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What am I doing wrong here? Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen
What am I doing wrong here?
Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited. Credits $ BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2021 Accounts Debits Cash $ 16,000 Accounts Receivable 25,000 Supplies 32,000 Prepaid Insurance 7,000 Equipment 625,000 Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Earnings Dividends 26,000 Service Revenue-new construction Service Revenue-remodeling Salaries Expense 160,000 Supplies Expense 285,000 Depreciation Expense 50,000 Insurance Expense 25,000 Utilities Expense 42,000 Interes Expense 9, Service Fee Expense 73,000 Totals $1,375,000 200,000 31,000 28,000 5,000 150,000 200,000 31,000 450,000 280,000 $1,375,000 Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicate a minus sign.) 11 BOILERMAKER UNLIMITED Balance Sheet December 31, 2021 ts Assets Liabilities Current Assets: Current Liabilities: Cash $ -ferences Accounts Receivable 16,000 25,000 32,000 7,000 Accounts Payable Salaries Payable Utilities Payable $ 31,000 28,000 5,000 Supplies Prepaid Insurance Total Current Assets 64,000 Long-term Assets: Equipment Accumulated Depreciation 80,000 Total Current Liabilities Long-term Liabilities: 625,000 Notes Payable (200,000) Total Liabilities 150,000 $ 214,000 Stockholder's Equity Common Stock Retained Earnings Total Stockholders' Equity $ 505,000 Total Liabilities and Stockholders' Equity 200,000 31,000 231,000 $ 445,000 Total AssetsStep by Step Solution
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