Question

Problem 5-06A The trial balance of Windsor Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. WINDSOR WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit $31,200 Cash Accounts Receivable 38,300 70,700 Inventory Land 91,700 Buildings 199,700 Accumulated Depreciation-Buildings $59,700 Equipment 83,200 Accumulated Depreciation-Equipment 40,200 Notes Payable 54,400 Accounts Payable 17,200 Common Stock 159,700 Retained Earnings 66,900 Dividends 9,700 Sales Revenue 921,800 Sales Discounts 5,700 Cost of Goods Sold 709,600 Salaries and Wages Expense 51,000 Utilities Expense 11,100 Maintenance and Repairs Expense 8,600 Advertising Expense 4,900 4,500 Insurance Expense $1,319,900 $1,319,900 Adjustment data: Depreciation is $7,700 on buildings and $6,700 on equipment. (Both are operating expenses.) Interest of $4,200 is due and unpaid on notes payable at December 31 Income tax due and unpaid at December 31 is $23,700 1. 2. 3. Other data: $14,700 of the notes payable are payable next year.

Answer 1

Windsor Wholesale Company 921800 -5700 916100 -709600 206500 Statement of Income For the period Ending 31.12.2022 Sales Revenue Sales Discount Net Sales Cost of Goods sold Gross Profit Operating Expense: Salaries and Wages Expense Utilities Expense Maintenance and Repairs Expense Advertising Expense Insurance Expense Depreciation Expense - Build Depreciation Expense - Equip Operating Income Interest Expense 51000 11100 8600 4900 4500 7700 6700 94500 112000 -4200 107800 -23700 84100 Income Tax Expense Net Income Statement of Retained Earnings For the period Ending 31.12.2022 Beginning Balance Net Income 66900 84100 151000 -9700 141300 Dividends

Amounts in $ Amounts in $ Balance sheet As at 31.8.2017 Assets Current Assets Cash Accounts Receivable Inventory Amounts in $ Amounts in $ Liabilities Current Liabilities 31200 Accounts Payable 38300 Interest Payable 70700 140200 Income Tax Payable 17200 4200 23700 45100 Non Current Liabilities 91700 Note Payable 54400 Non Current Assets Land Building Accum. Depre-Build. Equipment Accum. Depre - Equip Total Assets 199700 -67400 83200 -46900 132300 Shareholders Equity Common Stock 36300 Retained Earnings 400500 Total Liabilities & Equity 159700 141300 301000 400500