Question & Answer: technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping…..

Reagan Sakai is in charge of financial management for Land Monitrix. Land Monitrix utilizes satellite technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping, and other encroachments on property these customers own around the globe. Customers typically purchase one-year contracts for this service, and the pricing depends on the number and size of sites monitored.
Mr. Sakai desires to review financial reports — an income statement, statement of retained earnings, and balance sheet. Prepare these reports from the following adjusted trial balance.   Mr. Sakai needs this information for internal review purposes, and does not require a classified balance sheet. The operating data relate to the full year, and the blank worksheet already includes partial data.
LAND MONITRIX CORPORATION
Adjusted Trial Balance
As of December 31, 20X5
Debits Credits
Cash $         834,221 $                    –
Accounts receivable             345,909                        –
Prepaid expenses              45,787                        –
Supplies              66,665                        –
Satellite equipment          3,009,000                        –
Accumulated depreciation                       –           1,222,199
Accounts payable                       –             544,190
Unearned revenues                       –             455,000
Loan payable                       –           1,000,000
Capital stock                       –             560,000
Retained earnings, Jan. 1                       –             228,892
Dividends              50,000                        –
Revenues                       –           2,373,402
Selling expenses             476,445                        –
Interest expense              80,000                        –
Salaries expense             677,667                        –
Maintenance and supplies expense             222,989                        –
Depreciation expense             575,000                        –
$      6,383,683 $       6,383,683
Income Statement
Revenues
Services to customers $              –
Expenses
$              –
                 –
                 –
                 –
                 –                  –
Net income $              –
Note — The “Excel” tip uses macros, and your security settings may limit access.
LAND MONITRIX CORPORATION
Statement of Retained Earnings
Beginning retained earnings $              –
Plus: Net income                  –
$              –
                 –
$              –
LAND MONITRIX CORPORATION
Balance Sheet
Assets
$              –
                 –
                 –
                 –
Satellite equipment $              –
Less: Accumulated depreciation                  –                  –
Total assets $              –
Liabilities
$              –
                 –
                 –
Total liabilities $              –
Stockholders’ equity
$              –
                 –
Total stockholders’ equity                  –
Total liabilities and equity $              –

Expert Answer

 

Income Statement
Revenues
Services to cutomers 2,373,402
Expenses
Selling expense 476,445
interest expense 80,000
Salaries expense 677,667
maintenance &supplies expense 222,989
Depreciation expense 575,000 2,032,101
Net income 341,301
Statement of Retained Earnings
Beginning retained earnings 228,892
plus:Net income 341,301
570,193
less Dividends 50,000
Closing retained earnings 520,193
Balance Sheet
Assets
Cash 834,221
Accounts receivable 345,909
prepaid expense 45,787
Supplies 66,665
Satellite Equipment 3,009,000
less:Accum depr 1,222,199 1,786,801
total assets 3,079,383
liabilitis
Accounts payable 544,190
unearned revenues 455,000
loan payable 1,000,000
total liabilties 1,999,190
Stockholder’s Equity
capital stock 560,000
Retained earnings 520,193
total stockholder’s Equity 1,080,193
total liabilities & Equity 3,079,383

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