Question

Financial Statements. Prepare Year-End Financial Statements for The Metal Works Corporation. This includes the Income Statement, Statement of Retained Earnings, and Balance Sheet.

From the adjusted blance sheet:

Cash	24,786
Petty Cash	305
Accounts Receivable	11500
Supplies on Hand	150
Prepaid Insurance	1000
Computer Equipment	3150
Accumulated Depreciation – Computer Equipment		178
Cell Phone	849
Accumulated Depreciation – Cell Phone		56
Vehicles	55000
Accumulated Depreciation - Vehicles		3121
Accounts Payable		3260
Customer Deposits (Unearned Revenue)
SUTA Payable		224
FICA Payable		2065
FUTA Payable		112
Federal Income Tax Payable		2025
State Income Tax Payable		675
Current Maturities of Long-Term Debt		8164
Notes Payable (long-term)		44858
Interest Payable		209
Salaries Payable		8682
Common Stock ($2 par value)		1000
Additional Paid-in Capital on Common Stock		9000
Retained Earnings
Dividends	2000
Engagement fees		6000
Monthly Accounting Services Revenue		14166
Hourly Accounting Services Revenue		21500
Tax Services Revenues		1000
Sales Discounts	71
Advertising & Promotion Expense	1600
Depreciation Expense	3355
Rent Expense	2000
Insurance Expense	500
Supplies Expense	788
Meals & Entertainment	20
Taxes and Licenses	75
Telephone Expense	150
Utilities Expense	700
Fuel Expense	50
Interest Expense	888
Payroll Tax Expense	1608
Salaries Expense	15750
Income Summary

Answer 1