Prepare Revised Balance sheet and Revised Income Statement : for the following information "Milestone One

Workbook Instructions"

PEYTON APPROVED

TRIAL BALANCE

As of December $31,2017$

Unadjusted trial balance Adjusting entries Adjusted trial balance

Dr Cr ref Dr Cr ref Dr Cr

Cash $67,520\mathrm{.}041,000\mathrm{.}0068,520\mathrm{.}04$

Accounts Receivable $68,519\mathrm{.}9168,519\mathrm{.}91$

Other Receivable $-$ Insurance $700\mathrm{.}00700\mathrm{.}00$

Baking Supplies $15,506\mathrm{.}7015,506\mathrm{.}70$

Merchandise Inventory $1,238\mathrm{.}073,175\mathrm{.}004,413\mathrm{.}07$

Consignment Inventory $200\mathrm{.}00200\mathrm{.}00$

Prepaid Rent $2,114\mathrm{.}552,114\mathrm{.}55$

Prepaid Insurance $2,114\mathrm{.}552,114\mathrm{.}55$

Misc. Supplies $170\mathrm{.}49170\mathrm{.}49$

Baking Equipment $14,000\mathrm{.}002,000\mathrm{.}0012,000\mathrm{.}00$

Accumulated Depreciation $1,606\mathrm{.}441,200\mathrm{.}00406\mathrm{.}44$

Customer Deposit $-$

Accounts Payable $20,262\mathrm{.}113,175\mathrm{.}0023,437\mathrm{.}11$

Wages Payable $3,383\mathrm{.}283,383\mathrm{.}28$

Interest Payable $211\mathrm{.}46211\mathrm{.}46$

Notes Payable $5,000\mathrm{.}005,000\mathrm{.}00$

Common Stock $20,000\mathrm{.}0020,000\mathrm{.}00$

Beginning Retained earnings $50,144\mathrm{.}8450,144\mathrm{.}84$

Dividends $105,000\mathrm{.}00105,000\mathrm{.}00$

Bakery Sales $327,322\mathrm{.}55327,322\mathrm{.}55$

Merchandise Sales $1,205\mathrm{.}641,205\mathrm{.}64$

Cost of Goods Sold $-$ Baked $105,834\mathrm{.}29105,834\mathrm{.}29$

Cost of Goods Sold $-$ Merchandise $859\mathrm{.}77200\mathrm{.}00659\mathrm{.}77$

Rent Expense $24,549\mathrm{.}1924,549\mathrm{.}19$

Wages Expense $10,670\mathrm{.}7210,670\mathrm{.}72$

Misc. Supplies Expense $3,000\mathrm{.}463,000\mathrm{.}46$

Business License Expense $2,045\mathrm{.}772,045\mathrm{.}77$

Misc. Expense $1,363\mathrm{.}841,363\mathrm{.}84$

Depreciation Expense $677\mathrm{.}86677\mathrm{.}86$

Insurance Expense $1,091\mathrm{.}081,091\mathrm{.}08$

Advertising Expense $1,549\mathrm{.}741,549\mathrm{.}74$

Interest Expense $818\mathrm{.}31818\mathrm{.}31$

Telephone Expense $490\mathrm{.}98490\mathrm{.}98$

Gain$/$Loss on disposal of equipment $100\mathrm{.}00100\mathrm{.}00$

$429,136\mathrm{.}32429,136\mathrm{.}326,375\mathrm{.}005,375\mathrm{.}00432,111\mathrm{.}32431,111\mathrm{.}32$