complete the following

complete the following in Excel, thanks!

Exam 2- Bonus – Complete in Excel with formulas Make it look nice!
1. An aging of Accounts Receivable shows a balance of $400,000. $50,000 is uncollectible at a rate of 5%.
$70,000 is estimated uncollectible at a rate of 10%. The last of the receivables are likely uncollectible
at a rate of 20%. The amount in allowance for doubtful accounts has a (credit) balance of $1,000.
What is the required Journal entry to update the allowance account?
2. Transactions for the month of June were:
Purchases
June 1
(balance) 2,200 @ $5.00
3
3,300 @ 4.10
7
1,800 @ 3.30
June 2
6
9
Sales
900 @ $8.50
1,500 @ 8.50
1,500 @ 8.50
a) Compute a) cost of ending inventory; b) cost of goods sold and c) gross profit Assuming FIFO
b) Compute a) b) and c) assuming LIFO
3. On July 1 – An investor purchased 100 shares of stock (100%) of ABC Co. for $4,500,000. ABC Company
purchased equipment for $360,000; paying $60,000 cash and financing (through a long-term note) the
remaining portion. The interest rate is 10%, payable on January 1st of each year. ABC Company prepaid a
year’s (12months) worth of insurance and rent. Insurance payment was $96,000 and the rent was $144,000.
ABC had the following transactions after 7/1:
ABC purchased the following inventory on credit: 10/1 20,000 units at $20/unit. 11/1 10,000 units at
$30/unit 12/1 10,000 units at $25/unit.
ABC sold 25,000 units on account for $50/unit. Terms are 3/10, N45. ABC uses FIFO. ABC received $800,000
in cash within 5 days of the sales; and received the remaining amounts after year-end.
ABC was given $30,000 in cash for inventory that will be delivered after year-end (delivered next year).
ABC paid $20,000 for miscellaneous supplies (asset).
Paid $180,000 in cash for salaries for the year. The end of the year was in the middle of the week and the
total unpaid salary expense for the year was $20,000. This will not be paid until first week of next year.
At year-end the amount of supplies on-hand was $3,000. The equipment was depreciated by $40,000 by
year-end. We paid $400,000 of our accounts payable balance by year-end. We estimate 1% of credit tradesales to be uncollectible. The tax rate is 20%. Round all numbers to the nearest dollar. ABC declared and paid
a dividend of $80,000.
Prepare JEs (including closing); Balance Sheet; and Income Statement in good form for the year-ended
12/31/2023.