Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How do you find the income statement and the balance sheet? I am confused. This is the two tables we need to use to answer
How do you find the income statement and the balance sheet? I am confused.
This is the two tables we need to use to answer for the income statement:
CAPTAIN JET INC. | |
INCOME STATEMENT | |
FOR THE YEAR ENDED DECEMBER 31, 2016 | |
Sales Revenue | |
Less: Sales Return | |
Plus: sales discount forfeited | |
Net Sales | |
Cost of Goods Sold | |
Gross Profit | |
Freight-out | |
purchase discount lost | |
Utilities Expenses | |
Salary and Wages Expenses | |
Rent Expenses | |
Depreciation Expenses | |
Interest Expenses | |
Supplies Expenses | |
Bad Debt Expenses | |
Total Expenses | |
Earnings before Income Taxes | |
Income Tax Expenses | |
Earnings after Income Taxes |
CAPTAIN JET INC. | |
INCOME STATEMENT | |
FOR THE YEAR ENDED DECEMBER 31, 2016 | |
Retained Earnings, Beginning of the year | |
plus: Net Income/Loss | |
Minus: Dividends Payment | |
Retained Earnings, End of the year |
and this is the table needed to answer for the balance sheet:
CAPTAIN JET INC. | ||
BALANCE SHEET | ||
AS OF DECEMBER 31, 2016 | ||
Current Assets | ||
Cash | ||
Notes Receivable | ||
Accounts Receivable | ||
Less: Allowance for Doubtful Accounts | ||
Inventories | ||
Prepaid Insurance | ||
Prepaid Rent | ||
Total Current Assets | ||
Non-Current Assets | ||
Long-term Investments | ||
Investments in held-for-maturity securities | ||
Land held for future development | ||
Property, Plant, and Equipment | ||
Land | ||
Buildings | ||
Less: Accumulated Depreciation | ||
Intangible Assets | ||
Capitalized Development Costs | ||
Goodwill | ||
Other Identifiable Intangible Assets | ||
Total Non-Current Assets | ||
Total Assets | ||
Current Liabilities | ||
Unearned Revenue | ||
Property Tax Payable | ||
Salary and Wages Payable | ||
Interest Payable | ||
Accounts Payable | ||
Utilities Payable | ||
Income Tax Payable | ||
Total Current Liabilities | ||
Non-Current Liabilities | ||
Notes payable | ||
Provisions Related to Pensions | ||
Bonds Payable | ||
Total Non-Current Liabilities | ||
Total Liabilities | ||
Stockholders' Equity | ||
Common Stock | ||
Preferred Stock | ||
Paid-in-capital - Common Stock | ||
Paid-in-capital - Preferred Stock | ||
Retained Earnings | ||
Accumulated Other Comprehensive Income | ||
Less: Treasury Stock | ||
Total Stockholders' Equity | ||
Total Liabilities and Stockholders' Equity |
and this is the balance sheet for 2015:
CAPTAIN JET INC. | |
BALANCE SHEET | |
DECEMBER 31, 2015 | |
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 |
Okay, I deleted the transactions and have included the combined trial balance for 2015 and 2016:
Combined TRIAL BALANCE SHEET | Yr. ended Dec 31,2015 | Yr. ended Dec 31,2016 | Combined | |||
Debit | Credit | Debit | Credit | Debit | Credit | |
Cash | 41200 | 9176 | 50376 | |||
Notes Receivable | 16000 | 16000 | ||||
Accounts Receivable | 41800 | -13,480 | 28320 | |||
Allowance for Doubtful Accounts | 3000 | 3000 | ||||
Inventories | 40000 | 38,292 | 78292 | |||
Prepaid Insurance | 540 | 540 | ||||
Prepaid Rent | 500 | 4500 | 5000 | |||
Investments in held-for-maturity securities | 51000 | 51000 | ||||
Land held for future development | 45500 | 45500 | ||||
Land | 85000 | 15000 | 100000 | |||
Buildings | 675000 | 675000 | ||||
Accumulated Depreciation | 187500 | 187500 | ||||
Capitalized Development Costs | 8000 | 8000 | ||||
Goodwill | 76000 | 76000 | ||||
Other Identifiable Intangible Assets | 48000 | 48000 | ||||
Salary and Wages Payable | 1500 | 1500 | ||||
Interest Payable | 1500 | -1500 | ||||
Accounts Payable | 33500 | -19,710 | 13790 | |||
Utilities Payable | 1250 | 1250 | ||||
Income Tax Payable | 8440 | 8440 | ||||
Property Tax Payable | 6600 | 6600 | ||||
Notes Payable | 110000 | 10000 | 120000 | |||
Unearned Revenues | 12000 | 12000 | ||||
Provisions Related to Pensions | 84000 | 84000 | ||||
Bonds Payable | 300000 | 300000 | ||||
Common Stock | 100000 | 10000 | 110000 | |||
Preferred Stock | 100000 | 100000 | ||||
Paid-in-capital - Common Stock | 27500 | 27500 | ||||
Paid-in-capital - Preferred Stock | 10000 | 10000 | ||||
Retained Earnings | 152250 | 152250 | ||||
Accumulated Other Comprehensive Income | 5000 | 5000 | ||||
Treasury Stock | 12750 | 12750 | ||||
Sales Revenue | 115500 | 115500 | ||||
Cash Dividends | 900 | 900 | ||||
Utilities Expenses | 12,152 | 12152 | ||||
Sales Return | 400 | 400 | ||||
Sales Discount forfeited | 120 | 120 | ||||
Interest Expenses | 4500 | 4500 | ||||
Salary and Wages Expenses | 45500 | 45500 | ||||
Supplies Expenses | 400 | 400 | ||||
Rent Expenses | 1500 | 1500 | ||||
Depreciation Expenses | ||||||
Income Tax Expenses | ||||||
Cost of Goods Sold | ||||||
Bad Debt Expenses | 1300 | 1300 | ||||
Freight-out | 1700 | 1700 | ||||
purchase discount lost | ||||||
Gain on purchase of land | 5,000 | 5000 | ||||
Freight-in | 320 | 320 | ||||
Total | 1141290 | 1141290 | 122160 | 122160 | 1263450 | 1263450 |
But quick question about the trial balance to add in, if you can answer real quick, is the final trial balance the COMBINED trial balance for both 2015 and 2016?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started