accounting question 450228
Aug 29, 2021 | Uncategorized
| Bearing, Inc. |
|
|
| Balance Sheet |
|
|
| December 31, 2011 |
|
|
|
|
|
| Assets |
|
|
| Cash |
22,100 |
|
| Accounts receivable |
27,000 |
|
| Inventory |
13,500 |
|
| Supplies |
600 |
|
| Total assets |
|
63,200 |
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
| Accounts payable |
17,000 |
|
| Salaries payable |
3,500 |
|
| Income taxes payable |
3,200 |
|
| Total liabilities |
|
23,700 |
| Stockholders’ equity |
|
|
| Capital stock (10,000 shares outstanding) |
20,000 |
|
| Retained earnings |
19,500 |
|
| Total stockholders’ equity |
|
39,500 |
| Total liabilities and stockholders’ equity |
|
63,200 |
| Bearing, Inc. |
|
|
| Income Statement |
|
|
| For the year ended December 31, 2011 |
|
|
|
|
|
| Sales revenue |
143,000 |
|
| Rent revenue |
4,000 |
|
| Total revenue |
|
147,000 |
| Less cost of goods sold |
|
85,000 |
| Gross margin |
|
62,000 |
| Less operating expense |
|
|
| Supplies expense |
1,200 |
|
| Salaries expense |
31,000 |
|
| Miscellaneous expense |
6,400 |
38,600 |
| Income before taxes |
|
23,400 |
| Less income taxes |
|
8,190 |
| Net income |
|
15,210 |
| Earnings per share |
|
1.52 |
| Bearing, Inc. |
|
|
| Post Closing Trial Balance |
|
|
| December 31, 2011 |
|
|
|
Debits |
Credits |
| Cash |
22,100 |
|
| Accounts receivable |
27,000 |
|
| Inventory |
13,500 |
|
| Supplies |
600 |
|
| Accounts payable |
|
17,000 |
| Salaries payable |
|
3,500 |
| Income taxes payable |
|
3,200 |
| Capital stock |
|
20,000 |
| Retained earnings |
|
19,500 |
| Totals |
63,200 |
63,200 |
