Determine the missing amounts for the missing line items. The following statemen
ID: 2520191 • Letter: D
Question
Determine the missing amounts for the missing line items. The following statements reflect the year ended December 31, 2017, for a proprietorship. Determine the missing amounts. The owner invested an additional $18,000 in the business during 2017 and withdrew amounts totaling $3,200 each month throughout the year.
Income statement for the year ended December 31, 2017
Sales ?
Cost of goods sold $191,500
Gross profit $196,000
Operating Expenses:
Salaries $54,510
Insurance ?
Rent $18,650
Depreciation $17,100
Supplies $2,100
Total Operating Expenses $98,600
Operating Icome $97,400
Income Taxes $28,380
Net Income ?
Statement of Retained Earning
Owner Capital, January 1, 2017 $254,800
Owner Investment during 2017 $18,000
Net Income, 2017 ?
Owner Withdrawals ?
Owner Capital, Dec. 31, ?
Balance Sheet Dec. 31,
Current Assets:
Cash ?
Accounts Receivable $9,340
Prepaid Insurance $5,800
Supplies $2,850
Total Current assests $21,100
Property,Plant and Equipment:
Building, net $256,900
Computers,net $12,650
Furniture and Fixtures $18,430
Vehicles $52,800
Land $150,250
Total Propery,Plant and Equipment $491,030
Total Assest ?
Current Liabilities:
Account Payable $12,495
Salaries and Wages payable $8,570
Customer refund payable $980
Employees Fed. Tax payable $1,027
Federal Unemployment tax $387
Medicare tax $110
Notes payable-current $6,500
Total Current Liabilities $30,069
Long-Term Liablilities:
Mortgage Payable $121,485
Notes Payable ?
Total Long-Term Liabilities ?
Total Liabilities $208,610
Owners' Equity:
Owner, Capital Account ?
Total Liabilities and Owners Equity $512,030
Explanation / Answer
Answer
Working
Income Statement
A=B+C
Sales
$ 3,87,500.00
B
Cost of goods sold
$ 1,91,500.00
C
Gross profit
$ 1,96,000.00
Operating Expenses:
D
Salaries
$ 54,510.00
E=I - D-F-G-H
Insurance ?
$ 6,240.00
F
Rent
$ 18,650.00
G
Depreciation
$ 17,100.00
H
Supplies
$ 2,100.00
I
Total Operating Expenses
$ 98,600.00
J
Operating Income
$ 97,400.00
K
Income Taxes
$ 28,380.00
L=J-K
Net Income ?
$ 69,020.00
Statement of Retained Earnings
Owner Capital, January 1, 2017
$ 2,54,800.00
Owner Investment during 2017
$ 18,000.00
Net Income, 2017 ?
$ 69,020.00
Owner Withdrawals [3200 x 12 months]
$ (38,400.00)
Owner Capital, Dec. 31
$ 3,03,420.00
Working
Balance Sheet Dec 31
Current Assets:
A=E-B-C-D
Cash
$ 3,010.00
B
Accounts Receivables
$ 9,340.00
C
Prepaid Insurance
$ 5,800.00
D
Supplies
$ 2,850.00
E
Total current assets
$ 21,000.00
Property, Plant and Equipment:
Building, net
$ 2,56,900.00
Computers, net
$ 12,650.00
Furniture and Fixtures
$ 18,430.00
Vehicles
$ 52,800.00
Land
$ 1,50,250.00
Total Property, Pant & Equipment
$ 4,91,030.00
TOTAL ASSETS
$ 5,12,030.00
Current Liabilities:
Account Payable
$ 12,495.00
Salaries and Wages payable
$ 8,570.00
Customer refund payable
$ 980.00
Employees Fed. Tax payable
$ 1,027.00
Federal Unemployment tax
$ 387.00
Medicare tax
$ 110.00
Notes payable-current
$ 6,500.00
F
Total Current Liabilities
$ 30,069.00
Long-Term Liablilities:
J
Mortgage Payable
$ 1,21,485.00
G=H - J
Notes Payable ?
$ 57,056.00
H=I-F
Total Long-Term Liabilities ?
$ 1,78,541.00
I
Total Liabilities
$ 2,08,610.00
Owners' Equity:
Owner, Capital Account
$ 3,03,420.00
Total Liabilities and Owners Equity
$ 5,12,030.00
Working
Income Statement
A=B+C
Sales
$ 3,87,500.00
B
Cost of goods sold
$ 1,91,500.00
C
Gross profit
$ 1,96,000.00
Operating Expenses:
D
Salaries
$ 54,510.00
E=I - D-F-G-H
Insurance ?
$ 6,240.00
F
Rent
$ 18,650.00
G
Depreciation
$ 17,100.00
H
Supplies
$ 2,100.00
I
Total Operating Expenses
$ 98,600.00
J
Operating Income
$ 97,400.00
K
Income Taxes
$ 28,380.00
L=J-K
Net Income ?
$ 69,020.00
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