Académique Documents
Professionnel Documents
Culture Documents
Closing Entries
Date
a
P/R
Debit
$576,000
Credit
$576,000
Income Summary Advertising Exp Rent Exp Repairs Exp Salaries Exp Light & Power Exp Depreciation Exp: Building Depreciation Exp: Golf Course Structure Insurance Exp
(To Close All Expenses Account Into Income Summary)
$86,340 $86,340
$75,000 $75,000
Closing Entries
Date
c
P/R
Debit
$24,000
Credit
$24,000
Muhammad Ali
Financial Accounting
FA11-EX-0009
Solve Problem 3.8 Page 136 NP Enterprises Income Statement Of owner's Equity
for the period 31 December 2001
Add
Less
$342,900.00
Income
Addmission Revenue $576,000.00
Total Income
$576,000.00
Expenses
Advertising Exp Rent Exp Repairs Exp Salaries Exp Light & Power Exp Depreciation Exp Bulding Depreciation Exp Golf Course Structures Insurance Exp $45,000.00 $108,000.00 $15,600.00 $237,000.00 $13,500.00 $18,000.00 $45,000.00 $7,560.00 $489,660.00
Total Expenses
Profit / (Loss)
$86,340.00
NP Enterprises
Balance Sheet
31.Dec,2001
$48,900
$30,000
Non Current Assets Bulding Accumulated Depreciation Bulding Golf Course Stucture Accumulated Depreciation Golf Course Stucture 180,000 36,000 144,000 270,000 90,000 180,000
324,000
$342,900
TOTAL ASSETS
$372,900
$372,900
Sale
Units
8
Balance
Amount
$320 $400 80 585
Units
20
Rate
$45
Amount
$900
Rate
$40 $40 40 45
Units
20 12 20 2 20 7
Rate
$40 $40 $45 $40 $45 45
Amount
$800 $480 $900 $80 $900 $315
10 2 13
Total
20
$9,000
33
$1,385
Net Purchase $9,000 Cost of goods sold $1,385 Cost of goods available for sale $315