Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, comple
ID: 2518562 • Letter: P
Question
Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete the Mult-Stp Income Statement and prepare the Statement of Retained Earnings and Classified Balance Sheet on the pages which follow. To get full credit you must include all critical subtotals Part 2: Insert Second Trial Balance HERE Patricks Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Su 3,460 800 130 350 Accumulated Depreciation Accounts Payable Interest Payable Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par- CS Retained Earnings (1/1/15) 670 50 5,600 2,160 Sales 40 60 21600 30 Sales Discounts Cost of Goods Sold Bad debt expense Depreciation Expense Amortization Expense Wages Expense Rent Expense Office Expense Supplies Expense Selling Expense Interest Expense 70 500 100 s200 760 Interest Revenu 150 Income Tax ExpenseExplanation / Answer
Balance sheet
income statement
Assets
net sales (sales less sales discount & sales return)
46700
Current assets
less cost of goods sold
21600
cash
3900
gross profit
25100
Accounts receivables net off allowance for doubtful debts
2790
less operating expenses
short term notes receivables
800
bad debts
30
interest receivable
120
depreciation expenses
770
supplies
130
amortization expense
70
inventory
2500
wages expense
8000
prepaid expenses
350
rent expense
500
total of current assets
10590
office expense
80
Equipment net off accumulated depreciation
12750
supplies expense
100
copy right
700
selling expense
800
total of assets
24040
total of operating expenses
10350
operating profit
14750
Liabilities and shareholders equity
add inerest income
150
Current liabilities
less interest expense
200
accounts payable
670
profit before tax
14700
interest payable
20
less taxes
760
unearned revenue
50
net income
13940
total of current liabilities
740
long terms notes payable
1400
statement of retained earning
total of liabilities
2140
opening balance
2160
shareholders equity
add net income
13940
common stock
5600
less dividend
600
additional paid in capital
800
year end balance in retained earning
15500
retained earning
15500
total of shareholders equity
21900
total of liabilities and shareholders equity
24040
Balance sheet
income statement
Assets
net sales (sales less sales discount & sales return)
46700
Current assets
less cost of goods sold
21600
cash
3900
gross profit
25100
Accounts receivables net off allowance for doubtful debts
2790
less operating expenses
short term notes receivables
800
bad debts
30
interest receivable
120
depreciation expenses
770
supplies
130
amortization expense
70
inventory
2500
wages expense
8000
prepaid expenses
350
rent expense
500
total of current assets
10590
office expense
80
Equipment net off accumulated depreciation
12750
supplies expense
100
copy right
700
selling expense
800
total of assets
24040
total of operating expenses
10350
operating profit
14750
Liabilities and shareholders equity
add inerest income
150
Current liabilities
less interest expense
200
accounts payable
670
profit before tax
14700
interest payable
20
less taxes
760
unearned revenue
50
net income
13940
total of current liabilities
740
long terms notes payable
1400
statement of retained earning
total of liabilities
2140
opening balance
2160
shareholders equity
add net income
13940
common stock
5600
less dividend
600
additional paid in capital
800
year end balance in retained earning
15500
retained earning
15500
total of shareholders equity
21900
total of liabilities and shareholders equity
24040