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(a)

THOMAS MAGNUM, P.I., INC.


Worksheet
For the Quarter Ended March 31, 2011
Account Titles

Trial Balance
Dr.

Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Notes Payable
Accounts Payable
Share CapitalOrdinary
Dividends
Service Revenue
Salaries Expense
Travel Expense
Rent Expense
Miscellaneous Expense
Totals
Supplies Expense
Depreciation Expense
Accumulated Depreciation
Interest Expense
Interest Payable
Insurance Expense
Totals
Net Income
Totals

Cr.

11,400
5,620
1,050
2,400
30,000

Adjusted
Trial Balance

Adjustments
Dr.
(e)

Cr.

530
(a)
(d)

670
600

Dr.

Dr.

Cr.

11,400
6,150
380
1,800
30,000

10,000
12,350
20,000

Statement of
Financial Position
Dr.

10,000
12,350
20,000

600
13,620

(e)

530

Cr.

11,400
6,150
380
1,800
30,000
10,000
12,350
20,000

600
2,200
1,300
1,200
200
55,970

Cr.

Income
Statement

600
14,150

14,150

2,200
1,300
1,200
200

2,200
1,300
1,200
200

670
1,000

670
1,000

55,970
(a)
670
(b) 1,000
(b) 1,000
(c)

300

(d)

600
3,100

1,000
300

(c)

300
3,100

1,000
300

300
600
57,800

57,800

300
600
7,470 14,150
6,680
14,150 14,150

50,330
50,330

43,650
6,680
50,330

Key: (a) Supplies Used; (b) Depreciation Expensed; (c) Accrued Interest on note; (d) Insurance Expired; (e) Service Revenue
Earned but unbilled.

(b)

THOMAS MAGNUM, P.I., INC.


Income Statement
For the Quarter Ended March 31, 2011
Revenues
Service revenue ..............................................
Expenses
Salaries expense ............................................
Travel expense ...............................................
Rent expense ..................................................
Depreciation expense ....................................
Supplies expense ...........................................
Insurance expense .........................................
Interest expense .............................................
Miscellaneous expense..................................
Total expenses ........................................
Net income .............................................................

14,150
2,200
1,300
1,200
1,000
670
600
300
200
7,470
6,680

THOMAS MAGNUM, P.I., INC.


Retained Earnings Statement
For the Quarter Ended March 31, 2011
Retained earnings, January 1 ..........................................
Add: Net income .............................................................
Less: Dividends ...............................................................
Retained earnings, March 31............................................

0
6,680
6,680
600
6,080

THOMAS MAGNUM, P.I., INC.


Statement of Financial Position
March 31, 2011
Assets
Property, plant, and equipment
Equipment .....................................................
Less: Accumulated depreciation ................
Current assets
Prepaid insurance .........................................
Supplies .........................................................
Accounts receivable .....................................
Cash ...............................................................
Total assets ...........................................................

30,000
1,000
1,800
380
6,150
11,400

29,000

19,730
48,730

Equity and Liabilities


Equity
Share capitalordinary ................................
Retained earnings .........................................
Current liabilities
Notes payable ................................................
Accounts payable ..........................................
Interest payable .............................................
Total equity and liabilities ....................................

20,000
6,080
10,000
12,350
300

26,080

22,650
48,730

(c) Mar. 31
31
31
31
Mar. 31

(d) Mar. 31
31

31
31

Supplies Expense ................................


Supplies ........................................

670

Depreciation Expense .........................


Accumulated Depreciation ..........

1,000

Interest Expense ..................................


Interest Payable............................

300

Insurance Expense ..............................


Prepaid Insurance ........................

600

670
1,000
300
600

Accounts Receivable ................................


Service Revenue ...............................

530

Service Revenue ......................................


Income Summary .............................

14,150

Income Summary .....................................


Travel Expense .................................
Salaries Expense..............................
Rent Expense ...................................
Insurance Expense ..........................
Depreciation Expense ......................
Supplies Expense ............................
Interest Expense ..............................
Miscellaneous Expense ...................

7,470

Income Summary .....................................


Retained Earnings ............................

6,680

Retained Earnings ...................................


Dividends ..........................................

600

530

14,150
1,300
2,200
1,200
600
1,000
670
300
200
6,680
600

e.
THOMAS MAGNUM, P.I., INC.
Post-Closing Trial Balance
March 31, 2011
Cash

11,400

Accounts Receivable

6,150

Supplies

380

Prepaid Insurance

1,800

Equipment
Accumulated
Depreciation

30,000

Notes Payable
Interest Payable

1,000
10,000
300

Accounts Payable

12,350

Share CapitalOrdinary

20,000

Retained Earnings

6,080

49,730 49,730