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PORTER COMPANY Date 31-Dec-08 Assets Current Assets Cash Account Recievable Inventory Short-Term Investments Prepaid Expenses

Total Current Assets Fixed (Long-term) Assets Long-term Investments Property, Plant, and Equipment (Less accumulated depreciation) Intangible assets Total lived assets Other assets Deferred Income Tax Other Total Other Assets Total assets Liabilities and Owner's Equity Current Liabilities Accounts Payable Short-term loans Income tax payable Accured salaries and wages Unearned Revenue Current portion of long-term debt Total current liabilities Long-Term Liabilities Long-term debt Deferred income tax Other Total long-term liabilties Owner's Equity Owner's Investment Retained Earnings Other Total owner's equity Total Liabities and Owner's Equity

Balance Sheet

2008 $ $ $ $ $ $ $ $ $ $ 18,800 16,200 2,300 38,300 61,400 137,000 4,400 44,000 (20,000) 28,400

165,400

31,600

39,000

70,600

46,800

$ $ $ $

42,000 6,000 94,800 165,400

Revenues Service Revenue Expenses Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries Expense Interest Expense Total Expenses Net Income

Porter Company Income Statement For the Year Ended December 31, 2008 $77,800 $12,000 $3,700 $8,000 $4,000 $39,000 $1,000 ($67,700) $10,100

Porter Company Retained Earnings Statement For the Year Ended December 31, 2008 Retained Earnings, January 1, 2008 Add: Net Income Less: Dividends Retained Earnings, December 31, 2008

$6,000 $10,100 $16,100 ($12,000) $4,100

Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Total Current Assets Equipment Office Equipment Less: Accumulated Depreciation-Office Equipment Total Assets

Liabilities and Stockholders' Eq Current Liabilities Notes Payable Accounts Payable Interest Payable Salaries Payable Total Current Liabilities Long Term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity

Porter Company Balance Sheet 31-Dec-08 Assets $18,800 $16,200 $2,300 $4,400 $41,700 $44,000 ($20,000)

$24,000 $65,700

Liabilities and Stockholders' Equity $10,000 $8,000 $1,000 $2,600 $21,600 $10,000 $31,600 $30,000 $4,100 $34,100 $65,700

Date

General Journal Account Titles and Explanation Closing Entries

Ref.

Debit

Credit

2008 Dec. 31 Service Revenue Income Summary 31 Income Summary Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries Expense Interest Expense 31 Income Summary Retained Earnings 31 Retained Earnings Dividends

400 350 350 610 631 711 722 726 905 350 320 320 332

77,800 77,800 67,700 12,000 3,700 8,000 4,000 39,000 1,000 10,100 10,100 12,000 12,000

Adjusted Trial Balance No. 151 152 200 201 212 230 311 320 332 350 400 610 631 711 722 726 905 Account Titles Office Equipment Accumulated Depreciation- Office Equipment Notes Payable Accounts Payable Salaries Payable Interest Payable Common Stock Retained Earnings Dividends Income Summary Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries Expense Interest Expense Total Dr. 44,000 20,000 20,000 8,000 2,600 1,000 30,000 6,000 12,000 67,700 77,800 12,000 3,700 8,000 4,000 39,000 1,000 233,100 233,100 Cr.

PORTER COMPANY Post Closing Trial Balance For the Year Ended December 31, 2008 Account Number 101 112 126 130 151 152 200 201 212 230 311 320 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated DepreciationOffice Equipment Notes Payable Accounts Payable Salaries Payable Interest Payable Common Stock Retained Earnings Totals Debit 18,800 16,200 2,300 4,400 44,000 20,000 20,000 8,000 2,600 1,000 30,000 4,100 85,700 85,700 Credit