Financial Statements Based on NE Company's Trial Balance at January 31, 2005, prepare an Income Statement, a Balance Sheet, and a Statement of Owner's Equity for the month ended January 31, 2005. (Account groupings tables have been included following the financial statements. The inventory amounts, the opening owner's equity and the current portion of long- term debt have been completed for you. Round all amounts to the nearest dollar.) NE Company Balance Sheet As at January 31, 2005 2005 2004 $ $ ASSETS Current Assets Cash and Bank Accounts Receivable Inventory Prepaid Expenses 128,610 3,215 51,236 102.235 3,200 159,886 Capital Assets Land Buildings Equipment Automotive 250,000 150,000 165,776 23,900 589,676 78,006 511,670 Accumulated Depreciation $671,556 LIABILITIES & OWNER'S EQUITY Current Liabilities Bank Loans Payable Accounts Payable and Accrued Expenses Current Portion of Long-Term Debt $ $ 30,000 36,583 22,000 88,583 10,000 Long-Term Liabilities Long-Term Debt 215,500 Owner's Equity Sally Gosling, Capital at January 31 367,473 $ $ 671,556 NE Company Statement of Owner's Equity For the Month Ending January 31, 2005 2005 2004 Sally Gosling, Capital at January 1 $ 552,314 $364,662 Net Income (Loss) 2,811 Less: Drawings Sally Gosling, Capital at January 31 $ $367,473 NE Company Income Statement For the Month Ending January 31, 2005 2005 2004 SALES $ $ 60,894 132,675 Cost of Goods Sold Inventory at January 1 Net Purchases Less: Inventory at January 31 Cost of Goods Sold 135,987 7,745 102,235 41,497 128,610 Gross Margin 19,397 EXPENSES Salaries and Benefits Repairs & Maintenance Office Supplies Bank Charges & Interest Professional Fees Depreciation Utilities Travel & Entertainment Property Taxes, Rent & Insurance Fees & Dues 7,124 563 4,500 136 500 1,248 759 200 1,101 455 16,586 Net Income (Loss) for the period $ $ 2,811 Account Name Amount Account Number 4000 Sales 4010 Sales Returns & Allowances 4020 Sales Discounts Net Sales Account Name Amount Account Number 5000 Purchases 5010 Purchase Returns & Allowances 5020 Purchase Discounts Net Purchases Item(s) on Trial Balance Income Statement Expense Category Salaries and Benefits Account Number Account Balance Salaries and Wages 6010 Employer's Payroll Deductions 6020 Total Repairs & Maintenance Repairs & Maintenance 6040 Office Supplies Office Supplies 6060 Bank Charges & Interest Bank Charges & Interest 6070 Professional Fees Professional Fees 6080 Depreciation Depreciation 6090 Utilities Utilities 6045 Travel & Entertainment Travel & Entertainment 6050 Property Taxes, Rent Rent 6030 & Insurance Leases-Equipment 6065 Property Taxes 6100 Insurance 6110 Total Fees & Dues Fees & Dues 6120 Balance Sheet Category Item(s) on Trial Balance Account Number Account Balance Cash and Bank Petty Cash 1005 Bank 1010 Total Accounts Receivable Accounts Receivable 1020 Inventory Inventory 1030 132,675 Prepaid Expenses Prepaid Expenses 1040 Item(s) on Trial Balance Balance Sheet Category Account Number Account Balance Land Land 1110 Buildings Buildings 1115 Equipment Equipment 1117 Automotive Automotive 1130 Accumulated Acc. Depreciation-Buildings 1116 Depreciation Acc. Depreciation Equipment 1118 Acc. Depreciation-Automotive 1131 Total Balance Sheet Category Item(s) on Trial Balance Account Number Account Balance Bank Loans Payable Bank Loans Payable 2030 Accounts Payable and Accounts Payable 2010 Accrued Expenses Accrued Expenses 2020 Employment Insurance Payable 2050 CPP Payable 2055 Employees Income Tax Payable 2060 Employees Health Care Payable 2063 Provincial Sales Tax Payable 2065 GST ITC Receivable 2070 GST Payable 2071 Payroll Clearing 2075 Total Current Portion of Long-Term Debt This is a calculated amount based on loan agreements N/A 10,000 Long-Term Debt (account #2110) Less: Current Portion 10,000 Long-Term Debt Financial Statements Based on NE Company's Trial Balance at January 31, 2005, prepare an Income Statement, a Balance Sheet, and a Statement of Owner's Equity for the month ended January 31, 2005. (Account groupings tables have been included following the financial statements. The inventory amounts, the opening owner's equity and the current portion of long- term debt have been completed for you. Round all amounts to the nearest dollar.) NE Company Balance Sheet As at January 31, 2005 2005 2004 $ $ ASSETS Current Assets Cash and Bank Accounts Receivable Inventory Prepaid Expenses 128,610 3,215 51,236 102.235 3,200 159,886 Capital Assets Land Buildings Equipment Automotive 250,000 150,000 165,776 23,900 589,676 78,006 511,670 Accumulated Depreciation $671,556 LIABILITIES & OWNER'S EQUITY Current Liabilities Bank Loans Payable Accounts Payable and Accrued Expenses Current Portion of Long-Term Debt $ $ 30,000 36,583 22,000 88,583 10,000 Long-Term Liabilities Long-Term Debt 215,500 Owner's Equity Sally Gosling, Capital at January 31 367,473 $ $ 671,556 NE Company Statement of Owner's Equity For the Month Ending January 31, 2005 2005 2004 Sally Gosling, Capital at January 1 $ 552,314 $364,662 Net Income (Loss) 2,811 Less: Drawings Sally Gosling, Capital at January 31 $ $367,473 NE Company Income Statement For the Month Ending January 31, 2005 2005 2004 SALES $ $ 60,894 132,675 Cost of Goods Sold Inventory at January 1 Net Purchases Less: Inventory at January 31 Cost of Goods Sold 135,987 7,745 102,235 41,497 128,610 Gross Margin 19,397 EXPENSES Salaries and Benefits Repairs & Maintenance Office Supplies Bank Charges & Interest Professional Fees Depreciation Utilities Travel & Entertainment Property Taxes, Rent & Insurance Fees & Dues 7,124 563 4,500 136 500 1,248 759 200 1,101 455 16,586 Net Income (Loss) for the period $ $ 2,811 Account Name Amount Account Number 4000 Sales 4010 Sales Returns & Allowances 4020 Sales Discounts Net Sales Account Name Amount Account Number 5000 Purchases 5010 Purchase Returns & Allowances 5020 Purchase Discounts Net Purchases Item(s) on Trial Balance Income Statement Expense Category Salaries and Benefits Account Number Account Balance Salaries and Wages 6010 Employer's Payroll Deductions 6020 Total Repairs & Maintenance Repairs & Maintenance 6040 Office Supplies Office Supplies 6060 Bank Charges & Interest Bank Charges & Interest 6070 Professional Fees Professional Fees 6080 Depreciation Depreciation 6090 Utilities Utilities 6045 Travel & Entertainment Travel & Entertainment 6050 Property Taxes, Rent Rent 6030 & Insurance Leases-Equipment 6065 Property Taxes 6100 Insurance 6110 Total Fees & Dues Fees & Dues 6120 Balance Sheet Category Item(s) on Trial Balance Account Number Account Balance Cash and Bank Petty Cash 1005 Bank 1010 Total Accounts Receivable Accounts Receivable 1020 Inventory Inventory 1030 132,675 Prepaid Expenses Prepaid Expenses 1040 Item(s) on Trial Balance Balance Sheet Category Account Number Account Balance Land Land 1110 Buildings Buildings 1115 Equipment Equipment 1117 Automotive Automotive 1130 Accumulated Acc. Depreciation-Buildings 1116 Depreciation Acc. Depreciation Equipment 1118 Acc. Depreciation-Automotive 1131 Total Balance Sheet Category Item(s) on Trial Balance Account Number Account Balance Bank Loans Payable Bank Loans Payable 2030 Accounts Payable and Accounts Payable 2010 Accrued Expenses Accrued Expenses 2020 Employment Insurance Payable 2050 CPP Payable 2055 Employees Income Tax Payable 2060 Employees Health Care Payable 2063 Provincial Sales Tax Payable 2065 GST ITC Receivable 2070 GST Payable 2071 Payroll Clearing 2075 Total Current Portion of Long-Term Debt This is a calculated amount based on loan agreements N/A 10,000 Long-Term Debt (account #2110) Less: Current Portion 10,000 Long-Term Debt