Question

Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00 25,000.00 125,000.00 125,000.00 850,000.00 5,500.00 18,000.00 500.00 10,000.00 5,500.00 2,500.00 6,000.00 Vehicles--Delivery Wages Expense Wages Payable 359,247.00 89,500.00 17,880.00 Totals: 2,189,280.00 $ 2,189,280.00

Answer 1

Balance Sheet
December 31, 2017.
Assets
Current Assets:
Cash - Checking		$150
Cash - Savings		$10,000
Accounts Receivable		$100,000
Supplies Inventory		$2,500
Short-term Investments		$10,000
Prepaid Insurance		$5,500
Prepaid Mortgage		$18,000
Total Current Assets			$146,150
Intangble Assets			$175,000
Fixed Assets:
Land		$125,000
Buildings	$1,200,000
Less: Accumulated Depreciation - Buildings	($125,000)	$1,075,000
Vehicles - Delivery	$359,247
Less: Accumulated Depreciation - Vehicles	($23,000)	$336,247
Total Fixed Assets			$1,536,247
Total Assets			$1,857,397
Liabilities and Owners' Capital
Liabilities
Current Liabilities:
Accounts Payable	$54,000
Insurance Payable	$11,400
Wages Payable	$17,880
Total Current Liabilities		$83,280
Long-term Liabilities:
Loan Payable	$125,000
Note Payable	$850,000
Total Long-term Liabilities		$975,000
Total Liabilities			$1,058,280
Owners' Equity
H. Jackason, Capital	$128,000
Less: H. Jacksons Withdrawals	($15,000)	$113,000
Retained Earnings		$686,117
Total Owners' Equity			$799,117
Total Liabilities and Owners' Equity			$1,857,397
Working note for net income:
Revenues (delivery fees)	$855,000
Less: Expenses:
Advertising Expense	($6,300)
Depreciation Expense - Building	($8,333)
Depreciation Expense - Vehicles	($5,750)
Insurance Expense	($22,000)
Interest Expense	($25,000)
Rental vehicle expense	($500)
Supplies Expense	($5,500)
Utilities Expense	($6,000)
Wages Expense	($89,500)
Net Profit	$686,117