ALYSSA G.

NADA

ABM 11-A

PERFORMANCE TASK IN FUNDAMENTAL OF ABM

Wihelmina Neis Traders

Income Statement

For the Ended Dec. 31, 2020

Account Titles DEBIT CREDIT

Sales 2,463,500
Sales Return & Allowance ( 27,500)
Sales Discount (47,750)
Net Sales 2,393,250
Cost of Goods Sold (1,231,240)
Gross Profit 1,162,010
Transportion In 82,360
Sales Salaries Expense 225,000
Office Salaries Expense 171,000
Store Supplies Expense 15,400
Office supplies Expense 12,040
Insurance Expense Selling 5,600
Insurance Expense General 3,600
Transportion Out 57,400
Utilities Expense 48,000
Depcreciation Expense-
Building 26,000
Depcreciation Expense-
Equipment 22,000
Interest Expense 38,400
Total Expense (706,800)
Net Income 455,210
 WIHELMINA NEIS TRADERS

STATEMENT OF CHANGES IN EQUITTY

FOR THE YEAR ENDED DEC. 30, 2020

Wilhelmina Neis, Capital 593,930

Add:Net Income 455,210
TOTAL 1,049,140
LESS;Wilhelmina Neis Withdrawl 200,000
TOTAL OWNER’S EQUITY 849,140
 WILHELMINA NEIS TRADERS

STATEMENT OF FINANCIAL POSITION

Dec. 30, 2020

ASSETS
CURRENT ASSETS
Cash 304,500

Account Receivable 484,200

Merchandise Inventory – Ending 483,000

Store Supplies 10,600

Office Supplies 6,370

Prepaid Insurance 4,600

TOTAL CURRENT ASSET 1,293,260

NON-CURRENT ASSETS

Land 145,000
Building 202,600
Accumulated Depreciation – Building 82,500
BUILDING NET 120,100

Office Eqipment 86,000

Accumulated Depreciation –Office 50,000
Eqipment
Office Equipment ,Net 36,000

TOTAL NON-CURRENT ASSET 301,100

TOTAL ASSETS 1,594,360
 LIABILITIES

CURRENT LIABILITIES
Account Payable 206,830

Salaries Payable 20,000

Interest Payable 38,400

TOTAL CURRENT LIABILITIES 265,230

NON-CURRENT LIABILITIES

Long-Term Notes Payable 480,000

TOTAL NON-CURRENT LIABILITIES 480,000

CURRENT LIABILITIES 265,230

NON-CURRENT LIABILITIES 480,000

TOTAL LIABILITIES 745,230

OWNER’S EQUITY

Owner’s Equity

Wihelmina Neis 593,920

TOTAL OWNER’S EQUITY 593,920

TOTAL LIABILITIES AND OWNER’S EQUITY 1,339,150

 WILHELMINA NEIS TRADERS

CLOSING ENTRIES

FOR THE YEAR OF ENDED DEC. 31, 2020

Dec.31 PARTICULARS DEBIT CREDIT

Sales 2,463,500
Income Summary 2,463,500
To close all income statement
accounts with credit balance
Income Summary 2,008,290
Sales Return & Alowance 27,500
Sales Discount 42,750
Transportation In 82,360
Sales Salaries Expense 225,000
Office Salaries Expense 171,000
Store Supplies Expense 15,400
Office Supplies Expense 12,040
Insurance Expense-Selling 5,600
Insurance Expense-General
Transportion Out 3,600
Transportation Out 57,400
Utilities Expense 48,000
Depreciation Expense- 26,000
Building
Depreciation Expense-Office
Eqipment 22,000
Interest Expense` 38,400
Cost of Sold 1,231,240
To close all income statement
accounts with debit balance
Income Summary 455,210
Retained Earnings 455,210
To close out Income Summary
retaines earnings
 WILHELMINA NEIS TRADERS

POST-CLOSING TRIAL BALANCE

DEC.21,2020

ACCOUNT TITLES DEBIT CREDIT

Cash 304,500
Account Recievable 484,200
Merchandise Inventory- Ending 483,000
Store Supplies 10,600
Office Supplies 6,360
Prepaid Insurance 4,600
Land 145,000
BuIding 202,600
Accumulated Depreciation-Building 82,500
Office Equipment 86,000
Accumulated Depreciation-Office
Equipment 50,000
Account Payable 206,830
Salaries Payable 20,000
Interest Payable 38,400
Long-Term Notes Payable 480,000
Wilhelmina Neis,Capital 593,920
Wilhelmina Neis,Withdawals 200,000
Retrained Earnings 455,210
BALANCES 1,926,860 1,926,860