Question

'(3) Using formulas that link back to the "Trial Balance" tab, prepare a Classified Balance Sheet and Multi-Step Income Statement for 2017 and 2018.

B C 1 Walnut Grove Trial Balances 2 4 Cash 5 Accounts Receivable 6 Inventory 7 Prepaid Expenses 8 Building 9 Computers & Software 10 Furniture & Fixtures 11 Land 12 Machinery & Equipment 13 Accumulated Depreciation 14 Accounts Payable 15 Payroll Tax Payable 16 Sales Tax Payable 17 Interest Payable 18 Unearned Revenue 19 Line of Credit 20 Notes Payable 21 Peters, J., Capital 12/31/2017 - FINAL Debit Credit 326,356.20 26,676.00 18,630.00 963.00 119,250.00 2,007.00 5,184.00 45,000.00 78,120.00 837.00 11,191.50 4,487.40 2,292.30 3,656.25 K L To be calculated by student 12/31/2018 - Adjusted Debit Credit 410,753.54 41,901.43 24,061.10 740.31 119,250.00 7,047.00 16,299.00 45,000.00 78,120.00 18,329.51 11,471.29 4,599.59 2,349.61 5,187.24 20,475.00 258,750.00 315,000.00 900.00 900.00

Answer 1

Walnut Grove
Income Statement for the year ended 31 December 2017 and 2018
	2018		2017
Particulars	Amount	Amount	Amount	Amount
Revenue
Material & Supplies Sale	$ 2,64,706.02		$ 2,58,688.80
Small tools Sale	$      8,287.74		$      8,085.60
Tools Rental	$      1,483.20		$      1,008.00
		$ 2,74,476.96		$ 2,67,782.40
Less: Cost of goods sold
Material & Supplies	$    82,191.62		$    80,040.60
Small tools Sale	$    13,819.24		$    12,701.70
Wages	$    16,630.83		$    16,225.20
Total COGS		$ 1,12,641.69		$ 1,08,967.50
Gross Profit		$ 1,61,835.27		$ 1,58,814.90
Other Income
Vendor compensation		$          414.20		$          404.10
Less: Expenses
Depreciation Expense	$    17,492.51
Insurance Expense	$      4,589.90		$      4,237.20
Interest Expense	$      1,439.58
Office Supplies Expense	$         118.08		$         115.20
Payroll tax Expense	$      1,273.05		$      1,242.00
Postage Expense	$            47.97	$    24,961.09	$            46.80	$       5,641.20
Net Profit		$ 1,37,288.38		$ 1,53,577.80
Walnut Grove
Balance Sheet as on December 31, 2017 & 2018
	2018		2017
Particulars	Amount	Amount	Amount	Amount
Assets
Current Assets
Cash	$ 4,10,753.54		$ 3,26,356.20
Accounts Receivable	$    41,901.43		$    26,676.00
Inventory	$    24,061.10		$    18,630.00
Prepaid Expenses	$         740.31		$         963.00
Total Current Assets		$ 4,77,456.38		$ 3,72,625.20
Fixed Assets
Building	$ 1,19,250.00		$ 1,19,250.00
Land	$    45,000.00		$    45,000.00
Computers & Softwares	$      7,047.00		$      2,007.00
Furniture & fixtures	$    16,299.00		$      5,184.00
Machinery & Equipment	$    78,120.00		$    78,120.00
Accumulated depreciation	$ -18,329.51		$        -837.00
Total Fixed Assets		$ 2,47,386.49		$ 2,48,724.00
Total Assets		$ 7,24,842.87		$ 6,21,349.20
Liabilities
Current liabilities
Accounts Payable	$    11,471.29		$    11,191.50
Payroll tax payable	$      4,599.59		$      4,487.40
Sales tax Payable	$      2,349.61		$      2,292.30
Interest Payable	$      5,187.24		$      3,656.25
Unearned revenue	$    20,475.00
Line of Credit	$ 2,58,750.00		$ 3,15,000.00
Total Current Liabilities		$ 3,02,832.73		$ 3,36,627.45
Owners Equity
Peters J. Capital	$         900.00		$         900.00
Peters M. Capital	$         900.00		$         900.00
Retained earnings
Opening balance	$ 2,82,921.75		$ 1,29,343.95
Add: Net Profit	$ 1,37,288.38		$ 1,53,577.80
Total Owners Equity		$ 4,22,010.13		$ 2,84,721.75
Total liabilities		$ 7,24,842.86		$ 6,21,349.20