Below on the left is the adjusted trial balance, and the right is the Income statement. On the income statement, we have been told that
Below on the left is the adjusted trial balance, and the right is the Income statement. On the income statement, we have been told that the gross profit is $22,962,050.80(what is typed in the cell), teh Net Income is $12,428,782.25 and the Comprehensive Income is $12,163,782.25.
From my calculations, I am missing something under operating expense or taxes, but I am not sure what.
H Income Statement For Year Ended 12/31/20XX Adjusting entries Dr Cr Cr 3 4 5 5 6 7 8 9 265,000.00 $ 33,881,157.15 124,795.80 PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 Dr Cr 1,488,999.34 5,500,000.00 7,092,495.88 1,605,098.52 128,152.63 71,877.07 207,834.14 17,647.42 250,000.00 1,250,000.00 2,254,140.00 Cash Marketable Securities Accounts Receivable Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Miso. Supplies Land Building Baking Equipment 34,005,952.95 Dr 1,488,999.34 5,235,000.00 7,092,495.88 1,605,098.52 128,152.63 71,877.07 207,834.14 17,647.42 250,000.00 1,250,000.00 2,387,730.00 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold-Baked Cost of Goods Sold - Merchandise Total Cost of Goods Sold Gross Profit 10 11 12 13 14 15 16 10,954,907.36 88,994.79 11,043,902.15 22,962,050.80 22962050.8 133.590.00 328,282.00 328,282.00 2,500.00 47,500.00 17 Operating Expenses: Accumulated Depreciation Patent 50,000.00 Accounts Payable Wages Payable Interest Payable Current Portion of Bonds Payable Income Taxes Currently Payable Accrued Pension Liability Accrued Employees Health Insurance Lease Liability 1,555,212.85 250,203.31 21.888.22 1,000,000.00 1,042,118.16 52,325,25 1,555,212.85 250,203.31 21.888.22 1,000,000.00 989,792.91 107,041.70 43,718.91 86,590.00 18 19 20 21 22 23 107,041.70 43,718.91 106,590.00 20,000.00 4,000,000.00 500,000.00 1,750,000.00 2,213,122.59 4,000,000.00 500,000.00 1,750,000.00 2,213,122.59 24 25 26 27 28 29 30 31 Rent Expense Wages Expense Misc. Supplies Expense Repairs and Maintenance Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Pension Expense Retired Employees Health Ins. Patent Amortization 1,556,731.95 2,604,526.23 263,224.56 20.353.05 211,757.65 91,171.08 634,520.00 112,937.69 160,413.49 484,703.27 50,821.34 107041.7 43718.91 2,500.00 50,000.00 5,250,000.00 33,881,157.15 124,795.80 33,881,157.15 124,795.80 20,000.00 Deferred Tax Liability Bonds Payable Preferred Stock Common Stock Beginning Retained earnings Dividends - Preferred 50,000.00 Dividends - Common 5,250,000.00 Bakery Sales Merchandise Sales Cost of Goods Sold - Ba 10,954,907.36 Cost of Goods Sold - M 88,994.79 Rent Expense 1,576,731.95 Wages Expense 2,604,526.23 Misc. Supplies Expense 263,224.56 Repairs and Maintenance 47,353.05 Business License Expen: 211,757.65 Miso. Expense 141,171.08 Depreciation Expense 634,520.00 Insurance Expense 112,937.69 Advertising Expense 160,413.49 Interest Expense 484,703.27 Telephone Expense 50,821.34 Pension Expense Retired Employees Health Ins. Patent Amortization Income Tax Expense 32 33 34 35 36 27,000.00 50,000.00 Total Operating Expenses: 6,344,420.92 10,954,907.36 88,994.79 1,556,731.95 2,604,526.23 263,224.56 20,353.05 211,757.65 91,171.08 634,520.00 112,937.69 160,413.49 484,703.27 50,821.34 107,041.70 43,718.91 2,500.00 37 38 39 40 Operating Income 16,617,629.88 Income Taxes Deferred tax Expense 107,041.70 43,718.91 2,500.00 4,168,847.62 (52,325.25) Total Tax Expense 4,116,522.37 375.00 375.00 Net Income 12,501, 107.51 12,428,782.25 Unrealized Gain!(Loss) on Marketable Securities Held for Sale 265,000.00 265,000.00 41 42 43 44 45 46 47 48 49 50 51 Unrealized Gain/(Loss) on Marketable Securities Held for Sale 265000 Income Taxes Deferred Tax Expense 4,168,472.62 375.00 52,325.25 4,168,847.62 (52,325.25) Comprehensive Income 12,236,107.51 12,163,782.25 46,716,780.08 46,666,780.08 624,550.86 674,550.86 46,852,180.44 46,852,180.44 H Income Statement For Year Ended 12/31/20XX Adjusting entries Dr Cr Cr 3 4 5 5 6 7 8 9 265,000.00 $ 33,881,157.15 124,795.80 PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 Dr Cr 1,488,999.34 5,500,000.00 7,092,495.88 1,605,098.52 128,152.63 71,877.07 207,834.14 17,647.42 250,000.00 1,250,000.00 2,254,140.00 Cash Marketable Securities Accounts Receivable Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Miso. Supplies Land Building Baking Equipment 34,005,952.95 Dr 1,488,999.34 5,235,000.00 7,092,495.88 1,605,098.52 128,152.63 71,877.07 207,834.14 17,647.42 250,000.00 1,250,000.00 2,387,730.00 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold-Baked Cost of Goods Sold - Merchandise Total Cost of Goods Sold Gross Profit 10 11 12 13 14 15 16 10,954,907.36 88,994.79 11,043,902.15 22,962,050.80 22962050.8 133.590.00 328,282.00 328,282.00 2,500.00 47,500.00 17 Operating Expenses: Accumulated Depreciation Patent 50,000.00 Accounts Payable Wages Payable Interest Payable Current Portion of Bonds Payable Income Taxes Currently Payable Accrued Pension Liability Accrued Employees Health Insurance Lease Liability 1,555,212.85 250,203.31 21.888.22 1,000,000.00 1,042,118.16 52,325,25 1,555,212.85 250,203.31 21.888.22 1,000,000.00 989,792.91 107,041.70 43,718.91 86,590.00 18 19 20 21 22 23 107,041.70 43,718.91 106,590.00 20,000.00 4,000,000.00 500,000.00 1,750,000.00 2,213,122.59 4,000,000.00 500,000.00 1,750,000.00 2,213,122.59 24 25 26 27 28 29 30 31 Rent Expense Wages Expense Misc. Supplies Expense Repairs and Maintenance Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Pension Expense Retired Employees Health Ins. Patent Amortization 1,556,731.95 2,604,526.23 263,224.56 20.353.05 211,757.65 91,171.08 634,520.00 112,937.69 160,413.49 484,703.27 50,821.34 107041.7 43718.91 2,500.00 50,000.00 5,250,000.00 33,881,157.15 124,795.80 33,881,157.15 124,795.80 20,000.00 Deferred Tax Liability Bonds Payable Preferred Stock Common Stock Beginning Retained earnings Dividends - Preferred 50,000.00 Dividends - Common 5,250,000.00 Bakery Sales Merchandise Sales Cost of Goods Sold - Ba 10,954,907.36 Cost of Goods Sold - M 88,994.79 Rent Expense 1,576,731.95 Wages Expense 2,604,526.23 Misc. Supplies Expense 263,224.56 Repairs and Maintenance 47,353.05 Business License Expen: 211,757.65 Miso. Expense 141,171.08 Depreciation Expense 634,520.00 Insurance Expense 112,937.69 Advertising Expense 160,413.49 Interest Expense 484,703.27 Telephone Expense 50,821.34 Pension Expense Retired Employees Health Ins. Patent Amortization Income Tax Expense 32 33 34 35 36 27,000.00 50,000.00 Total Operating Expenses: 6,344,420.92 10,954,907.36 88,994.79 1,556,731.95 2,604,526.23 263,224.56 20,353.05 211,757.65 91,171.08 634,520.00 112,937.69 160,413.49 484,703.27 50,821.34 107,041.70 43,718.91 2,500.00 37 38 39 40 Operating Income 16,617,629.88 Income Taxes Deferred tax Expense 107,041.70 43,718.91 2,500.00 4,168,847.62 (52,325.25) Total Tax Expense 4,116,522.37 375.00 375.00 Net Income 12,501, 107.51 12,428,782.25 Unrealized Gain!(Loss) on Marketable Securities Held for Sale 265,000.00 265,000.00 41 42 43 44 45 46 47 48 49 50 51 Unrealized Gain/(Loss) on Marketable Securities Held for Sale 265000 Income Taxes Deferred Tax Expense 4,168,472.62 375.00 52,325.25 4,168,847.62 (52,325.25) Comprehensive Income 12,236,107.51 12,163,782.25 46,716,780.08 46,666,780.08 624,550.86 674,550.86 46,852,180.44 46,852,180.44
