ACE Description v DR v CR v Dr. Cr. E Cr. 100 Cash 3,310,788.00 - 3,310,788 101 Accounts Receivable 1,756,720.00 1,756,720 102 Allowance for Doubtful Accounts 35,134.40 35,134 103 Shortterm Investments 14,000.00 14,000 104 Fair Value AdjustmentST 1,500 1,500 105 Inventory 933,104.10 933,104 106 Prepaid Insurance 43,750.00 43,750 107 Supplies 5,016.00 5,016 110 Availableforsale Investments 483,800.00 483,800 111 Fair Value AdjustmentAFS 5,200.00 5,200 120 Land 1, 135,000.00 1,135,000 121 Building 3,000,000.00 3,000,000 122 Accumulated DepreciationBuilding 346,154.08 346,154 123 Machinery 850,000.00 850,000 124 Accumulated Depreciation Machinery 183,300.00 183,300 125 Equipment 650,000.00 650,000 126 Accumulated Depreciation Equipment 203,923.85 203,924 127 Truck 56,500.00 56,500 128 Accumulated Depreciation Truck 48,166.56 48,167 130 Rightofuse Asset 500,000.00 500,000 175 Patents 55,000.00 55,000 201 Accounts Payable 358,598.10 358,598 202 Salaries Payable 1,722,000.00 1,722,000 203 Utilities Payable 9,000.00 9,000 204 Payroll Taxes Payable 33,990.00 33,990 205 Interest Payable 50,750.00 50,750 206 Dividends Payable 350,000.00 350,000 207 Note Payable -short term 150,000.00 150,000 208 Income Tax Payable 190,247.00 190,247 220 Lease Liability 417,250.00 417,250 221 Note Payable -|ong term 454,500.00 454,500 225 Bond Payable 2,500,000.00 2,500,000 226 Discount on Bond Payable 128,224.00 128,224 Common Stock, $1 par, $1M shares authorized; 235,000 shares 301 issued and outstanding 295,000.00 295,000 302 APIC Common Stock 4,463,193.00 4,463,193 303 Retained Earnings 695,590.00 695,590 304 Unrealized Gains (Losses) Equity 5200 5,200 305 Unearned Compensation 157,777.78 157,778 306 Treasury Stock 71,500.00 71,500 307 APIC Treasury Stock 25,000.00 25,000 401 Sales 8,186,460.00 $8,186,460.00 500 Cost of Goods Sold 4,550,000.00 $ 4,550,000.00 600 Compensation Expense 2,222.22 $ 2,222.22 601 Salaries Expense 2,045,000.00 $ 2,045,000.00 602 Bad Dept Expense 23,734.40 $ 23,734.40 605 Payroll Tax Expense 88,990.00 $ 88,990.00 606 Advertisting Expense 125,000.00 $ 125,000.00 607 Insurance Expense 121,250.00 $ 121,250.00 608 Supplies Expense 22,989.00 $ 22,989.00 609 Depreciation Expense 277,679.48 $ 277,679.48 610 Amortization Expense 5,000.00 $ 5,000.00 611 Utilities Expense 9,000.00 $ 9,000.00 612 Miscellaneous Expenses 9,300.00 $ 9,300.00 614 Interest Expense 126,165.00 $ 126,165.00 615 Income Tax Expense 164,247.00 $ 164,247.00 617 Realized Gains (Losses) 3,500.00 $ 3,500.00 620 Unrealized Gains (Losses) Income 1,500.00 - 1,500.00 Totals 20 728 456.98 20 728,456.98 7,572,077.11 $8,189,960.00 $13,156 379.88 12 529 496.98 $ $ Net Income - $ 617,882.89 $ 626,882.89 Totals $ 8,189,960.00 $ 13,156,379.88
