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The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to gr...

The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery4. Prepare the income statement, statement of shareholders equity and classified balance sheet for the year ended December 3

The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2018, appears below. Account Title Debits Credits Cash 44,950 60,000 Accounts receivable Supplies 1,950 Inventory Note receivable 79,000 31,200 0 Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation-office equipment Accounts payable 2,900 0 98,000 36,750 39,000 Salaries and wages payable Note payable 0 73,200 Interest payable Deferred revenue Common stock 60,000 Retained earnings Sales revenue 24,000 243,000 0 Interest revenue Cost of goods sold Salaries and wages expense 109,350 20,700 Rent expense 15,950 Depreciation expense 0 Interest expense 0 Supplies expense 1,450 6,600 Insurance expense Advertising expense 3,900 475,950 475,950 Totals Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $12,2 50. 2. Employee salaries and wages are paid twice a month, on the 22nd for salaries and wages earned from the 1st through the 15th, and on the 7th of the following month for salaries and wages earned from the 16th through the end of the month. Salaries and wages earned from December 16 through December 31, 2018, were $1,750. 3. On October 1, 2018, Pastina borrowed $73,200 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2018, the company lent a supplier $31,200 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2019. 5. On April 1, 2018, the company paid an insurance company $6,600 for a two-year fire insurance policy. The entire $6,600 was debited to insurance expense. 6. $1,040 of supplies remained on hand at December 31, 2018. 7. A customer paid Pastina $2,040 in December for 1,700 pounds of spaghetti to be delivered in January 2019. Pastina credited sales revenue. 8. On December 1, 2018, $2,900 rent was paid to the owner of the building. The payment represented rent for December 2018 and January 2019, at $1,450 per month
4. Prepare the income statement, statement of shareholders' equity and classified balance sheet for the year ended December 31, 2018 Complete this question by entering your answers in the tabs below. Statement of Balance Sheet Income Statement SE Prepare the classified balance sheet for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) PASTINA COMPANY Balance Sheet At December 31, 2018
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ReportAnswer #1
Balance Sheet Working
Current Assets
Cash $          44,950.00
Accounts Receivable $          60,000.00
Supplies $            1,040.00
Inventory $          79,000.00
Note Receivable $          31,200.00
Interest Receivable $            2,080.00
Prepaid Rent $            1,450.00
Prepaid Insurance $            4,125.00 =6600-2475
Total Current Assets $      223,845.00
Non Current Assets
Office Equipment $          98,000.00
Accumulated Depreciation $        (49,000.00) =-12250-36750
Total Non Current Assets $         49,000.00
Total Assets $      272,845.00
Current Liabilities
Accounts Payable $          39,000.00
Salaries & Wages Payable $            1,750.00
Interest Payable $            2,196.00
Deferred Revenue $            2,040.00
Total Current Liabilities $         44,986.00
Non Current Liabilities
Note Payable $          73,200.00
Total Non Current Liabilities $         73,200.00
Total Liabilities $      118,186.00
Stockholders Equity
Common Stock $          60,000.00
Retained Earnings $          94,659.00 =24000+70659
Total Stockholders Equity $      154,659.00
Total Liabilities & Stockholders Equity $      272,845.00
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