Karkits Corporation

Working Trial Balance

For the year ended December 31, 2018

  Trial Balance Adjustments Profit or Loss Financial Position

  Debit Credit Debit Credit Debit Credit Debit Credit
Petty Cash Fund 15,000 7,500 7,500
Cash in Bank 243,600 88,300 35,000 296,900
Trading Securities 330,000 20,000 350,000
Accounts Receivable 3,544,000 35,000 821,000 2,758,000
Allowance for Uncollectible Accounts 120,000 17,900 137,900
Advances to Officers and Employees 0 123,000 123,000
Inventories 4,398,900 578,000 4,976,900
Prepaid Insurance 29,400 6,250 23,150
Property, Plant, and Equipment, at cost 10,945,000 9,470,000 8,600,000 11,815,000
Accumulated Depreciation 703,500 166,800 870,300
Franchises 500,000 50,000 450,000
Licensing Agreement 216,000 144,000 216,000 144,000
Accounts Payable 2,141,550 161,000 223,650 2,204,200
Interest Payable 0 380,000 380,000
Accrued Expenses 598,020 140,800 738,820
Unearned Revenues 0 130,000 130,000
Income Taxes Payable 193,365 154,126 39,239
Dividends Payable 1,250,000 1,250,000
Current Portion of Long-term Debt 0 500,000 500,000
Mortgage Payable 2,000,000 500,000 1,500,000
Bonds Payable 2,000,000 2,000,000
Discount on Bonds Payable 122,000 7,800 114,200
Ordinary Share Capital 5,000,000 5,000,000
Additional Paid in Capital 1,350,000 1,350,000
Retained Earnings, January 1, 2018 2,867,840 2,867,840
Sales 32,250,000 661,000 31,589,000
Cost of Goods Sold 18,169,950 22,350 586,000 17,606,300
Marketing and Administrative Expenses 8,900,400 458,250 900,000 8,458,650
Other Income 180,000 160,000 20,000 40,000
Interest Expense 404,320 387,800 792,120
Income Tax Expense 1,585,705 154,126 1,431,579
Dividends Declared 1,250,000 1,250,000
TOTAL 50,654,275 50,654,275 12,962,826.00 12,962,826.00 28,288,649.00 31,629,000.00
Profit After Interest and Income Tax 3,340,351.00 3,340,351.00
  31,629,000.00 31,629,000.00 22,308,650.00 22,308,650.00