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(Complete the income and balance statementcolumns).

DrewConsulting
Worksheet (Partial)
31-Dec-14
Adjusted Income Balance
Trial Balance Statement Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash $27,460
Accounts Receivable 1,000
Office Supplies 150
Equipment 1,500
Accum. Depr.—Equip. $25
Furniture 3,900
Accum. Depr.—Furn. 65
Accounts Payable 4,100
Unearned Revenue 1,200
Salaries Payable 567
Common Stock 26,000
Dividends 2,500
Service Revenue 6,200
Rent Expense 500
Utilities Expense 340
Supplies Expense 150
Salaries Expense 567
Depr. Expense—Equip. 25
Depr. Expense—Furn. 65
$38,157 $38,157
Net income or loss

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Related questions

Final(Ending) Trial Balance - 12/31/2018
Account Name Debit Credit
101 Cash 436,794.00
105 Petty Cash 150
112 Accounts Receivable 464,550.00
113 Allowance for Doubtful Accounts 40,178.00
115 Notes Receivable 0.00
120 Inventory 569,671.00
126 Supplies 3,680.00
130 Prepaid Insurance 11,020.00
131 Prepaid Rent 25,410.00
135 Other Assets 145,000.00
140 Land 43,000.00
145 Buildings 306,000.00
146 Accum. Depr. Buildings 78,040.00
151 Equipment 63,900.00
152 Accum. Depr. Equipment 21,200.00
163 Trucks 60,400.00
164 Accum. Depr. Trucks 41,540.00
200 Notes Payable 15,000.00
201 Accounts Payable 357,600.00
214 FICA Taxes Payable 1,530.00
215 Income Taxes Payable 125,000.00
216 Federal Withholding Taxes Payable 1,967.00
218 State Withholding Taxes Payable 2,901.00
224 FUTA Taxes Payable 400
226 SUTA Taxes Payable 2,600.00
230 Interest Payable 23,261.00
268 Dividends Payable 0.00
270 Notes Payable (LT Liability) 465,216.00
273 Bonds Payable 275,000.00
311 Discount on Bonds Payable 6,400.00
317 Common Stock 189,000.00
320 Paid-in Capital in Excess of StatedValue 256,400.00
330 Retained Earnings 362,748.00
332 Treasury Stock 42,610.00
401 Dividends 50,000.00
412 Sales Revenue 5,433,396.00
414 Sales Returns and Allowances 14,060.00
505 Sales Discounts 115,459.00
610 Cost of Goods Sold 3,995,710.00
612 Advertising Expense 7,178.00
631 Bad Debt Expense 1,120.00
644 Supplies Expense 1,540.00
711 Freight-out 18,542.00
726 Depreciation Expense 23,000.00
730 Salaries and Wages Expense 943,752.00
732 Payroll Tax Expense 83,681.00
820 Utilities Expense 16,669.00
905 Interest Revenue 3,150.00
921 Interest Expense 47,831.00
999 Loss on Disposal of Plant Assets 2,000.00
Income Tax Expense
197,000.00
Total
7,696,127.00 7,696,127.00
BeginningTrial Balance - post closing 12/31/2017
Account Name Debit Credit
101 Cash 249,930
105 Petty Cash 150
112 Accounts Receivable 317,420
113 Allowance for Doubtful Accounts 4,580
115 Notes Receivable 45,000
120 Inventory 531,960
126 Supplies 2,320
130 Prepaid Insurance 11,020
131 Prepaid Rent 25,410
135 Other Assets 145,000
140 Land 43,000
145 Buildings 306,000
146 Accum. Depr. Buildings 73,040
151 Equipment 32,800
152 Accum. Depr. Equipment 13,200
163 Trucks 78,400
164 Accum. Depr. Trucks 39,540
200 Notes Payable 15,000
201 Accounts Payable 126,850
212 FICA Taxes Payable 1,787
214 Income taxes payable -
215 Federal Withholding Taxes Payable 9,573
216 State Withholding Taxes Payable 2,486
218 FUTA Taxes Payable 400
224 SUTA Taxes Payable 2,600
226 Interest Payable -
230 Dividends Payable -
250 Notes Payable (LT Liability) 465,216
268 Bonds Payable 275,000
270 Discount on Bonds Payable 6,400
273 Common Stock 189,000
311 Paid-in Capital in Excess of Stated Value 256,400
317 Retained Earnings 362,748
320 Treasury Stock 42,610
Total 1,837,420 1,837,420
Net Loss -30,996
Prepare the Cash FlowStatement Using the INDIRECT METHOD
The balances in the permanentaccounts as of 12/31/2017 are provided.
Use these ending balances andthe financial statements you prepared to create a statement of cashflows.

Multi-step Income Statement and Adjusting Entries
Oregon Distributors, whose accounting year ends on December 31, hadthe following normal balances in its ledger accounts at December31.

Cash $36,080
Accounts Receivable 101,200
Inventory 90,200
Prepaid Insurance 7,920
Office Supplies 5,280
Furniture & Fixtures 30,800
Accumulated Depreciation - Furn. & Fixtures 11,880
Delivery Equipment 77,000
Accumulated Depreciation - Delivery Equipment 26,840
Accounts Payable 76,340
Long-term Notes Payable 33,000
Common Stock 110,000
Retained Earnings 46,200
Sales Revenue 1,269,400
Cost of Goods Sold 903,320
Utilities Expense 9,460
Sales Salaries Expense 119,000
Delivery Expense 40,480
Advertising Expense 28,820
Rent Expense 33,000
Income Tax Expense 12,100
Office Salaries Expense 79,000

During the year, the accounting department prepared monthlystatements but no adjusting entries were made in the journals andledgers. Data for the year-end procedures are as follows:

Prepaid Insurance, December 31 $2,400
Depreciation Expense on furniture and fixures for year 2,100
Depreciation Expense on delivery equip. for the year 11,000
Salaries Payable, December 31 1,600
Office Supplies on hand, December 31 1,800

Required
a. Record the necessary adjusting entries at December 31.
b. Prepare a multi-step income statement for the year. Combine allthe operating expenses into one line on the income statement forselling, general and administrative expenses.

a.

GeneralJournal
Date Description Ref. Debit Credit
Dec. 31 AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses 1 Answer Answer
AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furniture & FixturesCashCommon StockCost ofGoods SoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses Answer Answer
To record expired insurance.
31 AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses 2 Answer Answer
AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses Answer Answer
To record depreciation expense for furniture for theyear.
31 AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses 3 Answer Answer
AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses Answer Answer
To record depreciation expense for delivery equip. for theyear.
31 Sales Salaries Expense 4 Answer Answer
AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsOffice SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses Answer Answer
AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses Answer Answer
To record accrued salaries at December 31.
31 AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses 5 Answer Answer
AnswerAccounts PayableAccounts ReceivableAccumulatedDepreciation - Furn. & FixturesCashCommon StockCost of GoodsSoldAccumulated Depreciation - Delivery EquipmentDepreciationExpense - Delivery EquipmentDepreciation Expense - Furniture &FixturesFurniture & FixturesIncome Tax ExpenseInsuranceExpenseInventoryLong-Term Notes PayableOffice SuppliesOfficeSupplies ExpensePrepaid InsuranceRetained EarningsSales SalariesExpenseSalaries PayableSales RevenueSelling, General andAdministrative Expenses Answer Answer
To record office supplies used.

b. Do not use negative signs with your answers.

OREGONDISTRIBUTORS
Income Statement
For the Year Ended December 31
AnswerSales RevenueCost of Goods SoldSelling, General, andAdministrative ExpenseIncome Tax Expense $Answer
AnswerSales RevenueCost of Goods SoldSelling, General, andAdministrative ExpenseIncome Tax Expense Answer
Gross Profit on Sales Answer
Operating Expenses
AnswerSales RevenueCost of Goods SoldSelling, General, andAdministrative ExpenseIncome Tax Expense Answer
Income before Income Taxes Answer
AnswerSales RevenueCost of Goods SoldSelling, General, andAdministrative ExpenseIncome Tax Expense Answer
Net Income $Answer

This worksheet looks to me as if it is already finished, but this question insists that I still need to complete it in its entirety. I have been stuck for hours on this. Please help me!

The question is as follows: The unadjusted trial balance information, as well as the adjustment data, have already been entered into the worksheet. You need to complete the worksheet in its entirety.

Unadjusted Adjusted Income Bal. Sheet
Trial Balance Adjustments Trial Balance Statement Stmt. Own. Equity
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 250,000 250,000 250,000
Accounts Receivable 280,000 280,000 280,000
Allowance for Doubtful Accounts 12,500 2,415 14,915 14,915
Merchandise Inventory 745,000 5,000 740,000 740,000
Office Supplies 2,300 735 1,565 1,565
Prepaid Insurance 7,000 3,500 3,500 3,500
Land 1,628,803 1,628,803 1,628,803
Building 1,000,000 1,000,000 1,000,000
Accumulated Depreciation - Building 700,000 700,000 700,000
Equipment & Furniture - Warehouse 7,900 7,900 7,900
Accumulated Depreciation - Equip & Furn. - Warehouse 5,643 775 6,418 6,418
Equipment & Furniture - Office 7,421 7,421 7,421
Accumulated Depreciation - Equip & Furn. - Office 2,000 825 2,825 2,825
Accounts Payable 800,000 800,000 800,000
Wages Payable 0 0 0
Interest Payable 2,500 2,500 2,500
Dividends Payable 0 0 0
Unearned Rent 7,400 2,143 5,257 5,257
Notes Payable 200,000 200,000 200,000
Bonds Payable 90,000 90,000 90,000
Mortgage (Warehouse) Payable 197,000 197,000 197,000
Common Stock, $1 Par, 100,000 Authorized; 60,000 shares Issued/Outstanding 30,200 30,200 30,200
Paid In Capital - Excess of Par 1,560,000 1,560,000 1,560,000
Retained Earnings 20,500 20,500 20,500
Treasury Stock 0 0 0
Sales 1,067,500 1,067,500 1,067,500
Cost of Goods Sold 636,700 5,000 641,700 641,700
Wage Expense (hourly workers) 10,000 10,000 10,000
Salaries Expense (Exempt Staff) 32,100 32,100 32,100
Marketing Expense 64,000 64,000 64,000
Travel and Entertainment Expense 1,250 1,250 1,250
Bad Debt Expense 0 2,415 2,415 2,415
Property Tax Expense 1,455 1,455 1,455
Office Maintenance & Repair Expense 0 0 0
Legal Expenses 6,340 6,340 6,340
Insurance Expense 0 3,500 3,500 3,500
Utilities Expense 2,000 2,000 2,000
Office Supplies Expense 0 735 735 735
Telecommunications Expense 754 754 754
Depreciation Expense - Equip & Furniture - Warehouse 0 775 775 775
Depreciation Expense - Equip & Furniture - Office 0 825 825 825
Rent Income 0 2,143 2,143 2,143
Interest Expense 12,220 12,220 12,220
Total 4,695,243 4,695,243 15,393 15,393 4,699,258 4,699,258 780,069 1,069,643 3,919,189 3,629,615
289,574 289,574
Net Income (Loss) 1,069,643 1,069,643 3,919,189 3,919,189

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