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Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 140,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts 22,000 Notes Receivable 10,000 Supplies 23,000 Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building 950,000 1,250,000 300,000 2,000,000 450,000 Land 155,000 Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable 365,000 24,000 125,000 1,750,000 Common Stock Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 Purchases 1,060,000 Purchase Discounts 21,000 Freight In Selling Expenses Administrative Expenses 19,000 195,000 $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 %24 %24

Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 140,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts 22,000 Notes Receivable 10,000 Supplies 23,000 Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building 950,000 1,250,000 300,000 2,000,000 450,000 Land 155,000 Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable 365,000 24,000 125,000 1,750,000 Common Stock Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 Purchases 1,060,000 Purchase Discounts 21,000 Freight In Selling Expenses Administrative Expenses 19,000 195,000 $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 %24 %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the fiscal year 2018 financial statements for Rapid Roller Inc. (adjusted trial balance provided on page 3).

 

  1. Multiple Step Income Statement
  2. Retained Earnings Statement
  3. Classified Balance Sheet
Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 140,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies 23,000 Inventory, 1/1/18 950,000 Equipment 1,250,000 Accumulated Deperciation - Equipment 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable 24,000 Notes Payable 125,000 Mortgage Payable 1,750,000 Common Stock Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common $ 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 Purchases 1,060,000 Purchase Discounts 21,000 Freight In Selling Expenses $ 19,000 $ 195,000 Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense 325,000 Gain on Sale of Land 177,000 6,800,000 6,800,000 %24
Transcribed Image Text:Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 140,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies 23,000 Inventory, 1/1/18 950,000 Equipment 1,250,000 Accumulated Deperciation - Equipment 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable 24,000 Notes Payable 125,000 Mortgage Payable 1,750,000 Common Stock Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common $ 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 Purchases 1,060,000 Purchase Discounts 21,000 Freight In Selling Expenses $ 19,000 $ 195,000 Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense 325,000 Gain on Sale of Land 177,000 6,800,000 6,800,000 %24
Summary of the December 31, 2018 year-end physical inventory count: Product Units Unit/Cost Value Product A 10,500 1.90 $ 19,950 Product B 45,000 4.32 194, 400 Product C 17,500 $ 9.95 $ 174, 125 Product D 19,500 5.21 2$ 101, 595 Product E 5,000 4.55 22,750 Product F 2,500 2$ 12.50 2$ 31, 250 WIP 2$ 195,000 Raw Materials 125,000 X5 Total 864, 070 Prepare COGS schedule below: Completed by your instructor. Please make sure you review and understand the COGS calculation below for future assignments. COGS X1 Inventory 1/1/2018 X2 Purchases 950,000 1,060,000 X3 Less: Purchase discounts 21,000 Net purchases 1,039,000 X4 Add: Freight-in $ 19,000 1,058,000 Inventory available for sale 2,008,000 X5 Less: Inventory 12/31/2018 864,070 Cost of good sold 1,143,930 254 words
Transcribed Image Text:Summary of the December 31, 2018 year-end physical inventory count: Product Units Unit/Cost Value Product A 10,500 1.90 $ 19,950 Product B 45,000 4.32 194, 400 Product C 17,500 $ 9.95 $ 174, 125 Product D 19,500 5.21 2$ 101, 595 Product E 5,000 4.55 22,750 Product F 2,500 2$ 12.50 2$ 31, 250 WIP 2$ 195,000 Raw Materials 125,000 X5 Total 864, 070 Prepare COGS schedule below: Completed by your instructor. Please make sure you review and understand the COGS calculation below for future assignments. COGS X1 Inventory 1/1/2018 X2 Purchases 950,000 1,060,000 X3 Less: Purchase discounts 21,000 Net purchases 1,039,000 X4 Add: Freight-in $ 19,000 1,058,000 Inventory available for sale 2,008,000 X5 Less: Inventory 12/31/2018 864,070 Cost of good sold 1,143,930 254 words
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