Question

(22 points total) Following is an adjusted trial balance for Over Armour, Inc., a manufacturer of athletic gear, as of December 31 (year end). The trial balance is sorted alphabetically by account name. Your task is to prepare a Balance Sheet and a Statement of Retained Earnings in proper form. Remember that a classified balance sheet separates current and long-term assets as well as liabilities. You do not have to prepare an income statement: the Net Income for the year is $660. The Retained Earnings balance shown below is the balance as of the beginning of the year because closing entries have not been posted. Debit bor Credit 1,785 1,857 3,078 234 2,562 Account Titlenilo bodo Accounts Payable Accounts Receivable Accumulated depreciation Additional Paid In capital in excess of par Allowance for Doubtful Accounts Cash and cash equivalents Common stock Cost of Goods Sold Current portion of long-term debt Depreciation expense Dividends paid Intangible assets Inventories 3,137 9,295 131 875 1,200 540 3,217 586 1,150 4,635 Long-term debt Maintenance expense Property and equipment Retained Earnings, January 1 Sales Revenues Selling & administrative expense 4,400 16,025 mobb 4,045 29,376 29,376 Totals

Answer 1

Over Armour Statement of Retained Earnings Balance sheet For the period ending 31.12.2018 Beginning Balance Add:Net Income As at 31.8.2017 Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ 4400 Assets Current Assets Current Liabilities 660 Cash and Cash Equivalents Accounts Payable 5060 2562 1785 Less:Dividends paid Current portion of long term debt -1200 Accounts Receivable 1857 131 1916 Allowance for Doubtful accounts 3860 -234 7402 Non Current Liabilities Inventories 3217 Long term debt 586 Non Current Assets Property and Equipment Accumulated Depreciation 4635 1557 -3078 Shareholders Equity Intangibles 3137 Common Stock 540 Retained Earnings 3860 Intangible Assets 6997 9499 Total Liabilities & Equity Total Assets 9499