Whatnots is a retail seller of cards novelty items and

Whatnots is a retail seller of cards, novelty items, and business products. On December 31,
2019, the firm's general ledger contained the following accounts and
balances.INSTRUCTIONS1. Prepare the Trial Balance section of a 10-column worksheet. The
worksheet covers the year ended December 31, 2019.2. Enter the adjustments in the
Adjustments section of the worksheet. Identify each adjustment with the appropriate letter.3.
Complete the worksheet.This problem will be required to complete Problem 13.4B in Chapter
13.ACCOUNTS AND BALANCESADJUSTMENTSa.-b. Merchandise inventory on hand on
December 31, 2019, is $15,840.c. During 2019, the firm had net credit sales of $160,000. Past
experience indicates that 0.8 percent of these sales should result in uncollectible accounts.d.
On December 31, 2019, an inventory of supplies showed that items costing $245 were on
hand.e. On July 1, 2019, the firm purchased a one-year insurance policy for $2,400.f. On
January 2, 2017, the firm purchased store equipment for $6,000. The equipment was estimated
to have a five-year useful life and a salvage value of $1,000.g. On January 4, 2017, the firm
purchased store fixtures for $15,760. At the time of the purchase, the fixtures were assumed to
have a useful life of seven years and a salvage value of $1,410.h. On October 1, 2019, the firm
issued a six-month, $4,000 note payable at 9 percent interest with a local bank.i. At year-end
(December 31, 2019), the firm owed salaries of $1,450 that will not be paid until January 2020.j.
On December 31, 2019, the firm owed the employer's social security tax (assume 6.2 percent)
and Medicare tax (assume 1.45 percent) on the entire $1,450 of accrued wages.k. On
December 31, 2019, the firm owed federal unemployment tax (assume 0.6 percent) and state
unemployment tax (assume 5.0 percent) on the entire $1,450 of accrued wages.Analyze:After
all adjustments have been recorded, what is the net book value of the company's assets?View
Solution: Whatnots is a retail seller of cards novelty items and
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