Truly appreciate the things your company does. It truly helps people with certain deadlines and a hectic life they have.
It is the end of November, and Natalie has been in touch with her grandmother. NatalieÃ¢â‚¬â„¢s grandmother asked her how well things went in her first month of business. Natalie, too, would like to know if she has been profitable or not during November. Natalie realizes that in order to determine Cookie CreationsÃ¢â‚¬â„¢ income, she must first make adjustments.Natalie puts together the information shown below.
A count reveals that $35 of baking supplies were used during November.
Natalie estimates that all of her baking equipment will have a useful life of 5 years or 60 months. (Assume Natalie decides to record a full monthÃ¢â‚¬â„¢s worth of depreciation, regardless of when the equipment was obtained by the business.)
NatalieÃ¢â‚¬â„¢s grandmother has decided to charge an interest of 6% on the note payable extended on November 16. The loan plus interest is to be repaid in 24 months. (Assume that half a month of interest accrued during November.)
On November 30, a friend of NatalieÃ¢â‚¬â„¢s asks her to teach a class at the neighborhood school. Natalie agrees and teaches a group of 35 first-grade students how to make gingerbread cookies. The next day, Natalie prepares an invoice for $300 and leaves it with the school principal. The principal says that he will pass the invoice along to the head office, and it will be paid sometime in December.
Natalie receives a utility bill for $45. The bill is for utilities consumed by NatalieÃ¢â‚¬â„¢s business during November is due December 15.
The trial balance from Chapter 2 is presented below.Using the trial balance from Chapter 2 and based on the new information provided above, complete the tasks below.Note: Do not prepare an income statement.Make sure to complete item Ã¢â‚¬Å“aÃ¢â‚¬Â completely before moving to item Ã¢â‚¬Å“b,Ã¢â‚¬Â and then move to item Ã¢â‚¬Å“c.Ã¢â‚¬Â You cannot jump ahead unless you have completed each step sequentially in full.Submit the Excel document in Blackboard upon completion
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