Comprehensive Problem 9 Kenseth Corporation\'s unadjus

Question

please fill in the blanks

Comprehensive Problem 9 Kenseth Corporation's unadjusted trial balance at December 1, 2014, is presented below Debit Credit Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2015) Interest Payable Notes Payable (due in 2020) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets $25,070 36,350 8,200 36,320 3,840 20,000 141,000 60,500 10,530 $590 47,000 24,200 27,500 12,000 35,310 57,700 11,110 14,700 939,700

Explanation / Answer

Equipment 18000 Cash 18000 Accumulated Depreciation 2410 Depreciation 440 Cash 3530 Equipment 4900 Accumulated Depreciation 440 Gain on sale 1040 Accounts Receivables 5500 Sales 5500 COGS 3200 Inventory 3200 Salaries and Wages 6780 Cash 6780 Bad Debts 4140 Allowance for Uncollectible Accounts Receivables 4140 Interest receivable 656 Interest revenue 656 (8200*8%) Insurance Expense 1280 Prepaid Insurance 1280 Depreciation-Building 3650 Accumulated Depn. Building 3650 Depreciation-Equipment 10890 Accumulated Depn. Equipment 10890 Depreciation-Equipment 264 Accumulated Depn. Equipment 264 (New Equipment-Dec.2 2014) (16800+1200-1920)/5/365*30 Amortisation of Patents 1170 Accumulated Amortsn.-Patents 1170 (10530/9) Salaries& wages Payables 2080 Accounts Payables 2080 Interest Expense-STNotes 1200 Interest Expense-LTNotes 3531 Interest Payable 4731 Income-tax Expense 12810 Income-tax payable 12810 Trial Balance as on 31st Dec Cash 3820 Accounts Receivable 41850 Notes Receivable 8200 Interest receivable 656 Inventory 33120 Prepaid Insurance 2560 Land 20000 Buildings 141000 Equipment 73600 Patent 10530 Allowance for Uncollectible Accounts Receivables 4730 Accumulated Depn. Buildings 50650 Accumulated Depn. Equipment 33384 Accumulated Amortsn.-Patents 1170 Accounts Payable 27500 Salaries and Wages Payable 2080 Interest Payable 4731 Income-tax payable 12810 Notes Payable (due in 2020) 12000 Notes Payable (due in 2015) 35310 Common Stock 57700 Retained earnings 11110 Dividends 14700 0 Sales Revenue 945200 Interest Revenue 656 Gain on Disposal of Plant Assets Gain on sale of equipment 1040 Bad Debts Expense 4140 Cost of Goods sold 638200 Insurance expense 1280 Interest expense 4731 Other operating expense 61800 Amortisation of Patents 1170 Salaries and wages Expense 110660 Depreciation-Building 3650 Depreciation-Equipment 11594 Income-tax Expense 12810 TOTAL 1200071 1200071 Income Statement for the period ended 31 st Dec Sales Revenue 945200 Cost of Goods sold 638200 Gross Profit 307000 Less: Operating Expenses Insurance expense 1280 Other operating expense 61800 Salaries and wages Expense 110660 Depreciation-Building 3650 Depreciation-Equipment 11594 Amortisation of Patents 1170 Bad Debts Expense 4140 194294 Net Operating Income 112706 Interest expense 4731 Add:Gain on sale of equipment -1040 Add: Interest Revenue -656 3035 Net Income before taxes 109671 Income-tax Expense 12810 Net Income after taxes 96861 Less: Dividends 14700 Income Transferred to Retained Earnings 82161 Balance Sheet as on 31 st Dec. Current Assets Cash 3820 Interest receivable 656 Prepaid Insurance 2560 Accounts Receivable 41850 Allowance for Uncollectible Accounts Receivables -4730 37120 Notes Receivable 8200 Inventory 33120 Total Current Assets 85476 Fixed Assets Land 20000 Buildings 141000 Less:Accumulated Depn. Buildings -50650 90350 Equipment 73600 Accumulated Depn. Equipment -33384 40216 Patent 10530 Accumulated Amortsn.-Patents -1170 9360 Total Fixed Assets 159926 Total Assets 245402 Liabilities & Stock-holders'Equity Current Liabilities Accounts Payable 27500 Salaries and Wages Payable 2080 Interest Payable 4731 Income-tax payable 12810 Notes Payable (due in 2015) 12000 Total Current Liabilities 59121 Long-term Liabilities Notes Payable (due in 2020) 35310 Total Liablities 94431 Stock-holders'Equity Common Stock 57700 Retained earnings 93271 Total Equity 150971 Total Liabilities & Stock-holders'Equity 245402

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