[Solved] Scenario: You are an accountant at Rock C

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 08, 2024

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

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.

image text in transcribed

AutoSave Off H D - Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Protected View Destiny Dipo DD - 0 Share 0 X Comments File Home Insert Draw Page Layout Formulas Data Review View Help B2 : x v for B C D Dec 31, 19 E F G H I J K L M N O P A Debit Credit 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 10 4,000.00 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 - 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 Trial Balance 2019 Trial Balance 2018 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 26 100.00 27 299.19 Ready - + 100% - 10:49 AM 4/30/2020 Type here to search O A E . 1 4 AutoSave Of H 2 C C Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Excel Search Destiny Dipo DD - 0 X Comments File Home Insert Draw P age Layout Formulas Data Review View Help Share E79 E F G H I J K L M N O P A 24000. Payroll Liabilities:24050. State Withholding 24000. Payroll Liabilities:24060 SUTA Payable 29 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 40100 - Construction Income 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 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 Trial Balance 2019 Trial Balance 2018 + Select destination and press ENTER or choose Paste C D Dec 31, 19 Debit Credit 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 0.00 36,729.25 208,225.42 119,920.67 82,710.35 48.35 1,223.75 896.05 14,766.19 51 | 9 0 E 0 . -- 1 OBE + + 10:59 AM 4/30/2020 Type here to search w A AutoSave Of H b Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Excel Search Destiny Dipo DD - 0 X Comments File Home Insert Draw P age Layout Formulas Data Review View Help Share E79 E F G H I J K L M N O P A C D Dec 31, 19 Debit Credit 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 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 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 74 Trial Balance 2019 Trial Balance 2018 9 -- 0 E 0 . + + 11:00 AM 4/30/2020 Type here to search w A 1 A AutoSave Of H b Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Excel Search Destiny Dipo DD - 0 X Comments File Home Insert Draw P age Layout Formulas Data Review View Help Share E79 E F G H I J K L M N O P A 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 82 70200 . Interest Income 83 TOTAL 84 85 C D Dec 31, 19 Debit Credit 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 Trial Balance 2019 Trial Balance 2018 + 9 -- 0 E 0 . + + 11:00 AM I. 4/30/2020 Type here to search OB A 1 A AutoSave Off H D - Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Protected View Destiny Dipo DD - 0 Share 0 X Comments File Home Insert Draw Page Layout Formulas Data Review View Help B2 : x v for B C D Dec 31, 19 E F G H I J K L M N O P A Debit Credit 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 10 4,000.00 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 - 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 Trial Balance 2019 Trial Balance 2018 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 26 100.00 27 299.19 Ready - + 100% - 10:49 AM 4/30/2020 Type here to search O A E . 1 4 AutoSave Of H 2 C C Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Excel Search Destiny Dipo DD - 0 X Comments File Home Insert Draw P age Layout Formulas Data Review View Help Share E79 E F G H I J K L M N O P A 24000. Payroll Liabilities:24050. State Withholding 24000. Payroll Liabilities:24060 SUTA Payable 29 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 40100 - Construction Income 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 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 Trial Balance 2019 Trial Balance 2018 + Select destination and press ENTER or choose Paste C D Dec 31, 19 Debit Credit 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 0.00 36,729.25 208,225.42 119,920.67 82,710.35 48.35 1,223.75 896.05 14,766.19 51 | 9 0 E 0 . -- 1 OBE + + 10:59 AM 4/30/2020 Type here to search w A AutoSave Of H b Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Excel Search Destiny Dipo DD - 0 X Comments File Home Insert Draw P age Layout Formulas Data Review View Help Share E79 E F G H I J K L M N O P A C D Dec 31, 19 Debit Credit 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 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 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 74 Trial Balance 2019 Trial Balance 2018 9 -- 0 E 0 . + + 11:00 AM 4/30/2020 Type here to search w A 1 A AutoSave Of H b Rock Castle Construction Trial Balances for ACCT 2010 Final Project Fall 2018 - Excel Search Destiny Dipo DD - 0 X Comments File Home Insert Draw P age Layout Formulas Data Review View Help Share E79 E F G H I J K L M N O P A 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 82 70200 . Interest Income 83 TOTAL 84 85 C D Dec 31, 19 Debit Credit 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 Trial Balance 2019 Trial Balance 2018 + 9 -- 0 E 0 . + + 11:00 AM I. 4/30/2020 Type here to search OB A 1 A