Question 3 (25 points) The following is the Bravo Unlimited adjusted Trial Balan

ID: 2407511 • Letter: Q

Question

Question 3 (25 points) The following is the Bravo Unlimited adjusted Trial Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

DEBIT Cash $88,450

Accounts Receivable 231,860

Supplies 17,000

Equipment 395,540

CREDIT

Accumulated Depreciation $224,260

Accounts Payable 72,555

Capital 347,145

Service Revenue 882,105

Interest Income 4,500

DEBIT

Drawings 10,000

Rent Expense 58,500

Wages Expense 529,215

Supplies Expense 42,000

tilities Expense 8,000

Depreciation Expense 150,000 ________

Totals DEBIT $1,530,565

CREDIT

$1,530,565

Use this information to prepare the Balance Sheet for the fiscal year. Note: for the equity section of the Balance Sheet, will have to first find net income, add it to Capital and then less Drawing .

Explanation / Answer

Answers

Revenues:

Service Revenue

$ 8,82,105.00

Interest Income

$ 4,500.00

Total Revenues

$ 8,86,605.00

Expenses:

Wages Expense

$ 5,29,215.00

Rent Expense

$ 58,500.00

Utilities Expense

$ 8,000.00

Supplies Expense

$ 42,000.00

Depreciation Expense

$ 1,50,000.00

Total Expenses

$ 7,87,715.00

Net Income

$ 98,890.00

Beginning Balance

$ 3,47,145.00

Net Income

$ 98,890.00

Drawings

$ (10,000.00)

Ending Balance

$ 4,36,035.00

Assets

Liabilities

Current Assets

Current Liabilities:

Cash

$ 88,450.00

Accounts Payable

$ 72,555.00

Accounts Receivable

$ 2,31,860.00

Supplies

$ 17,000.00

Total Current Assets

$ 3,37,310.00

Total Liabilities

$ 72,555.00

Property Plant Equipment

Owner's Equity

Equipment

$ 3,95,540.00

Capital Balance [Ending]

$ 4,36,035.00

Accumulated Depreciation-Equipment

$ (2,24,260.00)

$ 1,71,280.00

Total Assets

$ 5,08,590.00

Total Liabilities & Owner's Equity