Accounts

Chapter 1: Applying Excel
Date
Sales $ 12,000.00
Variable Costs:
Cost of Goods Sold $ 6,000.00
Variable Selling $ 600.00
Variable Administrative $ 400.00
Fixed Costs:
Fixed Selling $ 2,500.00
Fixed Administrative $ 1,500.00
Exhibit 1-7
Traditional Format Income Statement

Sales $ 12,000.00
Gross Margin $ 6,000.00
Selling and Administrative Expenses:
Selling $ 3,100.00
Administrative $ 1,900.00 $ 5,000.00
Net Operating Expenses $ 1,000.00
Contribution Format Income Statement

Sales $ 12,000.00
Variable Expenses:
Variable Selling $ 600.00
Variable Administrative $ 400.00 $ 7,000.00
Contribution Margin $ 5,000.00
Fixed Expenses
Fixed Selling $ 2,500.00
Fixed Administrative $ 1,500.00 $ 4,000.00
Net Operating Income $ 1,000.00
Cash Accounts Receivable
Beg. Bal. $ 3,200.00 Beg. Bal. $ 600.00
November. 1 $ 13,000.00 $ 1,100.00 November.15 November. 10 $ 9,000.00 $ 7,000.00
November. 22 $ 11,000.00 $ 3,000.00 November.20
November. 26 $ 7,000.00 $ 1,100.00 November.28
$ 5,000.00 November.30
End. Bal. $ 24,000.00 End. Bal. $ 2,600.00
Supplies Equipment
Beg. Bal. $ 700.00 Beg. Bal. $ 9,400.00
November. 4 $ 1,000.00 November. 2 $ 3,500.00
End. Bal. $ 1,700.00 End. Bal. $ 12,900.00
Accounts Payable Notes Payable

Beg. Bal. $ 2,000.00 Beg. Bal. $ 4,000.00
November. 15 $ 1,100.00 $ 1,000.00 November. 4 $ 3,500.00
End. Bal. $ 1,900.00 End. Bal. $ 7,500.00
Common Stock Retained Earnings

Beg. Bal. $ 7,000.00 Beg. Bal. $ 900.00
$ 13,000.00 November. 1
End. Bal. $ 20,000.00 End. Bal. $ 900.00
Service Revenue Salaries Expense

Beg. Bal. Beg. Bal.
$ 9,000.00 November. 10 November. 20 $ 3,000.00
$ 11,000.00 November. 22
End. Bal. $ 20,000.00 End. Bal. $ 3,000.00
Utilities Expense Rent Expense

Beg. Bal. Beg. Bal.
November. 28 $ 1,100.00 November. 30 $ 5,000.00
End. Bal. $ 1,100.00 End. Bal. $ 5,000.00

eceivable
November. 26
ment
yable
November. 2
arnings
xpense
pense
JOURNAL ENTRIES ADJU
Date Account Titles Debit ($) Credit ($) Date
1-Sep Notes Receivable $ 3,000.00 30-Sep
Accounts Receivable $ 3,000.00
4-Sep Salaries Expense $ 500.00 30-Sep
Salaries Payable $ 2,000.00
CPP Payable $ 100.00 30-Sep
EI Payable $ 90.00
Income Tax Payable $ 300.00 30-Sep
Cash $ 2,010.00
4-Sep Payroll Tax Expense $ 226.00 30-Sep
CPP Payable $ 100.00
EI Payable $ 126.00 30-Sep
7-Sep Cash $ 2,600.00
Unearned Service Revenue $ 2,600.00 30-Sep
11-Sep Cash $ 3,600.00
Service Revenue $ 3,600.00
15-Sep Payroll Deduction Payable $ 1,400.00
Cash $ 1,400.00
17-Sep Supplies Inventory $ 5,000.00
Accounts Payable $ 5,000.00
18-Sep Bad Debt Expense $ 2,300.00
21-Sep Accounts Receivable $ 9,400.00
24-Sep Rent Expense $ 4,600.00
Prepaid Rent $ 4,600.00
Cash $ 9,200.00
25-Sep Salaries Expense $ 5,000.00
EI Payable $ 115.00
Income Tax Payable $ 750.00
Cash $ 3,985.00
25-Sep Payroll Tax Expense $ 322.50
EI Payable $ 172.50
26-Sep Cash $ 6,500.00
27-Sep Accounts Payable $ 2,200.00
Cash $ 2,200.00
28-Sep Cash Dividends $ 5,000.00
Cash $ 5,000.00
29-Sep Cash $ 100,000.00
Preferred Stock $ 100,000.00
30-Sep Accounts Receivable $ 900.00
Service Revenue $ 900.00
ADJUSTUNG JOURNAL ENTRIES
Account Titles Debit ($) Credit ($)
Depreciation Expense - Equipment $ 500.00
Accumulated Depreciation - Equip. $ 500.00
Supplies Inventory Expense $ 4,700.00 2200+5000-2500
Supplies Inventory $ 4,700.00
Unearned Service Revenue $ 3,800.00 2700+2600-1500
Salaries Expense $ 1,900.00
Salaries Payable $ 1,900.00
Allowance for Doubtful Accounts $ 1,030.00 (23000-3000-2300+9400-6500)*5%
Interest Receivable $ 25.00 (3000*10%)*1/12
Interest Revenue $ 25.00
400-6500)*5%
Account Debited
No.
Basic Type Specifc Account Effect Normal Balance
1 Asset Cash Increase Debit
2 Asset Car Increase Debit
3 Asset Supplies Increase Debit
4
Account Credited
Basic Type Specifc Account Effect Normal Balance
Stockholder's Equity Common Stock Increase Debit
Asset Cash Decrease Debit
Current Liabilities Accounts Payable Increase Credit
Raw Materials Inventory Work in Process Inventory
Beg. Bal. $ 16,900.00 Beg. Bal. $ 5,200.00
(a) $ 27,900.00 $ 21,000.00 (b) (b) $ 18,900.00 $ 47,300.00
( c) $ 10,700.00
(g) $ 21,400.00
End. Bal. $ 23,800.00 End. Bal. $ 8,900.00
Finished Goods Inventroy Cost of Goods Sold

Beg. Bal. $ 21,500.00 Beg. Bal.
(h) $ 47,300.00 $ 51,100.00 (i) (i) $ 51,100.00
End. Bal. $ 17,700.00 End. Bal. $ 51,100.00
Manufacturing Overhead Selling, General, and Administrative Expense

Beg. Bal. Beg. Bal.
(b) $ 2,100.00 $ 21,400.00 (g) ( c) $ 1,700.00
( c) $ 2,800.00 (d) $ 600.00
(d) $ 4,700.00 ( e) $ 1,020.00
( e) $ 680.00
(f) $ 6,100.00
End. Bal. $ 5,020.00 End. Bal. $ 3,320.00
Sales Revenue Other Accounts (Cash, Payables, etc.)

Beg. Bal. Beg. Bal.
$ 66,430.00 (I) (i) $ 66,430.00 $ 27,900.00
$ 17,500.00
$ 5,300.00
$ 1,700.00
$ 6,100.00
End. Bal. $ 66,430.00 End. Bal. $ 7,930.00

Inventory
(h)
s Sold
inistrative Expense
Payables, etc.)
(a)
( c)
(d)
( e)
(f)
Laver Production Company
Unadjusted
Account Adjustments
Trial Balance
Cash $ 18,000.00
Prepaid Rent $ 1,000.00 $ 700.00
Equipment $ 45,000.00
Accumulated depreciation- Equipment $ 6,100.00 $ 950.00
Salary Payable $ 300.00
Unearned Service Revenue $ 8,900.00 $ 7,400.00
Income Tax Payable $ 1,400.00
Notes Payable, Long term $ 15,000.00
Common Stock $ 8,100.00
Retained Earnings $ 15,400.00
Dividends $ 1,500.00
Service Revenue $ 13,500.00 $ 7,400.00

Salary Expense $ 4,700.00 $ 300.00
Rent Expense $ 1,100.00 $ 700.00
Depreciation Expense - Equipment $ 950.00

Income Tax Expense $ 1,400.00
TOTALS $ 71,300.00 $ 71,300.00 $ 10,750.00 $ 10,750.00

pany Adjusting Entries
Adjusted Post-Closing
Date Account Title
Trial Balance Trial Balance
$ 18,000.00 $ 18,000.00 31-Dec Rent Expense
$ 300.00 $ 300.00
$ 45,000.00 $ 45,000.00 31-Dec Depreciation Expense - Equipment
$ 7,050.00 $ 7,050.00
$ 4,300.00 $ 4,300.00 31-Dec Salary Expense
$ 300.00 $ 300.00
$ 1,500.00 $ 1,500.00 31-Dec Unearned Service Revenue
$ 1,400.00 $ 1,400.00
$ 15,000.00 $ 15,000.00 31-Dec Income Tax Expense
$ 8,100.00 $ 8,100.00
$ 15,400.00 $ 25,650.00
$ 1,500.00 Closing Journal Entr
$ 20,900.00 Date Account Title

$ 5,000.00 31-Dec Service Revenue
$ 1,800.00
(To record the transfer of Revenue to Income
$ 950.00 Summary)
$ 1,400.00 31-Dec Income Summary
$ 73,950.00 $ 73,950.00 $ 63,300.00 $ 63,300.00
(To record the transfer of all Expenses to Inco

Summary)
31-Dec Income Summary
(To record the transfer debit or credit balance

Owner's Equity
31-Dec Retained Earnings
(To record the direct transfer of dividends to O

Equity)
Adjusting Entries
Account Title Debit ($) Credit ($)
$ 700.00
Prepaid Rent $ 700.00
preciation Expense - Equipment $ 950.00
Accumulted Depreciation-Equipment $ 950.00
ary Expense $ 300.00
Salary Payable $ 300.00
earned Service Revenue $ 7,400.00
ome Tax Expense $ 1,400.00
Closing Journal Entries

Account Title Debit ($) Credit ($)
vice Revenue $ 20,900.00
Income Summary $ 20,900.00
record the transfer of Revenue to Income
mmary)
ome Summary $ 9,150.00
Salary Expense $ 5,000.00
Rent Expense $ 1,800.00
Depreciation Expense $ 950.00
record the transfer of all Expenses to Income
mmary)
ome Summary $ 11,750.00
record the transfer debit or credit balance to
ner's Equity
ained Earnings $ 1,500.00
record the direct transfer of dividends to Owner's

uity)
Accounts involved in Classification of the Increasing or Debit or Credit
Date Amount
transaction account Decreasing the Account
Jan. 1 Cash Real Account Increase Debit $ 78,000.00

Murphy, Capital Personal Account Increase Credit $ 78,000.00
Jan. 3 Office Supplies Real Account Increase Debit $ 600.00
Furniture Real Account Increase Debit $ 1,700.00
Accounts Payable Personal Account Increase Credit $ 2,300.00
Jan. 4 Cash Personal Account Increase Debit $ 1,000.00
Services Revenue Nominal Account Increase Credit $ 1,000.00
Jan. 7 Building Real Account Increase Debit $ 130,000.00
Land Real Account Increase Debit $ 25,000.00
Cash Real Account Decrease Credit $ 25,000.00
Notes Payable Personal Account Increase Credit $ 130,000.00
Jan.11 Accounts Receivable Personal Account Increase Debit $ 400.00
Services Revenue Nominal Account Increase Credit $ 400.00
Jan. 15 Salary Expense Nominal Account Increase Debit $ 1,120.00
Jan. 16 Accounts Payable Personal Account Decrease Debit $ 600.00
Cash Real Account Decrease Credit $ 600.00
Jan. 19 Accounts Receivable Personal Account Increase Debit $ 1,800.00
Jan. 25 Utilities Expense Nominal Account Increase Debit $ 600.00
Utilities Payable Personal Account Increase Credit $ 600.00
Accounts Receivable Personal Account Decrease Credit $ 1,500.00
Jan. 30 Prepaid Insurance Real Account Increase Debit $ 1,200.00
Jan. 30 Salary Expense Nominal Account Increase Debit $ 1,120.00
Jan. 31 Rent Expense Nominal Account Increase Debit $ 1,800.00
Jan. 31 Murphy, Withdrawls Personal Account Increase Debit $ 2,200.00
Using Income Summary
Date Account Title Debit ($) Credit ($)
1 Sales Revenue $ 2,542,690.00
Income Summary $ 2,542,690.00
2 Income Summary $ 2,153,272.30
Cost Of Goods Sold $ 1,652,748.00
Interest Expense $ 14,211.00
Depreciation Expense - Building $ 11,750.00
Depreciation Expense - Furniture and Building $ 13,471.43
Depreciation Expense - Office Equipment $ 20,000.00
Supplies Inventory Expense $ 2,763.00
Insurance Expense $ 2,450.00
Bad Debts Expense $ 507.00
Taxes Expense $ 218,321.87
3 Income Summary $ 389,417.70
4 Retained Earnings $ 500.00
Cash Dividends $ 500.00
Without Using Income Summary
1 Sales Revenue $ 2,542,690.00
Cost Of Goods Sold $ 1,652,748.00
Depreciation Expense - Building $ 11,750.00
Depreciation Expense - Furniture and Building $ 13,471.43
Depreciation Expense - Office Equipment $ 20,000.00
Supplies Inventory Expense $ 2,763.00
Bad Debts Expense $ 507.00
Taxes Expense $ 218,321.87
2 Retained Earnings $ 500.00
Cash Dividends $ 500.00
Required -1
Page-6
Accounts Sales Tax
Post. Sales
Date Sale No. To Whom Sold Receivable Payable
Ref. Credit
Debit Credit
1-Mar 33C Able & Co. $ 1,969.92 $ 1,824.00 $ 145.92
3-Mar 33D R.J. Kalas, Inc. $ 2,413.80 $ 2,235.00 $ 178.80
11-Mar 33E Blevins Bakery $ 1,215.00 $ 1,125.00 $ 90.00
18-Mar 33F R.J. Kalas, Inc. $ 2,803.68 $ 2,596.00 $ 207.68
25-Mar 33G Blevins Bakery $ 2,099.52 $ 1,944.00 $ 155.52
27-Mar 33H Thompson Group $ 2,162.16 $ 2,002.00 $ 160.16
$ 12,664.08 $ 11,726.00 $ 938.08
(122) (401) (231)
Debit Total: $ 12,664.08
Credit Total: $ 12,664.08
Cash Receipts Journal

Accounts Sales Tax
Account General Sales
Date Post. Ref. Receivable Payable
Credited Credit Credit
Credit Credit
7-Mar $ 3,154.00 $ 252.32
10-Mar Able & Co. $ 1,942.92
13-Mar R.J. Kalas Inc. $ 2,413.80
14-Mar $ 4,201.00 $ 336.08
20-Mar Blevins Bakery $ 1,171.80
21-Mar $ 2,363.00 $ 189.04
28-Mar $ 3,546.00 $ 283.68
$ - $ 5,528.52 $ 13,264.00 $ 1,061.12
(122) (401) (231)
Debit Total: $ 19,852.84
Credit Total: $ 19,853.64
GENERAL JOURNAL
Date Description Post. Ref. Debit Credit
5-Mar Sales Returns and Allowances $ 25.00
Sales Tax Payable $ 2.00
Accounts Receivable $ 27.00
Credit memo 66
16-Mar Sales Returns and Allowances $ 40.00
Sales Tax Payable $ 3.20
Accounts Receivable $ 43.20
Credit memo 67
Required - 2
Account Cash Account No.
Balance
Date Item Post. Ref. Debit Credit Debit
1-Mar Balance $ 9,715.00

28-Mar CR9 $ 19,852.84 $ 29,567.84
Account
Accounts Receivable Account No.
Balance
Date Item Post. Ref. Debit Credit Debit
1-Mar Balance $ 1,098.25
5-Mar J5 $ 27.00 $ 1,071.25
16-Mar J5 $ 43.20 $ 1,028.05
27-Mar S6 $ 12,664.08 $ 13,692.13
28-Mar CR9 $ 5,528.52 $ 8,163.61
Cash
Accounts Receivable Ledger
Debit
$ 3,406.32 Name Able & Co.
$ 1,942.92 Address
$ 2,413.00 Date Item Post. Ref. Debit Credit Balance
$ 4,537.08 1-Mar S6 $ 1,969.92 $ 1,969.92
$ 1,171.80 5-Mar J5 $ 27.00 $ 1,942.92
$ 2,552.04 10-Mar CR9 $ 1,942.92 $ -
$ 3,829.68
$ 19,852.84 Accounts Receivable Ledger
(101) Name Blevins Bakery
Address
Date Item Post. Ref. Debit Credit Balance
11-Mar S6 $ 1,215.00 $ 1,215.00
16-Mar J5 $ 43.20 $ 1,171.80
20-Mar CR9 $ 1,171.80 $ -
25-Mar S6 $ 2,099.52 $ 2,099.52

Name R.J. Kalas, Inc
Address
3-Mar S6 $ 2,413.80 $ 2,413.80
13-Mar CR9 $ 2,413.80 $ -
18-Mar S6 $ 2,803.68 $ 2,803.68
Name Thompson Group
Address
1-Mar Balance $ 1,098.25 $ 1,098.25
27-Mar S6 $ 2,162.16 $ 3,260.41
$ 101.00
Balance
Credit
$ 122.00
Balance
Credit
ADJUSTING JOURNAL ENTRIES
Date Account Titles Debit ($) Credit ($)
1 Supplies Expense $ 4,000.00

Supplies $ 4,000.00
2 Depreciation Expense $ 16,635.00
Accumulated Depreciation - Equipment $ 16,635.00
3 Interest Expense $ 10,720.00
Interest Payable $ 10,720.00
CLOSING JOURNAL ENTRIES

1 Sales Revenue $ 764,650.00
Sales Returns and Allowances $ 4,200.00
Salaries and Wages Expense $ 138,760.00
Advertising Expense $ 27,490.00
Utilities Expense $ 15,240.00
Maintenance and Repairs Expense $ 12,100.00
Delivery Expense $ 16,700.00
Supplies Expense $ 4,000.00
Depreciation Expense $ 16,635.00
3 Retained Earnings $ 1,685.00
BRIDGEPORT FASHION CENTER
Account
Trial Balance Trial Balance
Cash $ 32,970.00 $ 32,970.00
Accounts Receivable $ 36,880.00 $ 36,880.00
Inventory $ 48,180.00 $ 48,180.00
Supplies $ 4,680.00 $ 4,680.00
Equipment $ 139,360.00 $ 139,360.00
Notes Payable $ 54,180.00
Sales Revenue $ 764,650.00
TOTALS $ 1,028,405.00 $ 1,028,405.00 $ 262,070.00

Post-Closing
Trial Balance BALANCE SHEET
ASSETS
Current Assets
Cash $ 32,970.00
Inventory $ 48,180.00
$ 42,815.00 Supplies $ 4,680.00
$ 54,180.00 Total Current Assets
$ 51,680.00 Property, Plant and Equipment
$ 10,720.00 Equipment $ 139,360.00
$ 93,180.00 Less: Accumulated Depreciation $ 42,815.00
$ 9,495.00
Total Assets
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Total Current Liabilities
Long term Liabilities
Notes Payable
Total Liabilities
Stock Holder's Equity
$ 262,070.00 Total Stock Holder's Equity
Total Liabilities and Stock Holder's Equity
N CENTER BRIDGEPORT FASHION CENTER
ET INCOME STATEMENT
Revenue
Sales Revenue
Less: Sales Returns and Allownaces
Net Sales
Less: Cost of Goods Sold
Gross Profit
$ 122,710.00 Less: Expenses
Selling Expenses
$ 96,545.00 Rent Expense $ 20,072.00
$ 219,255.00 Advertising Expense $ 27,490.00
R'S EQUITY Supplies Expense $ 4,000.00
Depreciaition Expense $ 16,635.00
Total Selling Expense $ 194,221.00
Administrative Expense
$ 92,400.00 Salaries Expense $ 41,628.00
$ 24,180.00 Utitilities Expense $ 3,048.00
$ 116,580.00 Maintenance Expense $ 12,100.00
Total Administrative Expense $ 61,794.00
Total Expense
Earning Before Interest and Tax
$ 102,675.00 Less: Interest
$ 219,255.00 Earnings Avaiable for Equtiy Holders
Statement of Retained Earnings

Retained Earnings, November1, 2016 $ 11,180.00
Less: Net Loss $ (1,685.00)
Retained Earnings, November 30, 2017 $ 9,495.00
ENTER
NT
$ 764,650.00
$ 4,200.00
$ 760,450.00
$ 495,400.00
$ 265,050.00
$ 256,015.00
$ 9,035.00
$ 10,720.00
$ (1,685.00)

Supplies $ 4,000.00

Income Summary
Account Trial Balance Trial Balance
Debit ($) Credit ($) Debit ($)
Cash $ 33,320.00 $ 33,320.00
Inventory $ 48,390.00 $ 48,390.00
Supplies $ 4,890.00 $ 4,890.00
Equipment $ 139,780.00 $ 139,780.00
TOTALS $ 1,029,885.00 $ 1,029,885.00 $ 263,470.00

Post-Closing
Trial Balance BALANCE SHEET
Credit ($) ASSETS
Current Assets
Cash $ 33,320.00
Supplies $ 4,890.00
$ 43,305.00 Total Current Assets $ 123,690.00
$ 54,390.00 Property, Plant and Equipment
$ 51,890.00 Equipment $ 139,780.00
$ 10,310.00 Less: Accumulated Depreciation $ 43,305.00 $ 96,475.00
$ 93,390.00
$ 10,185.00 Total Assets $ 220,165.00
Current Liabilities
Total Current Liabilities $ 92,200.00
Total Liabilities $ 116,590.00
Total Stock Holder's Equity $ 103,575.00
$ 263,470.00 Total Liabilities and Stock Holder's Equity $ 220,165.00
INCOME STATEMENT
Revenue
Less: Sales Returns and Allownaces $ 4,200.00
Net Sales $ 761,010.00
Less: Cost of Goods Sold $ 495,400.00
Gross Profit $ 265,610.00
Less: Expenses
Selling Expenses
Depreciaition Expense $ 16,845.00
Total Selling Expense $ 194,711.00
Administrative Expense
Utitilities Expense $ 3,104.00
Maintenance Expense $ 12,100.00
Total Administrative Expense $ 61,794.00
Total Expense $ 256,505.00
Earning Before Interest and Tax $ 9,105.00
Less: Interest $ 10,310.00
Earnings Avaiable for Equtiy Holders $ (1,205.00)

JOURNL ENTRIES
Date Account Titles Debit ($) Credit ($) Cash
1-May Inventory $ 7,100.00 1-May $ 8,800.00
Accounts Payable $ 7,100.00 9-May $ 3,920.00
2-May Accounts Receivable $ 4,000.00
2-May Cost of Goods Sold $ 3,000.00
5-May Accounts Payable $ 300.00
Inventory $ 300.00
9-May Cash $ 3,920.00 Accounts Receivable
Sales Discounts $ 80.00 2-May $ 4,000.00
Accounts Receivable $ 4,000.00 24-May $ 6,050.00
10-May Accounts Payable $ 6,800.00 31-May $ 1,408.00
Sales Discounts $ 68.00
Cash $ 6,732.00 31-May $ 7,183.00
11-May Supplies $ 990.00
Cash $ 990.00 Inventory
12-May Inventory $ 3,410.00 1-May $ 7,100.00
Cash $ 3,410.00 12-May $ 3,410.00
15-May Sales Returns and Allownace $ 253.00 17-May $ 3,400.00
Cash $ 253.00 19-May $ 275.00
17-May Inventory $ 3,400.00 25-May $ 880.00
Accounts Payable $ 3,400.00 29-May $ 99.00
19-May Inventory $ 275.00 31-May $ 6,441.00
Cash $ 275.00
24-May Cash $ 6,050.00 Supplies
Sales Revenue $ 6,050.00 11-May $ 990.00
24-May Cost of Goods Sold $ 4,510.00 31-May $ 990.00
25-May Inventory $ 880.00 Accounts Payable
Accounts Payable $ 880.00 5-May $ 300.00
27-May Accounts Payable $ 3,400.00 10-May $ 6,800.00
Sales Discounts $ 68.00 27-May $ 3,400.00
Cash $ 3,332.00
29-May Sales Returns and Allownace $ 150.00
Cash $ 150.00 Common Stock
29-May Inventory $ 99.00
Cost of Goods Sold $ 99.00
31-May Accounts Receivable $ 1,408.00
Sales Revenue $ 1,408.00 Sales Revenue
31-May Cost of Goods Sold $ 913.00
Inventory $ 913.00
Cash Sales Returns amd Allowances
10-May $ 6,732.00 15-May $ 253.00
11-May $ 990.00 29-May $ 150.00
12-May $ 3,410.00 31-May $ 403.00
15-May $ 253.00
27-May $ 3,332.00 Sales Discounts
29-May $ 150.00 9-May $ 80.00 10-May $ 68.00
31-May $ 2,147.00 27-May $ 68.00
31-May $ 56.00
Accounts Receivable
9-May $ 4,000.00 Cost of Goods Sold
19-May $ 275.00 2-May $ 3,000.00 29-May $ 99.00
24-May $ 4,510.00
31-May $ 913.00
31-May $ 8,324.00
Inventory
2-May $ 3,000.00
5-May $ 300.00
24-May $ 4,510.00
31-May $ 913.00
Supplies
Accounts Payable
1-May $ 7,100.00
12-May $ 3,400.00
25-May $ 880.00
31-May $ 880.00
Common Stock
1-May $ 8,800.00
31-May $ 8,800.00
Sales Revenue
2-May $ 4,000.00
24-May $ 6,050.00
31-May $ 1,408.00
31-May $ 11,458.00
Sales $ 11,458.00
Less:Cost of Goods Sold $ 8,324.00
Less: Operating Expense $ 1,540.00
Net Profit $ 1,594.00
Gross Profit Ratio 27%

Gross Profit/ sales *100
Profit Margin Ratio 14%

Net Proft Sales *100
PERIODIC METHOD PERIODIC METHOD
WEIGHTED AVERAGE WEIGHTED AVERAGE
Date Description Quantity Unit Cost Total Cost Date Description Quantity
1-Jun Beginning Inventory 43 $ 38.00 $ 1,634.00 1-Jun Beginning Inventory 43
4-Jun Purchase 139 $ 42.00 $ 5,838.00 4-Jun Purchase 139
182 $ 41.05 $ 7,472.00 11-Jun Sales Returns 14
11-Jun Sales Returns 14 $ 69.00 $ 966.00 18-Jun Purchase 52
196 $ 43.05 $ 8,438.00 18-Jun Purchase return -11
18-Jun Purchase 52 $ 44.00 $ 2,288.00 28-Jun Purchase 32
248 $ 43.25 $ 10,726.00 269
18-Jun Purchase return 11 $ 44.00 $ 484.00
237 $ 43.22 $ 10,242.00
28-Jun Purchase 32 $ 48.00 $ 1,536.00
269 $ 43.78 $ 11,778.00
ODIC METHOD
HTED AVERAGE
Unit Cost Total Cost

$ 38.00 $ 1,634.00
$ 42.00 $ 5,838.00
$ 69.00 $ 966.00
$ 44.00 $ 2,288.00
$ 44.00 $ (484.00)
$ 48.00 $ 1,536.00
$ 43.78 $ 11,778.00
JOURNAL ENTRIES
Date Account Title Debit ($) Credit ($) Cash
1-Jul Cash $ 16,500.00 1-Jul $ 16,500.00
Common Stock $ 16,500.00 1-Jul $ 16,500.00
1-Jul Cash $ 16,500.00 15-Jul $ 2,500.00
Common Stock $ 16,500.00 22-Jul $ 2,900.00
1-Jul Prepaid Insurance $ 5,160.00 Jul-39 $ 7,000.00
Cash $ 5,160.00 End. Bal. $ 26,220.00
2-Jul Legal Expenses $ 1,900.00
Cash $ 1,900.00 Legal Expenses
4-Jul Office Supplies $ 1,100.00 Jul-19 $ 1,900.00
Accounts Payable $ 1,100.00 End. Bal $ 1,900.00
7-Jul Advertising Expense $ 270.00
Cash $ 270.00 Prepaid Insurance
8-Jul Mountain Bikes $ 11,000.00 Jul-19 $ 5,160.00
Cash $ 11,000.00 End. Bal. $ 5,160.00
15-Jul Cash $ 2,500.00
Revenue - Clinic $ 2,500.00 Office Supplies
22-Jul Cash $ 2,900.00 Jul-19 $ 1,100.00
Revenue - Clinic $ 2,900.00 End. Bal $ 1,100.00
24-Jul Advertising Expense $ 850.00
Cash $ 850.00 Common Stock
30-Jul Cash $ 7,000.00
Unearned Revenue $ 7,000.00
Cash Accounts Payable
1-Jul $ 5,160.00 4-Jul $ 1,100.00
2-Jul $ 1,900.00 End. Bal. $ 1,100.00
7-Jul $ 270.00
8-Jul $ 11,000.00 Advertising Expense
24-Jul $ 850.00 7-Jul $ 270.00
Jul-19 $ 850.00
End. Bal. $ 1,120.00
Legal Expenses
Mountain Bikes
Jul-19 $ 11,000.00
End. Bal. $ 11,000.00
Prepaid Insurance
Revenue - Clinic
15-Jul $ 2,500.00
22-Jul $ 2,900.00
Office Supplies End. Bal. $ 5,400.00
Unearned Revenue
30-Jul $ 7,000.00
Common Stock End. Bal. $ 7,000.00
1-Jul $ 16,500.00
1-Jul $ 16,500.00
End. Bal $ 33,000.00
TRIAL BALANCE Unadjusted Adjustments Adjusted
Account Title Debit ($) Credit ($) Debit ($) Credit ($) Debit ($)
Cash $ 94,370.00 $ 94,370.00
Prepaid Insurance $ 5,760.00 $ 2,880.00 $ 2,880.00
Office Supplies $ 1,600.00 $ 1,200.00 $ 400.00
Racing Supplies $ 2,900.00 $ 2,770.00 $ 130.00
Prepaid Rent $ 2,760.00 $ 920.00 $ 1,840.00
Equipment (Bikes) $ 10,900.00 $ 10,900.00
Equipment (Kayaks) $ 27,000.00 $ 27,000.00
Accumulated Depreciation $ 8,200.00
Loan Payable $ 46,000.00
Income Taxes Payable $ 14,200.00
Retained Earnings
Dividends $ 4,300.00 $ 4,300.00
Withdrawls $ 4,200.00 $ 4,200.00
Revenue - Clinc $ 58,800.00
Revenue - Adventure $ 20,400.00
Advertising Expense $ 910.00 $ 910.00
Legal Expense $ 2,000.00 $ 2,000.00
Miscellaneous Expense $ 1,000.00 $ 1,000.00
Salaries Expense $ 2,400.00 $ 2,400.00
Depreciation Expense $ 8,200.00 $ 8,200.00
Insurance Expense $ 2,880.00 $ 2,880.00
Rent Expense $ 920.00 $ 920.00
Office Supplies Expense $ 1,200.00 $ 1,200.00
Interest Expense $ 2,300.00 $ 2,300.00
Racing Supplies Expense $ 2,770.00 $ 2,770.00
Income Taxes Expense $ 14,200.00 $ 14,200.00
TOTAL $ 160,100.00 $ 160,100.00 $ 32,470.00 $ 32,470.00 $ 184,800.00

Adjusted Post Closing INCOME STATEMENTS
Credit ($) Debit ($) Credit ($) REVENUE
$ 94,370.00 Service Revenue - Clinic
$ 2,880.00 Service Revenue - Racing
$ 400.00 Total Revenue
$ 130.00 EXPENSES
$ 1,840.00 Legal Fees Expense
$ 10,900.00 Advertising Expense
$ 27,000.00 Miscellaneous Expense
$ 8,200.00 $ 8,200.00 Salaries Expense
$ 2,900.00 $ 2,900.00 Insurance Expense
$ 46,000.00 $ 46,000.00 Depreciation Expense
$ 2,300.00 $ 2,300.00 Rent Expense
$ 14,200.00 $ 14,200.00 Office Supplies Expense
$ 32,000.00 $ 32,000.00 Interest Expense
$ 31,920.00 Racing Supplies Expense
Income Taxes Expense
$ 58,800.00 Total Expenses

$ 20,400.00 Net Income
Statement of Changes in Stockholder's Equity
Beginning Common Stock

Add: Issued
Ending Common Stock
Beginning Retained Earnings
Add: Net Income
Less: Tony, Withdrawals
Less: Dividends
$ 184,800.00 $ 137,520.00 $ 137,520.00 Ending Retained Earnings
Total Stockholder's Equity
ATEMENTS
$ 58,800.00
$ 20,400.00
$79,200.00
$ 2,000.00
$ 910.00
$ 1,000.00
$ 2,400.00
$ 2,880.00
$ 8,200.00
$ 920.00
$ 1,200.00
$ 2,300.00
$ 2,770.00
$ 14,200.00
$38,780.00
$40,420.00
Stockholder's Equity
$0.00
$32,000.00
$32,000.00
$0.00
$40,420.00
($4,200.00)
($4,300.00)
$31,920.00
$63,920.00
LIFO - PERPETUAL INVENTORY
Purchase Cost of Goods Sold
Date Description
Crates Per Crate Total Crates Per Crate Total
1-Jan Beginning 220 $ 14.50 $ 3,190.00
10-Jan Sales 170 $ 14.50 $ 2,465.00
20-Jan Purchase 170 $ 13.50 $ 2,295.00
25-Jan Sales 170 $ 13.50 $ 2,295.00

30 $ 14.50 $ 435.00
30-Jan Purchases 340 $ 13.00 $ 4,420.00
TOTAL 730 $ 9,905.00 200 $ 5,195.00
FIFO - PERPETUAL INVENTORY

Purchase Cost of Goods Sold
Date Description
1-Jan Beginning 220 $ 14.50 $ 3,190.00
10-Jan Sales 170 $ 14.50 $ 2,465.00
20-Jan Purchase 170 $ 13.50 $ 2,295.00
25-Jan Sales 50 $ 14.50 $ 725.00

150 $ 13.50 $ 2,025.00
30-Jan Purchases 340 $ 13.00 $ 4,420.00
TOTAL 730 $ 9,905.00 200 $ 5,215.00

Weighted Average - PERPETUAL I
Closing Inventory Purchase
Date Description
220 $ 14.50 $ 3,190.00 1-Jan Beginning 220 $ 14.50 $ 3,190.00
50 $ 14.50 $ 4,290.00 10-Jan Sale
50 $ 14.50 $ 725.00 20-Jan Purchase 170 $ 13.50 $ 2,295.00
170 $ 13.50 25-Jan Sales
20 $ 14.50 $ 290.00 30-Jan Purchase 340 $ 13.00 $ 4,420.00
TOTAL 730 $ 9,905.00
20 $ 14.50 $ 290.00
340 $ 13.00 $ 4,420.00
360 $ 4,710.00
SPECIFIC IDENTIFICATION - PERPET

Closing Inventory Date Description Purchase
220 $ 14.50 $ 3,190.00 1-Jan Beginning 220 $ 14.50 $ 3,190.00
50 $ 14.50 $ 4,290.00 10-Jan Sales
50 $ 14.50 $ 725.00 20-Jan Purchases 170 $ 13.50 $ 2,295.00
170 $ 13.50
20 $ 13.50 $ 270.00 25-Jan Sales
20 $ 13.50 $ 270.00 30-Jan Purchases 340 $ 13.00 $ 4,420.00

340 $ 13.00 $ 4,420.00
360 $ 4,690.00
TOTAL 730 $ 9,905.00
ghted Average - PERPETUAL INVENTORY
Date Description
Cost of Goods Sold Closing Inventory
Crates Per Crate Total Crates Per Crate Total 10-Jan Sale
220 $ 14.50 $ 3,190.00 25-Jan Sale
170 $ 14.50 $ 2,465.00 50 $ 14.50 $ 725.00 TOTAL
220 $ 13.73 $ 3,020.00
200 $ 13.73 $ 2,746.00 20 $ 13.73 $ 274.00
360 $ 13.04 $ 4,694.00
200 $ 5,211.00 360 $ 4,694.00
IDENTIFICATION - PERPETUAL INVENTORY

Cost of Goods Sold Closing Inventory
220 $ 14.50 $ 3,190.00
170 $ 14.50 $ 2,465.00 50 $ 14.50 $ 725.00
50 $ 14.50 $ 725.00
170 $ 13.50 $ 2,295.00
35 $ 14.50 $ 507.50 15 $ 14.50 $ 217.50
165 $ 13.50 $ 2,227.50 5 $ 13.50 $ 67.50
15 $ 14.50 $ 217.50
5 $ 13.50 $ 67.50
340 $ 13.00 $ 4,420.00
200 $ 5,200.00 18 $ 75.00 $ 1,350.00
Sales Description Specific Identification
Crates Per Crate Total Sales $ 8,695.00
170 $ 23.50 $ 3,995.00 Less:Cost of Goods Sold $ 5,200.00
200 $ 23.50 $ 4,700.00 Gross Profit $ 3,495.00
370 $ 8,695.00 Less: Expense $ 2,050.00
Income Before Taxes $ 1,445.00
Less: Income Tax Expense $ 578.00
Net Income $ 867.00
sni
LIFO FIFO Weighted Average
$ 8,695.00 $ 8,695.00 $ 8,695.00
$ 5,215.00 $ 5,195.00 $ 5,211.00
$ 3,480.00 $ 3,500.00 $ 3,484.00
$ 2,050.00 $ 2,050.00 $ 2,050.00
$ 1,430.00 $ 1,450.00 $ 1,434.00
$ 572.00 $ 580.00 $ 573.60
$ 858.00 $ 870.00 $ 860.40

Supplies $ 3,930.00
4 Cost of Goods Sold $ 300.00
Inventory $ 300.00

Freight Out $ 16,560.00
VALDEZ FASHION CENTER
Unadjusted
Adjustments
Account Trial Balance
Debit ($) Credit ($) Debit ($) Credit ($)
Cash $ 8,160.00
Inventory $ 46,000.00 $ 300.00
Supplies $ 6,010.00 $ 3,930.00
Accumulated Depreciation - Equipment $ 29,170.00 $ 11,200.00
Cost of Goods Sold $ 497,400.00 $ 300.00
Total $ 973,380.00 $ 973,380.00
TOTALS $ 20,590.00 $ 20,590.00
Net Loss
Total
FASHION CENTER
Adjusted
Income Statement Balance Sheet
Trial Balance
Debit ($) Credit ($) Debit ($) Credit ($) Debit ($) Credit ($)
$ 8,160.00 $ 8,160.00
$ 30,160.00 $ 30,160.00
$ 45,700.00 $ 45,700.00
$ 2,080.00 $ 2,080.00
$ 133,300.00 $ 133,300.00
$ 40,370.00 $ 40,370.00
$ 51,000.00 $ 51,000.00
$ 38,720.00 $ 38,720.00
$ 54,930.00 $ 54,930.00
$ 43,960.00 $ 43,960.00
$ 13,340.00 $ 13,340.00
$ 755,600.00 $ 755,600.00
$ 8,910.00 $ 8,910.00
$ 497,700.00 $ 497,700.00
$ 139,600.00 $ 139,600.00
$ 24,240.00 $ 24,240.00
$ 13,590.00 $ 13,590.00
$ 12,160.00 $ 12,160.00
$ 16,560.00 $ 16,560.00
$ 23,950.00 $ 23,950.00
$ 3,930.00 $ 3,930.00
$ 11,200.00 $ 11,200.00
$ 5,160.00 $ 5,160.00
$ 5,160.00 $ 5,160.00
$ 989,740.00 $ 989,740.00
$ (1,400.00) $ 1,400.00
$ 755,600.00 $ 755,600.00 $ 234,140.00 $ 234,140.00
BALANCE SHEET
ASSETS
Current Assets
Cash $ 8,160.00
Supplies $ 2,080.00
Total Current Assets $ 86,100.00
Property, Plant and Equipment
Less: Accumulated Depreciation $ 40,370.00 $ 92,930.00
Total Assets $ 179,030.00

Current Liabilities
Notes Payable $ -
Total Liabilities and Stock Holder's Equity $ 179,030.00
INCOME STATEMENT
Revenue
Less: Sales Returns and Allownaces $ 8,910.00
Net Sales $ 746,690.00
Less: Cost of Goods Sold $ 497,700.00
Less: Expenses
Selling Expenses
Earning Before Interest and Tax $ 3,760.00
Less: Interest $ 5,160.00
Earnings Avaiable for Equtiy Holders $ (1,400.00)

Less: Dividends $ (13,340.00)
Post Closing
Debit ($) Credit ($)
Cash $ 8,160.00
Supplies $ 2,080.00
Total $ 219,400.00 $ 219,400.00

1-Nov Cash $ 20,100.00
Fees Earned Revenue $ 20,100.00
2-Nov Office Equipment $ 45,300.00
6-Nov Cash $ 170,000.00
8-Nov Office Supplies $ 2,500.00
9-Nov Land $ 80,500.00
Cash $ 80,500.00
13-Nov Rent Expense $ 5,500.00
Cash $ 5,500.00
16-Nov Cash $ 4,100.00
Interest Revenue $ 4,100.00
18-Nov Utilities Payable $ 700.00
Cash $ 700.00
Group member - 1 Ashley Jones
Group member - 2 Tom Smith
Group member - 3 Max Willow
Loan Amount $ 50,000.00

Annual Tax Rate 10%
Years 2
Date No.of Month Payment Interest Payment Principal Payment
1/31/2019 1 $2,307.25 $416.67 $1,890.58

2/28/2019 2 $2,307.25 $400.91 $1,906.33
3/31/2019 3 $2,307.25 $385.03 $1,922.22
4/30/2019 4 $2,307.25 $369.01 $1,938.24
5/31/2019 5 $2,307.25 $352.86 $1,954.39
6/30/2019 6 $2,307.25 $336.57 $1,970.68
7/31/2019 7 $2,307.25 $320.15 $1,987.10
8/31/2019 8 $2,307.25 $303.59 $2,003.66
9/30/2019 9 $2,307.25 $286.89 $2,020.36
10/31/2019 10 $2,307.25 $270.05 $2,037.19
11/30/2019 11 $2,307.25 $253.08 $2,054.17
12/31/2019 12 $2,307.25 $235.96 $2,071.29
Remaining No.of
Date Payment Interest Payment Principal Payment
Principal Month
$ 48,109.42 1/31/2020 13 $2,307.25 $218.70 $2,088.55

$ 46,203.09 2/29/2020 14 $2,307.25 $201.29 $2,105.95
$ 44,280.87 3/31/2020 15 $2,307.25 $183.74 $2,123.50
$ 42,342.63 4/30/2020 16 $2,307.25 $166.05 $2,141.20
$ 40,388.24 5/31/2020 17 $2,307.25 $148.20 $2,159.04
$ 38,417.56 6/30/2020 18 $2,307.25 $130.21 $2,177.03
$ 36,430.46 7/31/2020 19 $2,307.25 $112.07 $2,195.18
$ 34,426.80 8/31/2020 20 $2,307.25 $93.78 $2,213.47
$ 32,406.44 9/30/2020 21 $2,307.25 $75.33 $2,231.91
$ 30,369.25 10/31/2020 22 $2,307.25 $56.73 $2,250.51
$ 28,315.08 11/30/2020 23 $2,307.25 $37.98 $2,269.27
$ 26,243.79 12/31/2020 24 $2,307.25 $19.07 $2,288.18
Remaining
Principal
$ 24,155.24
$ 22,049.29
$ 19,925.79
$ 17,784.59
$ 15,625.55
$ 13,448.52
$ 11,253.34
$ 9,039.87
$ 6,807.96
$ 4,557.45
$ 2,288.18
$ -
Amount Spent $ 100,000.00
Airlines % miles per dollar Miles Per Economy Flight Miles per First Clss
American Airlines 6% 800 4000
Jetblae 7% 1000 1500
SouthWest 2% 200 600
Delta 9% 1100 3300
Spirit 12% 3500 8500
Virgin Airlines 3% 400 800
United 4% 900 1500
Alaska Airlines 8% 1500 2500
Questions:
1. Best Card for Economy flights? SouthWest
2. Worst Card for Economy flights? Spirit
3. Best Card for First Class flights? Jetblae
4. Worst Card for first Class flights? Spirit
# of Economy Flights # of first class flights
7.50 1.50
7.00 4.67
10.00 3.33
8.18 2.73
3.43 1.41
7.50 3.75
4.44 2.67
5.33 3.20
1/1/2017 Treasury Stock, Common $ 120,000.00
Cash (6000 Shares * $20) $ 120,000.00
(To record the shares repurchased)
1/5/2017 Retained Earnings (60,000-6,000)*$2 $ 108,000.00
Dividends Payable $ 108,000.00
(To record the dividends declared)
2/28/2017 Dividends Payable $ 108,000.00
Cash $ 108,000.00
(To record the dividends paid)
7/6/2017 Cash (2250 * $24) $ 54,000.00
Treasury Stock, Common (2250*$20) $ 45,000.00
Paid in capital, in excess - Treasury Stock (2250*$4) $ 9,000.00
(To record the issue of treasury stock)
8/22/2017 Cash (3750 *$17) $ 63,750.00
Paid in capital, in excess - Treasury stock (3750 * $2.4) $ 9,000.00
Retained Earnings (3750 * $ 0.6) $ 2,250.00
Treasury Stock, Common (3750*$20) $ 75,000.00
(To record the issue of treasury stock)
9/5/2017 Retained Earnings (60,000-6,000+2250+3750)*$2 $ 120,000.00
Dividends Payable $ 120,000.00
(To record the dividends declared)
10/28/2017 Dividends Payable $ 120,000.00
Cash $ 120,000.00
(To record the dividends paid)
12/31/2017 Income Summary $ 388,000.00
(To record the net income to Owner's Equity)
For the Year Ended December 31, 2017
Retained Earnings, December 1, 2017 $ 400,000.00
Add: Net Income $ 388,000.00
$ 788,000.00
Less: Dividends Payable (108,000+120,000) $ 228,000.00
Less: Treasury Stock, Common $ 2,250.00
Retained Earnings, December 31, 2017 $ 557,750.00
Stockholder's Equity Section of Balance Sheet

31-Dec-17
Paid-in-Capital, in excess of par,Common Stock $ 60,000.00
Total Contributed Capital $ 660,000.00
Total Stockholder's Equity $ 1,217,750.00
Herbal Care Corp
Schedule of Expected Cash Collections
July August September Quarter
From accounts receivable:
May Sales $ 10,200.00 $ 10,200.00
June Sales $ 266,000.00 $ 11,400.00 $ 277,400.00
From Budgeted Sales:
July Sales $ 125,000.00 $ 350,000.00 $ 15,000.00 $ 490,000.00
August Sales $ 177,500.00 $ 497,000.00 $ 674,500.00
September Sales $ 91,250.00 $ 91,250.00
Total Cash Collections $ 401,200.00 $ 538,900.00 $ 603,250.00 $ 1,543,350.00
Herbal Care Corp
Cash Budget
July August September
Beginning cash balance $ 50,000.00 $ 5,300.00 $ 43,300.00
Add receipts: Collections from customers $ 401,200.00 $ 538,900.00 $ 603,250.00
Total Cash available $ 451,200.00 $ 544,200.00 $ 646,550.00
Less: Cash Disbursements
Merchandise Purchases $ 228,000.00 $ 300,000.00 $ 426,000.00
Salaries and Wages $ 44,500.00 $ 57,000.00 $ 58,000.00
Advertising $ 195,000.00 $ 135,500.00 $ 98,000.00
Rent Payments $ 8,400.00 $ 8,400.00 $ 8,400.00
Equipment purchases $ 10,000.00
Total cash disbursements $ 485,900.00 $ 500,900.00 $ 590,400.00
Excess (deficiency) of cash available over disbursements $ (34,700.00) $ 43,300.00 $ 56,150.00
Financing:
Borrowings $ 40,000.00
Repayments $ - $ (40,000.00)
Interest $ - $ (1,200.00)
Total Financing $ 40,000.00 $ - $ (41,200.00)
Ending cash balance $ 5,300.00 $ 43,300.00 $ 14,950.00
Quarter
$ 50,000.00
$ 1,543,350.00
$ 1,593,350.00
$ 954,000.00
$ 159,500.00
$ 428,500.00
$ 25,200.00
$ 10,000.00
$ 1,577,200.00
$ 16,150.00
$ 40,000.00
$ (40,000.00)
$ (1,200.00)
$ (1,200.00)
$ 14,950.00
Sales Person Sales Office Cites Sales Teritory 2018 sales Sales Category
S101111 New York Northeast $ 600,000.00 LOW
S101112 New York Northeast $ 1,000,000.00 MODERATE
S101113 New York Northeast $ 1,500,000.00 HIGH
S101114 Los Angles West $ 750,000.00 LOW
S101118 Los Angles West $ 1,000,000.00 MODERATE
S101119 Los Angles West $ 1,500,000.00 HIGH
S101120 Boston Northeast $ 750,000.00 LOW

S101124 Boston Northeast $ 1,000,000.00 MODERATE
S101125 Boston Midwest $ 400,000.00 LOW
S101126 Chicago Midwest
S111115 New York Northeast
S111118 Los Angles West
S121114 Boston Northeast
Sales Category Sales Amount
LOW $ -
MODERATE $ 1,000,000.00
HIGH $ 1,500,000.00
LOW High Sales for 2018 2
High Sales for 2018
LOW (Northeast Territory) 1
Total sales for 2018 for
LOW west territory $ 4,775,000.00
Low sales from boston and
LOW Chicago Offices 5
Average sales for all
MODERATE sales 2018 $ 810,000.00
Average sales for west
HIGH territory sales reps $ 795,833.33
Which region had lower sales
LOW for 2018, west or northwest? Northeast
LOW Sales IDs beginning with S12 8
LOW
LOW Enter Sales ID in G17 Region
MODERATE S101112 Northeast
LOW
Sales Category
LOW
MODERATE
HIGH
10- cash, 0-70, 1-25
Schedule of Expected Cash Collections Cash Budget

October October
From accounts receivable: Beginning cash balance ###
September ### Add receipts: Collections from ###
Add receipts: Sale of Unused lan ###
From Budgeted Sales: Total Cash available ###
October ### Less: Cash Disbursements
October ### Merchandise Purchases ###
Selling and administration ###
Total Cash Col ### Purchase of new production ###
Dividends paid ###
Schedule of Expected Inventory Payments
Equipment purchases
October Total cash disbursements ###
From accounts Payable Excess (deficiency) of cash a ###
September ### Financing:
Borrowings ###
From Budgeted Purchases Repayments
October ### Interest
Total Financing ###
Total Cash Col ### Ending cash balance ###
a Insurance Expense $ 2,000.00

Prepaid Expense $ 2,000.00
(To record the insurnce expired)
b Bad Debt Expense $ 1,200.00
(To record the bad debts)
c Depreciation Expense $ 16,000.00
(160000*10%)
(To record the depreciation Expense)
d Interest Expense $ 200.00
Interest Payable $ 200.00
(120000*1%)*2/12
(To record the interest accrued)
e Prepaid Rent $ 16,000.00
(To record the advance rent in expense)
f Salaries and Wages Expense $ 4,500.00
Salaries and Wages Payable $ 4,500.00
(To record salaries unpaid)
g Unearned Service Revenue $ 3,000.00
(To record the service provided )
h Accounts Receivable $ 10,000.00
(To record the Service provided not accounted)
i Supplies Expense $ 200.00
Supplies $ 200.00
(To record the supplies expense)
j Service Revenue $ 1,500.00
Unearned Service Revenue $ 1,500.00
(To record the service not done but recorded)
1 Service Revenue $ 201,500.00

(To record the revenue to income summary)
Office Expense $ 5,800.00
Bad Debt Expense $ 1,200.00
Interest Expense $ 200.00
Supplies Expense $ 200.00
(To record the expenses to income summary)
(To record the income summary balance to owner's Equity)
Unadjusted
Adjustments
Debit ($) Credit ($) Debit ($)
Cash $ 10,000.00
Supplies $ 2,000.00
Allowance for Doubtful debts $ 3,800.00
Prepaid Insurance $ 8,600.00
Land $ 106,000.00
Notes Payable (3 months maturity) $ 120,000.00
Interest Payable
Salaries and Wages Payable
Unearned Service Revenue $ 4,400.00 $ 3,000.00
Service Revenue $ 190,000.00 $ 1,500.00
Office Expense $ 5,800.00
Salaries and Wages Expense $ 63,400.00 $ 4,500.00
Supplies Expense $ 200.00
Total $ 410,000.00 $ 410,000.00 $ 54,600.00

Adjusted Post Closing
Adjustments
Trial Balance TRIAL BALANCE
Credit ($) Debit ($) Credit ($) Debit ($) Credit ($)
$ 10,000.00 $ 10,000.00
$ 1,200.00 $ 38,800.00 $ 38,800.00
$ 200.00 $ 1,800.00 $ 1,800.00
$ 3,800.00 $ 3,800.00
$ 2,000.00 $ 6,600.00 $ 6,600.00
$ 16,000.00 $ 16,000.00
$ 106,000.00 $ 106,000.00
$ 160,000.00 $ 160,000.00
$ 16,000.00 $ 32,000.00 $ 32,000.00
$ 17,800.00 $ 17,800.00
$ 120,000.00 $ 120,000.00
$ 200.00 $ 200.00 $ 200.00
$ 4,500.00 $ 4,500.00 $ 4,500.00
$ 1,500.00 $ 2,900.00 $ 2,900.00
$ 40,000.00 $ 40,000.00
$ 18,000.00 $ 118,000.00
$ 13,000.00 $ 201,500.00
$ 5,800.00
$ 16,000.00 $ 8,200.00
$ 67,900.00
$ 2,000.00
$ 1,200.00
$ 16,000.00
$ 200.00
$ 200.00
$ 54,600.00 $ 440,700.00 $ 440,700.00 $ 339,200.00 $ 339,200.00
$ -
Unadjusted
Adjustments
Trial Balance
Account
Cash $ 26,642.00
Accounts Receivable $ - $ 12,850.00
Teaching Supplies $ 10,245.00 $ 7,010.00
Prepaid Insurance $ 15,371.00 $ 3,732.00
Prepaid Rent $ 2,050.00 $ 2,050.00
Professional Library $ 30,739.00
Accumulated Depreciation - Professional
Library $ 9,223.00 $ 7,464.00
Accumulated Depreciation - Equipment $ 16,396.00 $ 14,929.00
Salaries Payable $ - $ 400.00
Unearned Training Fees $ 11,000.00 $ 4,400.00
Tution fees earned $ 104,516.00 $ 12,850.00
Training fees earned $ 38,937.00 $ 4,400.00
Depreciation Expense - Professional Library $ - $ 7,464.00
Depreciation Expense - Equipment $ - $ 14,929.00

Salaries Expense $ 49,186.00 $ 400.00
Insurance Expense $ - $ 3,732.00
Rent Expense $ 22,550.00 $ 2,050.00
Teaching Supplies Expense $ - $ 7,010.00
Total $ 282,400.00 $ 282,400.00 $ 52,835.00 $ 52,835.00

Adjusted Post Closing
Trial Balance TRIAL BALANCE

$ 26,642.00 $ 26,642.00
$ 12,850.00 $ 12,850.00
$ 3,235.00 $ 3,235.00
$ 11,639.00 $ 11,639.00
$ - $ -
$ 30,739.00 $ 30,739.00
$ 16,687.00 $ 16,687.00
$ 71,718.00 $ 71,718.00
$ 31,325.00 $ 31,325.00
$ 37,159.00 $ 37,159.00
$ 400.00 $ 400.00
$ 6,600.00 $ 6,600.00
$ 14,000.00 $ 14,000.00
$ 51,169.00 $ 50,652.00
$ 40,988.00
$ 117,366.00
$ 43,337.00
$ 7,464.00
$ 14,929.00
$ 49,586.00
$ 3,732.00
$ 24,600.00
$ 7,010.00
$ 7,173.00
$ 5,738.00
$ 318,043.00 $ 318,043.00 $ 156,823.00 $ 156,823.00

BALANCE SHEET
ASSETS
Current Assets
Cash $ 26,642.00
Teaching Supplies $ 3,235.00
Prepaid Rent $ -

Property, Plant and Equipment
Professional Liabrary $ 30,739.00
Less: Accumulated Depreciation $ (16,687.00) $ 14,052.00
Less: Accumulated Depreciation $ (31,325.00) $ 40,393.00
Total Assets $ 108,811.00

Current Liabilities
Salaries Payable $ 400.00
Unearned Training Fees $ 6,600.00

Total Liabilities and Stock Holder's Equity $ 108,811.00
INCOME STATEMENT
Revenue
Tution Fees Earned $ 117,366.00
Training Fees Earned $ 43,337.00
TOTAL REVENUE $ 160,703.00
Less: Expenses
Depreciation Expense - Professional Library $ 7,464.00
Depreciation Expense - Equipment $ 14,929.00

Teaching Supplies Expense $ 7,010.00
TOTAL EXPENSES $ 120,232.00
Net Income $ 40,471.00

Add: Net Income $ 40,471.00
$ 91,640.00
Less: Dividends $ (40,988.00)
Note Receivable $ 378,000.00
No. of Years 5
Interest Rate 8% Beginning of the Period
EMI for 6 months $44,811.52
Semi Annual Interet @ 4% Note Receivable

No. of Period Date Payment for 6 months Reduction
0 1/1/2019
1 1/7/2019 $44,811.52 $0.00 $44,811.52
2 12/1/2019 $44,811.52 $13,327.54 $31,483.98
3 1/7/2020 $44,811.52 $12,068.18 $32,743.34
4 12/1/2020 $44,811.52 $10,758.45 $34,053.07
5 1/7/2021 $44,811.52 $9,396.32 $35,415.19
6 12/1/2021 $44,811.52 $7,979.72 $36,831.80
7 1/7/2022 $44,811.52 $6,506.44 $38,305.07
8 12/1/2022 $44,811.52 $4,974.24 $39,837.27
9 1/7/2023 $44,811.52 $3,380.75 $41,430.77
10 12/1/2023 $44,811.52 $1,723.52 $43,088.00
Balance of
Note Receivable
$ 378,000.00
$ 333,188.48
$ 301,704.51
$ 268,961.17
$ 234,908.10
$ 199,492.91
$ 162,661.11
$ 124,356.04
$ 84,518.76
$ 43,088.00
$ -
Jackrabbit Rentals
Balance Sheet
31-Dec-21
Assets Liablities
Current Assets Current Liabilities
Cash $ 117,600.00 Accounts Payable $ 20,100.00
Accounts Receivable $ 80,400.00 Interest Payable $ 4,500.00
Supplies $ 4,300.00 Salaries Payable $ 3,500.00

Notes Payable (due in 2 years) $ 50,000.00
Total Current Assets $ 202,300.00 Stock Holder's Equity
Non Current Assets Common Stock $ 170,000.00
Total Stockholder's Equity $ 255,000.00

Total Assets $ 202,300.00 Total liabilities and stockholder's Equity $ 333,100.00
Cash Accounts Payable
1-Aug $ 9,000.00 4-Aug $ 28,000.00 24-Aug $ 1,800.00 1-Aug $ 1,800.00
1-Aug $ 30,000.00 24-Aug $ 1,800.00 12-Dec $ 2,800.00
10-Aug $ 3,000.00 1-Sep $ 2,400.00
17-Aug $ 10,500.00 8-Dec $ 1,200.00
21-Sep $ 13,200.00 16-Dec $ 2,000.00 End. Bal. $ 2,800.00
17-Oct $ 17,900.00
15-Dec $ 20,000.00 Advertising Expense
1-Aug $ 1,000.00
End. Bal. $ 68,200.00 End. Bal. $ 1,000.00
Legal Expenses Equipment Bikes

Aug-19 $ 1,500.00 1-Aug $ 12,000.00
End. Bal $ 1,500.00 End. Bal. $ 12,000.00
Prepaid Insurance Revenue - Clinic

1-Aug $ 4,800.00 Adj $ 2,400.00 1-Aug $ 4,300.00
17-Aug $ 10,500.00
End. Bal. $ 2,400.00 21-Sep $ 13,200.00
17-Oct $ 17,900.00
Office Supplies
1-Aug $ 1,800.00 Adj $ 1,500.00 End. Bal. $ 45,900.00
End. Bal $ 300.00 Deffered Revenue

1-Aug $ 4,000.00
Common Stock 10-Aug $ 3,000.00
1-Aug $ 20,000.00
End. Bal. $ 7,000.00
End. Bal $ 20,000.00
Equipment Kayaks
Loan Payable 4-Aug $ 28,000.00
1-Aug $ 30,000.00 End. Bal. $ 28,000.00
End. Bal. $ 30,000.00
Revenue - Race
Prepaid Rent 15-Dec $ 20,000.00
1-Aug $ 2,400.00 Adj $ 800.00
End. Bal. $ 20,000.00
End. Bal. $ 1,600.00
Income Tax Expense
Miscellaneous Expense Adj. $ 14,000.00
8-Dec $ 1,200.00 End. Bal. $ 14,000.00
End. Bal $ 1,200.00
Income Tax Payable Payable
Racing Suppies Supplies Adj. $ 14,000.00
12-Dec $ 2,800.00 Adj. $ 2,600.00 End. Bal $ 14,000.00
End. Bal $ 200.00

ADJUSTING JOURNAL ENT
Salaries Expense Date Account Titles
16-Dec $ 2,000.00 a Depreciation Expense
End. Bal $ - (To record the Depreciation Expense)

b Insurance Expense
Dividends
31-Dec $ 4,000.00 (To record the insurance expired)
End. Bal. $ 4,000.00 c Rent Expense
Withdrawls (To record the rent expired)

31-Dec $ 4,500.00 d Office Supplies Expense
End. Bal. $ 4,500.00
(To record the Office supplies used)
Depreciation Expense e Interest Expense
Adj. $ 8,000.00
End. Bal. $ 8,000.00 (To record the Interest Accrued)
f Racing Supplies Expense
Accumulated Depreciation
Adj. $ 8,000.00 (To record the Racing supplies used)
End. Bal $ 8,000.00 g Income Tax Expense
Insurance Expense (To record the Income tax Expense)

Adj. $ 2,400.00
End. Bal. $ 2,400.00
Rent Expense
Adj. $ 800.00
End. Bal. $ 800.00
Office Supplies Expense

Adj. $ 1,500.00
End. Bal. $ 1,500.00
Interest Expense
Adj. $ 750.00
End. Bal. $ 750.00
Interest Payable
Adj. $ 750.00
End. Bal $ 750.00
Racing Supplies Expense
Adj. $ 2,600.00
End. Bal. $ 2,600.00
Accumuated Depreciation $ 8,000.00
(To record the Depreciation Expense)
(To record the insurance expired)
Rent Expense $ 800.00
Prepaid Rent $ 800.00
(To record the rent expired)
Office Supplies Expense $ 1,500.00
Office Supplies
(To record the Office supplies used)
(To record the Interest Accrued)
Racing Supplies Expense $ 2,600.00
Racing Supplies $ 2,600.00
(To record the Racing supplies used)
(To record the Income tax Expense)
JOURNAL ENTRIES
2-Jan Cash $ 49,100.00 No.
Services Revenue $ 49,100.00
(To record the services provided for cash)
6-Jan Accounts Receivable $ 86,400.00
Services Revenue $ 86,400.00
(To record the services provided on account)
15-Jan Allowance for Uncollectiable Accounts $ 3,300.00
(To record uncollectiable of Accounts) Allowance
20-Jan Salaries Expense $ 32,800.00 No.
Cash $ 32,800.00
(To record the Salaries paid)
22-Jan Cash $ 84,000.00
(To record the cash received from customers) No.
25-Jan Accounts Payable $ 6,900.00
Cash $ 6,900.00
(To record the Cash paid to suppliers) A
30-Jan Utilities Expense $ 15,100.00 No.
Cash $ 15,100.00
(To record the cash paid for utilities)
R
No.
S
No.
Cash Accounts Receivable
Date Debit Credit Balance No. Date Debit Credit
31-Dec $ 26,700.00 31-Dec
2-Jan $ 49,100.00 $ 75,800.00 6-Jan $ 86,400.00
20-Jan $ 32,800.00 $ 43,000.00 15-Jan $ 3,300.00
22-Jan $ 84,000.00 $ 127,000.00 22-Jan $ 84,000.00
25-Jan $ 6,900.00 $ 120,100.00
30-Jan $ 15,100.00 $ 105,000.00 Notes Receivable
No. Date Debit Credit
Allowance for uncollectible accounts 31-Dec
Date Debit Credit Balance
31-Dec $ 3,600.00 Land
15-Jan $ 3,300.00 $ 300.00 No. Date Debit Credit
31-Dec
Supplies
Date Debit Credit Balance Common Stock
31-Dec $ 3,900.00 No. Date Debit Credit
31-Dec
Accounts Payable
Date Debit Credit Balance Service Revenue
31-Dec $ 8,500.00 No. Date Debit Credit
2-Jan $ 6,900.00 $ 1,600.00 2-Jan $ 49,100.00
6-Jan $ 86,400.00
Retained Earnings
Date Debit Credit Balance Utilities Expense
Dec. 31 $ 33,800.00 No. Date Debit Credit
30-Jan $ 15,100.00
Salaries Expense
Date Debit Credit Balance
20-Jan $ 32,800.00 $ 32,800.00
vable 3D Family Fire works
Balance Unadjusted Trial Balance
$ 15,000.00 30-Jan-18
$ 101,400.00 Account Titles Debit ($) Credit ($)
$ 98,100.00 Cash $ 105,000.00
$ 14,100.00 Accounts Receivable $ 14,100.00
Allowance for Uncollectiable Accounts $ 300.00
ble Notes Receivable $ 18,000.00
Balance Supplies $ 3,900.00
$ 18,000.00 Land $ 80,300.00
Balance Retained Earnings $ 33,800.00
$ 80,300.00 Service Revenue $ 135,500.00
ck Utilities Expense $ 15,100.00
Balance
$ 98,000.00 TOTAL $ 269,200.00 $ 269,200.00
ue 3D Family Fire works

Balance Income Statement
$ 49,100.00 For month Ended January 30, 2019
$ 135,500.00 Revenue
nse
Balance Total Revenue $ 135,500.00
$ 15,100.00 Expenses

Net Income $ 87,600.00
3D Family Fire Work
Balance Sheet
30-Jan-19
Assets Liablities
Current Assets Current Liabilities
Cash $ 105,000.00 Accounts Payable
Less: Accounts Receivable $ (300.00)
$ 13,800.00
Notes Receivable $ 18,000.00 Total Current Liabilities
Supplies $ 3,900.00
Total Liabilities
Total Current Assets $ 140,700.00 Stock Holder's Equity
Non Current Assets Common Stock
Land $ 80,300.00 Retained Earnings

Total Assets $ 221,000.00 Total liabilities and stockholder's Equity
ies
$ 1,600.00
$ 1,600.00
$ 1,600.00
$ 98,000.00
$ 121,400.00
$ 219,400.00
$ 221,000.00
JOURNAL ENTRIES
2-Jan Accounts Receivable $ 10,500.00
(To record the sales revenue)
2-Jan Cost of Goods Sold $ 7,360.00
Merchandise Inventory $ 7,360.00
(To record the cost of goods sold)
5-Jan Delivery Expense $ 200.00
Cash $ 200.00
(To record the shiping cost paid)
6-Jan Sales returns and allowances $ 1,200.00
(To record the Sales returns)
6-Jan Merchandise Inventory $ 850.00
(To record the cost of goods returned)
7-Jan Merchandise Inventory $ 88,000.00
(To record the inventory purchased)
8-Jan Delivery Expense $ 450.00
Cash $ 450.00
(To record the shiping cost paid)
11-Jan Cash $ 9,114.00
(To record the cash received from customers)
13-Jan Cash $ 14,700.00
(To record the sales for cash)
13-Jan Cost of Goods Sold $ 10,320.00
(To record the cost of goods sold)
Cash $ 87,120.00
(To record the Cash paid within the discount Period)
25-Jan Merchandise Inventory $ 54,000.00
(To record the inventory purchased)
(To record the inventory returned)
Accumulated Depreciation - Building $ 112,680.00
Allowance for Doubtful Accounts $ 7,500.00
Bonds Payable (due in 20 years) $ 375,000.00
Building $ 570,520.00
Cash $ 104,250.00
Common Stock (50,000 shares outstanding) $ 512,500.00
Cost of Goods sold $ 2,470,600.00
Dividends (Declared) $ 62,500.00
Freight- Out Expense $ 10,860.00
Fund Held to Pay Long-Term Debt $ 186,000.00
Gain on sale of Equipment $ 18,500.00
Goodwill $ 270,500.00
Income Taxes Payable $ 52,820.00
Land $ 324,000.00
Mortgage Payable ($13,500 due within one year) $ 270,000.00
Notes Payable (due in 9 months) $ 90,000.00
Notes Receivable (due in 2 years) $ 112,000.00
Retained Earnings (January 1, 2019) $ 576,430.00
Salaries & Wages Expense $ 543,140.00
Salaries & Wages Payable $ 33,900.00
Sales Discounts $ 19,130.00
Sales returns $ 57,370.00
Sales Revenue $ 3,852,980.00
Short- Term Investments $ 80,030.00
Supplies $ 6,300.00
Trademarks $ 62,700.00
Unearned Revenue $ 4,530.00
Annual Lease Payments $ 12,000.00 Beginning of each year
Lease Term Period 3
Implicit Rate 8%
PV of Annual Lease $33,399.18
Reduction of
No. Of Year Date Lease Payments Interest @8%
Lease Liability
0 1/1/2019
1 1/1/2019 $12,000.00 $0.00 $12,000.00
2 1/1/2020 $12,000.00 $1,711.93 $10,288.07
3 1/1/2021 $12,000.00 $888.89 $11,111.11
JOURNAL ENTRIES
IN THE BOOKS OF RODGER
Lease
Liability
$33,399.18 1/1/2019 Right-of-use Asset $33,399.18
$21,399.18 Lease Liability $33,399.18
$11,111.11 (To record the Lease Liability)
$0.00 1/1/2019 Lease Liability $ 12,000.00
Cash $ 12,000.00
(To record the 1st lease liability)
12/31/2019 Interest Expense $1,711.93
Interest Payable $1,711.93
12/31/2019 Amortization Expense $11,133.06
Right-of-use Asset $11,133.06
(To record the Amortization Expense)
JOURNAL ENTRIES
IN THE BOOKS OF PACKERS
1/1/2019 Cash $12,000.00

Lease Asset $12,000.00
(To record the Lease Liability)
12/31/2019 Interest Receivable $1,711.93
Interest Payable $1,711.93
12/31/2019 Depreciation Expense $20,000.00
Accumulated Depreciation $20,000.00
(To record Depreciation Expense
Problem 6-11
Part a.
Sales $ 48.00
Operating Costs $ 36.00 =75% of sales
EBITDA $ 12.00 = 25% of sales
DA $ 1.50 Depreciation expense
EBIT $ 10.50
I $ -
EBT $ 10.50
T (40%) $ 4.20
Net Income $ 14.70
NCF $ 16.20 =Net Income + Depreciation and amortization
Part b.
Depreciation expense= $ 3.00
Sales $ 48.00
EBITDA $ 12.00 =25% of sales
EBIT $ 9.00
I $ -
EBT $ 9.00
T (40%) $ 3.60
Net Income $ 12.60
Part c.
Depreciation expense= $ 0.75
Sales $ 48.00
EBITDA $ 12.00 =25% of sales
EBIT $ 11.25
I $ -
EBT $ 11.25
T (40%) $ 4.50
Net Income $ 15.75
Date Account Ttiles Assets = Equity + Liabilities
5-Jan Truck $ 16,300.00
Cash $ (16,300.00)
20-Feb Miscellaneous Expense $ (68.00)
Cash $ (68.00)
S. No. Date Face Amount Term (Days) Interest Rate Due Date Interest Amount
1 8-Jun $ 30,000.00 120 7% 6-Oct $ 700.00 S.No.
2 8-Sep $ 40,000.00 90 7% 7-Dec $ 700.00 1
4
JOURNAL ENTRIES
8-Jun Cash $ 30,000.00
(To record the Notes payable)
8-Sep Cash $ 40,000.00
(To record the Notes payable)
6-Oct Notes Payable $ 30,000.00
Cash $ 30,700.00
(To record the Note Paid)
7-Dec Notes Payable $ 40,000.00
Cash $ 40,700.00
(To record the Note Paid)
FNB Corporation
Income Statement
Fo the Year Ended December 31, 2015
Sales $ 1,000,000.00
Cost of Goods Sold $ (600,000.00)
Operating Expenses $ (90,000.00)
Earnings Before Interest, Depreciation and Taxes $ 310,000.00
Depreciation Expense $ (10,000.00)
Earnings Before Interest and Taxes $ 300,000.00
Interest Expense $ (80,000.00)
Earnings Before Tax $ 220,000.00
Income Taxes $ (100,000.00)
Earnings Available for Equity Share Holders (a) $ 120,000.00
No /of Shares Outstanding (b) 100,000
Earnings Per Share (a/b) $ 1.20
FNB Corporation
Statement of Cash flow from Operating Activities
as on December 31, 2015
Net Income $ 120,000.00
Adjustments
Depreciation $ 10,000.00
Changes in Inventory $ 50,000.00
Changes in Accounts Receivable $ (20,000.00)
Changes in Accounts Payable $ 200,000.00
$ 240,000.00
Net Cashflow from Operating Activities $ 360,000.00
FNB Corporation
Balance Sheet
as on December 31, 2015
ASSETS
Current Assets
Cash & Equil. $ 50,000.00
Inventory
Finished Goods $ 200,000.00
Raw Materials $ 100,000.00
Plant, Property and Equipment

Plant and Equipment $ 500,000.00
Less: Accumulated Depreciation $ (100,000.00)
$ 400,000.00
TOTAL ASSETS $ 1,000,000.00
LIABILITIES AND EQUITY SHAREHOLDERS
Current Liabilities
Other current Liabilities $ 50,000.00
Long Term Liabilities
Long term Debt $ 300,000.00
Equity Share Holders

Equity $ 450,000.00
Total Equity Shareholders $ 450,000.00
TOTAL LIABILITIES AND EQUITYHOLDERS $ 1,000,000.00

Calculation of Ratios
1. Current Ratio =Current Assets/Current Liabilities =600,000/250,000 2.4
2. Return on Equity =Net Income/Shareholder's Equity =120,000/450,000 27%
3. Return on Assets =Net Income/Total Assets =120,000/1,000,000 12%
4. Debt to Assets =Total Debt/Total Assets =300,000/1,000,000 0.3
5. Price Earnings Ratio =Price per Share/Earnings per Share =20/1.20 16.67
Quaterly Leas 130516 (2) Date Account
Lease Period ( 20 1-Jan Lease Equipment
Interest Rate 12%
Per Quarter 3% (To record the Lease T
1-Jan Lease Payable
PV of lease p ###
(To record the first Lea
1-Apr Lease Payable
Reduction in
No. of Quarter DateLease PaymentInterest @ 3% Lease Liability
Lease Liability Interst Expense
0 1/1/2011 ###
1 1/1/2011 ### $0.00 $130,516.00 ### (To record the 2nd leas
2 4/1/2011 ### $56,084.55 $74,431.45 ### Phys
3 7/1/2011 ### $53,851.61 $76,664.39 ### Date Account
4 10/1/2011 ### $51,551.67 $78,964.33 ### 1-Jan Lease Receivable
1-Jan Cash
1-Apr Cash
Account Titles Debit ($) Credit ($) (3) Date Account Titles
Lease Equipment $ 2,000,000.96 1-Jan Lease Equipment
Lease Payable $ 2,000,000.96
(To record the Lease Taken) (To record the Lease Taken)
Lease Payable $ 130,516.00 1-Jan Lease Payable
Cash $ 130,516.00
(To record the first Lease paid) (To record the first Lease paid
Lease Payable $ 74,431.45 1-Apr Lease Payable
Interst Expense $ 56,084.55 Interst Expense

Cash $ 130,516.00
(To record the 2nd lease paid) (To record the 2nd lease paid)
Physician's Leasing (Lessor) Physician's Leas
Account Titles Debit ($) Credit ($) Date Account Titles
Lease Receivable $ 2,000,000.96 1-Jan Lease Receivable
Inventory of Equipment $ 2,000,000.96 Cost of GoodsSold
(To record the lease given)
$ 130,516.00
Lease Receivable $ 130,516.00 1-Jan Cash
$ 130,516.00
Interest Revenue $ 56,084.55 1-Apr Cash
Lease Receivable $ 74,431.45
Lease Equipment $ 2,000,000.96
Lease Payable $ 2,000,000.96
(To record the Lease Taken)
Lease Payable $ 130,516.00
Cash $ 130,516.00
(To record the first Lease paid)
Lease Payable $ 74,431.45
Interst Expense $ 56,084.55

Cash $ 130,516.00
(To record the 2nd lease paid)
Physician's Leasing (Lessor)
Lease Receivable $ 2,000,000.96
Cost of GoodsSold $ 1,700,000.00
Inventory of Equipment $ 1,700,000.00
Sales Revenue $ 2,000,000.96
$ 130,516.00
$ 130,516.00
1 Building and Equipment $ 100,000.00
Cash $ 75,000.00
(To record the Common Stock issued)
2 Inventory $ 77,470.00
(To record the Inventory Purchased)
3 Delivery Expense $ 6,350.00
Cash $ 6,350.00
(To record the Freight Cost paid)
4 Prepaid Insurance $ 7,500.00
Cash $ 7,500.00
(To record the Insuance policy taken)
5 Supplies $ 20,000.00
Cash $ 20,000.00
(To record the Supplies purchased)
6 Accounts Receivable $ 82,500.00
(To record the Sales on account)
6 Cost of Goods Sold $ 49,500.00
(To record the Cost of Goods Sold)
Cash $ 5,775.00
(To record the Shipping cost)
8 Cash $ 81,675.00
Sales Discount $ 825.00
(To record the Cash received from customers)
9 Accounts Payable $ 77,470.00
Cash $ 77,470.00
(To record the Cash paid to suppliers)
10 Inventory $ 117,852.00
(To record the Inventory Purchased)
Date Account Titles Debit ($) Credit ($) Date
11 Delivery Expense $ 9,660.00 21
Cash $ 9,660.00
Cash $ 9,235.00
14 Supplies $ 10,000.00
Cash $ 10,000.00
(To record thesupplies for cash)
15 Sales Returns and Allowances $ 1,540.00
(To record the goods returned)
15 Inventory $ 924.00
(To record the cost of goods returnes)
16 Salaries Expense $ 6,250.00
Cash $ 6,250.00
(To record the Salaries Paid)
17 Cash $ 129,155.00
(To record the Cash Received )
Cash $ 6,163.00
Cash $ 117,852.00
(To record the Cash paid)
Cash $ 9,575.00
Building and Equipment $ 100,000.00
Accounts Payable $ -
Supplies $ 30,000.00
Sales Discount $ 2,130.00
Sales returns and allowances $ 1,540.00
Invoice Number Sales Person # Year Region Gross Sale Cost of Sale Profit
1 692 2009 4 $ 99.50 $ 49.55 $ 49.95 1
2 710 2012 6 $ 248.33 $ 134.10 $ 114.23
3 551 2007 3 $ 242,424.00 $ 104,727.17 $ 137,696.83
4 205 2011 1 $ 84,802.00 $ 37,143.28 $ 47,658.72 2
5 711 2008 3 $ 296,525.30 $ 137,013.17 $ 159,512.13
6 621 2006 1 $ 134,680.00 $ 71,111.04 $ 63,568.96
7 633 2008 5 $ 19,655.17 $ 9,670.34 $ 9,984.83 3
8 774 2011 6 $ 188,149.20 $ 91,440.51 $ 96,708.69
9 197 2007 1 $ 175,653.00 $ 81,151.69 $ 94,501.31
10 610 2006 2 $ 166,861.33 $ 89,103.95 $ 77,757.38 4
11 621 2005 1 $ 68,033.33 $ 33,472.40 $ 34,560.93
12 633 2014 5 $ 40,741.00 $ 20,777.91 $ 19,963.09
13 1,094 2009 6 $ 109,314.30 $ 59,029.72 $ 50,284.58 5
14 229 2009 1 $ 304,719.60 $ 164,548.58 $ 140,171.02
15 694 2011 6 $ 43,132.00 $ 23,291.28 $ 19,840.72
16 189 2007 1 $ 72,943.33 $ 38,951.74 $ 33,991.59 6
17 589 2008 1 $ 66,971.33 $ 31,744.41 $ 35,226.92
18 549 2007 1 $ 22,809.60 $ 11,222.32 $ 11,587.28
19 726 2013 6 $ 86,040.50 $ 44,396.90 $ 41,643.60 7
20 913 2011 5 $ 149,139.67 $ 74,271.55 $ 74,868.12
21 381 2008 1 $ 19,477.50 $ 9,816.66 $ 9,660.84
22 609 2013 5 $ 83,447.33 $ 36,549.93 $ 46,897.40 8
23 791 2014 3 $ 88,998.33 $ 42,719.20 $ 46,279.13
24 469 2006 1 $ 261,424.80 $ 134,895.20 $ 126,529.60
25 878 2010 6 $ 98,277.00 $ 42,455.66 $ 55,821.34 9
26 908 2005 4 $ 16,666.67 $ 8,600.00 $ 8,066.67
27 591 2013 3 $ 54,067.50 $ 28,547.64 $ 25,519.86
28 1,030 2008 6 $ 168,019.00 $ 79,641.01 $ 88,377.99
29 423 2012 3 $ 175,589.33 $ 73,474.52 $ 102,114.81
30 993 2008 5 $ 182,508.00 $ 97,459.27 $ 85,048.73
31 309 2014 1 $ 292,215.00 $ 154,289.52 $ 137,925.48
32 1,102 2008 6 $ 97,660.33 $ 50,392.73 $ 47,267.60
33 650 2005 2 $ 23,672.00 $ 12,782.00 $ 10,890.00
Which Sales person had the invoice with the highest PROFIT?
711
Which year had the highest total Gross Sales?

2009
How Many Invoice are there in region 6?

8
What is the Average profit in Region 4

4058.31
What is the median cost of sale?

$ 42,719.20
What is the total gross sales in region 1?

1503729.49
What is the Total profit for salesperson # 189 in region 4?

0
What is the sum of gross sales for salesperson # 213 in region 5?

0
Which is a reference to the entire column C?

C:C
Statement of Expected Cash Collection
Description January February March Quarter
Sales $ 386,000.00 $ 583,000.00 $ 297,000.00 $ 1,266,000.00
December Sales $ 200,800.00 $ 200,800.00
January Sales $ 77,200.00 $ 308,800.00 $ 386,000.00
February Sales $ 116,600.00 $ 466,400.00 $ 583,000.00
March Sales $ 59,400.00 $ 59,400.00
Total Cash Collection $ 278,000.00 $ 425,400.00 $ 525,800.00 $ 1,229,200.00
Merchandise Purchase Budget

Cost of Goods Sold (COGS) (60% of $ 231,600.00 $ 349,800.00 $ 178,200.00 $ 759,600.00
Less: Ending Inventory (25% of next $month
87,450.00
COGS) $ 44,550.00 $ 29,100.00 $ 29,100.00
Total Purchases Required $ 144,150.00 $ 305,250.00 $ 149,100.00 $ 730,500.00
Add: Beginning Inventory $ 57,900.00 $ 87,450.00 $ 44,550.00 $ 57,900.00
Total Purchases Made $ 202,050.00 $ 392,700.00 $ 193,650.00 $ 788,400.00
Merchandise Purchase Payments

Total Purchases $ 202,050.00 $ 392,700.00 $ 193,650.00 $ 788,400.00
December Purchases $ 85,425.00 $ 85,425.00
January Purchases $ 101,025.00 $ 101,025.00 $ 202,050.00
February Purchases $ 196,350.00 $ 196,350.00 $ 392,700.00
March Purchases $ 96,825.00 $ 96,825.00
Cash paid for Purchases $ 186,450.00 $ 297,375.00 $ 293,175.00 $ 777,000.00
Cash Budget
Beginning Cash Balance $ 41,000.00 $ 30,670.00 $ 38,955.00 $ 41,000.00
Add: Cash Collections $ 278,000.00 $ 425,400.00 $ 525,800.00 $ 1,229,200.00
Total Cash available (A) $ 319,000.00 $ 456,070.00 $ 564,755.00 $ 1,270,200.00
Less: Cash Disbursements
Inventory Purchases $ 186,450.00 $ 297,375.00 $ 293,175.00 $ 777,000.00
Selling and Administrative expenses $ 102,880.00 $ 118,640.00 $ 95,760.00 $ 317,280.00
Equipment Purchases $ 1,100.00 $ 70,500.00 $ 71,600.00
Cash Dividends $ 45,000.00 $ 45,000.00
Total Cash disbursements $ 334,330.00 $ 417,115.00 $ 459,435.00 $ 1,210,880.00
Excess (Deficiency) of cash $ (15,330.00) $ 38,955.00 $ 105,320.00 $ 59,320.00
Financing:
Borrowings $ 46,000.00 $ (46,000.00) $ -
Repayments $ -
Interest $ 1,380.00 $ 1,380.00
Total Financing $ 46,000.00 $ - $ (44,620.00) $ 1,380.00
Ending Cash Balance $ 30,670.00 $ 38,955.00 $ 60,700.00 $ 60,700.00
Hillyard Company
Unadjusted
Adjustments
Account Title Trial Balance
Cash $ 67,000.00
Allowance for Doubtful Debts $ 8,800.00
Interest Receivable $ 31.25
Prepaid Insurance $ 9,000.00 $ 5,250.00
Store Supplies $ 1,275.00
Office Supplies $ 4,780.00 $ 4,295.00
Note Receivable $ 2,500.00 d
Store Equipment $ 110,000.00
Accumulated Depreciation - Store Equipment $ 36,000.00
Office Equipment $ 56,000.00
Accumulated Depreciation - Office Equipment
Salaries Payable
Utilities Payable
Unearned Consulting Revenue $ 21,333.33
Unearned Rent Revenue $ 18,000.00
Consulting Revenue $ 32,000.00 $ 21,333.33
Rent Revenue
Interest Revenue $ 31.25
Sales Salaries Expense $ 170,000.00
Office Salaries Expense $ 80,000.00
Miscellaneous Administative Expense $ 4,500.00
Miscellaneous Selling Expense $ 8,970.00
Depreciation Expense - Store Equipment
Depreciation Expense - Office Equipment
Store Supplies Expense $ 16,500.00 $ 1,275.00
Rent Expense $ 2,700.00 $ 1,350.00
Bad Debt Expense
Utilities Expense Store
Utilities Expense Office
TOTALS $ 1,693,250.00 $ 1,693,250.00 $ 33,835.63 $ 33,835.63

Adjusted
COMPUTER R US
Trial Balance
Debit ($) Credit ($) Multiple Step Income Statement
$ 67,000.00 Sales Revenue $ 970,000.00
$ 530,000.00 Less: Sales Returns and Allowances $ 15,800.00
$ 8,800.00 Net Sales
$ 31.25 Less: Cost of Goods Sold
$ 242,500.00 Gross Profit
$ 3,750.00 Add: Operating Revenue
$ 1,350.00 Consulting Revenue $ 10,666.67
$ 1,275.00 Interest Revenue $ 31.25
$ 485.00
$ 2,500.00 Operating Income
$ 110,000.00 Less: Operating Expense
$ 36,000.00 Sales Discounts $ 11,000.00
$ 56,000.00 Sales Salaries Expense $ 170,000.00
Office Salaries Expense $ 80,000.00
$ 48,000.00 Miscellaneous Administative Expense $ 4,500.00
Miscellaneous Selling Expense $ 8,970.00
$ 301.04 Store Supplies Expense $ 15,225.00
$ 21,333.33 Rent Expense $ 1,350.00
$ 18,000.00 Insurance Expense $ 5,250.00
$ 17,000.00
$ 300,000.00 Earnings Before Interest
$ 263,450.00 Less: Interest Expense
$ 970,000.00
$ 10,666.67 Statement of Retained Earnings
Retained Earnings, Beginning
$ 31.25 Add: Net Income
$ 15,800.00
$ 11,000.00 Less: Dividends
$ 350,000.00 Retained Earnings, Ending
$ 170,000.00
$ 80,000.00
$ 4,500.00
$ 8,970.00
$ 15,225.00
$ 4,295.00
$ 1,350.00
$ 5,250.00
$ 301.04
$ 1,693,582.29 $ 1,693,582.29
COMPUTER R US
ement Balance Sheet

Assets
Current Assets
$ 954,200.00 Cash
$ 350,000.00 Accounts Receivable $ 530,000.00
$ 604,200.00 Less: Allowance for Doubtful Debts $ 8,800.00
Interest Receivable
Merchandise Inventory
$ 10,697.92 Prepaid Insurance
$ 614,897.92 Prepaid Rent
Store Supplies
Office Supplies
Notes Receivable

Store Equipment $ 110,000.00
Less: Accumulated Depreciation - Store Equipment $ 36,000.00
Office Equipment $ 56,000.00

Less: Accumulated Depreciation - Office Equipment $ -
$ 300,590.00
$ 314,307.92 TOTAL ASSETS
$ 301.04 LIABILITIES AND STOCKHOLDERS EQUITY
$ 314,006.88 Current Liabilities
Accounts Payable
nings Interest Payable
$ 263,450.00 Unearned Consulting Revenue
$ 314,006.88 Unearned Rent Revenue
$ 577,456.88 Notes Payable
$ 12,000.00
$ 565,456.88 Stockholder's Equity
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

$ 67,000.00
$ 521,200.00
$ 31.25
$ 242,500.00
$ 3,750.00
$ 1,350.00
$ 1,275.00
$ 485.00
$ 2,500.00
$ 74,000.00
$ 56,000.00
$ 970,091.25
TY
$ 48,000.00
$ 301.04
$ 21,333.33
$ 18,000.00
$ 17,000.00
$ 865,456.88
$ 970,091.25
Data January February March
Actual January and Februaryand Expected March Sales
Cash Sales $ 1,600 $ 3,750 $ 5,100
Sales on Account $ 25,000 $ 30,000 $ 40,000
Total Sales $ 26,600 $ 33,750 $ 45,100
Accounts Receivable Collections:

Month of Sale 15%
Month following sale 60%
Second month following sale 22%
Uncolectiable 3%
Accounts payable for inventory purchases, March 1 balance $ 10,500

Budgeted inventory purchases in March $ 23,500
Inventory payments:
Month of purchase 60%
Month following purchase 40%
Total budgeted selling & administrative expensesin March $ 12,500

Budgeting selling & administrative depreciation in March $ 3,200
Other budgeted cash disbursements in March

Equipment purchases $ 14,000
Dividends to be paid $ 2,000
Minimum cash balance to be maintained $ 10,000

March 1 cash balance $ 11,500
March 1 outstanding borrowings $ -
March 1 interest due $ -
Statement of expected cash collections Cash Budget - March
March
Cash Sales $ 5,100 Beginning Cash Balance $ 11,500
Sales on Accounts Add: Cash Collections $ 34,600
January Sales $ 5,500 Total Cash available (A) $ 46,100
February Sales $ 18,000 Less: Cash Disbursements
March Sales $ 6,000 Inventory Purchases $ 24,600
Selling and Administrative expenses $ 9,300
Total Cash Collections $ 34,600 Equipment Purchases $ 14,000
Statement of Cash Disbursements - Cash Dividends $ 2,000
March Total Cash disbursements $ 49,900
February Purchases $ 10,500 Excess (Deficiency) of cash $ (3,800)
March Purchases $ 14,100 Financing:
Borrowings $ (13,800)
Total Cash Disbursements $ 24,600 Repayments $ -
Interest $ -
Total Financing $ (13,800)
Ending Cash Balance $ 10,000
Account Unadjusted Adjustments
Account Title
Number Debit ($) Credit ($) Debit ($)
101 Cash $ 21,000.00
130 Merchandise Inventory $ 15,000.00
136 Store Supplies $ 30,000.00
165 Store Equipment $ 150,000.00
166 Accumulated Depreciation - Store Equipment $ 40,000.00
202 Notes Payable (due 2012) $ 10,000.00
Interest Payable
Salaries Expense
Income Tax Payable
231 Unearned Rent $ 3,000.00 $ 2,000.00
331 Common Stock $ 60,000.00
372 Dividends $ 2,000.00
401 Sales $ 352,000.00
403 Sales Discounts $ 5,000.00
501 Purchases $ 196,000.00 $ 3,000.00
502 Transportation In $ 4,000.00
504 Purchases Discounts $ 3,000.00
602 Sales Salaries Expense $ 40,000.00 $ 1,500.00
703 Office Salaries Expense $ 20,000.00 $ 1,500.00
711 Rent Expene $ 16,000.00
721 Utilities Expense $ 7,000.00
803 Rent Revenue $ 10,000.00
Store Supplies Expense $ 27,000.00
Depreciation Exprense - Store Equipment $ 12,000.00
TOTALS $ 546,000.00 $ 546,000.00 $ 58,000.00

Adjustments Adjusted
Credit ($) Debit ($) Credit ($) INCOME STATEMENT
$ 21,000.00 Sales
$ 40,000.00 Less: Purchases
$ 3,000.00 $ 12,000.00 Gross Profit
$ 27,000.00 $ 3,000.00 Operating Revenue
$ 150,000.00 Rent Revenue
$ 12,000.00 $ 52,000.00 Purchase Discounts
$ 30,000.00 Operating Income
$ 10,000.00 Less: Operating Expenses
$ 1,000.00 $ 1,000.00 Sales Discounts
$ 3,000.00 $ 3,000.00 Transportation In
$ 10,000.00 $ 10,000.00
$ 1,000.00 Less: General and Administation Expenses
$ 60,000.00 Sales Salaries Expense
$ 38,000.00 Office Salaries Expense
$ 2,000.00 Rent Expense
$ 352,000.00 Utilities Expense
$ 5,000.00 Store Supplies Expense
$ 199,000.00 Earnings Before Depreciaiton
$ 4,000.00 Less: Depreciation Expense - Store Equipment
$ 3,000.00 Earnings Befor Interest and Taxes
$ 41,500.00 Less: Interest
$ 21,500.00 Earnings Before Taxes
$ 16,000.00 Less: Income Tax Expense
$ 2,000.00 $ 12,000.00
$ 27,000.00
$ 12,000.00 STATEMENT OF RETAINED EARNINGS
$ 1,000.00 Retained Earnings, December 1, 2011
$ 10,000.00 Add: Net Income
$ 58,000.00 $ 572,000.00 $ 572,000.00 Less; Dividends

Retained Earnings, December 31, 2011
MENT BALANCE SHEET
$ 352,000.00 ASSETS
$ 199,000.00 Current Assets
$ 153,000.00 Cash
Accounts Receivable
$ 12,000.00 Merchandise Inventory
$ 3,000.00 Store Supplies
$ 168,000.00
$ 5,000.00 Store Equipment $ 150,000.00
$ 4,000.00 Less: Accumulated Depreciation - Store Equipment $ 52,000.00
$ 159,000.00
TOTAL ASSETS
$ 41,500.00
$ 21,500.00 LIABILITIES AND STOCKHOLERS EQUITY
$ 16,000.00 Current Liabilities
$ 7,000.00 Accounts Payable
$ 27,000.00 Notes Payable (due 2012)
$ 46,000.00 Interest Payable
$ 12,000.00 Salaries Expense
$ 34,000.00 Income Tax Payable
$ 1,000.00 Unearned Rent
$ 33,000.00
$ 10,000.00 Stockholder's Equity
$ 23,000.00 Common Stock $ 60,000.00
D EARNINGS
$ 38,000.00 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
$ 23,000.00
$ 61,000.00
$ 2,000.00
$ 59,000.00
$ 21,000.00
$ 40,000.00
$ 12,000.00
$ 3,000.00
$ 98,000.00
$ 174,000.00
ITY
$ 30,000.00
$ 10,000.00
$ 1,000.00
$ 3,000.00
$ 10,000.00
$ 1,000.00
$ 119,000.00
$ 174,000.00
CASH BUDGET
October November December
Beginning Cash Balance $ - $ 13,772.00 $ 13,000.00
Add: Cash Receipts $ 120,000.00 $ 324,000.00 $ 388,800.00
Cash Available $ 120,000.00 $ 337,772.00 $ 401,800.00
Less: Payments
For Inventory Purchases $ 208,320.00 $ 261,744.00 $ 255,632.00
For selling and administrative expenses $ 30,300.00 $ 45,000.00 $ 48,840.00
Purchase of store fixtures $ 119,400.00
Interest Expense $ 5,208.00 $ 5,242.00 $ 5,081.00
Total Budgeted Payments $ 363,228.00 $ 311,986.00 $ 309,553.00

Payments minus receipts
Surplus (Shortage) $ (243,228.00) $ 25,786.00 $ 92,247.00
Financing Activity
Borrowing (Repayment) $ 257,000.00 $ 12,786.00 $ 79,247.00
Ending Cash Balance $ 13,772.00 $ 13,000.00 $ 13,000.00
Repayments were made on every month

Interst Expense is calculated on
Inventory Purchases of the month @ 2%
per month
BAIRD COMPANY BAIRD COMPANY
INCOME STATEMENT BALANCE SHEET
FOR THE QUARTER ENDED DECEMBER 31, 2019 AS ON DECEMBER 31, 2019
Sales Budeget $ 1,092,000.00 Assets
Less: Cost of Goods Sold $ 764,400.00 Cash
Gross Margin $ 327,600.00 Accounts Receivable
Less: Selling and Administrative Expenses $ 155,220.00 Inventory
((47900+51500+55820) Store Fixtures
Operating Income $ 172,380.00 Less: Accumulated Depreciation
Less: Interest Expense $ 15,531.00
Net Income $ 156,849.00 TOTAL ASSETS
Liabilities
Accounts Payable
Sales Commission Payable
Utilities Payable
Loan Payable
Equity
Retained Earnings
Total Liabilities and Equity

BAIRD COMPANY BAIRD COMPANY
BALANCE SHEET STATEMENT OF CASH FLOWS
N DECEMBER 31, 2019 FOR THE QUARTER ENDED DECEMBER 31, 2019
Cash flow from Operating Activites
$ 13,000.00 Cash Receipts from Customers $ 832,800.00
$ 259,200.00 Cash payments for Inventory $ (725,696.00)
$ 12,100.00 Cash Payments for Selling and administrative Expense $ (124,140.00)
$ 119,400.00 Cash Payments for Interest Expense $ (15,531.00)
$ (12,300.00) Net Cash flow from Operating Activities
$ 107,100.00 Cash flow from Investing Activites
$ 391,400.00 Cash Payments for Store Fixtures
Cash flow from Financing Activities
$ 50,804.00 Net inflow from line of credit
$ 17,280.00 Net increase in Cash
$ 1,500.00 Plus: Beginning cash Balance
$ 164,967.00 Ending Cash Balance
$ 156,849.00
$ 391,400.00
1, 2019
$ (32,567.00)
$ (119,400.00)
$ 164,967.00
$ 13,000.00
$ -
$ 13,000.00
Tannenhill Company
Common - Sized Income Statement
Fot the Year Ended December 31
Tannenhill Tannenhill Electronics
Company Company Industry
Amount Percentage Average
Sales $ 830,000.00 100% 100%
Cost of Goods Sold $ 547,800.00 66% 72%
Gross Profit $ 282,200.00 34% 28%
Selling Expenses $ 166,000.00 20% 15%
Administrative Expenses $ 66,400.00 8% 7%
Total Operating Expenses $ 232,400.00 28% 22%
Income from Operations $ 49,800.00 6% 6%
Other Revenue $ 16,600.00 2% 2%
$ 66,400.00 8% 8%
Other Expense $ 8,300.00 1% 1%
Income Before Income Tax $ 58,100.00 7% 7%
Income Tax Expense $ 24,900.00 3% 5%
Net Income $ 33,200.00 4% 2%

Accounts

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Chapter 1: Applying Excel

Traditional Format Income Statement

Contribution Format Income Statement

End. Bal. $ 24,000.00 End. Bal. $ 2,600.00

End. Bal. $ 1,700.00 End. Bal. $ 12,900.00

Accounts Payable Notes Payable

End. Bal. $ 1,900.00 End. Bal. $ 7,500.00

Common Stock Retained Earnings

End. Bal. $ 20,000.00 End. Bal. $ 900.00

Service Revenue Salaries Expense

Utilities Expense Rent Expense

End. Bal. $ 1,100.00 End. Bal. $ 5,000.00

End. Bal. $ 23,800.00 End. Bal. $ 8,900.00

Finished Goods Inventroy Cost of Goods Sold

End. Bal. $ 17,700.00 End. Bal. $ 51,100.00

Manufacturing Overhead Selling, General, and Administrative Expense

End. Bal. $ 5,020.00 End. Bal. $ 3,320.00

Sales Revenue Other Accounts (Cash, Payables, etc.)

End. Bal. $ 66,430.00 End. Bal. $ 7,930.00

Service Revenue $ 13,500.00 $ 7,400.00

Depreciation Expense - Equipment $ 950.00

TOTALS $ 71,300.00 $ 71,300.00 $ 10,750.00 $ 10,750.00

$ 20,900.00 Date Account Title

$ 73,950.00 $ 73,950.00 $ 63,300.00 $ 63,300.00

(To record the transfer of all Expenses to Inco

(To record the transfer debit or credit balance

(To record the direct transfer of dividends to O

Account Title Debit ($) Credit ($)

Closing Journal Entries

record the direct transfer of dividends to Owner's

Jan. 1 Cash Real Account Increase Debit $ 78,000.00

Cash Receipts Journal

Date Item Post. Ref. Debit Credit Debit

1-Mar Balance $ 9,715.00

Accounts Receivable Ledger

Date Account Titles Debit ($) Credit ($)

1 Supplies Expense $ 4,000.00

CLOSING JOURNAL ENTRIES

TOTALS $ 1,028,405.00 $ 1,028,405.00 $ 262,070.00

Statement of Retained Earnings

Date Account Titles Debit ($) Credit ($)

1 Supplies Expense $ 4,000.00

CLOSING JOURNAL ENTRIES

TOTALS $ 1,029,885.00 $ 1,029,885.00 $ 263,470.00

Statement of Retained Earnings

Gross Profit Ratio 27%

Profit Margin Ratio 14%

Unit Cost Total Cost

TOTAL $ 160,100.00 $ 160,100.00 $ 32,470.00 $ 32,470.00 $ 184,800.00

$ 58,800.00 Total Expenses

Statement of Changes in Stockholder's Equity

Beginning Common Stock

25-Jan Sales 170 $ 13.50 $ 2,295.00

TOTAL 730 $ 9,905.00 200 $ 5,195.00

FIFO - PERPETUAL INVENTORY

25-Jan Sales 50 $ 14.50 $ 725.00

TOTAL 730 $ 9,905.00 200 $ 5,215.00

SPECIFIC IDENTIFICATION - PERPET

20 $ 13.50 $ 270.00 30-Jan Purchases 340 $ 13.00 $ 4,420.00

IDENTIFICATION - PERPETUAL INVENTORY

1 Supplies Expense $ 3,930.00

CLOSING JOURNAL ENTRIES

Total Assets $ 179,030.00

Statement of Retained Earnings