Plaste Tom Michaud is in the plastering business under the name of Tom's From the following trial balance and the additional information sho below, prepare the work sheet and the financial statements in y Workbook for Tom's Plastering for the year ended October 31, 20-1 TOM'S PLASTERING TRIAL BALANCE Bank OCTOBER 31, 20-1 DR $ 1412.01 7 545.00 Accounts Receivable Supplies Small Tools 1 416.70 1903.00 Prepaid Insurance 2 107.80 9 500.00 Equipment Accumulated Depreciation - Equipment Truck $3 200.00 19 500.00 Accumulated Depreciation-Truck Accounts Payable 8 000.00 2 407.35 GST Payable Bank Loan 702.00 GST Recoverable 480.00 10 000.00 Tom Michaud, Capital Tom Michaud, Drawings 17 510.28 Revenue 35 534.00 Bank Interest and Charges 120 365.00 Materials Used 1325.15 Miscellaneous Expense 25 369.20 Rent Expense 756.32 Telephone Expense 6 000.00 Truck Expense 864.32 8 325.40 Utilities Expense Wages Expense 4 563.26 35 582.47 $162 184.63 $162 184.63 Additional Information GST Pa GST Recoverable Bank Loan Tom Michaud, Capital Tom Michaud, Drawings Revenue Bank Interest and Charges Materials Used Miscellaneous Expense Rent Expense Truck Expense Telephone Expense Utilities Expense Wages Expense 35 534.00 1325.15 25 369.20 756.32 6 000.00 864.32 8 325.40 4 563.26 10 000 17 5103 120 365 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 0 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. estimated that it would be worth $1 500 at the end of that time. The equipment cost $9 500 and was expected to last for 10 years. It was mated that it would be worth $3 500 at the end of that time. The truck cost $19 500 and was expected to last for 5 years. It was esti Chapter Review 361 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