Here is the adjusted trial balance. Based on these figures, what should the balance sheet look like?
Vehicle Inc.
Adjusted Trial Balance
6/30/2017
Account Name DR.CR.
Cash 500.00
Checking 5,600.00
Savings 7,800.00
Accounts Receivable 90,000.00
Warranty Receivables 500.00
New Motorcycle Inventory 499,600.00
New ATV Inventory 293,500.00
New Scooter Inventory 300.00
New Power Equipment Inventory 19,300.00
New Other Products Inventory 7,900.00
Used Motorcycle, ATV, Scooter I 69,900.00
Sublet Repairs-RO's in Progress 5,100.00
Parts Inventory 24,500.00
Accessories Inventory 136,700.00
Service Machinery & Equipment 194,900.00
Accumulated Depreciation-Service Machinery & Equipment 328,176.00
Parts & Accessories Equipment 6,700.00
Office Equipment & Fixtures 41,500.00
Company Vehicles and Rental Uni 35,600.00
Leasehold Improvements 145,600.00
Accounts Payable-Trade 107,000.00
Accounts Payable-Sweep Account 77,800.00
License and Registration Fees Payable 2,400.00
Customer Deposits 11,400.00
Gift Cards -
Notes Payable-Flooring 889,200.00
Bank Overdraft -
Payroll Payable 23,200.00
Sales Taxes Payable 39,000.00
Payroll Taxes Payable 15,700.00
Note Payable-SH1 100,700.00
Note Payable-SH 2 28,700.00
Note Payable- SH 2#2 74,600.00
Note Payable- SH 1#2 29,000.00
Capital Stock 4,100.00
Additional Paid-in Capital 51,300.00
Retained Earnings 147,244.00
Sales Revenue 3,117,900.00
Cost of Sales 2,394,800.00
Finance & Insurance Profit Cent 69,400.00
Demonstrator & Training Units -
Delivery Expense 400.00
Policy Expense 7,000.00
Floor Plan Interest 28,000.00
Advertising 29,900.00
Compensation Owners' Supervisor 68,800.00
Other Salaries & Wages 367,200.00
Payroll Taxes 50,800.00
Employee Benefits -
Company Vehicle Expense 15,800.00
Office Supplies & Stationery 7,000.00
Other Supplies & Tools 16,800.00
Contributions -
Outside Services 1,400.00
Laundry & Uniforms 4,600.00
Travel 3,500.00
Meals & Entertainment -
Membership, Dues & Subscription 6,900.00
Professional Services 3,900.00
Freight 5,000.00
Telephone 8,500.00
Postage -
Training 2,600.00
Bad debt -
Electronic Data Processing 11,900.00
Insurance-Other 800.00
Taxes- Other 15,500.00
Depreciation-Other 700.00
Equipment-Repairs & Rentals 2,500.00
Other Administrative Expenses 10,600.00
Rent/Mortgage Interest 70,000.00
Repairs & Maintenance-BLDGS 4,400.00
Depreciation-Building & Impro 5,932.00
Taxes-Real Estate 28,300.00
Insurance-Buildings & Improv 15,200.00
Heat, Light, Power, Water 18,400.00
Interest Earned 100.00
Other Income 300.00
Cash Discounts Allowed 16,800.00
Interest expense 12,700.00
Totals 4,969,676.00
4,969,676.00
Homework Answers
| Balance Sheet | |
| Assets | Amount |
| Cash | 500 |
| Checking | 5,600 |
| Savings | 7,800 |
| Accounts receivables | 90,000 |
| Warrabty receivables' | 500 |
| Motorcycle | 499,600 |
| ATV | 293,500 |
| Scooter | 300 |
| Power | 19,300 |
| Others | 7,900 |
| Used vehicles | 69,900 |
| sublet | 5,100 |
| Parts | 24,500 |
| Accessories | 136,700 |
| Sublet Machinery | 194,900 |
| Accumulated depreciation | -328,176 |
| Equipment | 6,700 |
| Office' | 41,500 |
| Company Vehicles | 35,600 |
| Leasehold improvement | 145,600 |
| Retained earnings | 147,244 |
| Total | 1,404,568 |
| Liabilities | |
| Accounts payable | 107,000 |
| Accounts payable | 77,800 |
| Licence and Fees | 2,400 |
| Deposits | 11,400 |
| Notes payable | 889,200 |
| Payroll expenses | 23,200 |
| Sale tax payable | 39,000 |
| payroll payable | 15,700 |
| note payable | 100,700 |
| note payable | 28,700 |
| note payable | 74,600 |
| note payable | 29,000 |
| Capital stock | 4,100 |
| Paid in capital | 51,300 |
| Loss for the year | -49,532 |
| Total | 1,404,568 |
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Using Be Prepared, Inc.’s adjusted trial balance and prior
period’s balance sheet, prepare the following Financial Reports:
Multi-Step Income Statement for the month of January 2021 Statement
of Retained Earnings for the month of January 2021 Note: There are
no prior period adjustments and all dividends declared and paid are
cash dividends in the amount of $25,000.
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