Industrious Builder Inc.

Trial Balance
December 31, 2023 Trial Balance
Debit Credit
Accounts payable 1,004,707
Accounts receivable 1,689,735
Accumulated depreciation - Buildings 2,603,105
Accumulated depreciation - Office Equipment 411,017
Accumulated Depreciation - Plant, Property & Equipment 959,039
Salaries - Admin staff 1,906,660
Allowance for doubtful accounts 253,460
Bonds payable 7,763,645
Buildings 6,507,761
Capital Stock 6,601,382
Cash 639,359
Cash dividends 821,599
Depreciation - Builidng 650,776
Depreciation - Office Equipment 205,508
Depreciation - Plant, property & equipment 319,680
Direct labor 2,922,784
Repairs and Maintenance 296,845
Supplies Used 159,840
Utilities 205,508
Finished goods, January 1 1,997,997
Freight-in 2,009,414
Income tax expense 241,906
Indirect labor 548,022
Indirect materials 211,217
Land 15,761,341
Interest Payable 536,605
Notes receivable 1,678,317
Office Equipment 2,055,083
Plant, Property and Equipment 6,393,590
Purchase discount 171,257
Purchase returns and allowances 148,423
Purchases 2,694,442
Raw Materials, January 1 513,771
Interest income 296,845
Retained earnings 6,527,181
Salaries and wages payable 137,006
Sales 27,252,677
Sales discounts 482,374
Sales returns and allowances 1,552,729
Salaries - sales staff 822,033
Unused Supplies 810,616
Work-in process, January 1 411,017
Interest expense 156,425
Totals 54,666,347 54,666,347
0

Inventories, December 31, 2023

Raw Materials 1,067,983
Work-in process 1,218,757
Finished goods 1,884,677

Additional information:
Allocation of cost are to applied to particular
expenses as follows:
1. Repairs & maintenance 296,845
Factory - 60% 178107.15
Admin - 40% 118738.1
2. Supplies Used 159,840
Factory - 50% 79919.875
Selling - 20% 31967.95
Admin - 30% 47951.925
3. Utilities 205,508
Factory - 70% 143855.775
Selling - 5% 10275.4125
Admin - 25% 51377.0625
4. Depreciation - Buiding & Depreciation -
Office Equipment 650,776 205,508 856,284
Selling - 35% 227771.64375 71927.8875 299,699.5
Admin - 65% 423004.48125 133580.3625 556,584.8

From given Trial Balance, prepare the following:

1. Statement of Comprehensive Income (Income Statement)
2. Statement of Financial Position (Balance Sheet)
3 Statement of Stockholders' Equity
COST OF GOODS MANUFACTURED STATEMENT
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2022
Raw materials beginning inventory P
Add Purchases P 2,694,442
less purchase discount P 171,257
purchase return and allowances 148,423 319,680
Net Purchases P 2,374,762
Add Freight In 2,009,414
Total Purchase
Raw materials available for use P
Less Raw Materials - ending inventory
Direct Materials
Direct labor
Prime cost P
Factory overhead
Indirect labor P 548,022
Indirect materials 211,217
Depreciation - Plant, property & equipment 319,680
Factory Utilities 143855.775
Factory repairs & maintenance 178,107
Factory supplies used 79,920
Total factory cost/ Manufacturing cost P
Add Work-in process, January 1
Cost of goods to be manufactured/Total Cost placed in production P
Less Work-in process, December 31
Cost of goods manufactured P
 Kingdom Come Corporation
Statement of Comprehensive Income (Income Statement)
For the year ended December 31, 2022
513,771 Sales Revenue
Less: Sales discount
Sales returns and allowances
Net Sales
Less Cost of Goods Sold:
Finished Goods, January 1
4,384,176 Add Cost of Goods Manufactured
4,897,947 Total goods available for sale
1,067,983 Less Finished Goods, December 31
3,829,963 Gross Margin
2,922,784 Selling Expenses
6,752,747 Utilities
Supplies Used
Depreciation Expense - Office Equipment
Depreciation Expense - Building
Salaries - sales staff
Administrative Expenses
Repairs and Maintenance
1,480,801 Utilities
8,233,548 Supplies Used
411,017 Depreciation Expense - Building
8,644,565 Depreciation Expense - Office Equipment
1,218,757 Salaries - admin staff
7,425,807 Operating Income
Add: Interest Income
Less Interest Expense
Income before income tax
Income tax expense
Net Income
Add Other Comprehensive income
Comprehensive Income
 Statement of Financial Position (Balance Sheet)
e (Income Statement) December 31, 2021
Current Assets:
27,252,677 Cash
482,374 Notes Receivable
1,552,729 2,035,103 Accounts Receivable
25,217,575 Less Allowance for doubtful Accounts
Merchandise Inventory- December 31
1,997,997 Raw Materials
7,425,807 Work-in process
9,423,804 Finished Goods
1,884,677 7,539,128 Unused Supplies
17,678,447 Total Current Assets
Non-current Assets:
10275.4125 Land
31967.95 Plant, Property & Equipment
71927.8875 Less Accumulated depreciation
227771.64375 Building
822,033 1163975.89375 Less Accumulated depreciation
Office Equipment
118738.1 Less Accumulated depreciation
51377.0625 Total Non-current Assets
47951.925 Total Assets
423004.48125
133580.3625 Liabilities:
1906659.875 2681311.80625 Current liabilities:
13,833,159 Interest Payable
296,845 Accounts payable
156,425 140420.25 Salaries and wages payable
13,973,580 total current payable
241,906
13,731,674 Non-currrent Liabilities:
Bonds payable
Total liabilities
Stockholder's Equity:
Capital Stock:

Retained earnings, beginning

Add Comprehesive income
Total
less cash dividend
Retained earnings, end
Total Stockholders' Equity

Total Liabilities and Stockholders' Equity

Balance Sheet)

P 639,359
1,678,317
1,689,735
253,460 1,436,274

1,067,983
1,218,757
1,884,677 4,171,417
810,616
P 8,735,984

P 15,761,341
6,393,590
959,039 5,434,552
6507761.25
2,603,105 3,904,657
2,055,083
411,017 1,644,066
P 26,744,615
P 35,480,599

P 536,605
1,004,707
137,006
P 1,678,317

P 7,763,645
9,441,962

P 6,601,382

6,527,181
13,731,674
20,258,854
821,599
19,437,255
P 26,038,637

P 35,480,599