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  • Case Western G-1

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    rinkle
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    1) The document provides trial balance information for 2007 including assets, liabilities, equity, income and expenses. 2) Key figures include total assets of $95,433 including non-current assets of $36,980 and current assets of $58,453. Total equity is $33,134 consisting of capital of $30,000 and retained earnings of $3,134. 3) Income was $600,180 while expenses totaled $367,253, including cost of purchases of $180,054.

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    CASE WESTERN G-1.xlsx

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    1) The document provides trial balance information for 2007 including assets, liabilities, equity, income and expenses. 2) Key figures include total assets of $95,433 including non-current assets of $36,980 and current assets of $58,453. Total equity is $33,134 consisting of capital of $30,000 and retained earnings of $3,134. 3) Income was $600,180 while expenses totaled $367,253, including cost of purchases of $180,054.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    22 views11 pages

    Case Western G-1

    Uploaded by

    rinkle
    1) The document provides trial balance information for 2007 including assets, liabilities, equity, income and expenses. 2) Key figures include total assets of $95,433 including non-current assets of $36,980 and current assets of $58,453. Total equity is $33,134 consisting of capital of $30,000 and retained earnings of $3,134. 3) Income was $600,180 while expenses totaled $367,253, including cost of purchases of $180,054.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 11

    Cash Inventory prepaid assDeposits Property a

    Closing Bal 6280 16400 5000 3000 20107

    Investment 25000
    Truck 5000
    Salary -9000
    Depost -3000 3000
    Pre paid rent -5000 5000
    Rent -15000
    Cash register -2000 2000
    Inventory -30000 30000
    Bank loan 12000
    Property and equipment -13800 13800
    Sale 82000
    Operating exp -23000
    Inventory used -24600
    Credit Charge -820
    Inventory replenished -11000 11000
    Interest -100
    6280 16400 5000 3000 20800

    2007
    Opening balance 6280 16400 5000 3000 20107
    Sales return -5100 1530
    Sales 605280
    Credit card charge -6053
    COGS -181584
    Rent -60000
    Salary -72000
    operating exp -228000
    Interest -1300
    Inventory replenishment -198654 198654
    new truck purchase -20000 20000
    20453 35000 5000 3000 40107

    Trial balance 2007


    Cash 20453 *assumed tax was paid. Or a tax payable ac is to be created
    Inventory 35000 *opening bal for cost of purchase is also to be omitted like the expense opening bal.
    Prepaid asset 5000
    Deposits 3000
    Property and Equi 40107
    Accrued Expense 5553
    Loan 12000
    Capital 30000
    Income 600180
    Other equity 3134
    Expense 367253
    Cost of purchases 180054
    650867 650867

    Income Statement 2006


    Revenue 82000
    COGS 24600
    Gross Margin 57400
    Less: operating exp
    Salary 9000
    Rent 15000
    Operating expense 28000
    Credit Card fee 820
    Total exp 52820
    EBITDA 4580
    Depreciation 693
    Interest 200
    EBT 3687
    Tax 553
    Net profit 3134
    Statement of retained earning
    op bal 0
    add current year 3134
    profit avail 3134
    less: paid 0
    closing bal 3134
    working notes : income from sales 2007 Working notes:inventory 2007
    per month sale 52000
    no of yrs 12 op bal 16400
    total sale 624000 add: cost of return 1530
    less return 18720 add : purchase 198654
    net sale 605280 inventory avail 216584
    Credit card sale 242112 card fee 6052.8 less: closing bal 35000
    cash sale 363168 cogs 181584
    = Int payable Tax PayablAccrued ExLoan
    100 553 5000 12000

    12000

    5000

    100
    0 100 0 5000 12000 0

    0 100 0 5000 12000 0

    -100

    0 0 0 5000 12000 0

    Income statement
    c is to be created Revenue 600180
    o be omitted like the expense opening bal. COGS 180054
    Gross Margin 420126
    Less: Operating Exp
    Salary 72000
    Rent 60000
    Operating 228000
    Credit Card 6053
    Total exp 366053
    EBITDA 54073
    Depreciati 8127
    EBIT 45946
    Interest 1200
    EBT 44746
    Tax 6712
    Net profit 38034
    Statement of retained earning
    op bal 3134
    add curren 38034
    profit avail 41168
    less: paid 0
    closing bal 41168

    Balance sheet 12/31/2006 TB


    Asset Cash
    Non Current inventory
    Property adjusted dep(20800-693) 20107 Prepaid ass
    Prepaid Assets 5000 Deposit
    Total Non Current 25107 Property a
    Current Asset Int payable
    Inventory 16400 accrued exp
    Deposit 3000 loan
    Cash 6280 capital
    Total Current Asset 25680 income
    Total Asset 50787 exp
    Liability and Equity
    Equity 30000
    Retained Earning 3134
    Total Equity 33134
    Liability
    Non Current
    Loan 12000 12000
    Current
    Int Payable 100
    Tax Payable 553
    Accrued exp 5000
    Total Current Libility 5653
    Total Liability and Equity 50787

    Depreciation break up (guess work) 2006


    truck 0.24038462 166.5865 4833
    register 0.09615385 66.63462 1933
    property 0.66346154 459.7788 13340
    693 693 from balance sheet total

    181584
    Capital Retained earning
    30000 3134

    Income exp cost of purchase


    25000
    5000
    9000

    15000

    82000
    28000
    24600
    820

    200
    30000 82000 53020

    30000 24600
    -5100 -1530
    605280
    6053
    181584
    60000
    72000
    228000
    1200

    30000 600180 367253 180054

    Balance sheet 2007


    Asset
    Non Current
    Property adjusted 31980
    Prepaid Assets 5000
    Total Non Current 36980
    Current Asset
    Inventory 35000
    Deposit 3000
    Cash 20453
    Total Current Asset 58453
    Total Asset 95433
    Liability and Equity
    Equity 30000
    Retained Earning 41168
    Total Equity 71168
    Liability
    Non Current
    Loan 12000
    Current 12000
    Int Payable
    Tax Payable 6712
    Accrued exp 5553
    Total Current Libility 12265
    Total Liability and Equity 95433

    6280
    16400
    5000
    3000
    20800
    Int payable 100
    accrued exp 5000
    12000
    30000
    82000
    77620
    129100 129100

    Dep sir's calculation


    5000 1000 167
    2000 400 67
    13800 2760 460
    693

    Depreciation Value dep


    New truck 24833 4967
    Register 2000 400
    Property 13800 2760
    8127
    Cash Truck EquipmentInventory RecievablePrepaid re Trade payaSalary payable
    Invested 80000
    Bought tru -30000 30000
    Purchased -20000 20000
    Inventory 71000 71000
    Sales 200000 100000
    Credit Car 3000
    Inventory used -62500
    Rent -14000 2000
    Insurance -1200
    Salary -185000
    wages -180000 5000
    Bad Debt -3000
    receivables 75000 75000
    other op exp
    Salary payable Captial Income
    80000

    300000
    3000
    62500
    12000
    1200

    185000
    -3000

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