Question

neeeex help creating Balance sheet for this adjusted trial balance. pleeez

Wap Text cop 2 Normal Paste Merge & Center - Format Panter e $ Conditional Formats Check Cell Foming Table N- Kobelsky CPA Services Ltd Adjusted Trial Balances For the Years Ending 2018 Credit Debit Debit Credit 534,293 16,854 691 40 12.000 526,945 21,377 $ 231,878 112,968 11.484 257,334 101,469 14.280 7 Sales revenue 8 Other revenue 9 Cost of goods sold 10 Operating expenses 11 Interest expense 12 Income Tax Expense 13 Cash 14 Accounts receivable, net 15 Inventory 16 Prepaid expenses 17 Property & equipment (net) 18 Accounts payable 19 Accrued expenses 20 Long-term debt 21 Common stock 22 Additional paid-in capital 23 Retained earnings 89,627 94,071 12,430 755,857 49,865 120,313 21.097 18,200 645, 120 7657 22,553 89.515 55,116 5,060 594330 57,010 45.820 185.000 50,464 10,600 178,000 6,000 99,000 516.455 1,565,999 180.000 5.000 62,000 99,000 1 216.144 $ 1.565,999 $ $ 1,345,971 S ,145,971

Answer 1

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Kobelsky CPA Services Ltd.

We will first prepare Income Statement and Statement of Retained Earnings then we will make Balance Sheet.

Income Statement	2019	2018	2017
Sales Revenue	693,470.00	534,293.00	526,945.00
Less: Cost of goods sold	283,877.00	231,878.00	257,334.00
Gross Profit	409,593.00	302,415.00	269,611.00
Other Revenues and expenses
Other Revenue	12,000.00	16,854.00	24,859.00
Operating Expenses	(176,820.00)	(112,968.00)	(103,469.00)
Interest Expense	(12,188.00)	(11,484.00)	(14,280.00)
Income before tax	232,585.00	194,817.00	176,721.00
Tax Expense	74,479.00	85,046.00	74,687.00
Net Income	158,106.00	109,771.00	102,034.00
Statement of Retained Earnings	Amount $	Amount $	Amount $
Retained Earnings- Opening Balance	516,465.00	406,694.00	304,660.00
Add: Net Income	158,106.00	109,771.00	102,034.00
Less: V. Ace Withdrawals	-	-	-
Retained Earnings- Closing Balance	674,571.00	516,465.00	406,694.00
Answer 3 c
Balance Sheet	Amount $	Amount $	Amount $
Current Assets
Cash	66,650.00	49,865.00	22,553.00
Accounts Receivable	89,627.00	120,313.00	89,515.00
Inventory	94,071.00	71,097.00	55,116.00
Prepaid expenses	12,430.00	18,200.00	5,060.00
Total Current Assets	262,778.00	259,475.00	172,244.00
Fixed Assets
Property and Equipment	755,857.00	645,120.00	594,330.00
Fixed Assets	755,857.00	645,120.00	594,330.00
Total Assets	1,018,635.00	904,595.00	766,574.00
Liabilities & Stockholder's Equity
Liabilities
Current Liabilities
Accounts Payable	50,464.00	85,261.00	67,010.00
Accrued Expenses	10,600.00	12,869.00	45,870.00
Current Liabilities	61,064.00	98,130.00	112,880.00
Non- Current Liabilities
Long term Debt	178,000.00	185,000.00	180,000.00
Non- Current Liabilities	178,000.00	185,000.00	180,000.00
Total Liabilities	239,064.00	283,130.00	292,880.00
Stockholder's Equity
Common Stock	6,000.00	6,000.00	5,000.00
Additional Paid in Capital	99,000.00	99,000.00	62,000.00
Retained Earnings- Closing Balance	674,571.00	516,465.00	406,694.00
Stockholder's Equity	779,571.00	621,465.00	473,694.00
Total Liabilities & Stockholder's Equity	1,018,635.00	904,595.00	766,574.00