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Please prepare a balance sheet with the information below Ad

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

Solution

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
Please prepare a balance sheet with the information below. Adjusted Trial Balance Please prepare a balance sheet with the information below. Retained Earnings R
Please prepare a balance sheet with the information below. Adjusted Trial Balance Please prepare a balance sheet with the information below. Retained Earnings R
Please prepare a balance sheet with the information below. Adjusted Trial Balance Please prepare a balance sheet with the information below. Retained Earnings R

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