Question

Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited. Credits BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2021 Accounts Debits Cash $ 14,900 Accounts Receivable 25,100 Supplies 32,100 Prepaid Insurance 5,900 Equipment 487,500 Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends 24,900 Service Revenue-new construction Service Revenue-remodeling Salaries Expense 149,000 Supplies Expense 274,000 Depreciation Expense 39,000 Insurance Expense 23,900 Utilities Expense 40,900 Interest Expense 6,600 Service Fee Expense 62,eee Totals $1,185,800 $ 156, eee 29,900 26,900 3,900 110,000 145,000 38,100 395,000 281,000 $1,185,800 Prev 5 of 7 # Next > ENG BE to search 98

Answer 1

Boilmaker Unlimited Balance Sheet As at December 31, 2021 2021 Assets Current Assets Cash Accounts receivable Supplies Prepaid expenses 14,900 25,100 32,100 5,900 78,000 Total current assets $ Fixed (Long-Term) Assets Property, plant, and equipment (Less accumulated depreciation) Intangible assets 4,87,500 1,56,000 Total fixed assets $ 3,31,500 Other Assets Other Total Other Assets $ Total Assets $ 4,09,500 Liabilities and Owner's Equity Current Liabilities Accounts payable Salaries Payable Utilities Payable 29,900 26,900 3,900 60,700 Total current liabilities $ Long-Term Liabilities Long-term debt 1,10,000 1,10,000 Total long-term liabilities $ Owner's Equity Owner's investment Retained earnings 1,45,000 93,800 2,38,800 Total owner's equity $ Total Liabilities and Owner's Equity $ 4,09,500

Boilmaker Unlimited Income Statement [USD $ millions] 2021 Revenue Service revenue - new construction Service revenue - remodelling 3,95,000.0 2,81,000.0 Total Net Revenue $ 6,76,000 Expenses Salaries Supplies Depreciation & Amortization Insurance Utilities Interest Service fee expense 1,49,000.0 2,74,000.0 39,000.0 23,900.0 40,900.0 6,600.0 62,000.0 Other Expense 1 Other Expense 2 Total Expenses S 5,95,400 80,600.0 Net Income

Statement of Stockholder's Equity 2021 Retained Earnings Common Stock Total (Accumulated Deficit) Beginning balance at $1,45,000 $38,100 $1,83,100 january 1 Issuance of stock $0 Net income (net loss) $80,600 $80,600 Dividends ($24,900) ($24,900) Ending balance $1,45,000 $93,800 $2,38,800
Please comment for further clarification and upvote if it was helpful