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In: Accounting

Steve’s Laundry Trial Balance December 31, 2016 Cash &nbs

Steve’s Laundry

Trial Balance

December 31, 2016

Cash 6,100

Laundry Supplies 9,560

Prepaid Insurance 8,490

Laundry Equipment 105,100

Accumulated Depreciation Laundry Equipment 40,200

Accounts Payable 6,100

Mortgage Payable (Due 2030) 10,000

Capital Stock 6,000

Retained Earnings 1-1-2016 31,800

Dividends 2,000

Laundry Revenue 170,900

Wages Expense 61,400

Rent Expense 36,000

Utilities Expense 10,000

Insurance Expense 13,650

Miscellaneous Expense 12,700

Prepare and income statement, retained earnings statement and balance statement for Steve’s Laundry for the year ending December 31, 2016. Please complete the problem using an excel worksheet provided. Please remember to use proper format including financial heading for the statements.

Expert Solution

Solution:

Income Statement - Steve Laundry
For the year ended December 31, 2016
Particulars	Amount
Lanudry revenue	$170,900.00
Operating Expenses:
Wage Expense	$61,400.00
Rent Expense	$36,000.00
Utilities Expense	$10,000.00
Insurance Expense	$13,650.00
Miscellenous Expense	$12,700.00

Net Income	$37,150.00

Statement of Retained Earnings - Steve Laundry
For the year ended December 31, 2016
Particulars	Amount
Retained earnings - Jan1, 2016	$31,800.00
Add: Net Income for 2016	$37,150.00
Less: Dividend paid	$2,000.00

Retained Earnings - Dec 31, 2016	$66,950.00

Balance Sheet - Steve Laundry
As on December 31, 2016
Liabilities	Amount	Assets		Amount
Stockholder's Equity:		Property, Plant & Equipment:
Capital stock	$6,000.00	Laundry Equipment	$105,100.00
Retained Earnings	$66,950.00	Accumulated depreciation	-$40,200.00	$64,900.00

Longterm liabilities:		Current Assets:
Mortgage Payable	$10,000.00	Cash		$6,100.00
Current Liabilities:		Laundry Supplies		$9,560.00
Accounts Payable	$6,100.00	Prepaid Insurance		$8,490.00

Total Liabilities and Equity	$89,050.00	Total Assets		$89,050.00

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