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ACCT 4200 Project Solution - Final Posting 2022 - Updated For Student
ACCT 4200 Project Solution - Final Posting 2022 - Updated For Student
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TOTAL 143.00
Trial Balance Trial Balance Adjusted
At December 31, 2019 At December 31, 2020 Adjustments Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash & Equivalents 197,282 1,664,544
FV-NI Investments - 801,300
Accounts Receivable - Trade 4,138,222 4,375,772
Accounts Receivable - Projects - 1,510,000
Allowance for Doubtful Accounts (Trade) 126,508 126,508
Inventory 949,578 1,013,800
Prepaid Insurance 240,000 480,000
FV-OCI Investments - 212,000
Contract Asset/Liability 121,880
Land 640,000 640,000
Building 6,300,000 6,300,000
Building - Accumulated Depreciation 137,000 137,000
Equipment 785,080 785,080
Equipment - Accumulated Depreciation 91,592 91,592
Intangible Assets (net) - 323,500
Goodwill 675,000 1,350,000
Accounts Payable 850,000 956,000
Deferred Tax Liability 200,000 204,000
HST Payable 89,100 196,000
Interest Payable 200,000
Dividends Payable 350,000
Wages Payable 90,000
Notes Payable - 500,000
Bank Loan 5,000,000 8,000,000
Common Stock 4,000,000 4,000,000
Retained Earnings 389,224 3,376,862
Revenue from Long-term Contract 6,332,898
Revenue from Long-term Contract - Project #1 - -
Sales Revenue - Equipment 11,371,380 13,724,150
Dividend Income - 65,000
Interest Income 31,000
Gain on sale of truck
Investment Income or Loss
Unrealized Gain or Loss - OCI
Cost of Goods Sold 7,434,800 8,826,400
Construction Expenses 4,820,200
Construction Expenses - Project #1 - -
Equipment Rental (other expenses) 1,050,000 994,188
Equipment Repairs (other expenses) 85,286 204,868
Wages 1,318,000 1,417,760
Payroll Tax Expense 164,750 177,220
Interest Expense 20,000 20,000
Utilities 104,000 126,000
Insurance Expense 82,000
Bad Debt Expense 46,112 -
Commission Expense -
Advertising Expense 14,916 32,800
Amortization Expense -
Depreciation Expense 193,476 -
0
Aylmer Industries Inc.
Statement of Comprehensive Income
For the Year Ended December 31, 2020
2020 2019
Revenue
Cost of Goods Sold
Construction Expenses
Gross Profit
Administrative Expenses
Other Expenses
Income from Operations
Interest Expense
Net Income
ASSETS
Current Assets
Cash and Cash Equivalents 1
Short-Term Investments 2
Accounts Receivable (net) 3
Inventories, net 4
Prepaid and other current assets 5
Total Current Assets
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities
Other current liabilities
Deferred taxes
Current portion of long term debt
Total Current Liabilities
Long Term Debt
Total Liabilities
SHAREHOLDERS EQUITY
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income
Total Shareholders' Equity
TOTAL LIABITILIES & SHAREHOLDERS' EQUITY
DATE REF ACCOUNTS Debit Credit
a)
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
m)
Petty Cash 1,100
Bank of Montreal - Chequing - 20,652
Bank of Montreal - Deposit 253,800
Royal Bank - Chequing 171,296
Short-term paper 390,000 7 month paper @3.5% interest with Hilo Investments
Short-term paper 69,000 45 day paper @2.25% interest
Restricted Cash 800,000 set aside for bank loan - have to maintain 10% of bank loan payable in restricted cash per agreement
1,664,544
Purchase
Date Description COST
6/15/2020 30,000 shares of Redemption Corp @ $12.65 per share 379,500.00 30000 shares
12/05/2020 20,000 shares of ALM Corp @ $21.09 per share 421,800.00 20000 shares
801,300.00
Customer Name Total Due 0-30 Days 31-60 days 61-90 days 91-120 days Over 120
Building
2018-01 401 Main Street 09/01/18 40 4,110,000.00 137,000.00
2020-02 406 Main Street 05/01/20 40 2,190,000.00
6,300,000.00 137,000.00
Equipment
2018-02 Toro lawn mower 02/01/18 4 59,850.00 28,678.13
2018-05 2007 John Deere Excavator 09/01/18 10 94,200.00 12,560.00
2019-10 2018 Chev Truck 03/01/19 4 77,200.00 16,083.33
2019-11 2010 Toyota Tundra 05/31/19 6 37,500.00 3,645.83
2019-12 2017 Kenworth 07/31/19 6 441,000.00 30,625.00
2020-13 2015 Loader 08/01/20 10 50,730.00
2020-15 Flat-bed Trailer 12/01/20 10 24,600.00
2020-16 Ford F150 12/31/20 10 - -
785,080.00 91,592.29
323,500
Name Title Wage
0
Selling
Units Sold Price Cost
206 X205 30 HP Machine 31,625.00 6,514,750.00 13,500.00 2,781,000.00
86 G350 60 HP Machine 47,900.00 4,119,400.00 35,900.00 3,087,400.00
30 L500 100HP Machine 103,000.00 3,090,000.00 98,600.00 2,958,000.00
13,724,150.00 8,826,400.00