Cash in Bank

Accounts Receivable
Notes Receivable
Raw Materials Inventory Jan. 1
WI, Beg.
Finished Goods Inventory Jan. 1
Store Equipment
Office Equipment
Machinery
Accumulated depreciation
Patent
Accounts Payable
Notes Payable
RJC, Capital
RJC, Withdrawal
Sales
Purchases
Purchase Return
Purchase Discount
Direct Labor
Indirect Labor
Superintendence
Light, heat and power
Rent- factory building
Repair and Maintenance- Machinery
Factory Supplies Used
Sales Commission
Advertising
Office Salaries
Sales Discount
Sales Return and Allowances
Delivery Expense
Accounting and Legal Fees
Office Expenses
Income Tax Expense
Total
Raw Materials Inventory Dec. 31
Work-in-Process Inventory Dec 31
Finished Goods Inventory Dec.3 1
Interest Receivable
Interest Payable
Interest Income
Interest Expense
Depreciation Expense- Machinery
Depreciation Expense- Store equipment
Depreciation Expense- office equipment
Amortization of Patent

Cost of goods manufactured

Total
Profit
UNADJUSTED TRIAL BALANCE ADJUSTMENTS
DR CR DR
650,000.00
550,000.00
250,000.00
96,430.00
77,200.00
94,470.00
240,000.00
216,500.00
300,000.00
150,000
135,000.00
345,000.00
200,000.00
500,000.00
300,000.00
8,150,000.00
3,000,000.00
85,500.00
135,800.00
850,000.00
250,000.00
210,000.00
320,000.00
120,000.00
50,000.00
 110,000.00
400,000.00
160,000.00
150,000.00
66,700.00
50,000.00
200,000.00
180,000.00
220,000.00
320,000.00
9,566,300.00 9,566,300.00

6,250.00

3,000.00
30,000.00
24,000.00
21,650.00
20,250.00
105,150.00
ADJUSTMENTS COST OF GOODS MANUFACTURED
CR DR CR

96,430.00
77,200.00

75,650.00
20,250.00

3,000,000.00
85,500.00
135,800.00
850,000.00
250,000.00
210,000.00
320,000.00
120,000.00
50,000.00
 110,000.00

105,000.00
88,000.00

3,000.00
6,250.00

30,000.00

20,250.00
105,150.00 5,133,880.00 414,300.00
4,719,580.00
5,133,880.00 5,133,880.00
INCOME STATEMENT BALANCE SHEET
DR CR DR
650,000.00
550,000.00
250,000.00

94,470.00
240,000.00
216,500.00
300,000.00

114,750.00

300,000.00
8,150,000.00
 400,000.00
160,000.00
150,000.00
66,700.00
50,000.00
200,000.00
180,000.00
220,000.00
320,000.00

105,000.00
88,000.00
112,000.00 112,000.00
6,250.00

6,250.00
3,000.00

24,000.00
21,650.00

4,719,580.00
6,609,400.00 8,268,250.00 2,932,500.00
1,658,850.00 -
8,268,250.00 8,268,250.00 2,932,500.00
ALANCE SHEET
CR

225,650.00

345,000.00
200,000.00
500,000.00
 3,000.00

1,273,650.00
1,658,850.00
2,932,500.00
 RJC MANUFACTURING COMPANY
STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2018

Sales 8,150,000.00
Less: Sales Discount 66,700.00
Sales Return and Allowances 50,000.00
Net Sales 8,033,300.00
Cost of Goods Sold:
Finished Goods Inventory, Jan. 1 94,470.00
Add: Cost of Goods Manufactured (Schedule 1) 4,719,580.00
Cost of Goods Available for Sale 4,814,050.00
Less: Finished Goods Inventory, Jan. 31 112,000.00 4,702,050.00
Gross Profit 3,331,250.00
Add: Interest Income 6,250.00
Less: General and Administrative Expenses
Sales Commision 400,000.00
Advertising 160,000.00
Office Salaries 150,000.00
Delivery Expense 200,000.00
Accounting and Legal Fees 180,000.00
Office Expenses 220,000.00
Depreciation Expense- Store equipment 24,000.00
Depreciation Expense- office equipment 21,650.00 1,355,650.00
Earnings before Interest and Taxes 1,981,850.00
Less: Interest Expense 3,000.00
Earnings before Taxes 1,978,850.00
Income Tax Expense 320,000.00
Net Income 1,658,850.00
 RJC MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured
For the year ended December 31, 2018

Direct Materials Used:

Raw Materials, Beg
Add: Purchases
Less: Purchase Discount 85,500.00
Puchase Return 135,800.00
Net Purchases
Raw Materials Available for Use
Less: Raw Materials, End
Direct Labor
Manufacturing Overhead
Indirect Labor
Superintendence
Light, heat and power
Rent- factory building
Repair and Maintenance- Machinery
Factory Supplies Used
Depreciation Expense- Machinery
Amortization of Patent
Total Manufacturing Costs
Add: Work in Process, beg
Total Goods Placed in Process
Less: Work in Process, end
Cost of Goods Manufactured
G COMPANY
s Manufactured
ember 31, 2018

96,430.00
3,000,000.00

221,300.00
2,778,700.00
2,875,130.00
105,000.00 2,770,130.00
850,000.00

250,000.00
210,000.00
320,000.00
120,000.00
50,000.00
110,000.00
30,000.00
20,250.00 1,110,250.00
4,730,380.00
77,200.00
4,807,580.00
88,000.00
4,719,580.00
Closing of the Manufacturing Accounts

Work in Process Inventory, End 88,000.00

Raw Materials Inventory, End 105,000.00
Purchase Discount 85,500.00
Puchase Return 135,800.00
Manufacturing Summary 414,300.00

Manufacturing Summary 5,133,880.00

Work in Process Inventory, Beg 77,200.00
Raw Materials Inventory, Beg 96,430.00
Purchases 3,000,000.00
Direct Labor 850,000.00
Indirect Labor 250,000.00
Superintendence 210,000.00
Light, heat and power 320,000.00
Rent- factory building 120,000.00
Repair and Maintenance- Machinery 50,000.00
Factory Supplies Used 110,000.00
Depreciation Expense- Machinery 30,000.00
Amortization of Patent 20,250.00

Income and Expese Summary 4,719,580.00

Manufacturing Summary 4,719,580.00
Closing of the Income Statement Accounts

Sales 8,150,000.00
Interest Income 6,250.00
Finished Goods Inventory, End 112,000.00
Income and Expense Summary 8,268,250.00

Income and Expense Summary 1,889,820.00

Finished Goods Inventory, End 94,470.00
Sales Discount 66,700.00
Sales Return and Allowances 50,000.00
Interest Expense 3,000.00
Income Tax Expense 320,000.00
Sales Commision 400,000.00
Advertising 160,000.00
Office Salaries 150,000.00
Delivery Expense 200,000.00
Accounting and Legal Fees 180,000.00
Office Expenses 220,000.00
Depreciation Expense- Store equipment 24,000.00
Depreciation Expense- office equipment 21,650.00

Income and Expense Summary 1,658,850.00

RJC, Capital 1,658,850.00

RJC, Capital 300,000.00

RJC, Withdrawal 300,000.00
 RJC MANUFACTURING COMPANY
STATEMENT OF FINANCIAL POSITION
As of the year ended December 31, 2018

ASSETS

Current Assets
Cash in Bank
Accounts Receivable
Notes Receivable
Interest Receivable
Inventories:
Finished Goods 112,000.00
Work in Process 88,000.00
Raw Materials 105,000.00
Total Current Assets

Non-Current Assets
Store Equipment 240,000.00
Office Equipment 216,500.00
Machinery 300,000.00 756,500.00
Less: Accumulated depreciation 225,650.00
Patent
Total Non-Current Assets
Total Assets

LIABILITIES
Accounts Payable
Notes Payable
Interest Payable
Total Liabilities
OWNER'S EQUITY
RJC, Capital
Total Liabilities and Owner's Equity
COMPANY
AL POSITION
mber 31, 2018

650,000.00
550,000.00
250,000.00
6,250.00

305,000.00
1,761,250.00

530,850.00
114,750.00
645,600.00
2,406,850.00

345,000.00
200,000.00
3,000.00
548,000.00

1,858,850.00
2,406,850.00
 RJC MANUFACTURING COMPANY
TRIAL BALANCE
As of the Year Ended December 31, 2018

Debit Credit
Cash in Bank 650,000.00
Accounts Receivable P 550,000.00
Notes Receivable 250,000.00
Interest Receivable 6,250.00
Finished Goods Inventory 112,000.00
Work in Process Inventory 88,000.00
Raw Materials Inventory 105,000.00
Store Equipment 240,000.00
Office Equipment 216,500.00
Machinery 300,000.00
Less: Accumulated depreciation 225,650.00
Patent 114,750.00
Accounts Payable 345,000.00
Notes Payable 200,000.00
Interest Payable 3,000.00
RJC, Capital 1,858,850.00
P 2,632,500.00 2,632,500.00