P3-10 Name:

1 & 2. Enter the appropriate amounts in the green-shaded cells.

An asterisk (*) will appear before an incorrect amount in the answer cells.
VICTORIA COMPANY
Worksheet
For the Year Ended December 31, 2019

Trial Balance Adjustments Income Statement Retained Earnings

Account Titles Debit Credit Debit Credit Debit Credit Debit Credit
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Inventory
Prepaid Insurance
Land
Buildings
Accumulated Depreciation: Buildings
Equipment
Accumulated Depreciation: Equipment
Accounts Payable
Note Payable (due 3/1/20)
Unearned Rent
Mortgage Payable (due 1/1/21)
Common Stock (2,000 shares)
Retained Earnings (1/1/19)
Dividends
Sales Revenue
Cost of Goods Sold
Salaries Expense
Utilities Expense
Office Supplies Expense
Delivery Expense
Other Expenses
Totals

Depreciation Expense
Bad Debt Expense
Interest Expense
Interest Payable
Insurance Expense
Salaries Payable
Rent Revenue
Office Supplies

Income Tax Expense

Income Taxes Payable                        

Net Income                                             

Retained Earnings (12/31/19)            

3. Enter the appropriate amounts in the green-shaded cells in columns F and H.

An asterisk (*) will appear before an incorrect amount in the answer cells.
VICTORIA COMPANY
Income Statement
For the Year Ended December 31, 2019
Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses:
Salaries Expense
Utilities Expense
Office Supplies Expense
Delivery Expense
Depreciation Expense
Bad debt Expense
Insurance Expense
Other Expenses
Total Operating Expenses
Income from Operations
Other Item:
Rent Revenue
Interest Expense
Income before Income Taxes
Income Tax Expense
Net Income
 Earnings Per Share (2,000 shares)

VICTORIA COMPANY
Statement of Retained Earnings
For the Year Ended December 31, 2019
Retained Earnings, January 1, 2019
Add: Net Income for 2019

Less: Dividends for 2019

Retained Earnings, December 31, 2019

VICTORIA COMPANY
Balance Sheet
December 31, 2019
Assets
Current Assets:
Cash
Accounts Receivable
Less: Allowance for Doubtful Accounts
Inventory
Prepaid Insurance
Office Supplies
Total Current Assets
Property, Plant, and Equipment:
Land
Buildings
Less: Accumulated Depreciation
Equipment
Less: Accumulated Depreciation
Total Property, Plant, and Equipment
Total Assets

Liabilities
Current Liabilities:
Accounts Payable
Note payable (due March 1, 2020)
Interest Payable
Salaries Payable
Unearned Rent
Income Taxes Payable
Total Current Liabilities
Long-Term Liabilities
Mortgage Payable (due January 1, 2021)
Total Liabilities

Shareholders’ Equity
Contributed Capital:
Common Stock (2,000 shares)
Retained Earnings
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity

4. To enter the journal entries, enter the appropriate account titles in the shaded cells in column
B and the appropriate amounts in the green-shaded cells in columns F and J. The account titles are required to be
entered by the student; however, these cells are not graded.
An asterisk (*) will appear before an incorrect amount in the answer cells.
(a) Adjusting Entries
2019
Dec. 31

Dec. 31

Dec. 31

Dec. 31

Dec. 31
Dec. 31

Dec. 31

Dec. 31

(b) Closing Entries

2019
Dec. 31

Dec. 31

Dec. 31

Dec. 31
 Balance Sheet
Debit Credit