CAPTAIN JET INC.
BALANCE SHEET
DECEMBER 31, 2013
Current Assets
Cash	41,200
Notes Receivable	16,000
Accounts Receivable	41,800
Less: Allowance for Doubtful Accounts	(3,000)
Inventories	40,000
Prepaid Insurance	540
Prepaid Rent	500
Total Current Assets	137,040
Non-Current Assets
Long-term Investments
Investments in held-for-maturity securities	51,000
Land held for future development	45,500
Property, Plant, and Equipment
Land	85,000
Buildings	675,000
Less: Accumulated Depreciation	(187,500)
Intangible Assets
Capitalized Development Costs	8,000
Goodwill	76,000
Other Identifiable Intangible Assets	48,000
Total Non-Current Assets	801,000
Total Assets	938,040
Current Liabilities
Notes Payable	110,000
Accounts Payable	33,500
Unearned Revenues	12,000
Income Taxes Payable	8,440
Property Taxes Payable	6,600
Interest Payable	1,500
Total Current Liabilities	172,040
Non-Current Liabilities
Provisions Related to Pensions	84,000
Bonds Payable	300,000
Total Non-Current Liabilities	384,000
Total Liabilities	556,040
Stockholders' Equity
Common Stock	100,000
Preferred Stock	100,000
Paid-in-capital - Common Stock	27,500
Paid-in-capital - Preferred Stock	10,000
Retained Earnings	152,250
Accumulated Other Comprehensive Income	5,000
Less: Treasury Stock	(12,750)
Total Stockholders' Equity	382,000
Total Liabilities and Stockholders' Equity	938,040

Captain Jet Inc.
Adjusted Trial Balance
31-Dec-14
Account	Debit	Credit
Cash		3958
Accounts Receivable		6100
Supplies		400
Prepaid Rent	6000
Inventory	40146
Land	15000
Accounts Payable	27500
Dividends Payable		0
Notes Payable		10000
Interest Payable	1500
Salaries Payable		1500
Income Tax Payable		3250
Unpaid Utilities		1250
Accumulated Depreciation		14250
Allowance for Doubtful Accounts	304
Paid in Excess		5000
Discount	56
Sales Return	200
Purchases	38400
Dividends	800
Common Stock		10000
Sales Revenue		125500
Unearned Revenue	10000
Office Supplies Expense	800
Utilities Expense	12152
Interest Expense	4500
Salaries Expense	45500
Depreciation Expense	14250
Income Tax Expense	3250
Bad Debt Expense	996
Cost of Goods Sold		40146
Total	221354	221354

using the 2013 balance sheet and the 2014 adjusted trial balance, prepare the 2014 balance sheet, income statement and retained earnings statement.