01/01/2019- 12/31/2019 TRIAL BALANCE UNADJUSTED BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT ACCOUNT TYPE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash ASSET $ 326,000 $ $ 417,500 $ 743,500 $ 743,500 Accounts Receivable Inventory Building Improvements Machinery and Equipment ASSET $ 450,000 $ $ 450,000 $ 450,000 ASSET $ 575,000 $ $ 575,000 $ 575,000 ASSET $ 650,000 $ $ 650,000 $ 650,000 Accumulated Depreciation-Building Improvements ASSET $ $ 65,000 $ 65,000 $ 65,000 ASSET $ 216,000 $ $ 216,000 $ 216,000 Accumulated Depreciation-Machinery and Equipment ASSET $ $ 50,000 $ 50,000 $ 50,000 Accounts Payable LIABILITY $ $ 230,000 $ 230,000 $ 230,000 Interest Payable LIABILITY $ - $ 2,000 2,800 $ 4,800 $ 4,800 Salaries and Wages Payable LIABILITY $ - $ Sales Tax Payable Unearned Subscription Revenue Lawsuit Liability Note Payable (PNC Bank) Bonds Payable LIABILITY $ - $ 2,000 LIABILITY $ - $ LIABILITY $ - $ LIABILITY $ - $ LIABILITY $ - $ . . . . . 60,000 $ 60,000 $ 60,000 $ 2,000 $ 2,000 175,000 $ 175,000 $ 175,000 750,000 $ 750,000 $ 750,000 20,000 $ 20,000 $ 20,000 100,000 $ 100,000 $ 100,000 Preferred Stock-1,000 shares authorized, $5 par value EQUITY $ - $ 5,000 $ 5,000 $ 5,000 Common Stock-50,000 shares authorized, $1 par value Paid-In Capital-Stock Options EQUITY $ - $ 10,000 $ 10,000 $ 10,000 EQUITY $ - $ $ 250,000 $ 250,000 $ 250,000 Paid-In Capital In Excess Of Par - Common Stock Paid-In Capital In Excess Of Par - Preferred Stock Retained Earnings EQUITY $ - $ 274,000 $ 274,000 $ 274,000 EQUITY $ - $ 147,000 $ 147,000 $ 147,000 EQUITY $ - $ $ Sales Revenue Subscription Revenue Cost of Goods Sold Salaries and Wages Expense Compensation Expense Depreciation Expense Income Tax Expense Interest Expense Lawsuit Loss Totals Net Income Totals REVENUE - SALES $ - $ 1,670,000 $ 1,670,000 $ REVENUE - SALES $ - $ 500,000 $ 125,000 $ 625,000 $ 1,670,000 625,000 EXPENSE - COST OF GOODS SOLD $ 433,000 $ $ 433,000 $ 433,000 EXPENSE - OPERATING $ 140,000 $ $ 60,000 $ 200,000 $ 200,000 EXPENSE - OPERATING $ $ $ 250,000 $ 250,000 $ 250,000 EXPENSE - OPERATING $ 115,000 $ $ 115,000 $ 115,000 EXPENSE - INCOME TAXES $ 50,000 $ $ 50,000 $ 50,000 EXPENSE - OTHER $ $ $ 5,300 $ 5,300 $ 5,300 EXPENSE - OTHER $ $ $ 750,000 $ 750,000 $ 750,000 $ 2,955,000 $ 2,955,000 $ 1,482,800 $ 1,482,800 $ 4,437,800 $ 4,437,800 $ 1,803,300 $ 2,295,000 $ 2,634,500 $ 2,142,800 $ $ 491,700 2,295,000 $ $ 491,700 2,295,000 $ 2,634,500