Question

The SeaBurst Company, owned by Sharon Hernandez, reported the following account balances, after adjustments, for the year ended December 31, 2018. Assume all accounts had "normal" balances.
1. Prepare a trial balance in the columns shown below, including column totals. You may reorder the accounts if you prefer (i.e. list assets first, then liabilities, equity, revenue, & expenses.)
2. Prepare an Income Statement and Balance Sheet in proper form

Accounts Payable	960
Accounts Receivable	4,795
Advertising	3,150
Cash, checking	4,892
Insurance Expense	4,867
Insurance Payable	856
Notes Payable, Long-term	5,000
Notes Receivable, Long-term	6,500
Payroll Tax Expense	6,931
Petty Cash	200
Rent	18,000
Rent Payable	1,500
S. Hernandez, Capital	4,144
S. Hernandez, Withdrawals	52,000
Salaries & Wages	72,386
Salaries & Wages Payable	2,375
Sales Revenue	165,000
Supplies	490
Supplies Expense	2,475
Utilities	3,149

Answer 1

Answer 1):

SeaBurst Company
TRIAL BALANCE AS AT DECEMBER 31, 2018
		Amt.in Rs
Particulars	Debit	Credit
Accounts Receivable	4,795
Cash, Checking	4,892
Notes receivable - Long term	6,500
Petty cash	200
Utilities	3,149
Supplies	490
Total Assets	20,026
Accounts Payable		960
Insurance payable		856
Notes Payable - Long term		5,000
Rent payable		1,500
Salaries & Wages payable		2,375
Total Liabilities		10,691
S. Hernandez, capital		4,144
S. Hernandez, withdrawals	52,000
Total Equity	52,000	4,144
Sales revenue		1,65,000
Total Revenue		1,65,000
Advertising	3,150
Insurance expense	4,867
Payroll tax expense	6,931
Rent	18,000
Salaries & Wages	72,386
Supplies expense	2,475
Total expenses	1,07,809
	1,79,835	1,79,835

Answer 2):

SeaBurst Company
Income Statement for the year ended Dec.31, 2018
Head	Amounts
I. INCOME
Sales revenue	1,65,000
Total Income	1,65,000
II. EXPENDITURE
Advertising	3,150
Insurance expense	4,867
Payroll tax expense	6,931
Rent	18,000
Salaries & Wages	72,386
Supplies expense	2,475
Total Expenditure	1,07,809
Net Profit for the year, transferred to owner's capital a/c	57,191
Balance Sheet as at December 31, 2018
Particulars	Amount
Assets
a) Current assets:
(i) Accounts receivable	4,795
(ii) Supplies	490
(iii) Utilities	3,149
(iv) Petty cash	200
(v) Cash, Checking	4,892
Total current assets	13,526
b) Non -current assets:
Notes receivable - Long term	6,500
Total Assets	20,026
Liabilities
a) Current liabilities:
(i) Salaries & Wages payable	2,375
(ii) Accounts Payable	960
(iii) Insurance payable	856
(iv) Rent payable	1,500
Total current liabilities	5,691
b) Long-term Liabilities
Notes Payable - Long term	5,000
Total liabilities	10,691
Equity
a) TS. Hernandez, capital	4,144
b) Profit during the year	57,191
Less: S. Hernandez, withdrawals	(52,000)
Total equity	9,335
Total liabilities and equity	20,026