Please prepare a balance sheet with the information below. Adjusted Trial Balanc

Question

Please prepare a balance sheet with the information below.

Adjusted Trial Balance

Please prepare a balance sheet with the information below.

Retained Earnings Retained Earnings      14,544 Net Income      10,777 Dividends Distributed      (6,577) Retained Earnings Ending Balance      18,744 Income Statement Sales      56,875 Cost of Goods Sold      32,733 Gross Profit      24,142 Operating and Admin Expenses Salaries Expense         3,255 Depreciation Expense: Equipment            322 Depreciation Expense: Building            460 Bad Debt Expense            896 Insurance Expense         1,100 Other Expenses            956 Operating and Admin Expenses         6,989 Operating Income      17,153 Non Operating Income Interest Income               22 Non Operating Expenses Interest Expense         1,555 Loss on Disposition of Equipment               42 Total Non Operating Expense         1,597 Income Before Tax      15,578 Income Tax Expense         4,801 Net Income      10,777

Adjusted Trial Balance

December 31, 2015 Debit Credit Cash $              2,691 Accounts Receivable                  5,526 Allowance for Doubtful Accounts $                        668 Inventory                12,596 Prepaid Insurance                     145 Notes Receivable                     365 Equipment                15,800 Building                18,560 Land                  4,255 Accumulated Depreciation: Equipment                         3,245 Accumulated Depreciation: Building                         5,656 Accounts Payable                         5,663 Notes Payable                       15,500 Salaries Payable                            145 Interest Payable                              67 Income Taxes Payable                         4,650 Common Stock Par $ 0.10                            280 Additional Paid-In Capital                         5,320 Retained Earnings                       14,544 Dividends Distributed                  6,577 Sales (Revenue)                       56,875 Interest Earned                              22 Cost of Goods Sold                32,733 Salaries Expense                  3,255 Other Expenses                     956 Loss on Disposition of Equipment                       42 Depreciation Expense: Equipment                     322 Depreciation Expense: Building                     460 Bad Debt Expense                     896 Insurance Expense                  1,100 Interest Expense                  1,555 Income Tax Expense                  4,801 $          112,635 $                 112,635

Explanation / Answer

Sources of Funds

Use of funds Amount.($) Current Assets Cash 2691 Accounts receivable(net of baddebts) 4858 Inventory 12596 Prepaid insurance 145 Notes Receivable 365 Total 20655$ Non current Assets: Equipment 15800 Building 18560 Land 4255 Total 38615 Total of assets 59270

Sources of Funds

Accumulated Depreciation Equipment 3245 Accumulated Depreciation Building 5656 Current Liabilities: Accounts Payable 5663 Notes payable 15500

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