Complete the balance sheet after adding the additional information to the trial balance

6 Tom Michaud is in the plastering business under the name of Tom's Plaster From the following trial balance and the additional information sh below. prepare the work sheet and the financial statements in Workbook for Tom's Plastering for the year ended October 31, 20-1. TOM'S PLASTERING TRIAL BALANCE OCTOBER 31.20-1 DR $ 1 412.01 7 545.00 1 416.70 I 903.00 2 107.80 9 500.00 $ 3 200.00 19 500.00 8 000.00 2 40735 702.00 Bank Accounts Receivable Supplies Small Tools Prepaid Insurance Equipment Accumulated Depreciation - Equipment Truck Accumulated Depreciation - Truck Accounts Payable GST Payable GST Recoverable Bank Loan Tom Michaud, Capital Tom Michaud, Drawings Revenue Bank Interest and Charges Materials Used Miscellaneous Expense Rent Expense Telephone Expense Truck Expense Utilities Expense Wages Expense 480.00 10 000.00 17 510.28 35 534.00 120 365.00 1 325.15 25 369.20 756.32 6 000.00 864.32 8 325.40 4 563.26 35 582.47 $162 184.63 $162 184.63 Additional Information Late bills pertaining to the 20-1 year were as follows: Supplies $ 56.20 Miscellaneous Expense 26.85 Truck Expense 563.85 Total $646.90 Office supplies on hand at October 31 are valued at $360. Unexpired insurance at October 31 is calculated at $510.95. Depreciation is calculated using the straight-line method. All assets were on hand for the entire year. The equipment cost $9 500 and was expected to last for 10 years. It was estimated that it would be worth $1 500 at the end of that time, The truck cost $19 500 and was expected to last for 5 years. It was esti- mated that it would be worth $3 500 at the end of that time, The small tools at October 31 are valued at $350. The tools represented by the difference between the $350 figure and the trial balance figure have been lost, stolen, or used up. Of the $25 369.20 shown on the trial balance under Materials Used, $2 850 is still on hand and unused. Date Name ANSWERS TO CHAPTER 9 REVIEW EXERCISES (cont.) Exercise 6 (cont.) Balance Sheet