Page Big Data Company Adjusted Trial Balance December 31, 2017 Cash Accounts Rec

Question

Page Big Data Company Adjusted Trial Balance December 31, 2017 Cash Accounts Receivable Allowance for Doubtful Acco Merchandise Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Salaries Payable Notes Payable, due May. 31, 2018 Mortgage Payable due Dec, 31, 2025 Common Stock Retained Earnings Dividends Sales Sales Returns & Allowances Sales Discounts Costs of Goods Sold Salaries Expense Depreciation Expense Freight Out Advertising Expense Utilities Expense Supplies Expense Bad Debt Expense Interest Revenue Gain on sale of Equipment Loss on sale of Building Interest Expense 43,500 45,000 $3,100 1,500 2,000 75,000 650,000 340,000 390,000 160,000 42,400 22,500 1,200 25,000 128,000 250,000 272,000 35,000 197,000 4,300 1,700 118,000 30,000 14,000 800 3,000 2,400 1,800 2,600 700 2,000 3,500 1200 Total

Explanation / Answer

Big Data Company Income Statement For the year ended December 31, 2017 $ $ Sales revenue 197000 Sales return and allowances -4300 Sales discounts -1700 Net Sales 191000 Cost of goods sold 118000 Gross margin 73000 Expenses: Bad debt expenses 2600 Supplies expense 1800 Salaries expense 30000 Utilities expense 2400 Advertising expenses 3000 Interest expense 1200 Depreciation expense 14000 Loss on sale of Building 3500 Freight out 800 Total expenses 59300 Other income Gain on sale of Equipment 2000 Interest revenue 700 Total other income 2700 Net Income 16400 Big Data Company Balance Sheet As at December 31, 2017 $ $ Assets Current assets Cash 43500 Accounts receivable 45000 Less: Allowance for doubtful accounts -3100 41900 Merchandise inventory 18600 Supplies 1500 Prepaid insurance 2000 Total current assets 107500 Fixed assets Land 75000 Building 650000 Accumulated depreciation - Building -340000 310000 Equipment 390000 Accumulated depreciation - Equipment -160000 230000 Total fixed assets 615000 Total assets 722500 Liabilities & stockholders' equity Liabilities Current Liabilities Accounts payable 42400 Unearned revenue 22500 Salaries payable 1200 Notes payable 25000 Total current liabilites 91100 Long-term liabilites Mortgage payable 128000 Total Long-term Liabilities 128000 Stockholders' equity Common stock 250000 Additional paid-in-capital-CS Retained earnings 253400 Total stockholders' equity 503400 Total Liabilities & stockholders' equity 722500 Big Data Company Statement of Retained earnings For the year ended December 31, 2017 $ $ Retained earnings: Opening balance 272000 (+) Net income of the year 16400 (-) Dividends -35000 Ending balance 253400

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