Scenario: You are an accountant at Rock Castle Construction Your boss has asked that you create a balance sheet from a trial balance that he has created for you for the year ended Dec 31, 2019 Required: 2:50 PM 12/15/19 Accrual Basis Rock Castle Construction Trial Balance As of December 31, 2019 Dec 31, 19 Debit Credit 17.910.19 35,068 48 75505 92.707.59 2.440.00 30.683.36 832.00 405000 3.703.02 4,000.00 34.326.00 78 936 91 325,000.00 15.300.00 90 000 00 110,344 50 1,720.00 15.536.30 150,094 20 382.62 1,364 00 2.118 82 0.00 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 - Calor Credit Card 24000 - Payroll Liabilities:24010 - Federal Withholding 24000 Payroll Liabilities:24020FICA Payablo 24000 Payroll Liabilities:24030 AEIC Payable 24000. Payroll Liabilities:24040FUTA Payable 24000. Payroll Liabilities:24050 State Withholding 24000 Payroll Liabilities:24060. SUTA Payable 24000. Payroll Liabilities:24070 - State Disability Payable 24000 Payroll Liabilities:24080Worker's Compensation 24000 Payroll Liabilities:24100 Emp. Health Ins Payable 25500. Sales Tax Payable 2500. 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 Income 40100 - Construction Income:40130. Labor Income 40100 Construction Income:40140 - Materials Income 100.00 29919 110.00 1.21431 150.00 957.63 4.000.00 10,501 47 19.936.9: 22.641.00 13,911,32 21,000.00 2.693 21 296,283 00 39.273.75 61,756 75 0.00 36.729.25 208 225.42 119.92067 M 9119 crual Basis Rock Castle Construction Trial Balance As of December 31, 2019 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 63.217.95 797.10 201 81 44 95 1,588.70 2,850 24 2,406.00 300.00 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:54400Permits 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 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 2:54 PM 12/15/19 Accrual Basis Rock Castle Construction Trial Balance As of December 31, 2018 Dec 31, 18 Debit Credit 15,88103 36,810.16 500.00 21.249.39 18,25208 12.78704 770 00 4.943.02 1.79672 22.826.00 78 936.91 325,000.00 15,300.00 90 000.00 110 344 60 1.72000 13.100.00 000 530 00 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 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 Calor Credit Card 24000 Payroll Liabilities:24010. Federal Withholding 24000. Payroll Liabilities:24020 FICA Payable 24000 Payroll Liabilities:24040FUTA 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) 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: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 34000. Job Expenses: 54300 - Job Materials 54000. Job Expenses:54400 - Permits and Licenses DOS 0.00 0.00 0.00 0.00 0.00 0.00 72.16 16.290.52 19.936 91 22 541.00 14,343.11 21.000.00 31,18052 206.283.00 39.273.75 38 21397 3.400 00 16,335.00 36,023.77 112.606 50 835.00 5,620.95 12 171.60 225.00 2:54 PM 12/15/19 Accrual Basis Rock Castle Construction Trial Balance As of December 31, 2018 Dec 31, 18 Debit Credit 53,350.00 1.715.00 2.850.24 2.550.00 150.00 54000. Job Expenses:54500. Subcontractors 60100. Automobile:60110. Fuel 60100. Automobile:60120 . Insurance 60100 . Automobile:60130 - Repairs and Maintenance 60600. Bank Service Charges 60900 Depreciation Expense 62100. Insurance:62110 . Disability Insurance 62100 . Insurance:62120. Liability Insurance 62100 - Insurance:62130. Work Comp 62400. Interest Expense:62420 Loan Interest 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 44,435.91 600.00 5.092.98 3,300.00 4.705.48 250.00 714.00 1.800.00 1,457.91 1,841.43 880.00 288.00 281.03 790.750.86 790.750.86