I need a classified balance sheet as of December 31,2016 and income statement fo

Question

I need a classified balance sheet as of December 31,2016 and income statement for this trial balance Trial Balance a/aois s payable Accounts d depreciat Allowance for doubtful accounts 400,000450000 Bonds payable due in 10 years 20,000 Cash Common stock, $1 par Deferred revenue due 2-1-2017 interest payable 550,000500,000 00,000 5,000 10,000 Interest receivable 6,000 300,000 nvestments 50,000 420,000 500,000 Land Machinery Notes payable - due 12-31-2018 Notes receivable (due one month) Patent net PIC common stock Prepaid expenses Purchases Retained earnings Salaries payable Sales 100,000 60,000 0,000 400,000 35,000 6,100,000 256,000 40,000 6,700,000 200,000 100,000 Sales expenses Treasury stock 8,951,000 8,951,000 Note:- 350,000 12/31/16 inventory Instructions: 1. Prepare a classified balance sheet as of 12-31-2016 2. Prepare an income statement for calendar year 2016

Explanation / Answer

Answer:

where:-

Cost of goods sold = Opening stock + Purchses - closing stock

=$300000+$6100000-$350000= $6050000

Balance Sheet $ Assets Amount Current Assets Accounts Receivable 200000 Allowance for doubtful debts -20000 180000 Prepaid expenses 35000 Notes receiviable (due on month) 60000 Interest Receiviable 6000 Closing stock 350000 Cash 80000 Total Current Assets 711000 Fixed Assets Patents 50000 Investment 50000 land 420000 Machinery 500000 Building 550000 Accumulated Depreciation all -450000 Total non current assets 1120000 Total Assets 1831000 Liabilities & Equity Current Liabilities Accounts Payable 170000 Interest Payable 5000 Deferred Revenue 5000 Total Current Liabilities 180000 Long term Liabilities Bonds payable 500000 Notes payable due 12-31-2018 100000 Total non current liabilities 600000 Total Current Liabilities 785000 Shareholder's Equity Common stock $1 par 300000 PIC stock 400000 Retained earnings 256000 Treasury Stock -100000 Profit current year 10000 Total Equity 866000 Total Liabilities & Equity 1831000

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