Bearing, Inc. Balance Sheet December 31, 2011 Assets Cash 22,100 Accounts receiv

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Bearing, Inc. Balance Sheet December 31, 2011 Assets Cash      22,100 Accounts receivable      27,000 Inventory      13,500 Supplies            600 Total assets     63,200 Liabilities and Stockholders' Equity Accounts payable      17,000 Salaries payable         3,500 Income taxes payable         3,200 Total liabilities     23,700 Stockholders' equity Capital stock (10,000 shares outstanding)      20,000 Retained earnings      19,500 Total stockholders' equity     39,500 Total liabilities and stockholders' equity     63,200





Bearing, Inc. Income Statement For the year ended December 31, 2011 Sales revenue    143,000 Rent revenue         4,000 Total revenue    147,000 Less cost of goods sold      85,000 Gross margin      62,000 Less operating expense Supplies expense         1,200 Salaries expense      31,000 Miscellaneous expense         6,400      38,600 Income before taxes      23,400 Less income taxes         8,190 Net income      15,210 Earnings per share           1.52




Bearing, Inc. Post-Closing Trial Balance December 31, 2011 Debits Credits Cash      22,100 Accounts receivable      27,000 Inventory      13,500 Supplies            600 Accounts payable      17,000 Salaries payable         3,500 Income taxes payable         3,200 Capital stock      20,000 Retained earnings      19,500 Totals      63,200      63,200 Bearing, Inc. Balance Sheet December 31, 2011 Assets Cash      22,100 Accounts receivable      27,000 Inventory      13,500 Supplies            600 Total assets     63,200 Liabilities and Stockholders' Equity Accounts payable      17,000 Salaries payable         3,500 Income taxes payable         3,200 Total liabilities     23,700 Stockholders' equity Capital stock (10,000 shares outstanding)      20,000 Retained earnings      19,500 Total stockholders' equity     39,500 Total liabilities and stockholders' equity     63,200 Bearing, Inc. Income Statement For the year ended December 31, 2011 Sales revenue    143,000 Rent revenue         4,000 Total revenue    147,000 Less cost of goods sold      85,000 Gross margin      62,000 Less operating expense Supplies expense         1,200 Salaries expense      31,000 Miscellaneous expense         6,400      38,600 Income before taxes      23,400 Less income taxes         8,190 Net income      15,210 Earnings per share           1.52 Bearing, Inc. Post-Closing Trial Balance December 31, 2011 Debits Credits Cash      22,100 Accounts receivable      27,000 Inventory      13,500 Supplies            600 Accounts payable      17,000 Salaries payable         3,500 Income taxes payable         3,200 Capital stock      20,000 Retained earnings      19,500 Totals      63,200      63,200 Bearing, Inc. Balance Sheet December 31, 2011 Assets Cash      22,100 Accounts receivable      27,000 Inventory      13,500 Supplies            600 Total assets     63,200 Liabilities and Stockholders' Equity Accounts payable      17,000 Salaries payable         3,500 Income taxes payable         3,200 Total liabilities     23,700 Stockholders' equity Capital stock (10,000 shares outstanding)      20,000 Retained earnings      19,500 Total stockholders' equity     39,500 Total liabilities and stockholders' equity     63,200

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