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Use the following Adjusted Trial Balance, make a classified balance sheet. Carters Used Cars ADJUSTED TRIAL...

Use the following Adjusted Trial Balance, make a classified balance sheet.

Carters Used Cars

ADJUSTED TRIAL BALANCE

April 31, 2016

Account                                                                                                   Debit                    Credit

Cash                                                                                                      $ 20,000                               $

Accounts Receivables                                                                        50,000

Allowance for Bad Debts                                                                                                                    2,000

Inventory                                                                                               30,000

Supplies                                                                                                    1,000

Building                                                                                                250,000

Accumulated Depr.-Building                                                                                                           80,000

Equipment                                                                                             70,000

Accumulated Depr.- Equipment                                                                                                  60,000

Patents                                                                                                   70,000

Accounts Payable                                                                                                                                30,000

Notes Payable (due in 6 months)                                                                                                    5,000

Mortgage Payable (10 years, next yr due = 20,000)                                                            200,000

Common Stock ($1 par)                                                                                                                    25,000

Paid in Capital in Excess of Par                                                                                                       15,000

Retained Earnings                                                                                                                               49,000

Sales                                                                                                                                                      107,000

Cost of Goods Sold                                                                             40,000

Rent Expense                                                                                       10,000

Wages Expense                                                                                   20,000

Other Expense                                                                                      12,000

Totals                                                                                                    $573,000                              $573,000

                                                                                                                ========                           ========

Common Stock: Authorized: 100,000 shares, Issued and Outstanding: 25,000 shares

Solutions

Expert Solution

Sales $ 107,000
Less: Expenses
Cost of goods sold $ 40,000
Rent expense $ 10,000
Wage expense $ 20,000
Other expense $ 12,000
Total expense $    82,000
Net income $    25,000
CARTER USED CARS
Classified balance sheet
As of April 31, 2016
Assets
Current assets
Cash $    20,000
Accounts Receivable   $    50,000
Less: Allowance for doubtful accounts $    (2,000)
Accounts Receivable (net) $    48,000
Inventories $    30,000
Supplies $      1,000
Total Current assets $    99,000
Property, Plant and Equipment
Building $ 250,000
Less: Accumulated depreciation - Building $ (80,000) $ 170,000
Equipment $    70,000
Less: Accumulated depreciation - Equipment $ (60,000) $    10,000
Net Property, Plant and equipment $ 180,000
Intangible assets
Patents (net) $    70,000
Total Assets $ 349,000
Liabilities
Current Liabilities
Accounts Payable $    30,000
Note payable $      5,000
Total Current Liabilities $    35,000
Long term liabilities
Mortgage payable $ 200,000
Stockholders' equity
Common stock ($1 par, 100,000 shares authorized and 25,000 shares issued and outstanding) $    25,000
Paid in capital in excess of par $    15,000
Retained earnings ($25,000+$49,000) $    74,000
Total Stockholders' equity $ 114,000
Total Liabilities and stockholders' equity $ 349,000

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