1. Complete the Income Statement and Balance Sheet sections of the worksheet. 2. Using information from the worksheet, prepare a formal Income Statement and Balance Sheet for Boulton's. 3. Journalize the closing entries. Once complete submit file to drop box for marks. Boulton's Toy Emporium Worksheet For the month ending April 30, 2015 Accounts Acc. Trial Balance No. DR CR Adjustments R DR CR Income Statement DR Balance Sheet CR DR CR Bank 101 64,850.26 1,894.85 62,955.41 Accounts Receivable 105 37,681.95 154.58 37,527.37 Allowance for Doubtful Accounts 106 618.30 154.58 865.25 1,328.97 Merchandise Inventory 110 45,190.40 710.00 560.00 45,340.40 Supplies 115 16,671.80 1,200.00 15,471.80 Prepaid Insurance 120 Prepaid Rent 122 1,500.00 125.00 1,375.00 Office Furniture 135 102,596.00 102,596.00 Acc. Amort. - Furniture 136 27,150.00 943.08 28,093.08 Office Equipment 140 149,500.00 149,500.00 Acc. Amort. - Equipment 141 59,629.00 1,273.17 60,902.17 Delivery Truck 180 30,200.00 30,200.00 Acc. Amort. Truck 181 19,066.67 122.22 19,188.89 Accounts Payable 201 22,028.40 22,028.40 HST Payable 205 17,772.60 17,772.60 HST Recoverable Loan Payable 206 4,815.60 42.60 4,858.20 210 38,450.00 38,450.00 Mortgage Payable 215 J. Boulton, Capital 301 190,000.00 57,135.03 190,000.00 57,135.03 J. Boulton, Drawings 305 3,260.40 3,260.40 Sales Revenue 401 45,100.00 45,100.00 Sales Returns 402 1,010.00 Sales Discounts 403 827.64 Cost of Goods Sold 501 17,328.40 1,010.00 827.64 17,328.40 Advertising Expense 601 518.40 Bad Debt Expense 605 865.25 518.40 865.25 Bad Debt Expense 605 865.25 865.25 Car Expense 610 Amort. Expense - Furniture 615 943.08 Amort. Expense-Equipment 616 5.23 1,273.17 Amort. Expense Truck 621 122.22 Freight-out 625 770.00 Loss on Sale of Assets 645 123.92 943.08 1,278.40 122.22 770.00 123.92 Maintenance Expense 650 Miscellaneous Expense 655 Utilities Expense 680 100.00 100.00 476,950.00 476,950.00 Interest Expense 635 1,142.25 Supplies Expense 675 1,200.00 1,142.25 1,200.00 Rent Expense 670 125.00 125.00 Inventory Shortage 640 560.00 560.00 7,138.15 7,138.15. 26,914.56 45,100.00 453,084.58 434,899.14 Net Income 18,185.44 18,185.44 45,100.00 45,100.00 453,084.58 452,084.58 Date 2015 Apr 30 Sale Revenue General Journal Particulars Closing Entries Merchandise Inventory Income summary To close revenue account 30 Income summary Merchandise Inventory Advertising Expense Bad Debt Expense Amort. Expense - Furniture Amort. Expense - Equipment Amort. Expense - Truck Freight-out Loss on Sale of Assets Utilities Expense Supplies Expense Rent Expense Interest Expense P.R. Debit Page: Credit 43,262.36 45,340.40 88,602.76 52,938.92 45,190.40 518.40 865.25 943.08 1,278.40 122.22 770.00 123.92 100.00 1,200.00 125.00 1,142.25 560.00 Inventory Shortage To close expense account 30 Income summary 18,185.44 J. Boulton, Capital 18,185.44 To close income summary account 30 J. Boulton, Capital 3,260.40 J. Boulton, Drawings 3,260.40 To close capital withdraw check figure 162,987.52 162,987.52 93,460.40 93,460.40 Sale Revenue Less: Sale Return Less: Sale Discount Cost of Goods Sold Cost of Goods Sold Gross profit Advertising Expense Bad Debt Expense Amort. Expense - Furniture Amort. Expense - Equipment Amort. Expense - Truck Freight-out Loss on Sale of Assets Utilities Expense Supplies Expense Rent Expense Total Operating Expenses Boulton's Toy Emporium Income Statement For the Month Ended April 2015 Revenue 45,100.00 1,010.00 827.64 43,262.36 17,328.40 25,933.96 Operating Expenses 518.40 865.25 943.08 1,278.40 122.22 770.00 123.92 100.00 1,200.00 125.00 6,046.27 Operating Income (Net Income Before Interest, Taxes and Extraordinary Items) Interest Expense Inventory Shortage Total of Extraordinary Items Net Income 19,887.69 1,142.25 560.00 1,702.25 18,185.44 hint net income = 18185.44 Current assets Bank Account Recievable Less: Allowance for Doubtful Merchandise Inventory Supplies Prepaid rent Boulton's Toy Emporium Balance Sheet April 30, 2015 Assets 62,955.41 37,527.37 1,328.97 36,198.40 45,340.40 15,471.80 1,375.00 161,341.01 Total Current Assets Fixed Assets Office supplies 102,596.00 Less: Acc. Amort. - Furniture 28,093.08 74,502.92 Office Equipment 149,500.00 Less: Acc. Amort. - Equipment 60,902.17 88,597.83 Delivery Truck 30,200.00 Less: Acc. Amort. - Truck 19,188.89 11,011.11 Total fixed Assets Total Assets 174,111.86 335,452.87 Current Liabilities Accounts Payable HST Payable HST Recoverable Total Current Liabilities Liabilities and Owner's Equity $ 22,028.40 17,772.60 4,858.20 12,914.40 34,942.80 Long Term Liabilites Loan Payable Mortgage Payable Total Long term Liabilities 38,450.00 190,000.00 228,450.00 J. Boulton, Capital Equity at the Beginning of the Period 57,135.03 Add: Net income Less: Drawings 18,185.44 3,260.40 Change in Equity of Period 14,925.04 Equity at End of the Period 72,060.07 Total Liabilities and Owner's Equity 335,452.87 hint balance sheet 335452.87