Given the adjusted trial balance shown below: 1) Prepare a multi-step income statement 2) a statement...

Question

Given the adjusted trial balance shown below:

1) Prepare a multi-step income statement

2) a statement of retained earnings

3) Prepare a classified balance sheet in horizontal format

Dr 155,000 35,000 3,750 6,000 2,000 7,000 10,000 100,000 54,000 25,000 10,000 75,000 Big, Inc. Adjusted Trial Balance For the

Dr 155,000 35,000 3,750 6,000 2,000 7,000 10,000 100,000 54,000 25,000 10,000 75,000 Big, Inc. Adjusted Trial Balance For the year ended 12/31/16 Account Cash Accounts Receivable 5 Allowance for Doubtful Accounts Prepaid Insurance Prepaid Property Taxes Inventory Loan Receivable Building A/D - Building Equipment A/D - Equipment Investments - Accounts Payable Salaries & Wages Payable Accrued Vacation Payroll Taxes Payable Long-Term Note Payable Accrued Utilities Common Stock Retained Earnings Dividends Sales Revenue - Sprockets 6 Sales Revenue - Cogs s Cost of Goods Sold Salaries & Wages Expense Employee Benefits Expense Payroll Tax Expense Insurance Expense Rent Expense Property Tax Expense Depreciation Expense Bad Debt Expense 5 Income Tax Expense s Miscellaneous Income Miscellaneous Expense Total 24,500 8,100 2,500 750 24,000 1,500 50,000 126,460 10,000 675,000 315,000 625,000 125,000 4,600 25,000 9,500 23,000 5,000 12,500 1,750 39,510 1,250 950 1,296,810 1,296,810

 · Answer

Requirement 1:     Big, Inc.    Income Statement    For the year ended 12/31/16    Sales revenue - Sprockets    675,000    Sales revenue - Cogs    315,000    Cost of goods sold    -625,000    Gross profit    365,000    Operating expenses:        Salaries & Wages expense  125,000      Employee benefits expense  4,600      Payroll tax expense  25,000      Insuranc expense  9,500      Rent expense  23,000      Property tax expense  5,000      Depreciation expense  12,500      Bad debt expense  1,750      Total operating expenses    206,350    Operating income    158,650    Non-operating income (expense):        Miscellaneous income  1,250      Miscellaneous Expense  -950      Total non-operating income(Expense)    300    Income Before income tax    158,950    Income tax expense    -39,510    Net income    119,440    Requirement 2:     Big, Inc.    Statement of retained earnings    For the year ended 12/31/16    Retained earnings, Beginning  126,460    Net income  119,440    Dividends  -10,000    Retained earnings, Ending  235,900    Requirement 3:     Big, Inc.    Assets    At December 31,2016    Current assets:        Cash  155,000      Accounts receivable  35,000      Allowance for Doubtful Accounts  -3,750      Prepaid insurance  6,000      Prepaid property taxes  2,000      Inventory  7,000      Loan Receivable  10,000      Total current assets    211,250            Investments    75,000            Property,plant,and equipment:        Building  100,000      A/D - Building  -54,000      Equipment  25,000      A/D - Equipment  -10,000      Total property,plant,and equipment    61,000    Total Assets    347,250    Liabilities and Stockholders' Equity    Current liabilities:        Accounts payable  24,500      Salaries & Wages payable  8,100      Accrued Vacation  2,500      Payroll Taxes Payable  750      Accrued utilities  1,500      Total current liabilities    37,350    Long-term note payable    24,000    Total liabilities    61,350    Stockholders' equity:        Common stock  50,000      Retained earnings  235,900      Total stockholders' Equity    285,900            Total liabilities and stockholders' equity    347,250   .

Given the adjusted trial balance shown below: 1) Prepare a multi-step income statement 2) a statement...

Question:

Answers

Similar Solved Questions

Please write clearly MAT150-Introduction to Statistics Writing Assignment # 3 Topic: Probability Write a brief essay...

EXPERIMENT 11 THE MICROSCALE REDUCTION OF BENZIL WITH SODIUM BOROHYDRIDE INTRODUCTION Oxidation-reduction (redox) reactions occur in...

26. Dissolving solid NaOH in water is an exothermic process. We can think of this process...

TA square loop (AGCD) am on a side is placed magnetic held of 3T, The loop...

Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...

(20) Let L be the language over {a,b,c} accepting all strings so that: 1. No b's...

How are QBO and QBDT similar?

Please show work behind reasoning. 2. Gizmo, Inc. is a diversified multinational manufacturer. The CEO is...

Need answer in Python 3.8, with indentation and comments shown, please. 16.4* (Pattern matching) Write a...

How do you convert #(-2, 7pi/3)# to rectangular form?

Due in 30 min 8. (10 points) Picture taken from problem 19-21. The spool has a...

On a recent quiz, the class mean was 74 with a standard deviation of 3.6. Calculate...

You have just made your first $6,900 contribution to your registered retirement saving plan (RRSP). Assuming...

Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company (the les-sor) on...

Draw a supply curve of lamps that shows that the elasticity of supply is 1 at...

Required information (The following information applies to the questions displayed below.) Sara's Salsa Company produces its...

Required information The following information applies to the questions displayed below North Star prepared the fo...

An agricultural scientist decides to compare the effect three fertilizers have on the heights of a...

The reaction of C3H8 with oxygen is an exothermic reaction, which means that the heat of...

Big, Inc.
Income Statement
For the year ended 12/31/16
Sales revenue - Sprockets		675,000
Sales revenue - Cogs		315,000
Cost of goods sold		-625,000
Gross profit		365,000
Operating expenses:
Salaries & Wages expense	125,000
Employee benefits expense	4,600
Payroll tax expense	25,000
Insuranc expense	9,500
Rent expense	23,000
Property tax expense	5,000
Depreciation expense	12,500
Bad debt expense	1,750
Total operating expenses		206,350
Operating income		158,650
Non-operating income (expense):
Miscellaneous income	1,250
Miscellaneous Expense	-950
Total non-operating income(Expense)		300
Income Before income tax		158,950
Income tax expense		-39,510
Net income		119,440

Big, Inc.
Statement of retained earnings
For the year ended 12/31/16
Retained earnings, Beginning	126,460
Net income	119,440
Dividends	-10,000
Retained earnings, Ending	235,900

Big, Inc.
Assets
At December 31,2016
Current assets:
Cash	155,000
Accounts receivable	35,000
Allowance for Doubtful Accounts	-3,750
Prepaid insurance	6,000
Prepaid property taxes	2,000
Inventory	7,000
Loan Receivable	10,000
Total current assets		211,250

Investments		75,000

Property,plant,and equipment:
Building	100,000
A/D - Building	-54,000
Equipment	25,000
A/D - Equipment	-10,000
Total property,plant,and equipment		61,000
Total Assets		347,250
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	24,500
Salaries & Wages payable	8,100
Accrued Vacation	2,500
Payroll Taxes Payable	750
Accrued utilities	1,500
Total current liabilities		37,350
Long-term note payable		24,000
Total liabilities		61,350
Stockholders' equity:
Common stock	50,000
Retained earnings	235,900
Total stockholders' Equity		285,900

Total liabilities and stockholders' equity		347,250