Gatsby, Inc Adjusted Trial Balance Date redit 93,050 233,000 16,000 700 Cash Acc

Question

Gatsby, Inc Adjusted Trial Balance Date redit 93,050 233,000 16,000 700 Cash Accounts Receivable Prepaid Insurance Supplies Inventory Equipment Accumlated Depreciation- Equipment Accounts Payable Interest Payable Wages Payable Unearned Revenue-Alarm Systems Long-Term Bank Note Payable Common Stock Retained Earnings Dividends Revenue Cost of Goods Sold 8,000 160,000 30,000 159,500 2,500 1,500 14,000i 100,000 110,000 94,550 7.000 418,000 Depreciation Expense Equipment Insurance Expense interest Expense Rent Expense 17,000 2500 24,000 600 Supplies Expense Utilities Expense Wage Expense Totals

Explanation / Answer

Income statement Revenue 418000 Expense Cost of goods sold 132500 Depreciation expense - equipment 20000 Insurance expense 17000 Interest expense 2500 Rent expense 24000 Supplies expense 3600 Utilities expense 8700 Wage expense 134000 Total expense 342300 Net income 75700 Statement of retained earnings Retained earnings , Beginning 94550 Add Net income 75700 Less Dividend 7000 Retained earnings , ending 163250 Balance sheet Current assets Cash 93050 Accounts receivable 233000 Inventory 78000 Prepaid insurance 16000 Supplies 700 Total current assets 420750 Plant assets Equipment 160000 Accumulated depreciatio equipment -30000 Total plant assets 130000 Total assets 550750 Liabilities Current liabilities Accounts payable 159500 Interest payable 2500 wages payable 1500 Unearned revenue 14000 Total current liabilities 177500 Long term liabilities Long term bank notes payable 100000 Total long term liabilities 100000 Total liabilities 277500 Capital Common stock 110000 Retained earnings 163250 Total capital 273250 Total liabilities and capital 550750

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