Scenario:

You are an accountant at Rock Castle Construction. Your boss has asked that you create general purpose financial statements from a trial balance that he has created for you. Create an income statement, balance sheet, statement of retained earnings, and statement of cash flows.

2:50 PM 12/15/19 Accrual Basis Rock Castle Construction Trial Balance As of December 31, 2019 Dec 31, 19 Credit 10300 - Savings 10100 . Checking 10400 - Petty Cash 11000 - Accounts Receivable 12000 - Undeposited Funds 12100 - Inventory Asset 12800 - Employee Advances 13100 - Pre-paid Insurance 13400 - Retainage Receivable 1600 - scooter 15000 - Furniture and Equipment 15100 - Vehicles 15200 - Buildings and Improvements 15300 - Construction Equipment 16900 - Land 17000 - Accumulated Depreciation 18700 - Security Deposits 20000 - Accounts Payable 20500 - QuickBooks Credit Card 20600 - Caloll Credit Card 24000 - Payroll Liabilities:24010 - Federal Withholding 24000 - Payroll Liabilities:24020 FICA Payable 24000 - Payroll Liabilities:24030 - AEIC Payable 24000 - Payroll Liabilities:24040 - FUTA Payable 24000 - Payroll Liabilities:24050 - State Withholding 24000 - Payroll Liabilities:24060 - SUTA Payable 24000 - Payroll Liabilities:24070 - State Disability Payable 24000 . Payroll Liabilities:24080 - Worker's Compensation Debit 17,910.19 35,068.48 755.05 92,707.93 2,440.00 30,683.38 832.00 4,050.00 3,703.02 4,000.00 34,326.00 78,936.91 325,000.00 15,300.00 90,000.00 110,344.60 1,720.00 15,536.30 150,094.20 382.62 1,364.00 2,118.82 0.00 100.00 299.19 110.00 48.13 1,214.31 2600 - Scooter Loan 23000 - Loan - Vehicles (Van) 23100 - Loan - Vehicles (Utility Truck) 23200 - Loan - Vehicles (Pickup Truck) 28100 Loan - Construction Equipment 28200 - Loan - Furniture/Office Equip 28700 - Note Payable - Bank of Anycity 28900 - Mortgage - Office Building 30100 - Capital Stock 32000 - Retained Earnings 40100 - Construction Income 40100 Construction Income:40110. Design Incomo 40100 - Construction Income:40130 - Labor Income 40100 Construction Income:40140 - Materials Income 4,000.00 10,501.47 19,936.91 22,641.00 13,911.32 21,000.00 2,693.21 296,283.00 39,273.75 61,756.76 0.00 36,729.25 208,225.42 119,920.67 Page 1 of 2 50 PM J15/19 ccrual Basis Rock Castle Construction Trial Balance As of December 31, 2019 Dec 31, 19 Debit Credit 82,710.35 48.35 40100 - Construction Income:40150 Subcontracted Labor Incomo 40100 . Construction Income:40199 Loss Discounts given 40500 . Reimbursement Income:40520 . Permit Reimbursement Income 40500. Reimbursement Income:40530 . Reimbursed Freight & Delivery 50100 - Cost of Goods Sold 54000. Job Expenses:54200 - Equipment Rental 1,223.75 896.05 14,766.19 1,850.00 14,766.19 1,850.00 99,435.90 700.00 63,217.95 797.10 201.81 44.95 50100 - Cost of Goods Sold 54000. Job Expenses:54200 - Equipment Rental 54000 - Job Expenses: 54300 - Job Materials 54000. Job Expenses:54400 . Permits and Licenses 54000. Job Expenses: 54500 Subcontractors 54000. Job Expenses:54520 - Freight & Delivery 54000. Job Expenses:54599 . Less Discounts Taken food 60100 - Automobile:60110 - Fuel 60100 - Automobile:60120 - Insurance 60100 - Automobile:60130 - Repairs and Maintenance 60300 - Bad debt 60600 - Bank Service Charges 62100 - Insurance:62110. Disability Insurance 62100 . Insurance:62120 - Liability Insurance 62100 . Insurance:62130 - Work Comp 62400 - Interest Expense:62420 - Loan Interest 62700. Payroll Expenses:62710 - Gross Wages 62700. Payroll Expenses:62720. Payroll Taxes 62700. Payroll Expenses:62730 - FUTA Expense 62700. Payroll Expenses:62740 - SUTA Expense 63100 - Postage 63600. Professional Fees:63610 - Accounting 64200 - Repairs:64210 - Building Repairs 64200 - Repairs:64220 - Computer Repairs 64200 - Repairs:64230 - Equipment Repairs 64800 - Tools and Machinery 65100 - Utilities:65110 - Gas and Electric 65100 - Utilities:65120 - Telephone 65100 - Utilities:65130 - Water 70100 - Other Income 70200 - Interest Income TOTAL 1,588.70 2,850.24 2,406.00 300.00 125.00 582.06 5,885.96 13,657.07 151,995.65 110,400.10 8,445.61 268.00 1,233.50 104.20 250.00 175.00 0.00 1,350.00 2,820.68 1,164.16 841.15 264.00 146.80 229.16 1,225,000.48 1,225,000.48 2:50 PM 12/15/19 Accrual Basis Rock Castle Construction Trial Balance As of December 31, 2019 Dec 31, 19 Credit 10300 - Savings 10100 . Checking 10400 - Petty Cash 11000 - Accounts Receivable 12000 - Undeposited Funds 12100 - Inventory Asset 12800 - Employee Advances 13100 - Pre-paid Insurance 13400 - Retainage Receivable 1600 - scooter 15000 - Furniture and Equipment 15100 - Vehicles 15200 - Buildings and Improvements 15300 - Construction Equipment 16900 - Land 17000 - Accumulated Depreciation 18700 - Security Deposits 20000 - Accounts Payable 20500 - QuickBooks Credit Card 20600 - Caloll Credit Card 24000 - Payroll Liabilities:24010 - Federal Withholding 24000 - Payroll Liabilities:24020 FICA Payable 24000 - Payroll Liabilities:24030 - AEIC Payable 24000 - Payroll Liabilities:24040 - FUTA Payable 24000 - Payroll Liabilities:24050 - State Withholding 24000 - Payroll Liabilities:24060 - SUTA Payable 24000 - Payroll Liabilities:24070 - State Disability Payable 24000 . Payroll Liabilities:24080 - Worker's Compensation Debit 17,910.19 35,068.48 755.05 92,707.93 2,440.00 30,683.38 832.00 4,050.00 3,703.02 4,000.00 34,326.00 78,936.91 325,000.00 15,300.00 90,000.00 110,344.60 1,720.00 15,536.30 150,094.20 382.62 1,364.00 2,118.82 0.00 100.00 299.19 110.00 48.13 1,214.31 2600 - Scooter Loan 23000 - Loan - Vehicles (Van) 23100 - Loan - Vehicles (Utility Truck) 23200 - Loan - Vehicles (Pickup Truck) 28100 Loan - Construction Equipment 28200 - Loan - Furniture/Office Equip 28700 - Note Payable - Bank of Anycity 28900 - Mortgage - Office Building 30100 - Capital Stock 32000 - Retained Earnings 40100 - Construction Income 40100 Construction Income:40110. Design Incomo 40100 - Construction Income:40130 - Labor Income 40100 Construction Income:40140 - Materials Income 4,000.00 10,501.47 19,936.91 22,641.00 13,911.32 21,000.00 2,693.21 296,283.00 39,273.75 61,756.76 0.00 36,729.25 208,225.42 119,920.67 Page 1 of 2 50 PM J15/19 ccrual Basis Rock Castle Construction Trial Balance As of December 31, 2019 Dec 31, 19 Debit Credit 82,710.35 48.35 40100 - Construction Income:40150 Subcontracted Labor Incomo 40100 . Construction Income:40199 Loss Discounts given 40500 . Reimbursement Income:40520 . Permit Reimbursement Income 40500. Reimbursement Income:40530 . Reimbursed Freight & Delivery 50100 - Cost of Goods Sold 54000. Job Expenses:54200 - Equipment Rental 1,223.75 896.05 14,766.19 1,850.00 14,766.19 1,850.00 99,435.90 700.00 63,217.95 797.10 201.81 44.95 50100 - Cost of Goods Sold 54000. Job Expenses:54200 - Equipment Rental 54000 - Job Expenses: 54300 - Job Materials 54000. Job Expenses:54400 . Permits and Licenses 54000. Job Expenses: 54500 Subcontractors 54000. Job Expenses:54520 - Freight & Delivery 54000. Job Expenses:54599 . Less Discounts Taken food 60100 - Automobile:60110 - Fuel 60100 - Automobile:60120 - Insurance 60100 - Automobile:60130 - Repairs and Maintenance 60300 - Bad debt 60600 - Bank Service Charges 62100 - Insurance:62110. Disability Insurance 62100 . Insurance:62120 - Liability Insurance 62100 . Insurance:62130 - Work Comp 62400 - Interest Expense:62420 - Loan Interest 62700. Payroll Expenses:62710 - Gross Wages 62700. Payroll Expenses:62720. Payroll Taxes 62700. Payroll Expenses:62730 - FUTA Expense 62700. Payroll Expenses:62740 - SUTA Expense 63100 - Postage 63600. Professional Fees:63610 - Accounting 64200 - Repairs:64210 - Building Repairs 64200 - Repairs:64220 - Computer Repairs 64200 - Repairs:64230 - Equipment Repairs 64800 - Tools and Machinery 65100 - Utilities:65110 - Gas and Electric 65100 - Utilities:65120 - Telephone 65100 - Utilities:65130 - Water 70100 - Other Income 70200 - Interest Income TOTAL 1,588.70 2,850.24 2,406.00 300.00 125.00 582.06 5,885.96 13,657.07 151,995.65 110,400.10 8,445.61 268.00 1,233.50 104.20 250.00 175.00 0.00 1,350.00 2,820.68 1,164.16 841.15 264.00 146.80 229.16 1,225,000.48 1,225,000.48