Instructions

Refer to TBP1-TBP3.png and the Statement of Comprehensive Income.png. using that information, Pre pare the Statement of Retained Earnings for the year ended December 31, 2019.

TBP1-3.png

Unadjusted Trial Balance Credit Cash & Equivalents FV-NI Investments Accounts Receivable - Trade Accounts Receivable - Projects Other Accounts Receivable Interest Receivable Allowance for Doubtful Accounts 63,254 Inventory Inventory on Consignment Prepaid Insurance 120,000 FV-OCI Investments 106,000 Contract Asset/Liability 157,699 Land 320,000 320,000 Building 3,058,199 3,058,199 Building - Accumulated Depreciation 78,721 78,721 Equipment 389,105 406,905 Equipment - Accumulated Depreciation 38,292 38,292 Intangible Assets 161,750 Intangible Assets - Accumulated Amortization Goodwill 675,000 675,000 Accumulated Impairment Loss - Goodwill Accounts Payable 525,000 1,077,205 Deferred Tax Liability HST Payable 89,100 159,800 Interest Pavable 100.000Trial Balance Unadjusted Trial Balance At December 31, 2019 At December 31, 2020 Debit Credit Debit Credit Dividends Payable Income Tax Payable Wages Payable 45,000 Notes Payable 250,000 Bank Loan 2,500,000 4,000,000 Common Stock 1,908,199 1,908,199 Retained Earnings 727,144 1,857,279 Revaluation Surplus - OCI Revenue from Long-term Contract (2019) 3,206,449 Revenue from Long-term Contract - Project #1 Revenue from Long-term Contract - Project #2 Revenue from Consignments Sales Revenue - Equipment 6,952,200 Dividend Income 13,500 Interest Income Gain/ (Loss) on sale of truck Investment Income or Loss Unrealized Gain or Loss - OCI Cost of Goods Sold 3,717,400 Construction Expenses (2019) 2,360,100 Construction Expenses - Project #1 Construction Expenses - Project #2 Loss on Impairment Equipment Rental (other expenses) 525,000 Equipment Repairs (other expenses) 96.400Trial Balance At December 31, 2019 Debit Credit Wages 659,000 Payroll Tax Expense 82,375 Interest Expense 68,750 Utilities 52,000 Income tax expense Insurance Expense 160,000 Bad Debt Expense 23,056 Commission Expense Advertising Expense 4,500 Administration Expenses 90,095 Amortization Expense (other expense) Depreciation Expense (other expenses) 93,678 TOTALS $15,137,199 $15,137,199Aylmer Industries Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 2019 Revenue Revenue from long-term contracts 3,206.443 Revenue from consignements Sales revenue 5.855,690 other income 850 3,062.483 Cost of goods sold 3,717,400 Constuction Expenses 2.360,100 Loss on Impairment Other Expenses 715.078 Wages 659,000 Payroll Tax 82.375 Interest Expense 68,750 Utilities 52,000 Insurance Expense 160,000 Bad Debt Expense 23.056 Commision Expense Advertising Expense 4,500 Administration Expense 30,095 7,932.354 Loss before tax from continuing operations Income Tax Expense Net Income for the Year Other Comprehensive Income Revalution Surplus Total Comprehensive Income