Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.]
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:
AccountsDebits Credits
Cash$3,950
Accounts Receivable 8,950
Supplies 2,950
Equipment 25,000
Accumulated Depreciation $5,800
Accounts Payable 3,800
Utilities Payable 4,800
Deferred Revenue 0
Common Stock 17,500
Retained Earnings 8,950
Totals $40,850 $40,850
The following is a summary of the transactions for the year:
1. January 24 Provide plumbing services for cash, $14,500, and on account, $59,500.
2. March 13 Collect on accounts receivable, $47,500.
3. May 6 Issue shares of common stock in exchange for $12,000 cash.
4. June 30 Pay salaries for the current year, $31,900.
5. September 15 Pay utilities of $4,800 from 2020 (prior year).
6. November 24 Receive cash in advance from customers, $7,800.
7. December 30 Pay $1,900 cash dividends to stockholders.
The following information is available for the adjusting entries.
Depreciation for the year on the machinery is $5,800. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $7,800 paid in advance by customers, $5,900 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,100
Problem 3-8B Part 9
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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Blue computers, a major pc manufacturer in the united states, currently has plants in kentucky and pennsylvania. the kentucky plant has a capacity of 1 million units a year and the pennsylvania plant has a capacity of 1.5 million units a year. the firm divides the united states into five markets: northeast, southeast, midwest, south, and west. each pc sells for $1,000. the firm anticipates a 50 perc~nt growth in demand (in each region) this year (after which demand will stabilize) and wants to build a plant with a capacity of 1.5 million units per year to accommodate the growth. potential sites being considered are in north carolina and california. currently the firm pays federal, state, and local taxes on the income from each plant. federal taxes are 20 percent of income, and all state and local taxes are 7 percent of income in each state. north carolina has offered to reduce taxes for the next 10 years from 7 percent to 2 percent. blue computers would like to take the tax break into consideration when planning its network. consider income over the next 10 years in your analysis. assume that all costs remain unchanged over the 10 years. use a discount factor of 0.1 for your analysis. annual fixed costs, production and shipping costs per unit, and current regional demand (before the 50 percent growth) are shown in table 5-13. (a) if blue computers sets an objective of minimizing total fixed and variable costs, where should they build the new plant? how should the network be structured? (b) if blue computers sets an objective of maximizing after-tax profits, where should they build the new plant? how should the network be structured? variable production and shipping cost ($/unit) annual fixed cost northeast southeast midwest south west (million$) kentucky 185 180 175 175 200 150 pennsylvania 170 190 180 200 220 200 n. carolina 180 180 185 185 215 150 california 220 220 195 195 175 150 demand ('000 units/month) 700 400 400 300 600