Posted: June 15th, 2022

Raymond Company’s trial balance at December 31, 2014

Raymond Company’s trial balance at December 31, 2014, is offered under. All 2014 transactions have been recorded apart from the objects described proven under.DebitCreditCash$28,000Accounts receivable36,000Notes receivable10,000Curiosity receivable0Inventory36,200Pay as you go insurance4,400Land20,000Buildings160,000Gear60,000Patents8,000Allowances for uncertain accounts300Amassed depreciation-Buildings49,000Amassed depreciation-Gear24,000Accounts payable28,300Revenue taxes payable0Salaries and wages payable0Unearned lease revenue6,000Notes payable(due in 2015)11,000Curiosity payable0Notes payable (due after 2015)35,000Widespread inventory50,000Retained earnings63,000Dividends12,000Gross sales income910,000Curiosity revenue0Rent revenue0Gain on disposal of plant assets0Bad debt expense0Cost of products offered630,000…….and so forth……..1. On Might 1, 2014, Raymond bought tools for $13,000 plus gross sales taxes of $780 (all paid in money).2. On July 1, 2014, Raymond offered for $three,500 tools which initially price $5,000.Amassed depreciation on this tools at January 1, 2014, was $1,800; 2014 depreciation previous to the sale of the tools was $450.three. On December 31, 2014, Raymond offered for $9,400 on account stock that price $6,600.four. Raymond estimates that uncollectible accounts receivable at year-end is $four,000.5. The be aware receivable is a one-year, eight% be aware dated April 1, 2014. No curiosity has been recorded.6. The balance in pay as you go insurance coverage represents cost of a $four,400 6-month premium on October 1, 2014.7. The constructing is being depreciated utilizing the straight-line methodology over 40 years. The salvage worth is $20,000.eight. The tools owned previous to this yr is being depreciated utilizing the straight-line methodology over 5 years. The salvage worth is 10% of price.9. The tools bought on Might 1, 2014, is being depreciated utilizing the straight-line methodology over 5 years, with a salvage worth of $1,000.10. The patent was acquired on January 1, 2014, and has a helpful lifetime of 10 years from that date.11. Unpaid salaries and wages at December 31, 2014, complete $2,200.12. The unearned lease income of $6,000 was acquired on December 1, 2014, for four months lease.13. Each the short-term and long-term notes payable are dated January 1, 2014, and carry a 9% rate of interest. All curiosity is payable within the subsequent 12 months.14. Revenue tax expense was $17,000. It was unpaid at December 31.Directions(a) Put together journal entries for the transactions listed above.(b) Put together an up to date December 31, 2014, trial balance.(c) Put together a 2014 revenue assertion and a 2014 retained earnings assertion.(d) Put together a December 31, 2014, labeled balance sheet.

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