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Need to Prepare Balance sheet and Income Statement 12-31-2017 12-31-2018 ACCT ACCOUNT POST CLOSING UNADJUSTED ADJUSTMENTS...
Need to Prepare Balance sheet and Income Statement
| 12-31-2017 | 12-31-2018 | ||||||||||||
| ACCT | ACCOUNT | POST CLOSING | UNADJUSTED | ADJUSTMENTS | ADJUSTED | INCOME | BALANCE | ||||||
| NO. | TITLE | TRIAL BALANCE | TRIAL BALANCE | TRIAL BALANCE | STATEMENT | SHEET | |||||||
| DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | ||
| ASSETS | |||||||||||||
| 111000 | General checking account | 21,38,784.99 | 21,50,317.00 | 21,50,317.00 | 21,50,317.00 | ||||||||
| 112000 | Payroll checking account | 28,726.39 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||
| 113000 | Money market account | 7,75,549.73 | 7,82,546.49 | 7,82,546.49 | 7,82,546.49 | ||||||||
| 114000 | Savings account | 48,876.82 | 51,745.56 | 51,745.56 | 51,745.56 | ||||||||
| 119000 | Petty cash | 500.00 | 500.00 | 500.00 | 500.00 | ||||||||
| 121000 | Accounts receivable | 49,13,697.13 | 53,66,569.32 | 53,66,569.32 | 53,66,569.32 | ||||||||
| 129000 | Allowance for bad debts | 97,459.89 | 95,401.58 | 10,973.45 | 1,06,375.03 | 1,06,375.03 | |||||||
| 141000 | Inventory - production | 104,07,164.74 | 115,78,434.36 | 115,78,434.36 | 115,78,434.36 | ||||||||
| 145000 | Inventory - finished goods | 39,02,457.04 | 40,12,626.83 | 40,12,626.83 | 40,12,626.83 | ||||||||
| 150000 | Prepaid expenses | 84,636.54 | 1,42,465.96 | 1,42,465.96 | 1,42,465.96 | ||||||||
| 160000 | Land and buildings | 153,50,295.73 | 163,58,487.34 | 163,58,487.34 | 163,58,487.34 | ||||||||
| 170000 | Equipment | 128,29,549.56 | 138,75,131.10 | 138,75,131.10 | 138,75,131.10 | ||||||||
| 180000 | Accumulated depreciation | 141,40,830.31 | 153,42,029.47 | 153,42,029.47 | 153,42,029.47 | ||||||||
| 191000 | Investments | 20,80,764.31 | 30,95,227.56 | 30,95,227.56 | 30,95,227.56 | ||||||||
| LIABILITIES | |||||||||||||
| 210000 | Accounts payable | 36,82,954.12 | 49,87,975.79 | 49,87,975.79 | 49,87,975.79 | ||||||||
| 222100 | Federal income tax withheld | 64,442.36 | 67,294.17 | 67,294.17 | 67,294.17 | ||||||||
| 222200 | FICA withheld | 12,407.35 | 12,681.48 | 12,681.48 | 12,681.48 | ||||||||
| 222300 | Medicare withheld | 2,831.56 | 2,965.82 | 2,965.82 | 2,965.82 | ||||||||
| 223100 | FICA payable - employer | 12,107.35 | 12,681.48 | 12,681.48 | 12,681.48 | ||||||||
| 223200 | Medicare payable - employer | 2,831.56 | 2,965.82 | 2,965.82 | 2,965.82 | ||||||||
| 223300 | Unemployment taxes payable | 846.39 | 943.57 | 943.57 | 943.57 | ||||||||
| 230000 | Other accrued expenses | 5,68,998.06 | 5,99,411.86 | 5,99,411.86 | 5,99,411.86 | ||||||||
| 235000 | Federal income taxes payable | 1,57,448.31 | 1,48,925.04 | 1,48,925.04 | 1,48,925.04 | ||||||||
| 236000 | Property taxes payable | 0.00 | 0.00 | 0.00 | |||||||||
| 240000 | Mortgages payable | 74,42,445.94 | 76,39,067.73 | 76,39,067.73 | 76,39,067.73 | ||||||||
| 261000 | Notes payable | 6,54,000.00 | 8,16,500.00 | 8,16,500.00 | 8,16,500.00 | ||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||
| 310000 | Common stock | 90,000.00 | 90,000.00 | 90,000.00 | 90,000.00 | ||||||||
| 311000 | Paid-in capital in excess of par - common | 35,67,265.00 | 35,67,265.00 | 35,67,265.00 | 35,67,265.00 | ||||||||
| 312000 | Dividends - common | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| 390000 | Retained earnings | 220,64,134.78 | 220,64,134.78 | 220,64,134.78 | 220,64,134.78 | ||||||||
| REVENUE | |||||||||||||
| 410000 | Sales | 223,10,170.95 | 223,10,170.95 | 223,10,170.95 | |||||||||
| 420000 | Sales discounts | 3,47,614.00 | 3,47,614.00 | 3,47,614.00 | |||||||||
| 430000 | Sales returns and allowances | 15,651.33 | 15,651.33 | 15,651.33 | |||||||||
| 491000 | Dividend income | 4,000.00 | 4,000.00 | 4,000.00 | |||||||||
| 492000 | Interest income | 24,332.56 | 24,332.56 | 24,332.56 | |||||||||
| COST OF GOODS SOLD | |||||||||||||
| 510000 | Cost of goods sold | 115,45,511.59 | 115,45,511.59 | 115,45,511.59 | |||||||||
| EXPENSES | |||||||||||||
| 601000 | Wages and salaries expense | 19,72,322.74 | 19,72,322.74 | 19,72,322.74 | |||||||||
| 601500 | Sales commissions expense | 7,71,665.60 | 7,71,665.60 | 7,71,665.60 | |||||||||
| 602100 | FICA tax expense | 2,44,568.36 | 2,44,568.36 | 2,44,568.36 | |||||||||
| 602200 | Medicare tax expense | 57,197.43 | 57,197.43 | 57,197.43 | |||||||||
| 602300 | FUTA expense | 7,392.00 | 7,392.00 | 7,392.00 | |||||||||
| 602400 | SUTA expense | 22,176.00 | 22,176.00 | 22,176.00 | |||||||||
| 611000 | Utilities expense | 3,25,954.67 | 3,25,954.67 | 3,25,954.67 | |||||||||
| 611300 | Irrigation & waste disposal expense | 2,30,910.91 | 2,30,910.91 | 2,30,910.91 | |||||||||
| 612000 | Landscaping expense | 1,42,475.69 | 1,42,475.69 | 1,42,475.69 | |||||||||
| 621000 | Advertising expense | 2,96,794.33 | 2,96,794.33 | 2,96,794.33 | |||||||||
| 623000 | Marketing expense | 1,92,865.67 | 1,92,865.67 | 1,92,865.67 | |||||||||
| 624000 | Festivals & competitions expense | 2,38,654.75 | 2,38,654.75 | 2,38,654.75 | |||||||||
| 631000 | Telephone expense | 37,584.73 | 37,584.73 | 37,584.73 | |||||||||
| 632000 | Internet & computer expense | 14,475.00 | 14,475.00 | 14,475.00 | |||||||||
| 633000 | Postage & shipping expense | 35,117.66 | 35,117.66 | 35,117.66 | |||||||||
| 641000 | Legal & accounting fees | 88,425.50 | 88,425.50 | 88,425.50 | |||||||||
| 643000 | Other consulting fees | 12,500.00 | 12,500.00 | 12,500.00 | |||||||||
| 651000 | Office supplies expense | 58,689.68 | 58,689.68 | 58,689.68 | |||||||||
| 660000 | Data processing expense | 9,743.89 | 9,743.89 | 9,743.89 | |||||||||
| 670000 | Depreciation expense | 12,01,199.16 | 12,01,199.16 | 12,01,199.16 | |||||||||
| 680000 | Travel and entertainment expense | 1,69,405.86 | 1,69,405.86 | 1,69,405.86 | |||||||||
| 691000 | Other insurance expense | 1,15,058.55 | 1,15,058.55 | 1,15,058.55 | |||||||||
| 692000 | Medical insurance | 1,92,154.80 | 1,92,154.80 | 1,92,154.80 | |||||||||
| 693000 | Workmen's compensation insurance | 1,39,750.00 | 1,39,750.00 | 1,39,750.00 | |||||||||
| 699000 | Other employee benefits expense | 1,75,643.90 | 1,75,643.90 | 1,75,643.90 | |||||||||
| 700000 | Dues & subscriptions expense | 32,076.00 | 32,076.00 | 32,076.00 | |||||||||
| 711000 | Federal income tax expense | 8,57,595.76 | 1,48,925.04 | 10,06,520.80 | 10,06,520.80 | ||||||||
| 712000 | Property tax expense | 19,875.00 | 19,875.00 | 19,875.00 | |||||||||
| 721000 | Repairs and maintenance | 71,974.93 | 71,974.93 | 71,974.93 | |||||||||
| 731000 | Automobile expense | 81,493.45 | 81,493.45 | 81,493.45 | |||||||||
| 740000 | Lease expense | 1,13,607.56 | 1,13,607.56 | 1,13,607.56 | |||||||||
| 791000 | Bad debt expense | 10,973.45 | 10,973.45 | 10,973.45 | |||||||||
| 792000 | Miscellaneous expense | 26,665.63 | 26,665.63 | 26,665.63 | |||||||||
| 793000 | Interest expense | 3,59,978.41 | 3,59,978.41 | 3,59,978.41 | |||||||||
| Sub-totals | 203,84,669.03 | 223,38,503.51 | 574,15,051.52 | 554,61,217.04 | |||||||||
| Net Income (Loss) | 19,53,834.48 | 19,53,834.48 | |||||||||||
| TOTALS | 525,61,002.98 | 525,61,002.98 | 776,39,822.06 | 776,39,822.06 | 1,59,898.49 | 1,59,898.49 | 777,99,720.55 | 777,99,720.55 | 223,38,503.51 | 223,38,503.51 | 574,15,051.52 | 574,15,051.52 | |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Allowance for doubtful accounts
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The following is a December 31, 2018, post-closing trial balance
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Account Title
Debits
Credits
Cash
$
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Accounts receivable
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Inventories
87,000
Prepaid rent for the next 8
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Marketable securities (short
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Patent (net of
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Account Title
Debits
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Cash
$
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Accounts receivable
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Inventories
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Marketable securities (short
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22,000
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Additional
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