Question

Bartowski Enterprises, Inc.  
Account balances as of the year ended 12/31/17  
  
Accounts payable   22000
Accounts receivable   35000
Accumulated depreciation   45000
Advertising expense   6100
Cash   30000
Common stock   20000
Cost of goods sold   120000
Depreciation expense   2000
Dividends   40000
Equipment   100000
Insurance expense   4800
Interest expense   4000
Inventory   14600
Miscellaneous expense   1500
Note payable   50000
Payroll tax expense   5000
Payroll taxes payable   800
Prepaid insurance   2000
Rent expense   12000
Retained earnings, January 1   39500
Salaries expense   50000
Salaries payable   4000
Sales revenue   250000
Supplies expense   2100
Utilities expense   2200
  
  
NOTE: The note payable is due in full in 2019.  
There are no income taxes (Bartowski is an S Corp).  
use based up data, to prepare trail Balance, multi-step income statement and statement of retained earnings for the year ended 12/31/19 and a classified balance sheet as of 12/31/19 for Bartowski.

Answer 1

Bartowski Enterprises, Inc. Adjusted Trial Balance For the year ended 12/31/17 Account Title Debit Credit Cash 30,000 Accounts Receivable 35,000 Inventory 14.600 Prepaid insurance 2,000 Equipment 100,000 Accumulated depreciation 45,000 Accounts payable 22,000 Salaries payable 4,000 Payroll taxes payable 800 Note payable 50,000 Common stock 20,000 Retained earnings. January 1 39,500 Dividends 40,000 Sales revenue 250,000 Cost of goods sold 120.000 Advertising expense 6.100 Depreciation expense 2.000 Insurance expense 4.800 Interest expense 4,000 Miscellaneous expense 1,500 Payroll tax expense 5,000 Rent expense 12.000 Salaries expense 50.000 Supplies expense 2.100 Utilities expense 2,200 Totals 431,300 431,300 250,000 120,000 130,000 Bartowski Enterprises, Inc. Income Statement For the year ended 12/31/17 Sales revenue Less: Cost of goods sold Gross profit Less: Operating Expense: Advertising expense Depreciation expense Insurance expense Interest expense Miscellaneous expense Payroll tax expense Rent expense Salaries expense Supplies expense Utilities expense Total operating expenses Net Income 6.100 2.000 4.800 4,000 1,500 5,000 12.000 50,000 2.100 2.200 89,700 40,300 3) Bartowski Enterprises, Inc. Statement of Retained Earnings For the year ended 12/31/17 Retained earnings, January 1 Add: Net income $39,500 $40,300 $79,800 $40,000 $39,800 Less: Dividends Retained earnings, December 31 Bartowski Enterprises, Inc. Balance Sheet 12/31/17 Assets Current Assets Cash $30,000 Accounts Receivable $35,000 Inventory $14,600 Prepaid insurance $2,000 Total Current Assets $81,600 Property Plant and Equipment Equipment $100,000 Less: Accumulated Depreciation Equipment $45,000 $35,000 Total Assets $136,600 Liabilities and Shareholder's Equity Current liabilities Accounts Payable $45.000 Salaries payable $22.000 Payroll taxes payable $4.000 Total current liabilities $71,000 Long-term liabilities Notes Payable (long-term) $800 Total liabilities $71,800 Stockholders' equity Common Stock $20,000 Retained Earnings $39.800 Total Shareholder's equity $59,800 Total Liabilities & Shareholder's Equity $131,600