Question

Based on the Trial Balance below and the Statement of Retained Earnings create a Balance Sheet Statement:

ACCT #	Account Name		Debit		Credit
1000	Cash		$402,575
1030	Treasury Bills		$100,000
1031	Municiple Bonds		$104,425
1032	Investments		$770,500
1210	Accounts Receivable		$30,000
1400	Inventory		$20,000
1500	Furniture and Fixtures		$0
1599	Accumulated Depreciation				$30,000
2000	Accounts Payable		$40,000
3000	Common Stock				$0
3500	Retained Earnings		$65,000
4000	Gross Sales				$3,900,000
4100	Sales Returns		$20,000
5000	Cost of Goods Sold		$1,080,000
6000	Legal and Professional Fees		$20,000
6020	Advertising Expense		$50,000
6080	Charitable Contributions		$79,000
6150	Premiums on Key Person Life Insurance Policy		$45,500
6500	Rent Expense		$120,000
6600	Employee Wages		$150,000
6601	Officer Salaries		$400,000
7010	Interest Income: Taxable				$10,000
7011	Interest Income: Non‐Taxable				$7,000
7020	Dividend Income				$30,000
8100	Depreciation		$30,000
8200	Interest Expense		$50,000
9000	Federal Income Tax Expense		$360,000
9010	State Income and Payroll Taxes Paid		$40,000
			$3,977,000		$3,977,000
Statement of Retained Earnings
For the Year Ending December 31, 2019
Retained Earnings, Jan. 1		$                           650,000
Add: Net Income		$                       1,627,000
		$                       2,277,000
Less: Dividends		$                     (1,692,000)
Retained Earnings, Dec. 31		$                           585,000

Answer 1

BALANCE SHEET
PARTICULARS	AMOUNT
Cash	$4,02,575.00
Treasury Bills	$1,00,000.00
Municiple Bonds	$1,04,425.00
Investments	$7,70,500.00
Accounts Receivable	$30,000.00
Inventory	$20,000.00
Furniture and Fixtures	$0.00
Accounts Payable	$40,000.00
TOTAL ASSETS	$14,67,500.00
Accumulated Depreciation	$30,000.00
Retained Earnings	$14,37,500.00
TOTAL LIABITIES	$14,67,500.00

PROFIT AND LOSS
PARTICULARS	AMOUNT
Gross Sales	$39,00,000.00
Interest Income: Taxable	$10,000.00
nterest Income: Non‐Taxable	$7,000.00
Dividend Income	$30,000.00
	$39,47,000.00
Sales Returns	$20,000.00
Cost of Goods Sold	$10,80,000.00
Legal and Professional Fees	$20,000.00
Advertising Expense	$50,000.00
Charitable Contributions	$79,000.00
Premiums on Key Person Life Insurance Policy	$45,500.00
Rent Expense	$1,20,000.00
Employee Wages	$1,50,000.00
Officer Salaries	$4,00,000.00
Depreciation	$30,000.00
Interest Expense	$50,000.00
Federal Income Tax Expense	$3,60,000.00
State Income and Payroll Taxes Paid	$40,000.00
	$24,44,500.00
Net Profit	$15,02,500.00
Statement of Retained Earnings
Bal	($65,000.00)
Net profit during the year	$15,02,500.00
	$14,37,500.00

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