'(3) Using formulas that link back to the "Trial Balance" tab, prepare a Classified Balance Sheet and Multi-Step Income Statement for 2017 and 2018.
Walnut Grove | ||||
Income Statement for the year ended 31 December 2017 and 2018 | ||||
2018 | 2017 | |||
Particulars | Amount | Amount | Amount | Amount |
Revenue | ||||
Material & Supplies Sale | $ 2,64,706.02 | $ 2,58,688.80 | ||
Small tools Sale | $ 8,287.74 | $ 8,085.60 | ||
Tools Rental | $ 1,483.20 | $ 1,008.00 | ||
$ 2,74,476.96 | $ 2,67,782.40 | |||
Less: Cost of goods sold | ||||
Material & Supplies | $ 82,191.62 | $ 80,040.60 | ||
Small tools Sale | $ 13,819.24 | $ 12,701.70 | ||
Wages | $ 16,630.83 | $ 16,225.20 | ||
Total COGS | $ 1,12,641.69 | $ 1,08,967.50 | ||
Gross Profit | $ 1,61,835.27 | $ 1,58,814.90 | ||
Other Income | ||||
Vendor compensation | $ 414.20 | $ 404.10 | ||
Less: Expenses | ||||
Depreciation Expense | $ 17,492.51 | |||
Insurance Expense | $ 4,589.90 | $ 4,237.20 | ||
Interest Expense | $ 1,439.58 | |||
Office Supplies Expense | $ 118.08 | $ 115.20 | ||
Payroll tax Expense | $ 1,273.05 | $ 1,242.00 | ||
Postage Expense | $ 47.97 | $ 24,961.09 | $ 46.80 | $ 5,641.20 |
Net Profit | $ 1,37,288.38 | $ 1,53,577.80 | ||
Walnut Grove | ||||
Balance Sheet as on December 31, 2017 & 2018 | ||||
2018 | 2017 | |||
Particulars | Amount | Amount | Amount | Amount |
Assets | ||||
Current Assets | ||||
Cash | $ 4,10,753.54 | $ 3,26,356.20 | ||
Accounts Receivable | $ 41,901.43 | $ 26,676.00 | ||
Inventory | $ 24,061.10 | $ 18,630.00 | ||
Prepaid Expenses | $ 740.31 | $ 963.00 | ||
Total Current Assets | $ 4,77,456.38 | $ 3,72,625.20 | ||
Fixed Assets | ||||
Building | $ 1,19,250.00 | $ 1,19,250.00 | ||
Land | $ 45,000.00 | $ 45,000.00 | ||
Computers & Softwares | $ 7,047.00 | $ 2,007.00 | ||
Furniture & fixtures | $ 16,299.00 | $ 5,184.00 | ||
Machinery & Equipment | $ 78,120.00 | $ 78,120.00 | ||
Accumulated depreciation | $ -18,329.51 | $ -837.00 | ||
Total Fixed Assets | $ 2,47,386.49 | $ 2,48,724.00 | ||
Total Assets | $ 7,24,842.87 | $ 6,21,349.20 | ||
Liabilities | ||||
Current liabilities | ||||
Accounts Payable | $ 11,471.29 | $ 11,191.50 | ||
Payroll tax payable | $ 4,599.59 | $ 4,487.40 | ||
Sales tax Payable | $ 2,349.61 | $ 2,292.30 | ||
Interest Payable | $ 5,187.24 | $ 3,656.25 | ||
Unearned revenue | $ 20,475.00 | |||
Line of Credit | $ 2,58,750.00 | $ 3,15,000.00 | ||
Total Current Liabilities | $ 3,02,832.73 | $ 3,36,627.45 | ||
Owners Equity | ||||
Peters J. Capital | $ 900.00 | $ 900.00 | ||
Peters M. Capital | $ 900.00 | $ 900.00 | ||
Retained earnings | ||||
Opening balance | $ 2,82,921.75 | $ 1,29,343.95 | ||
Add: Net Profit | $ 1,37,288.38 | $ 1,53,577.80 | ||
Total Owners Equity | $ 4,22,010.13 | $ 2,84,721.75 | ||
Total liabilities | $ 7,24,842.86 | $ 6,21,349.20 |
'(3) Using formulas that link back to the "Trial Balance" tab, prepare a Classified Balance Sheet...
(1) Prepare adjusting journal entries for the company using the
information given on the "Adjusting Journal Entries" tab. (You may
also need to refer to the "Trial Balance" tab.) Use formulas for
your calculations, where possible.
(2) Link the adjusting journal entries into the "Trial Balance" tab
(see appropriate column), and use Excel formulas to calculate the
12/31/2018 Adjusted balances.
(3) Using formulas that link back to the "Trial Balance" tab,
prepare a Classified Balance Sheet and Multi-Step Income Statement...
Prepare a statement of cash flows for the year ended December
31, 2018 using the indirect method.
We were unable to transcribe this imageF 17.492.51 2 ABC 23 Less: Expenses 24 Depreciation Expense 25 Insurance Expense 26 Interest Expense 27 Office Supplies Expense 28 Payroll Tax Expense 29 Postage Expense 30 Total Expenses 31 32 Net Profit 4,589.90 1,439.58 118.08 1,273.05 47.97 0.00 4,237.20 0.00 115.20 1,242.00 46.80 24,961.09 5,641.20 137,288.38 153,577.80 Balance Sheet At December 31, 2017 and 2018...
Prepare a Trial Balance, Multi Step Income
Statement, Retained Earnings Statement, and Classified Balance
Sheet
the
values needed are all the way on the left in the photo. i started
the trial balance (the green chart) but could not get both sides to
equal.
ACCT 251 EXCEL ASSIGNMENT - PREPARING FINANCIAL STATEMENTS IN EXCEL (see instructions tab for detailed instructions) Prepare a multi-step income statement: Prepare a retained earnings statement: Prepare a classified balance sheet: 1,001,360 101,360 591,680 Service Revenue...
prepare a classified balance sheet
STION #1 ( 22 The following partial worksheet is for Patel's Exterminating Co.: Patel's Exterminating Co. Adjusted Trial Balance December 31, 2019 Credit Debit Account $ 25,000 19,000 8,500 7,000 60,000 150,000 Cash Accounts Receivable Prepaid insurance Office supplies Land Building Accumulated depreciation Loan Receivable - (due 6/2020) Accounts payable Salaries payable Unearned service revenue $20,000 55,000 25,000 3,000 13,000 90,000 99,000 Mortgage payable - (due 12/2021) Sid Patel, capital Sid Patel, withdrawals Service revenue...
on the Production Classified balance Sheet sheet based Prepare a classified balance adjusted trial Balance for the wood on January 30,2020 Dhaliwal froductions Adjusted Tural Balance January 30, 2020 4 2000 Cash $ 9000 Acounts Receivable $ 5,000 Prepaid Rent 95,00 Prepaid insurance 32.00 Subblies 30,000 Land Building 50,000 19ooo Accundulated Depreciation Building Equipment 35,000 7,000 Accumulated depreciation equipment 8,000 Accounts payable Salary bayable 3,000 Interfest payable 1,000 Mortgage payable due (12/31/2013) 40,000 (P. Bhaliwal Capital 84,900 (P. Dhaliwal drawings....
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
Exercise 13.8 Preparing a postclosing trial balance. LO 13-6
The Adjusted Trial Balance section of the worksheet for Van Zant
Janitorial Supplies follows. The owner made no additional
investments during the year.
Exercise 13.8 Preparing a postclosing trial balance. LO 13-6 The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment...
Given the adjusted trial balance shown below:
1) Prepare a multi-step income statement
2) a statement of retained earnings
3) Prepare a classified balance sheet in horizontal format
Dr 155,000 35,000 3,750 6,000 2,000 7,000 10,000 100,000 54,000 25,000 10,000 75,000 Big, Inc. Adjusted Trial Balance For the year ended 12/31/16 Account Cash Accounts Receivable 5 Allowance for Doubtful Accounts Prepaid Insurance Prepaid Property Taxes Inventory Loan Receivable Building A/D - Building Equipment A/D - Equipment Investments - Accounts Payable...
#6
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Credit $ Debit 18,300 59,500 250 185, 900 7, 110 3,030 50,700 17,500 8,400 1,360 440 275,970 73,700 179.700 Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales...
Instructions state: Prepare a post closing trail balance for the
firm on December 31, 2019.
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales Sales Returns and allowances Purchases Freight...