Comprehensive Problem Chapters 1-5: Bearing, Inc. from Albretch Accounting Concepts and Applications 11th Edition

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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