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. Required: 1) Create the four general purpose financial statements for the year ended Dec 31, 2019 i.e. Income statement, Balance Sheet, Statement of Owners Equity/Retained Earnings, Statement of Cash Flows. 2:50 PM 12/15/19 Accrual Basis 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 Rock Castle Construction Trial Balance As of December 31, 2019 Debit Dec 31, 19 17,910.19 35,068.48 755.05 92.707.03 2.440.00 30.683.38 832.00 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 CalOil 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 24000 Payroll Liabilities:24100 Emp. Health Ins Payable 25500 Sales Tax Payable 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 Credit 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 0.00 150,094.20 382.62 1,364 00 2.118.82 40100 Construction Income 0.00 40100 Construction Income:40110- Design Income 40100 Construction Income:40130 Labor Income 40100 Construction Income:40140 Materials Income 100.00 299.19 110.00 48.13 1.214.31 150.00 957.63 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 36,729.25 208,225.42 119,920 67 19 crual Basis Rock Castle Construction Trial Balance As of December 31, 2019 40100 Construction Income:40150 Subcontracted Labor Income 40100 Construction Income:40199 Less 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 54000 Job Expenses:54300 Job Materials 54000 Job Expenses:54400 Permits and Licenses 54000 Job Expenses:54500 Subcontractors Dec 31, 19 Debit Credit 82,710.35 48.35 1,223.75 896.05 14,766.19 1,850.00 99,435.90 700.00 63,217.95 54000 Job Expenses:54520 Freight & Delivery 797.10 54000 Job Expenses:54599 Less Discounts Taken 201.81 food 44.95 60100 Automobile:60110 Fuel 1,588.70 60100 Automobile:60120 Insurance 2,850.241 60100 Automobile:60130 Repairs and Maintenance 2,406.00 60300 Bad debt 300.00 60600 Bank Service Charges 125.00 62100 Insurance:62110 Disability Insurance 582.06 62100 Insurance:62120 Liability Insurance 5,885.96 62100 Insurance:62130 Work Comp 13,657.07 62400 Interest Expense:62420 - Loan Interest 151,995.65 62700 Payroll Expenses:62710 Gross Wages 62700 Payroll Expenses:62720 Payroll Taxes 110,400.10 8,445.61 62700 Payroll Expenses:62730 FUTA Expense 268.00 62700 Payroll Expenses:62740 SUTA Expense 63100 Postage 1,233.50 104.20 63600 Professional Fees:63610 - Accounting 250.00 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 175.00 0.00 1,350.00 2,820.68 1,164.16 841.15 264.00 70100 Other Income 146.80 70200 Interest Income TOTAL 229.16 1,225,000.48 1,225,000.48 2:54 PM 12/15/19 Accrual Basis Rock Castle Construction Trial Balance As of December 31, 2018 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 Dec 31, 18 Debit Credit 15.881.03 36,810.16 500.00 21,249.39 18,252.08 12.767.04 770.00 4.943.02 1,796.72 15000 Furniture and Equipment 22.826.00 15100 Vehicles 78,936.91 15200 Buildings and Improvements 325,000.00 15300 Construction Equipment 15,300.00 16900 Land 90,000.00 17000 Accumulated Depreciation 110,344 60 18700 Security Deposits 1,720.00 20000 Accounts Payable 20500 QuickBooks Credit Card 20600 CalOil Credit Card 13,100.00 0.00 530 00 24000 Payroll Liabilities:24010 Federal Withholding 24000 Payroll Liabilities:24020 FICA 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 25500 Sales Tax Payable 23000 Loan Vehicles (Van) 0.00 0.00 0.00 0.00 0.00 0.00 0:00 23100 Loan Vehicles (Utility Truck) 23200 Loan Vehicles (Pickup Truck) 72.18 16,290.52 19.936.91 22.641.00 14,343.11 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:40110 Design Income 40100 Construction Income:40130 Labor Income 40100 Construction Income:40140 Materials Income 40100 Construction Income:40150 Subcontracted Labor Income 40500 Reimbursement Income:40520 Permit Reimbursement Income 50100 Cost of Goods Sold 5,620.96 54000 Job Expenses:54300 Job Materials 12.171.60 54000 Job Expenses:54400- Permits and Licenses. 225.00 21,000.00 31,180.52 296,283.00 39.273.75 36.213.97 3.400.00 16,335.00 36,023.77 112,666 50 835.00 54 PM 12/15/19 Accrual Basis Rock Castle Construction Trial Balance As of December 31, 2018 Dec 31, 18 Debit Credit 54000 Job Expenses:54500 Subcontractors 60100 Automobile:60110 - Fuel 53,350.00 1,715.00 60100 Automobile:60120 Insurance 2,850.24 60100 Automobile:60130 Repairs and Maintenance 2,550.00 60600 Bank Service Charges 150.00 60900 Depreciation Expense 44,435.91 62100 Insurance:62110 Disability Insurance 600.00 62100 Insurance:62120 Liability Insurance 62100 Insurance:62130 Work Comp 5,092.98 3,300.00 62400 Interest Expense:62420 Loan Interest 4,705.48 63600 Professional Fees:63610 Accounting 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 70200 Interest Income TOTAL 250.00 714.00 1,800.00 1,457.91 1,841.43 880.00 288.00 281.03 790,750.86 790,750.86