Pat's Retail Stores
	Work Sheet
	For Year Ended December 31, 2019
		Unadjusted						Adjusted
No.	Account Title	Trial Balance			Adjustments			Trial Balance
		DR	CR		DR		CR	DR	CR
201	Accounts payable		45,000			(d)	34,300
168	Accumulated depreciation-Equipment		95,000			(c)	30,000
633	Advertising expenses	21,000		(d)	5,000
101	Cash	215,000
301	Common Stock		200,000
501	Cost of Goods Sold	200,000		(a)	13,000
612	Depreciation-Equipment			(c)	30,000
213	Dividends payable
167	Equipment	618,000
637	Insurance expense			(d)	4,300
684	Interest expense	70,000
203	Interest payable		30,000
127	Inventory	41,000				(a)	13,000
176	Land	70,000
251	Long-term notes payable		136,000
141	Long-term Receivables	59,000
126	Marketable Securities	70,000
451	Other Revenues		59,000
186	Patents	15,000
640	Rent expense	21,000		(d)	1,000
208	Rent payable
686	Repairs expense	32,000
305	Retained Earnings		336,000
401	Sales		659,000			(b)	4,300
652	Supplies expense			(d)	3,000
131	Trade Receivables	29,000		(b)	4,300
690	Utilities expense	12,000		(d)	21,000
683	Wages expense	87,000		(e)	5,000
210	Wages payable					(e)	5,000
	Totals	6,791,200,000,500	6,791,200,000,500		86,600		86,600	-	-
		Requirements: 1) Complete adjusted trial balance of worksheet; 2) Use your completed worksheet to prepare (a) multi-step Income Statement, (b) Statement of Owner's Equity and (c) balance sheet as of Dec-31-19; 3) HINT: (a) Sort the data by chart of account number, then (b) review totals for reasonableness. 4) Prepare memo addressed to Pats Retail Store and discuss the companys financial performance assuming this is the first completed year of operations. Select, calculate and discuss 3 financial ratios (e.g. profit margin, quick ratio)