Question
In: Accounting
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 2 years agoRelated Solutions
Post the following transactions to the T-Accounts, then prepare 12/31/2006 Balance Sheet, Income Statement, Statement of...
Post the following
transactions to the T-Accounts, then prepare 12/31/2006
Balance Sheet, Income Statement, Statement of
Retained Earnings, and
Statement of Cash Flow.
1/7/06
Collected $80,000 on Accounts Receivable
1/15/06
Sold an additional 100,000 shares at $5 per
share
2/1/06
Made a sale of $90,000 on account. Cost of
inventory sold was $65,000
2/15/06
Bought merchandise inventory for $70,000 cash
3/1/06
Paid vendors $16,000 cash on Accounts Payable
6/30/06
Made payment of $25,000 on Notes Payable
7/1/06
Purchased $10,000 worth...
Need Income Statement Need Statement of Retained Earnings, Balance Sheet, Closing Entries ABC Corporation Unadjusted Trial...
Need Income Statement Need Statement of Retained Earnings,
Balance Sheet, Closing Entries
ABC Corporation Unadjusted Trial Balance December 31, 2016 Debit
Credit Cash 759,444 Accounts receivable 442,120 Allowance for
doubtful accounts - Inventory Allowance to Reduce Inventory to NRV
- Purchases 247,000 Prepaid insurance 6,750 Land 88,000 Building
37,500 Accumulated depreciation: building 1,150 Equipment 21,600
Accumulated depreciation: equipment 9,000 Patent 50,000 Accounts
payable 88,851 Notes payable 40,000 Income taxes payable 99,000
Unearned rent revenue 13,500 Bonds Payable 700,000 Premium on...
At 31 December 20X5, the post-closing trial balance reflects the following: Acct. No. Account Debit Credit...
At 31 December 20X5, the post-closing trial balance reflects the
following:
Acct. No.
Account
Debit
Credit
101
Cash
$
82,000
102
Accounts receivable
64,000
103
Allowance for doubtful accounts
$
4,000
104
Inventory (perpetual inventory system)
140,000
105
Prepaid insurance (20 months remaining at 1 January)
3,700
200
Equipment (20-year estimated life, no residual value)
206,000
201
Accumulated amortization, equipment
92,700
300
Accounts payable
30,500
301
Wages payable
—
302
Income taxes payable (for 20X5)
13,000
400
Common shares, no-par,...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title
Debits
Credits
Cash
$
52,000
Accounts receivable
46,000
Inventories
87,000
Prepaid rent for the next 8
months
28,000
Marketable securities (short
term)
22,000
Machinery
205,000
Accumulated
depreciation—machinery
$
23,000
Patent (net of
amortization)
91,000
Accounts payable
14,000
Wages payable
10,000
Taxes payable
44,000
Bonds payable (due in 10
years)
260,000
Common stock
150,000
Retained earnings
30,000
Totals
$
531,000
$
531,000
Required:
Prepare a...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title
Debits
Credits
Cash
$
52,000
Accounts receivable
46,000
Inventories
87,000
Prepaid rent for the next 8
months
28,000
Marketable securities (short
term)
22,000
Machinery
205,000
Accumulated
depreciation—machinery
$
23,000
Patent (net of
amortization)
91,000
Accounts payable
14,000
Wages payable
10,000
Taxes payable
44,000
Bonds payable (due in 10
years)
260,000
Common stock
150,000
Retained earnings
30,000
Totals
$
531,000
$
531,000
Required:
Prepare a...
The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. . Account Title...
The following is a December 31, 2018, post-closing trial balance
for Georgetown, Inc. .
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes payable
130,000
Interest payable
20,000
Bonds Payable
240,000
Common stock
300,000
Retained earnings
129,000
Totals
$
1,054,000
$
1,054,000
Additional information:
The...
T. P. Jarmon Company Balance Sheet for 12/31/2017 and 12/31/2018 Assets 2017 2018 Cash $15,000 $14,000...
T. P. Jarmon Company Balance Sheet for 12/31/2017 and
12/31/2018
Assets
2017
2018
Cash
$15,000
$14,000
Marketable securities
6,000
6,200
Accounts receivable
42,000
33,000
Inventory
51,000
84,000
Prepaid rent
1,200
1,100
Total current assets
$115,200
$138,300
Net plant and equipment
$286,000
$270,000
Total assets
$401,200
$408,300
Liabilities and Equity
2017
2018
Accounts payable
$48,000
$57,000
Accruals
6,000
5,000
Notes payable
15,000
13,000
Total current liabilities
$69,000
$75,000
Long-term debt
$160,000
$150,000
Common stockholders' equity
$172,200
$183,300
Total liabilities and equity...
Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional...
Below are Lebnas Corp.’s 2019 income statement and comparative
balance sheet at 12/31/2019 and 12/31/2018.
Additional information:
On December 31, 2018, Lebnas acquired 25% of Island Co.’s
common stock for $609,000. On that date, the carrying value of
Island’s assets and liabilities, which approximated their fair
values, was
$2,435,000. Island reported income of $319,000 for the year
ended December 31, 2019. No dividend income was received by Lebnas
on Island’s common stock during the year 2019.
During 2018, Lebnas loaned...
Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional...
Below are Lebnas
Corp.’s 2019 income statement and comparative balance sheet at
12/31/2019 and 12/31/2018.
Additional
information:
On December 31, 2018, Lebnas acquired 25% of Island Co.’s
common stock for $609,000. On that date, thecarrying value of
Island’s assets and liabilities, which approximated their fair
values, was $2,435,000. Islandreported income of $319,000 for the
year ended December 31, 2019. No dividend income was received by
Lebnas on Island’s common stock during the year 2019.
During 2018, Lebnas loaned $797,500 to...
The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account...
The following is a December 31, 2018, post-closing trial balance
for Culver City Lighting, Inc. Account Title Debits Credits Cash
55,000 Accounts receivable 39,000 Inventories 45,000 Prepaid
insurance 15,000 Equipment 100,000 Accumulated
depreciation—equipment 34,000 Patent, net 40,000 Accounts payable
12,000 Interest payable 2,000 Note payable (due in 10, equal annual
installments) 100,000 Common stock 70,000 Retained earnings 76,000
Totals 294,000 294,000
Prepare a classified balance sheet for Culver City Lighting,
Inc. (Amounts to be deducted should be indicated by a...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Two cannons are mounted as shown in the drawing and rigged to fire simultaneously. They are...
- What is the potential of a cell made up of Zn|Zn2+ and Cu|Cu2+ half-cells at 25o...
- Write a Java Program using the following instruction: Create the following 3 methods that calculate and...
- How would the S/D curves shift if a $3 tax was imposed on suppliers for each...
- Why should a time-based authentication system invalidate the current password on a successful authentication?
- Explain the difference between a market penetration strategy and a market development strategy.
- QUESTION 4 Discuss the sanctity of life versus the quality of life debate as presented by...
ADVERTISEMENT