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question problem ii 30 points flint hills inc has prepared a ye balance do not refle 4277189

Question

Problem II (30 Points) Flint Hills, Inc. has prepared a ye balance do not reflect all activities that have occurred. Consider the following information: ar-end Dec. 31, 2017 trial balance. Certain accounts in the trial The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand at year end. I. 2. Flint Hills purchased a 36 month insuarance policy for $16,000 on May 1, 2017. The accounts remained unadjusted at year end. 3· Flint Hills' employees work Monday through Friday, and salaries of $2,400 per week are paid each Friday. Assume December 31 falls on Tuesday. The company borrowed $50,000, 10% 60 month loan dated September 1, 2017. 5. On January 1, 2017, Flint Hills purchased equipment for $48,000. The machine has has an estimated life of 6 years with a salvage value of $3,000. 6 On December 20, 2017, Flint made a sale to ABC company for $42,000. The invoice was prepared on December 31, 2017. The company has a 30% tax rate on its current income which is payable in the firs quarter of every year. The pretax income of the compay is $27,749. 8. On August 1, 2017, Flint received $36,000 for rent on a 3-year facility it owns. account was unadjusted at December 31. On May 1, 2017 Flint Hills lent Micro Company S90,000 at 8%. Principal and the loan is due on April 30, 2020. On October 31, 2017, Flint Hills received $100,000 from a customer for serv performed over the next 5 months. By December 31, the company has alread performing its service obligations. 10. Required: Prepare the required adjusting entries as of December 31, 2017 for each of the scena

 

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