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Posted on Aug 01, 2024

Use the 2016 trial balance to prepare the income statement and balance sheet. Given the following information: Answer in this format: and W/P index #:

Use the 2016 trial balance to prepare the income statement and balance sheet. Given the following information:

Answer in this format:

and

W/P index #: A1.1 Apollo Shoes, Inc Preclosing Trial Balance (audited) As of the year end December 31, 2016 HN Prepared by: Reviewed by: DW Account ID Account Description : Debit Amount Credit Amount 1,987.28 198,116.52 3,044,958.13 16,410,902.71 1,262,819.88 18,825,205.24 3,012,000.00 743,314.38 200,000.00 7,406.82 117,000.00 623,905.92 433.217.10 163,500.00 572.691.08 53,840.59 4,633,118.09 10100 Cash on Hand 10200 Regular Checking Account 10300 Payroll Checking Account 10400 Savings Account 11000 Accounts Receivable 11400 Other Receivables 11500 Allowance for Doubtful Accounts 12000 Inventory - Spotlight 12300 Reserve for Inventory Obsolescence 14100 Prepaid Insurance 14200 Prepaid Rent 14300 Office Supplies 14400 Notes Receivable-Current 14700 Other Current Assets 15000 Land 15100 Buildings and Land Improvements 15200 Machinery, Equipment, Office Furniture 17000 Accum. Depreciation 19000 Investments 19900 Other Noncurrent Assets 20000 Accounts Payable 23100 Sales Tax Payable 23200 Wages Payable 23300 FICA Employee Withholding 23350 Medicare Withholding 23400 Federal Payroll Taxes Payable 23500 FUTA Tax Payable 23600 State Payroll Taxes Payable 23700 SUTA Tax Payable 23800 FICA Employer Withholding 23900 Medicare Employer Withholding 24100 Line of Credit 24200 Current Portion Long-Term Debt 24700 Other Current Liabilities 27000 Notes Payable-Noncurrent 39003 Common Stock 39004 Paid-in Capital 39005 Retained Earnings 40000 Sales 41000 Sales Returns 42000 Warranty Expense 45000 Income from Investments 46000 Interest Income 47000 Miscellaneous Income 50000 Cost of Goods Sold 57500 Freight 60000 Advertising Expense 61000 Auto Expenses 62000 Research and Development 64000 Depreciation Expense 64500 Warehouse Salaries 29,470.32 1,318.69 583.99 6,033.01 2,815.47 1,318.69 583.99 10,000,000.00 8,105,000.00 7,423,000.00 2,219,620.65 246,172,918.44 4,497,583.20 1,100,281.48 204,302.81 141,569,221.61 4,302,951.46 897.140.01 208,974.39 31,212,334.17 133,000.00 4,633,383.82 64500 Warehouse Salaries 65000 Property Tax Expense 66000 Legal and Professional Expense 67000 Bad Debt Expense 68000 Insurance Expense 70000 Maintenance Expense 70100 Utilities 70110 Phone 70120 Postal 71000 Miscellaneous Office Expense 72000 Payroll Tax Exp 73000 Pension/Profit-Sharing Plan Ex 74000 Rent or Lease Expense 77500 Administrative Wages Expense 78000 Interest Expense 78500 Income Tax Expense - Federal 78510 Income Tax Expense - State 80000 Loss on Legal Settlement 4,633,383.82 80,495.32 3,605,133.96 1,622,425.99 853,942.65 61,136.04 135,642.99 76,373.78 128,033.21 17,023.27 1,550,989.06 3,000,000.00 2,603,485.87 16,875,305.98 875,000.00 2,365,000.00 429,000.00 19,172,000.00 283,238,404.03 2 83,238,404.03 W/P index #: A2.1 Enter account numbers only, account titles will self- populate Date Apollo Shoes, Inc. Working Trial Balance Income Statement 12/31/17 Will identify adjustments in Assignment 3 Prepared by: Reviewed by: Acet. Account 12/31/17 Adjustments WP Ref. 12/31/16 Audited 12/31/17 Audited Will create adjusting entries in Assignment 3 Title Unaudited Dr. AJE REVENUE 40000 Sales 41000 Sales Returns 42000 Warranty Expense A1.1 A1.1 246,172,918.44 (4,497,583.20) (1,100,281.48) 242,713,452.88 (11,100,220.89) (1,158,128.47) 242,713,452.88 (11,100,220.89) (1,158,128.47) Net Sales 240,575,053.76 230,455,103.52 230,455,103.52 COST OF GOODS SOLD #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total CGS Gross Margin 240,575,053.76 2 30,455,103.52 OPERATING EXPENSES #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Operating Expenses Total Operating Expenses Net Income from Operations #VALUE! #VALUE! 240,575,053.76 230,455,103.52 50 OTHER INCOME (EXPENSE) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Other Income (Expenses) Net Income before Tax #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 61 TAXES #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 63 Total Taxes Net Income #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Apollo Shoes, Inc. Working Trial Balance Balance Sheet 12/31/17 Acct. Adjustments Account Title W/P Ref. 12/31/16 Audited 12/31/17 Unaudited 12/31/17 Audited Dr. AJE# ASSETS $ #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Assets LIABILITIES #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Liabilities 58 OWNER'S EQUITY 60 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! A2.1 Net Income Total Owner's Equity #VALUE! #VALUE! #VALUE! #VALUE! Total Liabilities & Equity #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! W/P index #: A1.1 Apollo Shoes, Inc Preclosing Trial Balance (audited) As of the year end December 31, 2016 HN Prepared by: Reviewed by: DW Account ID Account Description : Debit Amount Credit Amount 1,987.28 198,116.52 3,044,958.13 16,410,902.71 1,262,819.88 18,825,205.24 3,012,000.00 743,314.38 200,000.00 7,406.82 117,000.00 623,905.92 433.217.10 163,500.00 572.691.08 53,840.59 4,633,118.09 10100 Cash on Hand 10200 Regular Checking Account 10300 Payroll Checking Account 10400 Savings Account 11000 Accounts Receivable 11400 Other Receivables 11500 Allowance for Doubtful Accounts 12000 Inventory - Spotlight 12300 Reserve for Inventory Obsolescence 14100 Prepaid Insurance 14200 Prepaid Rent 14300 Office Supplies 14400 Notes Receivable-Current 14700 Other Current Assets 15000 Land 15100 Buildings and Land Improvements 15200 Machinery, Equipment, Office Furniture 17000 Accum. Depreciation 19000 Investments 19900 Other Noncurrent Assets 20000 Accounts Payable 23100 Sales Tax Payable 23200 Wages Payable 23300 FICA Employee Withholding 23350 Medicare Withholding 23400 Federal Payroll Taxes Payable 23500 FUTA Tax Payable 23600 State Payroll Taxes Payable 23700 SUTA Tax Payable 23800 FICA Employer Withholding 23900 Medicare Employer Withholding 24100 Line of Credit 24200 Current Portion Long-Term Debt 24700 Other Current Liabilities 27000 Notes Payable-Noncurrent 39003 Common Stock 39004 Paid-in Capital 39005 Retained Earnings 40000 Sales 41000 Sales Returns 42000 Warranty Expense 45000 Income from Investments 46000 Interest Income 47000 Miscellaneous Income 50000 Cost of Goods Sold 57500 Freight 60000 Advertising Expense 61000 Auto Expenses 62000 Research and Development 64000 Depreciation Expense 64500 Warehouse Salaries 29,470.32 1,318.69 583.99 6,033.01 2,815.47 1,318.69 583.99 10,000,000.00 8,105,000.00 7,423,000.00 2,219,620.65 246,172,918.44 4,497,583.20 1,100,281.48 204,302.81 141,569,221.61 4,302,951.46 897.140.01 208,974.39 31,212,334.17 133,000.00 4,633,383.82 64500 Warehouse Salaries 65000 Property Tax Expense 66000 Legal and Professional Expense 67000 Bad Debt Expense 68000 Insurance Expense 70000 Maintenance Expense 70100 Utilities 70110 Phone 70120 Postal 71000 Miscellaneous Office Expense 72000 Payroll Tax Exp 73000 Pension/Profit-Sharing Plan Ex 74000 Rent or Lease Expense 77500 Administrative Wages Expense 78000 Interest Expense 78500 Income Tax Expense - Federal 78510 Income Tax Expense - State 80000 Loss on Legal Settlement 4,633,383.82 80,495.32 3,605,133.96 1,622,425.99 853,942.65 61,136.04 135,642.99 76,373.78 128,033.21 17,023.27 1,550,989.06 3,000,000.00 2,603,485.87 16,875,305.98 875,000.00 2,365,000.00 429,000.00 19,172,000.00 283,238,404.03 2 83,238,404.03 W/P index #: A2.1 Enter account numbers only, account titles will self- populate Date Apollo Shoes, Inc. Working Trial Balance Income Statement 12/31/17 Will identify adjustments in Assignment 3 Prepared by: Reviewed by: Acet. Account 12/31/17 Adjustments WP Ref. 12/31/16 Audited 12/31/17 Audited Will create adjusting entries in Assignment 3 Title Unaudited Dr. AJE REVENUE 40000 Sales 41000 Sales Returns 42000 Warranty Expense A1.1 A1.1 246,172,918.44 (4,497,583.20) (1,100,281.48) 242,713,452.88 (11,100,220.89) (1,158,128.47) 242,713,452.88 (11,100,220.89) (1,158,128.47) Net Sales 240,575,053.76 230,455,103.52 230,455,103.52 COST OF GOODS SOLD #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total CGS Gross Margin 240,575,053.76 2 30,455,103.52 OPERATING EXPENSES #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Operating Expenses Total Operating Expenses Net Income from Operations #VALUE! #VALUE! 240,575,053.76 230,455,103.52 50 OTHER INCOME (EXPENSE) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Other Income (Expenses) Net Income before Tax #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 61 TAXES #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 63 Total Taxes Net Income #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Apollo Shoes, Inc. Working Trial Balance Balance Sheet 12/31/17 Acct. Adjustments Account Title W/P Ref. 12/31/16 Audited 12/31/17 Unaudited 12/31/17 Audited Dr. AJE# ASSETS $ #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Assets LIABILITIES #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Total Liabilities 58 OWNER'S EQUITY 60 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! A2.1 Net Income Total Owner's Equity #VALUE! #VALUE! #VALUE! #VALUE! Total Liabilities & Equity #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE