Question
Below is the trial balance of Boss Corporation on December 31, 2015. The accounts are listed in alphabetical order and all accounts have normal balances.
Below is the trial balance of Boss Corporation on December 31, 2015. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Balance: Account Title: Balance: Accounts Payable 22 ,Interest Receivable 3 Accounts Receivable 65, Interest Revenue 6, Accum. Amort. - Patents 45, Land 250, Accum. Depl. - Oil Reserve 210, Long-Term Notes Payable 100, Accum. Depr. - Bldngs. 120, Loss on Plant Asset Disposal 15, Accum. Depr. - Equip. 90, Merchandise Inventory 44, Administrative Expenses 840, Miscellaneous Revenues 10, Allowance for Bad Debts 15, Notes Receivable (3 month) 90, APIC-Common 180, Oil Reserve 800, APIC-Preferred 50, Patent 120, APIC-Treasury 20, Preferred Stock 150, Buildings 640, Prepaid Insurance 26, Cash 99, Retained Earnings 158, Cash Dividends Declared 50, Salaries Payable 13, Common Stock 300, Sales 6,480, Common Stock Dividend Distributable 20, Sales Discounts 400, Cost of Goods Sold 2,110, Sales Returns & Allowances 800, Equipment 440, Selling Expenses 950, Dividends Payable 30, Short-Term Notes Payable 18, FICA Taxes Payable 20, Stock Dividends Declared 35, FUTA Taxes Payable 4, Supplies 18, Income Tax Expense 170, SUTA Taxes Payable 9, Interest Expense 30, Treasury Stock 80, Interest Payable 5. REQUIRED: Prepare the financial statements for the year for Boss Corporation--a multi-step income statement, a statement of retained earnings and a classified balance sheet.
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