Mako nC Adjusted Trial Balance 12/31/2014 Cash Copyrights Note Payable (Due in 3

Question

Mako nC Adjusted Trial Balance 12/31/2014 Cash Copyrights Note Payable (Due in 3 years) Accounts Receivable Land Accumulated Depreciation-Equipment Unearned Rent Sales Revenue Equipment Salary Expense-Office Accounts Payable nventory Salary Payable Advertising Expense Add'l Paid In Capital Prepaid Insurance Allowance for Doubtful Accounts Retained Earnings Accumulated Depreciation-Building Commissions-Sales Building Gain on Sale of Equipment Note Payable- (Due in 4 months) Dividends Interest Expense Common Stock Sales Discounts Payroll Taxes Payable Rent Expense Investments- Long Term Income tax expense Loss from Fire (Extraordinary, net of tax Insurance Expense Bonds Payable (Due in 10 years) Patents Note Receivable (Due in four years) Cost of Goods Sold Debit Cred 4.000 12,500 45,000 21,000 305,000 7,100 8,750 487,000 72,500 61,100 18,460 32,000 2,170 22,400 65,000 1,750 3,000 110,000 21,700 31,000 462,000 5,500 86,000 22,500 14,700 150,000 2,000 870 6,000 45,000 42,400 12,200 1,100 400,000 31,400 35,000 173,000 1,410,550 1,410,550 Pace University Westchester Acc 301- Quiz 3 FA/14/RR The adjusted trial balance of accounts for Mako Inc. is presented at left Required: 1. Prepare in proper form a multi-step income statement for Mako, Inc. for the year ended December 31, 2104. 2. Prepare in proper form a statement of retained earnings for Mako, Inc. for the year ended December 31, 2014. 3. Prepare in proper form a classified balance sheet for Mako, Inc. as of December 31, 2014.

Explanation / Answer

Income Statement For the Year Ended December 31 ,2104 Sales 487000 Less Sales Discounts 2000 Net Sales Revenue 485000 Cost of goods Sold 173000 Gross Profit 312000 Operating Expense Selling Expense Advertising Expense 22400 Commission Sales 31000 Total Selling Expense 53400 Administrative Expense Salary expense Office 61100 Insurance 1100 Rent Expense 6000 Total Operating Expenses 68200 Other Revenue and Expense Gain On sales Of Investment 5500 Loss From Fire -12200 Interest Expense -14700 Total other Revenue and expense 21400 Income Before Tax 169000 Income Tax 42400 Net Income 126600 Statement Of retained Earnings or the Year Ended December 31 ,2104 Retained earning Beginning 110000 Add Current Year Income 126600 Less Dividend 22500 214100 Balance Sheet As of Decmeber 31 2014 Assets Liabilities Current Asset Current Liabilities Cash 4000 Note Payable Due In Months 86000 Account Receivable 21000 Unearned rent 8750 Allowance for Doubt full debt 3000 18000 Account Payable 18460 Prepaid Insurance 1750 Salary payable 2170 Inventory 32000 Payroll tax Payable 870 55750 116250 Investments Investments long term 45000 Long Term Liabilities' Note Payable Due In 3Years 45000 Property Plant & equipments Bond Payable 400000 Land 305000 445000 Building 462000 Less Accumulated Depreciation Building 21700 440300 Stockholders Equity Equipment 72500 Common Stock 150000 Accumulated Depreciation Equipment 7100 65400 Addle Paid in Capital 65000 810700 Retained Earnings' 214100 Intangible Assets Total Stockholder Equity 429100 Copyright 12500 Patents 31400 43900 Other Assets Note Receivable (Due In Four Years) 35000 Total Assets 990350 Total Liabilities And Stockholders equity 990350

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