Winterschid Companys trial balance at December 31, 2010, is presented below. All 2010 transactions have been recorded except for the items described below and on page 480.
1. On May 1, 2008, Winterschid purchased equipment for $13,200 plus sales taxes of $600 (all paid in cash).
2. On July 1, 2008, Winterschid sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2008, was $1,800; 2008 depreciation prior to the sale of equipment was $450.
3. On December 31, 2008, Winterschid old for $9,000 on account inventory that cost $6,300.
4. Winterschid estimates that uncollectible accounts receivable at year-end is $4,000.
5. The note receivable is a one-year, 8% note dated April 1, 2008. No interest has been recorded.
6. The balance in prepaid insurance represents payment of a $3,600 6-month premium on September 1,2008.
7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000.
8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost.
9. The equipment purchased on May 1, 2008, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,800.
10. The patent was acquired on January 1, 2008, and has useful life of 10 years from that date.
11. Unpaid salaries at December 31, 2008, total $2,200.
12. The unearned rent of $6,000 was received on December 1, 2008, for 3 months rent.
13. Both the short-term and long-term notes payable are dated January 1, 2008, and carry a 9% interest rate. All interest is payable in the next 12 months.
Requirements A to D.
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