Grace's Diner, Inc. Trial Balance For the Period of April 1, 2019-March 31, 2020 Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Blance Income Statement Balance Sheet Number Account Debil Credit Debil Credit Debit Credit Debil Credit Debil Credit 100 Cash 9,778.29 820.00 9,158.29 110 Accounts receivable 1,100.00 1,100.00 120 Food Inventory 4,875.00 1,675.00 3,200.00 125 Supplies 5,675.00 4,550.00 1,125.00 1:30 Prepaid rent CO'DOO'S 1,500.00 1,500.00 135 Prepaid insurance 4,800.00 4,200.00 140 Delivery Van 35,000.00 35,000.00 150 Equipment and fixtures 28,000.00 26,000.00 155 Accumulated depreciation 5,500.00 5,500.00 180 Security deposit DO COO'S 3,000.00 210 Accounts payable 1,800.00 1,800.00 220 Notes payable 38,838.72 38,838.72 230 Gill certificates 250.00 250.00 240 Interest payable 300 Common slack 20,000.00 20,000.00 310 Retained earnings 4,030.40 4,030.40 400 Sales revenue 434,400.00 434,400.00 434,400.00 500 Cost of Goods Sold 277,550.00 1,675.00 279 225.00 279,225.00 800 Advertising expanse 2,840.00 2.840.00 2.840.00 810 Salaries expanse 90,800.00 90,800.00 820 Supplies expense 4,550.00 4,550.00 4,550.00 830 Rent expanse 18,500.00 1,500.00 640 Depreciation expense 850 Interest expense 2,838.83 2,838.83 2.838.83 880 Insurance expense 5,800.00 600.00 CO COVE 3,400.00 885 Licenses and foes 1,000.00 1,000.00 1,000.00 870 Telephone expense 2,142.00 235.00 2,377.00 2,377.00 675 Printing expense 1,875.00 1,675.00 1,875.00 880 Repairs expense 1,350.00 1,350.00 1,350.00 685 Utilities Expanse 3,588.00 385.00 3,973.00 Uniform expense 825.00 825.00 825.00 895 Cleaning & mainenance expense 3,850.00 3,850.00 3,850.00 700 Dividends 1,000.00 750 Income Summary Net Income $ 14,083.17 Totals 504.817.12 504.817.12 8.945.00 8.945.00 504.817.12 504,817.12 419.533.83 419,533.83Grace's Diner, Inc. Income Statement Sales Revenue $434,400.00 Gross Profit 434,400.00 Operating expenses: Cost of Goods sold 279225.00 Advertising expense 2.040.00 Salaries expense 90800.00 Supplies expense 4,550.00 Rent Expense 18000.00 Depreciation expense Licenses and fees 1,000.00 Telephone expense 2,377.00 Printing expense 1,675.00 Repair expense 1,350.00 Utilities expense 3,973.00 Uniform expense B25.00 Cleaning & maintenance expense 3,850.00 Total operating expenses: 410,465.00 Operating income: 23,935.00 Other income (expense): Interest expense (2.660.83) Insurance expense (6,400.00) (9,068.83) Net income $ 14,866.17Grace's Diner, Inc. Statement of Shareholders' Equity Total Common Retained Shareholders' Stock Earnings Equity Balance at March 1, 2020 S Issue of common stock 20,000.00 20,000.00 Net income for March 2020 14,866.17 14,066.17 Less: Dividends 1000 1000 Balance at March 31, 2020 $20,000.00 $13,866.17 $ 33,866.17Grace's Diner, Inc. Balance Sheet Assets Current assets: Cash S 9,158.29 Accounts receivable 1,100.00 Food Inventory 3,200.00 Supplies 1,125.00 Prepaid rent 1,500.00 Prepaid insurance 4,800.00 Delivery Van 35,000.00 Security deposits 3,000.00 Total current assets: 58,883.29 Property, plant, and equipment: Equipment and fixtures 26,000.00 Less: Accumulated depreciation 5,500.00 20,500.00 Total assets: S 79,383.29 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 1,800.00 Gift certificates 250.00 Notes payable 38,836.72 Interest payable Total liabilities: 40,886.72 Shareholders equity: Common stock 20,000.00 Retained earnings 13,866.17 Total stockholders' equity 33,866.17 Total liabilities and stockholders equity S 74,752.89
