Page 15 Adjusted Trial Balance December 31, 2017 Cash Accounts Receivable Allowa
ID: 2565451 • Letter: P
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Page 15 Adjusted Trial Balance December 31, 2017 Cash Accounts Receivable Allowance for Doubtful Accounts $43,500 45,000 Supplies Prepaid Insurance Land $ 3,100 18,600 1,500 2,000 75,000 650,000 5 Accumulated Depreciation- Building Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Salaries Payable Notes Payable, due May. 31, 2018 Mortgage Payable due Dec. 31, 2025 Common Stock Retained Earnings Dividends Sales Sales Returns&Allowances; Sales Discounts Costs of Goods Sold Salaries Expense Depreciation Expense Freight Out Advertising Expense Utilities Expense Supplies Expense Bad Debt Expense Interest Revenue Gain on sale of Equipment Loss on sale of Building Interest Expense 340,000 390,000 160,000 42,400 22,500 1,200 25,000 128,000 250,000 272,000 35,000 197,000 4,300 1,700 118,000 30,000 14,000 800 3,000 2,400 1,800 2,600 700 2,000 3,500 TotalExplanation / Answer
1
income statement
Explanation
Debit
credit
sales
197000
less sales return and allowance
4300
less sales discount
1700
net sales
191000
less cost of goods sold
118000
gross profit
73000
less operating expenses
54600
salaries
30000
depreciation expense
14000
freight out
800
advertising
3000
utilities expense
2400
supplies expense
1800
bad debt expenses
2600
operating profit
18400
interest revenue
700
gain on sale of equipment
2000
loss on sale of building
-3500
interest expense
-1200
net income
16400
2
statement of retained earning
retained earning
272000
add net income
16400
less dividend paid
35000
year end balance in retained earnings
253400
3
balance sheet
Assets
current assets
cash
43500
accounts receivables net
41900
inventory
18600
supplies
1500
prepaid insurance
2000
total of current assets
107500
land
75000
building net of accumulated depreciation
310000
equipment net of accumulated depreciation
230000
total of assets
722500
Liabilities and shareholders equity
current liabilities
accounts payable
42400
unearned revenue
22500
salaries payable
1200
notes payable
25000
total of current liabilities
91100
mortgage payable
128000
total of liabilities
219100
stockholders equity
common stock
250000
retained earnings
253400
total of shareholders equity
503400
total of liabilities and share holders equity
722500
1
income statement
Explanation
Debit
credit
sales
197000
less sales return and allowance
4300
less sales discount
1700
net sales
191000
less cost of goods sold
118000
gross profit
73000
less operating expenses
54600
salaries
30000
depreciation expense
14000
freight out
800
advertising
3000
utilities expense
2400
supplies expense
1800
bad debt expenses
2600
operating profit
18400
interest revenue
700
gain on sale of equipment
2000
loss on sale of building
-3500
interest expense
-1200
net income
16400
2
statement of retained earning
retained earning
272000
add net income
16400
less dividend paid
35000
year end balance in retained earnings
253400
3
balance sheet
Assets
current assets
cash
43500
accounts receivables net
41900
inventory
18600
supplies
1500
prepaid insurance
2000
total of current assets
107500
land
75000
building net of accumulated depreciation
310000
equipment net of accumulated depreciation
230000
total of assets
722500
Liabilities and shareholders equity
current liabilities
accounts payable
42400
unearned revenue
22500
salaries payable
1200
notes payable
25000
total of current liabilities
91100
mortgage payable
128000
total of liabilities
219100
stockholders equity
common stock
250000
retained earnings
253400
total of shareholders equity
503400
total of liabilities and share holders equity
722500
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