2.Create summarized quarterly balance sheets and income statements using the information provided. 3. Provide one observation about Company X based on your analysis of the Balance Sheet, and one observation about Company X based on your analysis of the Income Statement.
Jun18 TB Company X 10/11/19Trial Balance 11":"15 AM1/1/2018-6/30/2018 AccountAccount DescriptionBeginning Bal.DebitsCreditsBalance 1000Cash - Checking - UNITED - 1124789,645.114,589,877.12(4,650,534.18)728,988.05 1001Cash - Checking - PNC - 529180,856.120.00(170.00)80,686.12 1005Cash - Payroll - VCB - 5009(343.60)3,883.66(2,751.93)788.13 1010Cash - Savings - UNITED - 1371250,436.27520.480.00250,956.75 1011Cash - Savings - PNC - 551630,660.9315.94(45.00)30,631.87 1050Cash - Certificate of Deposit(0.00)0.000.00(0.00) 1200Accounts receivable - trade1,357,693.195,048,841.03(4,470,100.33)1,936,433.89 1260Accounts receivable - miscellaneous(0.00)0.000.00(0.00) 1400Prepaid - employee advances582.307,230.00(4,825.00)2,987.30 1410Prepaid - rent4,739.2528,450.25(28,450.25)4,739.25 1430Prepaid - insurance7,092.815,018.00(7,003.81)5,107.00 1490Prepaid - miscellaneous120.231,173.97(579.65)714.55 1650Fixed asset - furniture and fixtures15,337.360.000.0015,337.36 1660Fixed asset - office equipment13,877.340.000.0013,877.34 1670Fixed asset - computer equipment87,642.046,145.550.0093,787.59 1675Fixed asset - computer software10,534.220.000.0010,534.22 1775Accumulated Depreciation(119,153.00)0.00(2,400.00)(121,553.00) 1910Security deposits7,035.250.000.007,035.25 2100Accounts payable - trade(487,874.43)3,838,871.49(3,850,400.18)(499,403.12) 2105Credit Card - Capital One (MKW)(1,070.27)32,705.15(39,672.78)(8,037.90) 2106Credit Card - Capital One (HGL)(993.16)29,012.14(30,715.27)(2,696.29) 2120Accounts payable - related party(935.88)271,082.38(270,456.22)(309.72) 2170Accounts payable - subcontract/consult0.010.000.000.01 2200Salaries payable2.762,038,133.77(2,038,133.52)3.02 2210Wages payable (Part Time)0.000.000.000.00 2250Accrued Crew Premium0.000.000.000.00 2300FICA tax payable0.010.000.000.01 2370Pension plan withheld(25,152.76)339,588.76(344,451.32)(30,015.32) 2390Payroll taxes / withholdings - misc.(2,170.07)1,751.060.00(419.01) 2400Accrued PTO(123,022.25)11,452.07(30,283.60)(141,853.78) 2440Accrued deferred salaries(35,601.73)0.000.00(35,601.73) 2445Accrued deferred salaries - paid35,601.730.000.0035,601.73 2470Accrued pension plan payable-empl match0.050.000.000.05 2475Accrued pension plan / profit share(187,825.33)187,925.31(142,669.37)(142,569.39) 2920Deferred Compensation0.0054.76(54.76)0.00 3100Common stock(6,000.00)0.000.00(6,000.00) 3400Retained earnings(3,975,574.51)0.000.00(3,975,574.51) 3700Dividends / distributions2,273,860.00275,526.000.002,549,386.00 4100105Non GSA government contract revenue0.000.00(4,452,922.03)(4,452,922.03) 4100125Non GSA government contract revenue - CO0.000.00(175,772.18)(175,772.18) 4100135Non GSA government contract revenue - NM0.000.00(190,028.65)(190,028.65) 4150105Non GSA government contract fee revenue0.000.00(230,118.14)(230,118.14) 4300000Interest revenue0.000.00(603.95)(603.95) 4900000Other revenue0.000.00(1,100.00)(1,100.00) 5000105Direct labor0.001,293,961.160.001,293,961.16 5000125Direct labor - CO0.0085,250.260.0085,250.26 5000135Direct labor - NM0.0094,606.420.0094,606.42 5200105Direct consultant labor0.0073,588.350.0073,588.35 5300105Direct subcontracts - Labor0.001,227,156.030.001,227,156.03 5610105Direct travel with G & A0.00136,857.72(395.43)136,462.29 5610125Direct travel with G & A - CO0.003,595.730.003,595.73 5610135Direct travel with G & A - NM0.008,727.910.008,727.91 6100000Paid Time Off (PTO)0.00186,457.17(11,452.07)175,005.10 6110000Comp Time0.003,606.570.003,606.57 6120000Sick leave0.0024,737.860.0024,737.86 6200000Bonus0.0010,000.000.0010,000.00 6300000Pension plan - 401k match0.00142,288.810.00142,288.81 6310000Pension plan - Profit Share0.00142,669.370.00142,669.37 6400000UHC/Guardian Insurance0.009,895.98(92.43)9,803.55 6440000Insurance - workmans' compensation0.001,642.500.001,642.50 6450000Cash in Lieu of Benefits0.0041,835.120.0041,835.12 6700000Education reimbursement0.003,000.00(546.44)2,453.56 6900000Miscellaneous fringe benefits0.00269,596.070.00269,596.07 6910000Commuter Benefits0.004,091.450.004,091.45 7300000Rent / Mortgage0.0037,682.450.0037,682.45 7400000Telephone expense0.002,052.14(126.00)1,926.14 7405000Telephone expense - mobile / pager / BB0.007,471.30(497.94)6,973.36 7410000Internet access0.002,521.48(0.02)2,521.46 7420000Postage0.00550.45(0.14)550.31 7440000Office supplies0.004,190.41(69.80)4,120.61 7450000Furniture / rental / repair0.00283.490.00283.49 7460000Office equipment / rental / repair0.00199.490.00199.49 7470000Computer supplies / repair / software0.005,618.890.005,618.89 7590000Depreciation - other0.002,400.000.002,400.00 8000100Overhead labor0.0096,514.300.0096,514.30 8000105Overhead labor0.0029,297.680.0029,297.68 8000125Overhead labor - CO0.0088.180.0088.18 8600105Travel0.00138.270.00138.27 8605100Local travel - Overhead0.00254.360.00254.36 8605105Local Travel - Overhead0.00233.070.00233.07 8660105Business Meetings - Overhead0.00143.950.00143.95 8665105Business Meeting Meals - Overhead0.00446.600.00446.60 8760105Professional development - Overhead0.001,500.000.001,500.00 9000000G&A labor0.00168,190.480.00168,190.48 9200000Professional services - accounting0.006,900.000.006,900.00 9210000Professional services - legal0.00858.000.00858.00 9260000Professional services - accounting SW0.004,899.670.004,899.67 9270000Professional services - payroll0.0013,000.870.0013,000.87 9290000Professional services - other0.003,044.590.003,044.59 9600000Travel - G&A0.00548.380.00548.38 9605000Local travel - G&A0.001,280.900.001,280.90 9660000Business meetings - G&A0.001,633.52(290.97)1,342.55 9665000Business meeting meals - G&A0.00662.430.00662.43 9700000Employee interviews/recruitment0.008,151.770.008,151.77 9705000Employee relocation0.0023,268.50(1,672.20)21,596.30 9710000Dues/Memberships/Subscriptions/Pubs-G&A0.003,486.080.003,486.08 9730000Bank service charges0.00365.000.00365.00 9740000License fees0.0024,483.310.0024,483.31 9750000Insurance - general liability0.002,514.330.002,514.33 9760000Professional development - G&A0.002,166.330.002,166.33 9780000Miscellaneous taxes0.004,480.30(4,376.00)104.30 9801000UFAR 31.205-1 Public relations and advert0.00500.000.00500.00 9803000UFAR 31.205-3 Bad debts0.000.00(4.49)(4.49) 9812000UFAR 31.205-13 Employee morale (gifts, re0.00810.140.00810.14 9814000UFAR 31.205-14 Entertainment costs0.001,049.150.001,049.15 9815000UFAR 31.205-15 Fines, penalties, and misc0.0010.07(0.03)10.04 9819000UFAR 31.205-19 Insurance0.003,042.980.003,042.98 9846000UFAR 31.205-46 Travel Costs - Unallowable0.001,815.380.001,815.38 9851000UFAR 31.205-51 Costs of alcoholic beverag0.0058.48(32.10)26.38 P000100B&P labor0.0027,618.680.0027,618.68 P500100B&P materials0.0043.370.0043.37 P700100B&P meals0.00252.360.00252.36 S000100Subcontract admin employee labor0.006,253.250.006,253.25 Grand Total:0.0020,983,798.18(20,983,798.18)0.00 Sep18 TB Company X 10/11/19Trial Balance 11":"17 AM1/1/2018-9/30/2018 AccountAccount DescriptionBeginning Bal.DebitsCreditsBalance 1000Cash - Checking - UNITED - 1124789,645.117,676,372.05(7,048,252.43)1,417,764.73 1001Cash - Checking - PNC - 529180,856.120.00(170.00)80,686.12 1005Cash - Payroll - VCB - 5009(343.60)5,595.53(2,751.93)2,500.00 1010Cash - Savings - UNITED - 1371250,436.27771.07(1,041.77)250,165.57 1011Cash - Savings - PNC - 551630,660.9323.55(45.00)30,639.48 1050Cash - Certificate of Deposit(0.00)0.000.00(0.00) 1200Accounts receivable - trade1,357,693.197,691,252.13(7,551,455.68)1,497,489.64 1260Accounts receivable - miscellaneous(0.00)0.000.00(0.00) 1400Prepaid - employee advances582.309,000.00(9,032.30)550.00 1410Prepaid - rent4,739.2542,668.00(42,668.00)4,739.25 1430Prepaid - insurance7,092.8121,437.00(12,361.81)16,168.00 1490Prepaid - miscellaneous120.231,173.97(848.15)446.05 1650Fixed asset - furniture and fixtures15,337.360.000.0015,337.36 1660Fixed asset - office equipment13,877.340.000.0013,877.34 1670Fixed asset - computer equipment87,642.046,145.550.0093,787.59 1675Fixed asset - computer software10,534.220.000.0010,534.22 1775Accumulated Depreciation(119,153.00)0.00(3,600.00)(122,753.00) 1910Security deposits7,035.250.000.007,035.25 2100Accounts payable - trade(487,874.43)5,777,856.51(5,856,931.65)(566,949.57) 2105Credit Card - Capital One (MKW)(1,070.27)51,628.64(51,282.65)(724.28) 2106Credit Card - Capital One (HGL)(993.16)46,842.29(46,423.59)(574.46) 2120Accounts payable - related party(935.88)556,082.38(555,675.97)(529.47) 2130Accounts payable - accrued expenses0.000.00(2,396.04)(2,396.04) 2170Accounts payable - subcontract/consult0.010.000.000.01 2200Salaries payable2.763,009,366.97(3,009,366.59)3.15 2210Wages payable (Part Time)0.000.000.000.00 2250Accrued Crew Premium0.000.000.000.00 2300FICA tax payable0.010.000.000.01 2370Pension plan withheld(25,152.76)511,976.89(514,932.84)(28,108.71) 2390Payroll taxes / withholdings - misc.(2,170.07)1,751.060.00(419.01) 2400Accrued PTO(123,022.25)15,365.30(32,887.05)(140,544.00) 2440Accrued deferred salaries(35,601.73)0.000.00(35,601.73) 2445Accrued deferred salaries - paid35,601.730.000.0035,601.73 2470Accrued pension plan payable-empl match0.050.000.000.05 2475Accrued pension plan / profit share(187,825.33)187,925.31(210,655.69)(210,555.71) 2920Deferred Compensation0.0054.76(54.76)0.00 3100Common stock(6,000.00)0.000.00(6,000.00) 3400Retained earnings(3,975,574.51)0.000.00(3,975,574.51) 3700Dividends / distributions2,273,860.00561,101.010.002,834,961.01 4100105Non GSA government contract revenue0.000.00(6,877,902.76)(6,877,902.76) 4100125Non GSA government contract revenue - CO0.000.00(263,583.64)(263,583.64) 4100135Non GSA government contract revenue - NM0.000.00(264,138.17)(264,138.17) 4150105Non GSA government contract fee revenue0.000.00(285,627.51)(285,627.51) 4300000Interest revenue0.000.00(890.96)(890.96) 4900000Other revenue0.000.00(1,460.00)(1,460.00) 5000105Direct labor0.001,933,834.440.001,933,834.44 5000125Direct labor - CO0.00128,540.080.00128,540.08 5000135Direct labor - NM0.00125,922.810.00125,922.81 5200105Direct consultant labor0.00108,881.300.00108,881.30 5300105Direct subcontracts - Labor0.002,046,820.460.002,046,820.46 5500105Direct materials0.00409.970.00409.97 5600105Direct travel - SubC0.00165.000.00165.00 5610105Direct travel with G & A0.00228,049.94(463.44)227,586.50 5610105UDirect travel with G & A - unbilled0.002,396.040.002,396.04 5610125Direct travel with G & A - CO0.004,692.330.004,692.33 5610135Direct travel with G & A - NM0.0012,772.84(71.00)12,701.84 6100000Paid Time Off (PTO)0.00285,179.05(15,365.30)269,813.75 6110000Comp Time0.0012,733.750.0012,733.75 6120000Sick leave0.0028,094.830.0028,094.83 6200000Bonus0.0011,000.000.0011,000.00 6300000Pension plan - 401k match0.00212,347.420.00212,347.42 6310000Pension plan - Profit Share0.00210,655.690.00210,655.69 6400000UHC/Guardian Insurance0.009,895.98(2,214.30)7,681.68 6440000Insurance - workmans' compensation0.001,642.500.001,642.50 6450000Cash in Lieu of Benefits0.0060,261.300.0060,261.30 6700000Education reimbursement0.004,500.00(546.44)3,953.56 6900000Miscellaneous fringe benefits0.00375,857.380.00375,857.38 6910000Commuter Benefits0.005,906.450.005,906.45 7300000Rent / Mortgage0.0056,642.300.0056,642.30 7370000Personal property taxes0.00605.760.00605.76 7400000Telephone expense0.003,205.99(126.00)3,079.99 7405000Telephone expense - mobile / pager / BB0.0010,595.83(623.92)9,971.91 7410000Internet access0.003,700.09(0.02)3,700.07 7420000Postage0.00660.57(0.14)660.43 7440000Office supplies0.005,235.14(700.66)4,534.48 7450000Furniture / rental / repair0.00283.490.00283.49 7460000Office equipment / rental / repair0.00199.490.00199.49 7470000Computer supplies / repair / software0.006,468.380.006,468.38 7590000Depreciation - other0.003,600.000.003,600.00 8000100Overhead labor0.00118,439.970.00118,439.97 8000105Overhead labor0.0045,930.150.0045,930.15 8000125Overhead labor - CO0.0088.180.0088.18 8600105Travel0.001,319