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Mattison
Brothers is a small closely held corporation operating a portable kitchen.
The
office is located on Hwy 77 S. just out of Fremont NE.
In the
winter, Mattison rents out their generator trailer to a company that tours
Florida.
The
rental is $3,000 per week.
On Dec
31, they closed for the year owing employee pay of $1,800.
All LP
gas, diesel, vehicle parts, and mechanic work is billed to Fleet Expense.
Mattison
pays Earnest Collier, Collier`s Office Services, to handle his income and
payroll
taxes. In December, Mattison issues a
check to put in the attorney
holding
account to handle the tax filings.
Collier`s
Office Services
Hwy
77 South
Freemont,
Nebraska
After
the physical inventory completed on December 20, 2014, a supplies
account
needs to be adjusted.
Remaining
inventory of Supplies -- Dry Goods is $13,900.
After an
audit of your capital assets, on December 20, 2014, there is an accumulated
depreciation
adjustment needed. Adjust accumulated
depreciation by $22,000.
After an
audit of your payroll accounts, on December 20, 2014, an adjustment will
be
necessary on December 31, in the amount of $1,800 for wages payable.
After an
audit of your receivables, on December 20, 2014, an adjustment will
be
necessary on December 31, in the amount of $42,000 on account 20
for
rental earnings.
