Particulars Debit Credit

2021
December 31 Income Summary 300,000.00
Merchandise Inventory, 1/1/2021 300,000.00

31 Merchnadise Inventory, 12/31/2021 230,000.00

Income Summary 230,000.00
 Particulars Debit Credit
2021
December 31 Income Summary 80,000.00
Merchandise Inventory, 1/1/2021 80,000.00

31 Merchandise Inventory, 12/31/2021 74,000.00

Income Summary 74,000.00
 Charito Guillermo Retailers
(Partial) Income Statement
For the Year Ended December 31, 2021
Sales Revenues:
Sales 190,000.00
Less: Sales Returns and Allowances 20,000.00
Net Sales 170,000.00
Cost of Good Sold:
Merchandise Inventory, 1/1/2021 80,000.00
Purchases 60,000.00
Less: Purchases Discounts 3,000.00
Net Purchases 57,000.00
Transportation In 1,000.00
Net Cost of Purchases 58,000.00
Cost of Goods Available For Sale 138,000.00
Less: Merchandise Inventory, 12/31/2021 74,000.00
Cost of Good Sold 64,000.00
Gross Profit 106,000.00
Net Sales
Gross Sales 1,610,000.00
Less: Sales Returns & Allowances 45,000.00
Sales Discounts 15,000.00 60,000.00
Net Sales 1,550,000.00
Cost of Goods Sold
Inventory, Jan. 1, 2021 220,000.00
Purchases 985,000.00
Less: Purchases Returns & Allowances 31,000.00
Purchases Discounts 20,000.00 51,000.00
Net Purchases 934,000.00
Transportation-In 36,000.00
Net Cost of Purchases 970,000.00
Cost of Goods Available For Sale 1,190,000.00
Less: Inventory, Dec. 31, 2021 260,000.00
Cost of Goods Sold 930,000.00
Gross Margin From Sales 620,000.00
Operating Expenses 775,000.00
Profit 155,000.00
 Income Statement Balance Sheet
Account Titles Debit Credit Debit Credit
Merchandise Inventory, Beginning /
Sales /
Sales Returns & Allowances /
Purchases /
Purchases Returns & Allowances /
Purchases Discounts /
Transportation In /
Salaries Payable /
Merchandise Inventory, Ending / /
 Christine Sousa Bags
Worksheet
For the Year Ended December 31

Account Titles Trial Balances

Debit Credit
Cash 72,000.00
Accounts Receivable 136,000.00
Merchandise Inventory 598,000.00
Prepaid Advertising 75,000.00
Land 400,000.00
Office Supplies 42,000.00
Office Equipment 570,000.00
Accumulated Depreciation-Office Equipment 150,000.00
Office Building 1,600,000.00
Accumulated Depreciation-Office Building 100,000.00
Accounts Payable 74,000.00
Notes Payable due in 2 yrs. 200,000.00
Mortgage Payable 1,100,000.00
Sousa, Capital 1,510,000.00
Sousa, Withdrawals 200,000.00
Sales 4,600,000.00
Sales Returns & Allowances 187,000.00
Sales Discounts 161,000.00
Purchases 2,643,000.00
Purchases Discounts 172,000.00
Purchases Returns & Allowances 133,000.00
Transportation In 72,000.00
Insurance Expense 25,000.00
Interest Expense 208,000.00
Salaries Expense 862,000.00 c
Travel Expense 188,000.00
Total 8,039,000.00 8,039,000.00
Office Supplies Expense a
Advertising Expense b
Salaries Payable
Depreciation Expense- Office Building d
Depreciation Expense- Equipment d
 Christine Sousa Bags
Worksheet
or the Year Ended December 31, 2021
Statement of
Adjustment Income Statement Financial Position
Debit Credit Debit Credit Debit Credit
72,000.00
136,000.00
598,000.00 723,000.00 723,000.00
b 25,000.00 50,000.00
400,000.00
a 17,000.00 25,000.00
570,000.00
d 20,000.00 170,000.00
1,600,000.00
d 15,000.00 115,000.00
74,000.00
200,000.00
1,100,000.00
1,510,000.00
200,000.00
4,600,000.00
187,000.00
161,000.00
2,643,000.00
172,000.00
133,000.00
72,000.00
25,000.00
208,000.00
21,000.00 883,000.00
188,000.00

17,000.00 17,000.00
25,000.00 25,000.00
c 21,000.00 21,000.00
15,000.00 15,000.00
20,000.00 20,000.00
98,000.00 98,000.00
5,042,000.00 5,628,000.00 3,776,000.00 3,190,000.00
586,000.00 586,000.00
5,628,000.00 5,628,000.00 3,776,000.00 3,776,000.00
 2021
December 31 Income Summary 598,000.00
Merchandise Inventory, January 1 598,000.00

31 Merchandise Inventory, December 31 723,000.00

Income Summary 723,000.00

31 Office Supplies Expense 17,000.00

Office Supplies 17,000.00

31 Advertising Expense 25,000.00

Prepaid Advertising 25,000.00

31 Salaries Expense 21,000.00

Salaries Payable 21,000.00

Depreciation Expense- Office Building 15,000.00

Accumulated Depreciation-Office Building 15,000.00

Depreciation Expense- Office Equipment 20,000.00

Accumulated Depreciation-Office Equipment 20,000.00
December 31 Sales 4,600,000.00
Purchases Discounts 172,000.00
Purchases Returns and Allowances 133,000.00
Income Summary

31 Income Summary 4,444,000.00

Sales Discounts
Sales Returns & Allowances
Purchases
Transportation In
Insurance Expense
Interest Expense
Salaries Expense
Travel Expense
Office Supplies Expense
Advertising Expense
Depreciation Expense- Office Building
Depreciation Expense- Equipment

31 Income Summary 586,000.00

Sousa, Capital

31 Sousa, Capital 200,000.00

Sousa, Withdrawals
4,905,000.00 Income Summary
598,000.00 723,000.00
4,444,000.00 4,905,000.00
161,000.00 5,042,000.00 5,628,000.00
187,000.00
2,643,000.00 586,000.00
72,000.00
25,000.00
208,000.00
883,000.00
188,000.00
17,000.00
25,000.00
15,000.00
20,000.00

-
586,000.00

200,000.00