Input Area:

Sister Helen Center

Adjusted Trail Balance
December 31, 2022
Account Title Debits Credits Change
Cash $ 76,800 $ 4,800
Accounts receivable 275,000 (8,000)
Allowance for uncollectible accounts $ 30,000 200
Prepaid rent 7,500 2,000
Inventory 52,500 (3,000)
Land 75,000 40,000
Equipment 250,000 0
Accumulated depreciation-equipment 70,000 5,000
Building 425,000 0
Accumulated depreciation-building 225,000 10,000
Investment in Carol Randall Company Stock 50,000 20,000
Investment in Thomson Company Stock 20,000 (5,000)
Goodwill 15,000 0
Patents 1,000 0
Accounts payable 42,000 4,800
Note payable (due in six months) 78,000 (15,000)
Salaries payable 8,000 1,000
Interest payable 2,000 5,200
Bonds payable 120,000 (50,000)
Loan payable 30,000 0
Common stock 440,000 45,800
Retained earnings 174,100
Dividends 23,300
Sales revenue 750,000
Sales discounts 7,500
Sales returns and allowance 1,500
Interest revenue 19,000
Gain on the sale of Thomson Company Stock 1,000
Cost of goods sold 490,000
Administrative salaries expense 90,000
Selling wages expense 28,000
Store rent expense 77,000
Equipment depreciation expense 5,000
Building depreciation expense 10,000
Interest expense 4,800
Bad dept expense 4,200
Totals $ 1,989,100 $ 1,989,100 $0

Miscellaneous items
January 1, 2022
Dividends Declared are paid in same period
Building and Equipment breakdown Selling Administrative
75% 25%

Common Shares 44,000

Dilutive Convertible Bonds Payable to Common Shares 10,000

Created by Joy Keith

4/20/2023 13:17
'file:///conversion/tmp/activity_task_scratch/659123860.xlsx'#$Trail Balance
Impact Area:
Sister Helen Center
Income Statement
For the Year Ended December 31,2022
Sales revenue $ 750,000
Sales discounts (7,500)
Sales returns and allowances (1,500)
Net Sales $ 741,000
Cost of goods sold 490,000
Gross profit 251,000
Operating expenses
Selling Expenses
Wage expense 28,000
Rent expense 77,000
Depreciation expense - equipment 3,750
Depreciation expense - building 7,500
Administrative Expenses
Salaries expense 90,000
Depreciation - equipment 1,250
Depreciation - building 2,500
Bad dept expense 4,200
Total operating expenses 214,200
Operating income 36,800
Other Income (expense):
Interest revenue 19,000
Gain on the sale of Thomson Company Stock 1,000
Intererst expense (4,800)
Total other income (expenses) 15,200
Net income $ 52,000

Basic earnings per share $ 1.18

Dilutive earnings per share 1.05

Return on Sales Net Income $ 52,000

= 0.070
Net Sales $ 741,000

Total asset turnover Net Sales $ 741,000

= 0.803
Total assets $ 922,800

Return on total assets Net Income $ 52,000

= 0.056
Total assets $ 922,800

Profit margin ratio Gross Profit $ 251,000

= 0.339
 = 0.339
Net Sales $ 741,000

Created by Joy Keith

4/20/2023 13:17
'file:///conversion/tmp/activity_task_scratch/659123860.xlsx'#$Income Statement