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Completing a Balance Sheet

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trial balance
for the year 31st dec.
particulars Debit credit
cash 47,606.39
Petty cash 280.71
accounts receivable 0.00
Merchandise Inventory 11,762.10
office supply inventory 379.02
prepaid rent 2,000.00
vehicles 48,000.00
accumulated depreciation - vehicles 17,416.52
equipment 24,250.80
accumulated depreciation - equipment 15,514.40
Office Furniture and Equipment 6,125.04
Accumulated Depreciation—Office Furn. and Equip 3,913.22
Accounts Payable 5,830.00
Payroll Payable 7,044.00
Federal Income Tax Payable 722.00
Social Security Tax Payable 627.44
Medicare Tax Payable 146.74
State Income Tax Payable 310.69
City Income Tax Payable 101.2
FUTA Tax Payable 1,050.56
SUTA Tax Payable 7,091.28
Sales Tax Payable 3,750.00
Ian Smith, Capital 94,938.80
Ian Smith, Drawing 5000
Sales 32,289.50
Sales Returns and Allowances 150
Sales Discounts 9155.75
COGS—Cost of Goods Sold 2612.9
Purchases 5700
Purchase Returns and Allowances 0
Purchase Discounts 0
Payroll Expense 5860
Payroll Tax Expense 860
Advertising Expense 10050
Rent Expense 2000
Office Supplies Expense 2673.29
Telephone Expense 1500.35
Utilities Expense 1170
Supplies Expense 725
Miscellaneous Expense 275
Depreciation Expense 500
Cash Short and Over 0
Expense and Revenue Summary 2110
190,746.35 190,746.35

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The expert examines completing a balance sheet.

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Finance 201 Problem

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Current Ratio 1.09 1.41
Quick Ratio 0.60 1.00
Total Debt Ratio 48.00% 77.80%
TIE 6.20 3.20
BEP N/A N/A
FATO N/A N/A

You have been given the following information. Complete a Balance Sheet and Income Statement for 2005. All figures are in millions. Also briefly explain in one paragraph what you learned after solving about this country?

Sales will be $3,000 for the year. Accounts Receivable will be 10% of sales. Selling General and Administrative Expense will be $500 for the year, and COGS will be 67% of sales. The company has $750 in long-term debt, and pays 8% interest on this debt. It has a 35% combined tax rate, and depreciation expense of $130. 2004's accumulated depreciation was $780, and gross fixed assets were $2100. Inventory was $550, and total liabilities and stockholders equity were $2,390. NOWC totaled $548, with 50% of current liabilities in Accruals and 50% in A/P. Last year, Retained Earnings totaled $440. The company has only common stock, no preferred.

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