Signature Assignment: Phoenix Medical Assignment

User Generated

Pvaql25

Business Finance

Description

Include the following:

  • Complete the Book Adjustments (Adj1 Sale of fixed assets, Adj2 2015 Depreciation, and Reclass of accounts payable) using the included resources.
  • Adjust the Journal Entries using the included resources for 2015 depreciation.
  • Apply information from the included resources to complete the Tax Adjustments:
  1. Accrual to Cash Adjustment - Accounts Receivable;
  2. Charitable contributions carryover;
  3. 50% Meals and Entertainment;
  4. Non-deductible penalties;
  5. Tax Exempt interest;
  6. Accrual to Cash Adjustment - Accounts Payable.
  • Classify the Taxable Income entries on the Adjusted Trial Balance to complete using the included resources.
  • Apply Generally Accepted Accounting Principles. Your manager has also listed questions that require a response. Read the Phoenix Medical Worksheet Student Part 1 (Microsoft® Word) and answer the questions using short answers.
  • Complete the Microsoft® Excel® spreadsheet showing your adjustments and final tax trial balance. Answer all questions as short answers.

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Explanation & Answer

Attached.

12:41 PM
10/26/15
Accrual Basis

Phoenix Medical

Adjusted Trial Balance
January through December 2014
Unadjusted Balance
Debit

Credit

10001 · Checking

609,842.00

10010 · Savings

557,392.23

10020 · Cash Maximizer

558,380.05

11000 · Accounts Receivable

260,990.00

18100 · Loan to Shareholder
15000 · Furniture and Equipment
15500 · Leasehold Improvements
16100 · Medical Equipment

18050 · Investment in R&D Company

506,889.00
1,699,776.00

Adj 1
1,240,071.00

866,507.20
122,601.00

r
1,207,401.72
1,000.00

400,000.00

32000 · Retained Earnings

3,103,563.25

43700 · Fee for Service Income

5,050,583.00

60200 · Automobile Expense

17,633.00
1,252.00
11,961.00

60400 · Bank Service Charges

8,808.00

61000 · Business Licenses and Permits

5,611.00

61100 · Charitable Contributions (Cash)

60,000.00

61700 · Computer and Internet Expenses

13,575.00

62400 · Depreciation Expense
62500 · Dues and Subscriptions
62600 · Equipment Rental

Adj 2
8,327.00

14,979.00

63300 · Insurance Expense

55,356.00

63400 · Interest Expense

63,678.00

64300 · Meals and Entertainment

121,653.00
16,725.00

64400 · Medical Records and Supplies

103,456.00

66700 · Professional Fees

123,945.00

67200 · Repairs and Maintenance

18,855.00

67800 · Salaries and Wages

321,580.00

67800 · Salaries and Wages:67810 · Officer Compensation

940,000.00

68000 · Taxes:68010 · Payroll Taxes

206,103.00

68000 · Taxes:68020 · State Tax

35,041.00

68500 · Uniforms

16,121.00

68600 · Utilities

30,364.00

70200 · Interest Income

628,702.00

201,106.00

62600 · Equipment Rental:62610 · Laser Facility Rent

63600 · Laboratory Testing Fees

28,953.00

0.00

30100 · Capital Stock

60000 · Advertising and Promotion

r

39,065.51

28001 · Business Loan

47300 · Refunds

Adj 1 & 2

3,206,518.00

20100 · Credit Cards

31400 · Shareholder Distributions

75,000.00

40,316.00

20001 · Accounts Payable

20200 · Accrued Salaries

Debit

Adj 1

17000 · Accumulated Depreciation
18001 · Investment in Big Labs

Book Adjustments

833.00

Page 1 of 12

12:41 PM
10/26/15
Accrual Basis

Phoenix Medical

Adjusted Trial Balance
January through December 2014
Unadjusted Balance
Debit

70222 · Tax Exempt Interest

Credit

Book Adjustments
Debit

17,621.00

70300 · Sublease Rents

240,000.00

71000 · Dividends

80,000.00

75000 · Gain on Sale of Assets

Adj 1

M-1 Accrual to Cash - Accounts Payable
TOTAL

11,102,739.48

11,102,739.48

75,000
628,702
28953

300,000

732,655.00

Book Adjustments
Adj 1 Sale of fixed assets
Adj 2 2015 Depreciation
r

Reclass of accounts payable

Reclassfication has no af

Tax Adjustments
a

Accrual to Cash Adjustment - Accounts Receivable

b

Charitable contributions carryover

c

50% Meals and Entertainment

d

Non-deductible penalties

e

Tax Exempt interest

f

Accrual to Cash Adjustment - Accounts Payable

565123
40,000
8362.5
4389
17621
13597

Page 2 of 12

12:41 PM
10/26/15
Accrual Basis

Phoenix Medical

Adjusted Trial Balance
January through December 2014
Unadjusted Balance
Adjusted Book Balance
Credit

Debit

10001 · Checking

609,842.00

10010 · Savings

557,392.23

10020 · Cash Maximizer

558,380.05

11000 · Accounts Rec...


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