Preliminary Trial Balance of Wilma Wildcats Company Assignment - 1

Preliminary Trial Balance of Wilma Wildcats federation - Assignment ExampleThe annual interest rate is 8%.2. The Equipment was purchased prior to 2010. The company uses the straight-line method, assumed a $2,000 salvage value and an estimated useful life of 15 years. Record depreciation expenditure for 2010.3. The company issued a $175,000 bond in a prior year at face value. The bond has a iron rate of 9% and pays interest annually on January 1st. Record the adjusting entry for the accrued interest expense on December 31st.4. The company uses the allowance method to estimate its uncollectible accounts. The new Chief pecuniary Officer (CFO) decided to use the percent of receivables method and estimated that 10% of Accounts Receivables at December 31, 2010, will be uncollectible. Record the adjusting entry for bad debt expense for 2010.6. Employees were last paid on December 24, 2010. Several employees worked by means of December 31st and wages due but not yet paid were $4,200. An adjusting entry necessitate to be recorded to reflect this liability.Use the space below for T-accounts (REQUIRED FOR GRADING). For each account in the journal entries, you will need to adjust the balance from the preliminary trial balance with the debit or recognize from the journal entry. (only need to do T-accounts for those that change)Part 2 Using the trial balance below, complete the income narration and prepare the Statement of Retained Earnings and Classified Balance Sheet on the pages which follow.