5930298 Can someone please help me prepare an Income statement, Statement of Com

Question

5930298

Can someone please help me prepare an Income statement, Statement of Comprehensive income, Statement of Shareholders' equity and a Balance sheet from the adjusted trial balance above.

Thanks

Unadjusted Trial Balance Adjustments Adjusted Trial Balance Date Accounts Debit Credit Debit Credit Debit Credit Cash 80311 80311 Accounts receivable 191770 191770 Allow for bad debts 2110 5753 7863 Allow for sales return 1900 24697 26597 Inventory 378165 378165 Est returns inventory 0 27000 27000 Supplies 12600 12600 Prepaid Insurance 30000 12350 17650 Investments in avail 18300 2150 16150 Land 140000 140000 Equipment 997100 997100 Accum Deprec - Equip 289600 14130 303730 Deferred tax asset 0 645 645 Accounts payable 111800 111800 Salaries payable 0 2690 2690 Refund liability 0 10584 10584 Deferred rent revenue 36200 1000 35200 Notes payable 50000 50000 Interest payable 0 240 240 Income tax payable 0 210658 210658 Common stock 100000 100000 Adtl paid in capital 59000 59000 Retained earnings 600800 600800 Acc other com income 1200 1505 305 Income summary 0 0 Dividends 75000 75000 Sales 4410136 4410136 Sales returns 79200 35281 114481 Cost of goods sold 2140900 27000 2113900 Sales salaries expense 652900 1800 654700 Advertising expense 220400 220400 Delivery expense 36300 36300 Deprec expense 29600 14130 43730 Misc selling expense 42800 42800 Office salaries exp 408400 890 409290 Rent expense 126000 126000 Insurance expense 0 12350 12350 Supplies expense 0 0 Bad debts expense 0 5753 5753 Income taxes expense 0 210658 210658 Rent revenue 0 1000 1000 Interest expense 3000 240 3240 5662746 5662746 311252 311252 5930298

5930298

Explanation / Answer

Income Statement

Statement of Comprehensive Income:

Statement of Stockholders' Equity:

Balance Sheet:

Sales less sales returns (4410136 - 114481) $4295655 Less: Cost of goods sold (2113900) Gross Profit 2181755 Less: Expenses Sales salaries expense 654700 Advertising expense 220400 Delivery expense 36300 Depreciation expense 43730 Miscellaneous selling expense 42800 Office salries expense 409290 Rent expense 126000 Insurance expense 12350 Income tax expense 210658 Bad debt expense 5753 Interest expense 3240 Total expense 1765221 Net Inome 416534

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