Chester, Inc. Trial Balances for years ending December 31, 2013, 2014 and 2015 Account Description Cash on Hand Checking Account

Prepare Chester, Inc, Income Statement, Balance Sheet, Statement of Retained Earnings, & Statement of cash flow (indirect method).

Additional Information:

·        Land with the land improvements were sold at book value (no gains or losses) in 2014. Use following accounts- Land, Building and Land Improvements & Other Non-current assets)

·        New equipment purchased with Cash for $2,739,067 in 2014

·        New Storage Building purchased with cash for $135,000 in 2015

·        No investments have been sold or purchased in 2014 or 2015

There are currently 8,275,000 shares of common stock outstanding. No common stock gas been sold or repurchased in any of the after.

The proper format to use for the income statement is:


Less: Sales Returns & Allowances

Net Sales

Cost of Goods Sold

Gross Profit

Operating Expenses:

Total Operating Expenses

Income Before Other Gains & Losses

Other Gains & Losses

Total Other Gains & Losses

Income Before Income Taxes

Federal Income Tax Expense

State Income Tax Expense

Net Income

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