Professional Documents
Culture Documents
Accounting
Accounting
Belingon
ABM12-YA-1P
Dr Cr
Cash on hand 120,586.00
Cash in bank 560,125.00
Trade receivables 400,125.00
Allowance for bad debts 60,128.00
Advances to suppliers 125,677.00
Interest receivable 1,248.00
Prepaid supplies 4,450.00
Receivable from insurance 70,990.00
Merchandise inventory - January 1, 2016 255,544.00
Prepaid interest 987.00
Prepaid insurance 6,680.00
Land 780,125.00
Land improvements 5,040.00
Accumulated depreciation - Land improvements 2,050.00
Building 480,650.00
Accumulated depreciation - Building 100,788.00
Building improvements 65,234.00
Accumulated depreciation - Building improvements 5,019.00
Furniture and equipment 88,190.00
Accumulated depreciation - Furniture 10,160.00
Machinery and equipment 110,897.00
Accumulated depreciation - Machinery and equipment 45,678.00
Trade payables 198,700.00
Advances from officers and employees 5,076.00
Utilities payable 6,807.00
Salaries payable 10,150.00
Unearned rent 5,600.00
Notes payable - short-term portion 250,000.00
Notes payable - long-term portion 180,000.00
Loans payable - short-term portion 130,000.00
Loans payable - long-term portion 450,000.00
Crash, capital 482,145.00
Crash, drawing 250,000.00
Sales 2,490,000.00
Sales discount 10,250.00
Sales return 1,577.00
Rent income 10,000.00
Interest income 1,500.00
Purchases 510,000.00
Purchases discount 88,000.00
Purchase return 7,650.00
Freight in 56,875.00
Freight out 6,780.00
Salaries expense 434,588.00
Utilities expense 10,770.00
Advertising expense 5,680.00
Rent expense 60,000.00
Bad debts 1,654.00
Depreciation - building 45,670.00
Depreciation - land improvements 6,557.00
Depreciation - building improvements 5,078.00
Depreciation - furniture 6,087.00
Depreciation - machinery and equipment 10,157.00
Supplies expense 10,124.00
Insurance expense 18,000.00
Interest expense 12,000.00
Miscellaneous expense 1,056.00
Merchandise inventory - December 31, 2016 301,256.00
Income and expense summary 301,256.00
ASSETS
Current Assets
Cash 680,711.00
Trade receivables and Other Receivables 537,912.00
Inventory 301,256.00
Prepayments 12,117.00
Total Current Assets 1,531,996.00
LIABILITIES
Current Liabilities
Trade and other payables 220,733.00
Unearned Revenue 5,600.00
Notes Payable - Current Portion 250,000.00
Loans Payable - Current Portion 130,000.00
Total current liabilities 606,333.00
Non-Current Liabilities
Notes Payable - Noncurrent Portion 180,000.00
Loans Payable 450,000.00
Tota noncurrent liabilities 630,000.00
EQUITY
Owner's Equity 232,145.00
Net income 1,429,959.00
Total equity 1,662,104.00
Sales 2,490,000.00
Less: Sales Discount -10,250.00
Sales Return -1,577.00 -11,827.00
Net Sales 2,478,173.00
Less: Cost of Good Sold 425,513.00
Gross Profit 2,052,660.00
Total 1,429,959.00