Admin 269 Lab Assignment 111 Directions 1 Enter Student Name and Student ID above (be careful, if you enter the wrong student ID you will geto!) 2 Find the trial balance in the "Data" Worksheet 3 Use the trial balance data to create an Income Statement and Balance Sheet for your company in their respective 1 2 parampalsingh Corporation Trial balance 3 For the year ended August 31, 2019 & Account Name Debit Credit 5 Accounts Payable $ $ 95,015.75 6 Accounts Receivable ##*****## $ 7 Accumulated depreciation - Office Equipo $ $ 97,616.54 8 Advertising Expense $2,499.91 $ 9 Allowance for Doubtful Accounts $ $11.963.66 10 Bad Debts Expense $ 2,143.49 $ 11 Cash $ 174,311.96 $ 12 Common Shares $ $96.402.84 13 Cost of Goods Sold ###### $ 14 Depreciation Expense $ 11240.86 $ 15 Dividends declared $ 2,236.68 16 Income Tax Payable $ ### 17 Insurance Expense $ 2,641.98 $ 18 Interest Expense $ 5,159.33 $ 19 Interest Revenue $ $1645.00 20 Inventory ###### $ 21 Land $310,881.82 $ 22 Long term Investments $670,311.82 $ 23 Miscellaneous Expense $ 30,133.47 $ 24 Mortgage Payable $ ####### 25 Notes Payable - Short Term $ $23.233.78 26 Office Equipment $154,313.90 $ 27 Office Expense $25,597.25$ 28 Prepaid Insurance $ 1,040.32 $ 29 Rent Expense ####### $ 30 Retained Earnings - Opening $ $ 98,310.09 31 Revenue received in Advance $ $ 74,556.15 32 Sales $ ####### 33 Supplies Expense $ 6,629.86 $ 34 Supplies Inventory $ 2,600.80 $ 35 Tax Expense ####### $ 36 Vages Expense $ 282 442.115 37 Total $3920698 $3.920698 38 39 40 41 42 43 44 45 1 File Home Insert Draw Page Layout Formulas B10 Gross Margin DE 2 parampalsingh Corporation Statement of Comprehensive Income For the year ended August 31, 2019 4 5 Revenue: 6 7 3 10 11 Gross Margin 12 Operating Expenses: Total Operating Expenses Income From Operations 13 14 15 16 17 18 19 20 21 22 23 24 25 Other: 26 27 28 23 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Total Other Earnings before ta Net Income RSA 88 89 File Home Insert Draw Page Layout Formulas Data Revie F30 2 DI Balance Sheet For the year ended August 31, 2019 Assets Content Assets T 10 11 12 13 14 Long term westments 15 16 11 Carwal Assets 10 19 20 21 22. Total Assets 23 24 Liabilities 25 Current Lines 26 27 28 29 30 31 Long-term Liabilities | 33 Total Liabilities 34 35 Owners' Equity 36 37 38 33 40 Total Owners' Equity 41 42 Total Liabilities and Owners' Equity 83 Admin 269 Lab Assignment 111 Directions 1 Enter Student Name and Student ID above (be careful, if you enter the wrong student ID you will geto!) 2 Find the trial balance in the "Data" Worksheet 3 Use the trial balance data to create an Income Statement and Balance Sheet for your company in their respective 1 2 parampalsingh Corporation Trial balance 3 For the year ended August 31, 2019 & Account Name Debit Credit 5 Accounts Payable $ $ 95,015.75 6 Accounts Receivable ##*****## $ 7 Accumulated depreciation - Office Equipo $ $ 97,616.54 8 Advertising Expense $2,499.91 $ 9 Allowance for Doubtful Accounts $ $11.963.66 10 Bad Debts Expense $ 2,143.49 $ 11 Cash $ 174,311.96 $ 12 Common Shares $ $96.402.84 13 Cost of Goods Sold ###### $ 14 Depreciation Expense $ 11240.86 $ 15 Dividends declared $ 2,236.68 16 Income Tax Payable $ ### 17 Insurance Expense $ 2,641.98 $ 18 Interest Expense $ 5,159.33 $ 19 Interest Revenue $ $1645.00 20 Inventory ###### $ 21 Land $310,881.82 $ 22 Long term Investments $670,311.82 $ 23 Miscellaneous Expense $ 30,133.47 $ 24 Mortgage Payable $ ####### 25 Notes Payable - Short Term $ $23.233.78 26 Office Equipment $154,313.90 $ 27 Office Expense $25,597.25$ 28 Prepaid Insurance $ 1,040.32 $ 29 Rent Expense ####### $ 30 Retained Earnings - Opening $ $ 98,310.09 31 Revenue received in Advance $ $ 74,556.15 32 Sales $ ####### 33 Supplies Expense $ 6,629.86 $ 34 Supplies Inventory $ 2,600.80 $ 35 Tax Expense ####### $ 36 Vages Expense $ 282 442.115 37 Total $3920698 $3.920698 38 39 40 41 42 43 44 45 1 File Home Insert Draw Page Layout Formulas B10 Gross Margin DE 2 parampalsingh Corporation Statement of Comprehensive Income For the year ended August 31, 2019 4 5 Revenue: 6 7 3 10 11 Gross Margin 12 Operating Expenses: Total Operating Expenses Income From Operations 13 14 15 16 17 18 19 20 21 22 23 24 25 Other: 26 27 28 23 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Total Other Earnings before ta Net Income RSA 88 89 File Home Insert Draw Page Layout Formulas Data Revie F30 2 DI Balance Sheet For the year ended August 31, 2019 Assets Content Assets T 10 11 12 13 14 Long term westments 15 16 11 Carwal Assets 10 19 20 21 22. Total Assets 23 24 Liabilities 25 Current Lines 26 27 28 29 30 31 Long-term Liabilities | 33 Total Liabilities 34 35 Owners' Equity 36 37 38 33 40 Total Owners' Equity 41 42 Total Liabilities and Owners' Equity 83
