Question

Prepare a multi step income statement, statement of retained earnings and classified balance sheet

NFT Consulting and Sales Inc
PARTIALLY ADJUSTED TRIAL BALANCE
October 31 2017
		Part Adj T/B		October Jes		Trial	Balance	Adj	Jes	Adj T/B
		DR	CR	DR	CR	DR	CR	DR	CR	DR	CR
Cash		$332,218				332,218				332,218
Accounts Receivable		146,800		16,275		163,075			4,109	158,966
Allowance for Uncollectible Accounts			$3,689				3,689		388		4,077
Supplies		42,600				42,600				42,600
Inventory		2,650		8,200	8,300	2,550				2,550
Prepaid Insurance		16,800				16,800				16,800
Land		50,000				50,000				50,000
Building		110,000				110,000				110,000
Accumulated Depr – Building			5,670				5,670				5,670
Computer equipment		52,950				52,950				52,950
Accumulated Depr – Comp Equip			1,750				1,750				1,750
Office Furniture		45,900				45,900				45,900
Accumulated Depr - Office Furniture			890				890				890
Accounts Payable			16,560		8,200		24,760				24,760
Interest Payable			3,200				3,200				3,200
Utilities Payable			8,952				8,952				8,952
Wages Payable			45,800				45,800				45,800
Long term Note Payable			90,000				90,000				90,000
Mortgage Payable			60,000				60,000				60,000
Common Stock			400,000				400,000				400,000
Retained Earnings			126,867				126,867				126,867
Dividends		4,000				4,000				4,000
Service Revenue			365,400				365,400				365,400
Tablet Sales Revenue			222,400		16,275		238,675				238,675
Cost of Goods Sold		154,500		8,300		162,800				162,800
Bad Debt Expense								4,497		4,497
Depreciation Expense – Building		1,350				1,350				1,350
Depreciation Expense - Computer Equip		890				890				890
Depreciation Expense - Office Furn		650				650				650
Interest Expense		3560				3,560				3,560
Insurance Expense		38,950				38,950				38,950
Supplies expense		72,860				72,860				72,860
Utilities Expense		75,900				75,900				75,900
Wage Expense		198,600				198,600				198,600
Subtotals
Net Income
TOTALS		$1,351,178	$1,351,178	24-Sep-89	32,775	1,375,653	1,375,653			1,376,041	1,376,041

Answer 1

	NFT Consulting and Sales Inc
	Multi Income Statement for the year ended 2017
	Service Revenue				365400
	Tablet Sale Revenue				238675
	Less : Cost of Goods Sold				-162800
	Gross Profit C = (A-B)				441275
	Expenses
	Bad Debt	4497
	Depreciation Expense – Building	1350
	Depreciation Expense - Computer Equip	890
	Depreciation Expense - Office Furn	650
	Interest Expense	3560
	Insurance Expense	38950
	Supplies expense	72860
	Utilities Expense	75900
	Wage Expense	198600
	Total Expenses (D)				397257
	Operating Profit (E= C-D)				44018
	Net Income				44018
Statement of Retained Earnings
Opening Balance		126867
Add :Net Income		44018
less: Dividend		4000
Closing Retained Earnings		166885
	Classified Balance Sheet
Assets
Current Assets
Cash & Cash equivalents				332218
Account Receivable		158966		154889
Less : Allowance for Uncollectible Accounts		-4077
Supplies				42600
Inventory				2550
Prepaid Insurance				16800
Total Currents Assets (A)				549057
Non-Current Assets
Land				50000
Building	110000
Less: Accumulated Depr – Building	-5670			104330
Computer Equipment	52950			51200
less :Accumulated Depr – Comp Equip	-1750
Office Furniture	45900			45010
less :Accumulated Depr – Office Furniture	-890
Total Non Current Assets (B)				250540
Total Assets (A+B)				799597
Total Liabilities & Shareholder equity
Current Liabilities
Accounts Payable				24760
Interest Payable				3200
Utilities Payable				8952
Wages Payable				45800
Total Current liabilities (A)				82712
Non-Current liabilities
Long term Note Payable				90000
Mortgage Payable				60000
Total Current liabilities (B)				150000
Shareholder equity
Common Stock				400000
Retained Earnings				166885
Total Shareholder equity (C )				566885
Total Liabilities & Shareholder equity (A+B+C)				799597