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Prepare an income statement and retained earnings/balancing statement from the following trial balance: Apollo Shoes, Inc Preclosing Trial Balance 31-Dec-11 Account ID Account Description Debit
Prepare an income statement and retained earnings/balancing statement from the following trial balance:
| Apollo Shoes, Inc | |||
| Preclosing Trial Balance | |||
| 31-Dec-11 | |||
| Account ID | Account Description | Debit Amt | Credit Amt |
| 10100 | Cash on Hand | $2,275.23 | |
| 10200 | Regular Checking Account | $532,125.92 | |
| 10300 | Payroll Checking Account | ||
| 10400 | Savings Account | $3,670,599.15 | |
| 11000 | Accounts Receivable | $49,780,259.98 | |
| 11400 | Other Receivables | $1,000,000.00 | |
| 11500 | Allowance for Doubtful Accounts | $1,254,009.75 | |
| 12000 | Inventory | $67,424,527.50 | |
| 12300 | Reserve for Inventory Obsolescence | $867,000.00 | |
| 14100 | Prepaid Insurance | $3,374,213.78 | |
| 14200 | Prepaid Rent | ||
| 14300 | Office Supplies | $8,540.00 | |
| 14400 | Notes Receivable-Current | ||
| 14700 | Other Current Assets | ||
| 15000 | Land | $117,000.00 | |
| 15100 | Buildings and Land Improvements | $674,313.92 | |
| 15200 | Machinery, Equipment, Office Furniture | $2,929,097.13 | |
| 17000 | Accum. Depreciation | $610,000.00 | |
| 19000 | Investments | $2,038,780.39 | |
| 19900 | Other Noncurrent Assets | $13,840.59 | |
| 20000 | Accounts Payable | $1,922,095.91 | |
| 23100 | Sales Tax Payable | ||
| 23200 | Wages Payable | ||
| 23300 | FICA Employee Withholding | $8,439.65 | |
| 23350 | Medicare Withholding | $11,414.99 | |
| 23400 | Federal Payroll Taxes Payable | $118,086.12 | |
| 23500 | FUTA Tax Payable | ||
| 23600 | State Payroll Taxes Payable | $55,106.86 | |
| 23700 | SUTA Tax Payable | ||
| 23800 | FICA Employer Withholding | $8,439.65 | |
| 23900 | Medicare Employer Withholding | $11,414.99 | |
| 24100 | Line of Credit | $44,053,000.00 | |
| 24200 | Current Portion Long-Term Debt | ||
| 24700 | Other Current Liabilities | ||
| 27000 | Notes Payable-Noncurrent | $10,000,000.00 | |
| 39003 | Common Stock | $8,105,000.00 | |
| 39004 | Paid-in Capital | $7,743,000.00 | |
| 39005 | Retained Earnings | $6,270,483.64 | |
| 40000 | Sales - Spotlight | $245,213,452.88 | |
| 41000 | Sales Returns | $13,600,220.89 | |
| 42000 | Warranty Expense | $1,158,128.47 | |
| 45000 | Income from Investments | $1,426,089.31 | |
| 46000 | Interest Income | $131,881.46 | |
| 47000 | Miscellaneous Income | $2,145,000.00 | |
| 50010 | Cost of Goods Sold | $130,246,645.26 | |
| 57500 | Freight | $4,236,263.09 | |
| 60000 | Advertising Expense | $986,854.01 | |
| 61000 | Auto Expenses | $214,502.80 | |
| 62000 | Research and Development | $543,870.44 | |
| 64000 | Depreciation Expense | $446,000.00 | |
| 64500 | Warehouse Salaries | $4,720,715.56 | |
| 65000 | Property Tax Expense | $84,332.45 | |
| 66000 | Legal and Professional Expense | $4,902,224.45 | |
| 67000 | Bad Debt Expense | ||
| 68000 | Insurance Expense | $36,106.92 | |
| 70000 | Maintenance Expense | $49,502.87 | |
| 70100 | Utilities | $137,332.18 | |
| 70110 | Phone | $52,599.02 | |
| 70120 | Postal | $77,803.61 | |
| 71000 | Miscellaneous Office Expense | $24,891.82 | |
| 72000 | Payroll Tax Exp | $1,577,811.85 | |
| 73000 | Pension/Profit-Sharing Plan Ex | $3,300,000.00 | |
| 74000 | Rent or Lease Expense | $1,203,574.00 | |
| 77500 | Administrative Wages Expense | $16,197,225.43 | |
| 78000 | Interest Expense | $2,591,736.50 | |
| 78500 | Income Tax Expense - Federal | $10,000,000.00 | |
| 78510 | Income Tax Expense - State | $2,000,000.00 | |
| $329,953,915.21 | $329,953,915.21 |
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