Charlos Daniswara

202360099
Lab Akdas 1
Completing the Account Cycle

A. INCOME STATEMENTS

Doremi Ltd
Income Statement
(In Won)

Revenues
Unearned Rent Revenue 210,000
Unearned Service Revenue 260,000
Rent Revenue 900,000
Service Revenue 5,540,000
Total Revenues 6,910,000

Expenses
Interest Expense 55,000
Depreciation Expense - Equipment 44,000
Advertising Expense 112,000
Depreciation Expense - Building 78,000
Miscellaneous Expense 16,000
Salaries Expense 546,000
Utilities Expense 48,000
Supplies Expense 36,000
Insurance Expense 102,000
Total Expenses 1,037,000

Net Income 5,873,000

B. RETAINED EARNINGS STATEMENT

Doremi Ltd
Retained Earnings Statement
Retained Earnings, January 01 2,800,000
Add : Net Income 5,873,000
8,673,000
Less : Dividend -330,000
Retained Earnings, December 31 8,343,000

C. CLASSIFIED STATEMENTS OF FINANCIAL POSITIONS

Doremi Ltd
Statement of Financial Position
For The Year Ended December 31, 2025
Assets
Intangible Assets
Patent 270,000

Property, Plant and Equipment

Land 3,090,000
Building 6,000,000
Less : Accumulated Depreciation - Building -340,000 5,660,000
Equipment 1,600,000
Less : Accumulated Depreciation - Equipment -240,000 1,360,000 10,110,000
Depreciation Expense - Equipment 44,000
Long Term Invesment
Share Invesment 500,000

Current Assets
Prepaid Insurance 120,000
Prepaid Advertising 38,000
Supplies 30,000
Account Receivable 170,000
Cash 1,590,000 1,948,000
Total Assets 12,828,000

Equity and Liabilities

Equity
 Share Capital - Ordinary 2,900,000
Retained Earnings 8,343,000 11,243,000

Non Current Liabilities

Bonds Payable 1,500,000

Current Liabilities
Accounts Payable 69,000
Salaries Payable 16,000 85,000
Total Equity and Liabilities 12,828,000
D. CLOSING ENTRIES
Date Account Title and Explanation Debit Credit
2025
31-Dec Service Revenue 5,540,000
Rent Revenue 900,000
Unearned Service Revenue 260,000
Unearned Rent Revenue 210,000
Income Summary 6,910,000

31 Income Summary 407,000

Interest Expense 55,000
Insurance Expense 102,000
Advertising Expense 112,000
Miscellaneous Expense 16,000

Depreciation Expense - Building 78,000

31 Income Summary 6,503,000

Retained Earnings 6,503,000

31 Income Summary 330,000

Dividends 330,000