In addition to presenting the computed answers, please also discuss how you arrived at each answers the accounting problem asks. The accounting problem presents a companys balance sheet and income statement. The Diamond Gem Cleaning and Maintenance Service Company is in the business of contracting its cleaning and maintenance services to office buildings. The balance sheet and income statement have blank lines. Determine the values that would be appropriate for each blank line. Provide a narrative of how you arrived at each value. In doing so, explain the account being valued and its relationship to the other financial data. For example, if the accounts payable line was missing, explain that you can derive its value based on knowing all the other values of the current liabilities section. Then explain what an account liability is, as well as why it would belong in the current liabilities section of the balance sheet

Please refer to the income statement and balance sheet of the Diamond Gem Cleaning and Maintenance Service Company available down:

Superior papers will mention and explain the following elements when responding to the assignment question:

Provide correct balances for the blank financial account lines.

Provide a narrative about how the values were determined.

Provide a definition and explanation of each account line that was completed

Balance sheet
ASSETS
CURRENT ASSETS
Cash		225,971
Contracts receivables		[__A____]
Other assets		162,847
Total current assets		893,868
LONG TERM ASSETS
Equipment		[___B____]
TOTAL ASSETS		1,180,660
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		[__C____]
Line of credit		85,000
Accrued expenses		72,495
Income tax payable		46,660
Current portion of notes payable		31,747
Deferred income taxes		78,460
Total current liabilities		571,697
LONG TERM LIABILITIES
Notes payable (long term)		172,467
TOTAL LIABILITIES		744,164
STOCKHOLDERS' EQUITY
Common stock	62,000
Additional paid-in capital	63,862
Retained Earnings	[___D___]
Total stockholders' equity		436,496
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY		[___E___]

Income sheet
Contract Revenues	5,146,862
Contract Costs	[___F____]
Gross Profit	614,343
General and Administrative Expenses	322,356
Operating Income	291,987
Other Expense	25,770
Income Before Provision for Income Taxes	266,217
Provision for Income Taxes	[__G____]
Net Income	150,767
Retained Earnings, Beginning Balance	[__H____]
Net Income	150,767
Retained Earnings, Ending Balance	310,634