Worksheet

THOMAS MAGNUM, P.I., INC.
Worksheet
For the Quarter Ended March 31, 2011
Trial Balance Adjustment Adjusted Trial Balance Income Statement

Ref
Accounts Titles Debit Credit Debit Credit Debit Credit Debit
Cash 11,400 - ### - 11,400 - -
Accounts Receivable 5,620 - ### - 5,620 - -
Supplies 1,050 - ### 670 380 - -
Prepaid Insurance 2,400 - ### 600 1,800 - -
Equipment 30,000 - ### - 30,000 - -
Notes Payable - 10,000 - - - 10,000 -
Accounts Payable - 12,350 - - - 12,350 -
Share Capital-Ordinary - 20,000 - - - 20,000 -
Dividens 600 - ### - 600 - -
Service Revenue - 13,620 - 530 - 14,150 -
Salary Expense 2,200 - ### - 2,200 - 2,200
Travel Expense 1,300 - ### - 1,300 - 1,300
Rent Expense 1,200 - ### - 1,200 - 1,200
Miscellaneous Expense 200 - ### - 200 - 200
55,970 55,970 - - - ### -
Supplies Expense 670 - 670 - 670
Depreciation Equipment 1,000 - 1,000 - 1,000
Accumulated Depreciation
Equipment - 1,000 - 1,000 -
Interest Expense 300 - 300 - 300
Interest Payable - 300 300 -
Insurance Expense 600 - 600 - 600
Service Receivable 530 - 530 - -
Totals 3,100 3,100 57,800 57,800 7,470
Net Income 6,680
Total 14,150
5,090
Income Statement Statement of Financial
Position
Credit Debit Credit
- 11,400 -
- 5,620 -
- 380 -
- 1,800 -
- 30,000 -
- - 10,000
- - 12,350
- - 20,000
- 600 - 13,090
14,150 - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - 1,000
- - -
- 300
- - -
- 530.00 -
14,150 50,330 43,650
6,680
14,150 50,330 50,330
THOMAS MAGNUM, P.I., INC. THOMAS M
Income Statement Incom
For the Quarter Ended March 31, 2011 For the Quarter
Revenue Retained earnings Januar

Service revenue 14,150 Add: Net Income
14,150 Less: Dividen
Expense Retained earnings March
Salary Expense 2,200
Travel Expense 1,300
Rent Expense 1,200
Miscellaneous Expense 200
Supplies Expense 670
Depreciation Equipment 1,000
Interest Expense 300
Insurance Expense 600
Total Revenue 7,470

6,680
Income Statement
etained earnings January 1

dd: Net Income 6,680
ess: Dividen 600
etained earnings March 31 6,080
Statement of Financial Position
Assets
Current assets
Cash 11,400
Service receivable 530
Accounts Receivable 5620
Supplies 380
Prepaid Insurance 1,800
19,730
Property, plant, and equipment
Equipment 30,000
Less:Accumulated depreciatio (1,000)
29,000
Total Assets 48,730
Equity and Liabilities

Share Capital-Ordinary 20,000
Retained earnings 6,080
26,080
Liabilities
Notes Payable 10,000
Accounts Payable 12,350
Interest Payable 300
22,650
48,730
1,000 Depreciation Equipment 1,000 Depreciation Equipment
1,000 Depreciation Equipment 1,000
670
1 Supplies Expense 670
Suplies 670
2 Depe 1000
akum 1000
3
5
Trial Balance Adjustment
Accounts Titles Debit Credit Debit Credit

Cash $ 4,500 $ - ### $ -
Accounts Receivable $ 3,200 $ - ### $ -
Roofing Supplies $ 2,000 $ - ### $ 1,350
Equipment $ 11,000 $ - ### $ -
Accumulated Depreciation
Equipment $ - $ 1,250 $ - $ 250
Accounts Payable $ - $ 2,500 $ - $ -
Unearned Revenue $ - $ 550 $ 380 $ -
Share Capital-Ordinary $ - $ 12,900 $ - $ -
Dividens $ 1,100 $ - ### $ -
Service Revenue $ - $ 6,300 $ - $ 380
Salary Expense $ 1,300 $ - $ 600 $ -
Miscellaneous Expense $ 400 $ - ### $ -
$ 23,500 $ 23,500 $ - $ -
Roofing Supplies Expense $ 1,350 $ -
Depreciation Equipment $ 250 $ -
Salary Payable $ - $ 600
Totals $ 2,580 $ 2,580
Net income
Total
Adjusted Trial Balance Income Statement Statement of Financial
Position
Debit Credit Debit Credit Debit Credit
$ 4,500 $ - $ - $ - $ 4,500 $ -
$ 3,200 $ - ### $ - $ 3,200 $ -
$ 650 $ - ### $ - $ 650 $ -
$ 11,000 $ - $ - $ - $ 11,000 $ -
$ - $ 1,500 $ - $ - $ - $ 1,500
$ - $ 2,500 $ - $ - $ - $ 2,500
$ 170 $ - $ - $ - $ 170
$ - $ 12,900 $ - $ - $ - $ 12,900
$ 1,100 $ - $ - $ - $ 1,100 $ -
$ - $ 6,680 $ - $ 6,680 $ - $ -
$ 1,900 $ - $ 1,900 $ - $ - $ -
$ 400 $ - $ 400 $ - $ - $ -
### $ - ### $ - $ - $ -
$ 1,350 $ - $ 1,350 $ - $ - $ -
$ 250 $ - $ 250 $ - $ - $ -
$ - $ 600 $ - $ - $ - $ 600
$ 24,350 $ 24,350 $ 3,900 $ 6,680 $ 20,450 $ 17,670
$ 2,780 $ 2,780
$ 6,680 $ 6,680 $ 20,450 $ 20,450
Income Statement Income Statement
Revenue Retained earnings January 1

Service revenue $ 6,680 Add: Net Income
$ 6,680 Less: Dividen
Expense Retained earnings March 31
Salary Expense $ 1,900
Miscellaneous Expense $ 400
Roofing Supplies Expense $ 1,350
Depreciation Equipment $ 250
Total Revenue $ 3,900

$ 2,780
Statement of Financial Position
rnings January 1 - Assets

$ 2,780 Current assets
$ 1,100 Cash
rnings March 31 $ 1,680 Accounts Receivable
Roofing Supplies
Property, plant, and equipment

Equipment
Less:Accumulated depreciatio
Total Assets
Equity and Liabilities

Share Capital-Ordinary
Retained earnings
Liabilities
Accounts Payable
Unearned Revenue
Salary Payable
al Position
$ 4,500
$ 3,200
$ 650
$ 8,350
equipment
$ 11,000
$ (1,500)
$ 9,500
$ 17,850
$ 12,900
$ 1,680
$ 14,580
$ 2,500
$ 170
$ 600
$ 3,270
$ 17,850

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THOMAS MAGNUM, P.I., INC.

Trial Balance Adjustment Adjusted Trial Balance Income Statement

Revenue Retained earnings Januar

Total Revenue 7,470

etained earnings January 1

Equity and Liabilities

Accounts Titles Debit Credit Debit Credit

Revenue Retained earnings January 1

Total Revenue $ 3,900

rnings January 1 - Assets

Property, plant, and equipment

Equity and Liabilities

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