Alan R. Bard formed a corporation named Bard Associates, Inc. on January 1, 2014. Its post-closing trial balance as of December 31, 2014 is as follows:

		Dr		Cr
	Cash	$ 5,505.00
	Accounts receivable	36,233.00
	Office supplies	2,035.00
	Prepaid insurance	10,000.00
	Federal tax refund receivable	46.00
	Building	180,000.00
	Accumulated depreciationbuilding			$ 4,423.00
	Land	30,000.00
	Accounts payable			7,219.00
	Loan payable			100,000.00
	Common stock			51,428.00
	Retained earnings			100,749.00
		$ 263,819.00		$ 263,819.00

An analysis of the corporations checking account for 2015 shows the following:

	Balance, January 1, 2015				$ 5,505.00
	Receipts:
		Collections from customers	$ 593,115.00
		Federal tax refund	46.00
					593,161.00
					598,666.00
	Disbursements:
		Payment of bank loan	60,000.00
		Telephone bills	47,206.00
		Utility bills	28,998.00
		Advertising and promotion	119,338.00
		Office supplies	48,875.00
		Interest on bank loan	6,600.00
		Salaries to employees	141,000.00
		Salary to Alan R. Bard	100,000.00
		Estimated federal income tax	12,000.00
		Payroll taxes	26,014.00
					590,031.00
	Balance, December 31, 2015				$ 8,635.00

The corporation provides market survey services to small business clients. It is not a qualified personal service corporation as defined in Regulation 1.441-3(c). It keeps its books on the accrual basis. Included in the collections from customers in 2015 are $36,233.00 collected on 2014 receivables. The bank loan, which can be prepaid at any time without penalty, will become due and payable on January 5, 2018. The land and building are nonresidential office space. They were placed in service in early January 2014. An insurance premium of $15,000.00 was paid in early 2014 for a general business hazard policy covering the three year period from January 1, 2014 to December 31, 2016.

Any assets of the business not reflected in the trial balance have been fully depreciated and therefore have a zero basis. The January 1, 2014 receivables were for services rendered. The payables were for office supplies ($1,829.00), telephone expense ($2,114.00), and utilities expense ($3,276.00).

The estimated federal income tax of $12,000 was paid in four equal installments of $3,000 on April 15, 2015, June 15, 2015, September 15, 2015 and December 15, 2015.

On December 31, 2015, the corporation had accounts receivable of $38,194.00, office supplies inventory of $3,112.00, and accounts payable of $7,914.00 for telephone ($3,007.00), office supplies ($2,011.00), and utilities expense ($2,896.00). Other than the accrued federal income tax payable, which will have to be calculated, the corporation had no other accrued but unpaid expenses.

The corporations address and employer identification number are:

5380 Main Street

Williamsville, NY 14221

162576943

Alan Bard is the corporations only officer. His address and social security number are:

225 Cayuga Street

Williamsville, NY 14221

086548417

Alan devotes 100 percent of his working hours to running the business.

Required:

Use the information above to create a pre-closing adjusted trial balance for Bard Associates, Inc. for the year ended December 31, 2015.For simplicity, prepare all entries using tax basis accounting and ignore the financial accounting rules of valuation, depreciation, etc.Dont forget to accrue the federal income tax for the year.

1/1/15 Balances

Adjustments

12/31/15 Balances

Dr

Cr

Dr

Cr

Dr

Cr

Cash

5,505

5,505

Accounts receivable

36,233

36,233

Office supplies inventory

2,035

2,035

Prepaid insurance

10,000

10,000

Federal income tax receivable

46

46

Building

180,000

180,000

Accumulated depreciation--building

4,423

4,423

Land

30,000

30,000

Accounts payable

7,219

7,219

Loan payable

100,000

100,000

Common stock

51,428

51,428

Retained earnings

100,749

100,749

-

Sales revenue

-

-

Telephone expense

-

-

Utilities expense

-

-

Advertising & promotion expense

-

-

Salaries expense--officer

-

-

Salaries expense--others

-

-

Payroll tax expense

-

-

Office supplies expense

-

-

Insurance expense

-

-

Depreciation expense--building

-

-

Interest expense

-

-

Federal income tax expense

-

-

263,819

263,819

-

-

263,819

263,819