Cash $71,000

Accounts Receivable 24,100

Allowance for Bad Debts 2,700

Inventory 49,300

Prepaid Insurance 6,000

Supplies 12,500

Office Equipment 52,000

Accumulated Depreciation 16,000

Accounts Payable 18,000

Unearned Revenue 3,000

Notes Payable 42,000

Capital Stock 4,500

Additional Paid In Capital 71,000

Retained Earnings 29,000

Dividends Paid 5,000

Sales 137,000

Cost of Goods Sold 63,000

Salaries 22,000

Rent Expense 9,000

Insurance Expense 4,500

Depreciation Expense 4,800

The trial balance above reflects all of the transactions for the year for ABC Company except for the following information that either happened or needed adjusting entries on the last day of the year. All of the amounts in the above trial balance have a normal balance.

The prepaid insurance of $6,000 was purchased on October 1 and will last for 12 months.

200 Inventory items that each cost $15 were found to be completely obsolete and will need to be scrapped.

The allowance for bad debts is determined to be 20% of the accounts receivable.

The $3,000 of unearned revenue was received from a customer with the agreement to provide special inventory to the customer. Half of that inventory has been delivered by year end and been taken out of inventory already.

A piece of office equipment that originally cost $2,500 was sold for $300. This equipment had accumulated $2,400 of depreciation.

An annual payment of $3,300 is due on the note payable on January 1 of the next year. No interest or payment has been recorded since the beginning of the current year. The interest rate on the loan is 4% per year.

There were 10,000 shares issued and outstanding for the entire year.

Using this information, please prepare and income statement, statement of stockholders equity and balance sheet for the year. Using these statements answer the following questions:

Question 1

What was ending total stockholders equity?

Question 2

What is the gross profit for the year? Give answer without dollar sign, commas or decimals.

Question 3

What is the earnings per share for the year? Answer without dollar sign but including decimals.

Question 4

What was ending total current assets for the year? Answer without dollar signs or commas.

Question 5

What was the ending total liabilities for the year?