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Hullie & Oates Company

Balance Sheet

Dec. 31, 2011

Assets

Current Assets

cash

36,000

accounts receivable

72,850

less: allowance for doubtful accounts

9,695

interst receivable

1,260

merchandise inventory

160,500

prepaid insurance

4,500

prepid advertising

24,000

prepaid rent

8,500

store supplies

400

office supplies

5,000

notes receivable

24,000

store equiptment

175,000

acc. Dep. Store equipt.

40,750

office equiptment

80,000

acc. Dep. Office equipt.

18,200

Total Current Assets

559,766

Liabilities and Stockholders Equity

Current Liabilities

accounts payable

85,200

salaries payable

11,000

interest payable

8,030

unearned rent

9,200

notes payable

146,000

Total Liabilities

259,430

Stockholders Equity

common stock

60,000

retained earnings

110,500

dividends

25,000

Total Stockholders Equity

-25,500

Total Liabilities and Stockholders Equity

233,930

Hullie & Oates Company
End of Period Worksheet
For the Year Ended December 31, 2011
	Unadjusted				Adjusted
Account Title	Trial Balance		Adjustments		Trial Balance
	DR	CR	DR	CR	DR	CR
Cash	36,000	-			36,000
Accounts Receivable	72,850	-			72,850
Allowance for Doubtful Accounts		2,000		7,695		9,695
Interest Receivable	-		1,260		1,260
Merchandise Inventory	160,500	-			160,500
Prepaid Insurance	18,000	-		13,500	4,500
Prepaid Advertising	48,000			24,000	24,000
Prepaid Rent	-		8,500		8,500
Store Supplies	4,250	-		3,850	400
Office Supplies	-	-		5,000		5,000
Note Receivable	24,000				24,000
Store Equipment	175,000	-			175,000
Accumulated Depreciation - Store Equipment	-	40,050		700		40,750
Office Equipment	80,000	-			80,000
Accumulated Depreciation - Office Equipment	-	17,200		1,000		18,200
Accounts Payable	-	85,200				85,200
Salaries Payable	-	-		11,000		11,000
Interest Payable	-	-		8,030		8,030
Unearned Rent	-	20,000	10,800			9,200
Note Payable (final payment due 2017)	-	146,000				146,000
Common Stock	-	60,000				60,000
Retained Earnings	-	110,500				110,500
Dividends	25,000	-			25,000
Sales	-	788,350				788,350
Sales Returns and Allowances	11,700	-			11,700
Sales Discounts	7,200	-			7,200
Cost of Goods Sold	457,200	-			457,200
Sales Salaries Expense	94,650	-	6,200		100,850
Advertising Expense		-	24,000		24,000
Depreciation Expense - Store Equipment	-	-	700		700
Store Supplies Expense	-	-	3,850		3,850
Miscellaneous Selling Expense	2,600	-			2,600
Office Salaries Expense	34,000	-	4,800		38,800
Rent Expense	10,200	-		8,500	1,700
Insurance Expense	-	-	13,500		13,500
Depreciation Expense - Office Equipment	-	-	1,000		1,000
Office Supplies Expense	6,500	-	5,000		11,500
Miscellaneous Administrative Expense	1,650	-			1,650
Rent Revenue	-	-		10,800		10,800
Interest Revenue				1,260		1,260
Interest Expense	-	-	8,030		8,030
Bad Debt Expense	-	-	7,695		7,695
	1,269,300	1,269,300	95,335	95,335	1,303,985	1,303,985