ACME Inc. reported the following trial balance for the year ending ...

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QuestionQuestion

ACME Inc. reported the following trial balance for the year ending Dec. 31, 2017.

Cash                                  45,000
Accounts Receivable         15,000
Inventory                           20,000
Note Receivable                60,000
Interest Receivable
Plant, Porperty & Equip.    1,125,000
Accumulate Depreciation                      800,000
Land                                 700,000
Note Payable                                          180,000
Interest Payabe                                     15,000
Common Stock                                        2,000
Retained earnings                                 878,000
Sales Revenue                                     1,200,000
Cost of goods Sold            960,000
Salaries                            120,000
Insurance                           30,000

Notes indicate that:
Bookeeper was instructed to charge all checks written to the appropriate expense.
Accountant will do all adjusting, accruals and deferrals.
Of the notes receivable:
30,000 was a 10 year all interest payable at the end of ten years loan to the Vice President of the company.
Interest 2%.
Loan was made on January 2, 2017.
The balance of the notes receivable was to a customer to upgrade their facility so they could use more of what
ACME Inc. produced.
Loan was July 1, 2017, 6% with $10,000 and all accrued interest to be paid June 30, 2018, June 30, 2019 and
June 30, 2020.
Depreciation for 2017 was 25,000.
Insurance was for a 3 year policy beginning July 1, 2017.
Salaries included a 20,000 salary advance to an executive, to be repaid by withholding 500 from his weekly salary until repaid. No interest payable.
Prepare adjusting entries, balance sheet and income statement.

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