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Trial Balance Income Statement Trial Accounts Debit Credit Sale Date/Event Account Debit Credit $ 422,500 $ -93,125 S 319,375 S $ 192.940 82.500 $250,000 i 1 1 Cash Comman Stack Paid in ruil in S 825 $ 500D $245,000 cesul var-Cormon $ 500 $ 45,875 $ 80,000 S 1X1,000 S $ $ $ $ $ 65,000 S 9.00 2 Irvellory 7 Nupplies 2 Cashi 4,000 Units @ $15.25 Less: Cost of goods sold Gross Profit Less: Operating Experise Bad Labt Expense Depreciation Experise Rent Exporec Salaries Expense Supplies Expanse Total Operating Dxpense Oparating income Less: Interest Expense Income before income tax PxPANCA Less: Income Tax Expense 2005 Net Income hat Accounts Receivable Allowance far doubt accounts Supplies Inventory Land Foulpment Aucumulate Depreciation Accounts Payable Salaries Payable Nate Payable Common Stock Paid in capitalin e of par-Comman Retained Earnirs Treasury Stock $ 70,000 825 10,000 20,00 50,000 4,511 5 -95,325 $ 794,050 $ 5,000 $ 719,050 S -43,810 $ 175,240 3 Equipment 4 Nota Payable $ 10.000 $ 18,750 $ 3.000 $ 80,000 $ 5.000 $ 245,000 $100,000 $10.000 $ 5.000 4 Interest Expense ($100,00D5%. 4 Nate Payable $ 20,000 $ $ 10,000 20,000 $ 25,000 Statement of Retained Farning: Sale $ 412,500 5 Depreciation Expansa ($180,00/ha Years) 5 Accumulated Depreciation $1D4D S 10,000 Reginning Balance Ade: Net Income Less: Dividend Balance $ $ S 175,240 -10,000 165,240 6 5 Inventory Accounts Payale $ 75,000 4,000 Units $18.75 $ 75,000 Kad Debit Fxparse Cost of Good: Solc Deareciation Expense : Salaries Expense Supplies Eacnsc Interest Expense Income Tax Expense $ 825 $ 93,125 $ 10,000 $ 20,000 $ 50,000 S4,SCO $ 5,000 $ 43,810 $ 56,250 Statement of Cash Flow 7 Accounts Payable 7 Cash S 56,250 9 Accounts Receivable $412,500 Total $ 775,075 $ 775,075 $112,500 Balance Sheet 9 cast of Goods sold 9 Inventory Cash flow from Operating Activities Purchase af Inventory and supplies Payment of interest Payment to payable Collection from receivables Payment of Salaries Payment of Rent Payment of Dividend $ 93,175 (4,000*$16.75),(1,500*$12.75) $ 70,000 $ -5,000 S 54,250 $ 330,000 S -47,000 $ -30,000 $ 43,810 $ 99,125 10 10 197,940 Cash Accounts Receivable $320,000 5330,000 Current Assers: Cast Axounts Receivable Allowance for doubt accounts Supplies Inventory $ S $ 82,500 825 $ $ $ Net Cash flow from Operating Activities a S 77,940 11 Bar Debt Expense ( 512,500-$330.0001*1%, 11 Allowance for coubt accounts $ 325 91,675 500 44,875 Cash flow from Investing activities: Purchase of Land Net Cash from investing Activities $ $ -80,000 -30,000 SSD 12 Salantas haense 12 Selales Payable $ 3,000 S47.000 Total Current Assets Land Eculpment Aucunulaleu Depreciation Total Asssets S $ S 326,990 $ 60.000 1XI, ODC 10,000 $ 90.000 $ 496,990 SAD CDC 3 1) Tand Casio Cash flow from financing actitles: Issue ol Corrmon Stock Payment of Nota Payabla Repurchse of shares Payment of Dividend $ 250,000 $ 21,000 $ -20,000 $ 10,000 $ 80,000 14 14 Bert Expense Cash $ 30,000 $ 30,000 $ $ $ $ $ 18,750 3.000 21,750 60,000 101,750 Net Cash from Financing Activities C Accounts Payable Salaries Payable Total Curent liabilities Nate Payable Total Liabilities Stockholder's Courty: $ 200,000 $ 1500 atbre $ 15 Supplies Expense 15 Supplies 197,940 $ 4.500 Net Increase in Cash Ade: Beginning Balance $ 20,000 Ending Balance 16 16 Treasury Stack Cast $ 197,940 $ 20,000 Commen Stock Paid in capital in excess of par-cornion Retained tamirs Treasury Stock Total Stockholder's Equity Total Liabilities and Equity S 5,000 $ 245,000 S 165,240 $ -20,000 17 Retired Curning 1/ Cash $ 10,000 $ 10,000 $ 395,240 $ 496,990 17 incoma lax Expense 17 Casio S40 $ 43,810 Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Trial Balance Income Statement Trial Accounts Debit Credit Sale Date/Event Account Debit Credit $ 422,500 $ -93,125 S 319,375 S $ 192.940 82.500 $250,000 i 1 1 Cash Comman Stack Paid in ruil in S 825 $ 500D $245,000 cesul var-Cormon $ 500 $ 45,875 $ 80,000 S 1X1,000 S $ $ $ $ $ 65,000 S 9.00 2 Irvellory 7 Nupplies 2 Cashi 4,000 Units @ $15.25 Less: Cost of goods sold Gross Profit Less: Operating Experise Bad Labt Expense Depreciation Experise Rent Exporec Salaries Expense Supplies Expanse Total Operating Dxpense Oparating income Less: Interest Expense Income before income tax PxPANCA Less: Income Tax Expense 2005 Net Income hat Accounts Receivable Allowance far doubt accounts Supplies Inventory Land Foulpment Aucumulate Depreciation Accounts Payable Salaries Payable Nate Payable Common Stock Paid in capitalin e of par-Comman Retained Earnirs Treasury Stock $ 70,000 825 10,000 20,00 50,000 4,511 5 -95,325 $ 794,050 $ 5,000 $ 719,050 S -43,810 $ 175,240 3 Equipment 4 Nota Payable $ 10.000 $ 18,750 $ 3.000 $ 80,000 $ 5.000 $ 245,000 $100,000 $10.000 $ 5.000 4 Interest Expense ($100,00D5%. 4 Nate Payable $ 20,000 $ $ 10,000 20,000 $ 25,000 Statement of Retained Farning: Sale $ 412,500 5 Depreciation Expansa ($180,00/ha Years) 5 Accumulated Depreciation $1D4D S 10,000 Reginning Balance Ade: Net Income Less: Dividend Balance $ $ S 175,240 -10,000 165,240 6 5 Inventory Accounts Payale $ 75,000 4,000 Units $18.75 $ 75,000 Kad Debit Fxparse Cost of Good: Solc Deareciation Expense : Salaries Expense Supplies Eacnsc Interest Expense Income Tax Expense $ 825 $ 93,125 $ 10,000 $ 20,000 $ 50,000 S4,SCO $ 5,000 $ 43,810 $ 56,250 Statement of Cash Flow 7 Accounts Payable 7 Cash S 56,250 9 Accounts Receivable $412,500 Total $ 775,075 $ 775,075 $112,500 Balance Sheet 9 cast of Goods sold 9 Inventory Cash flow from Operating Activities Purchase af Inventory and supplies Payment of interest Payment to payable Collection from receivables Payment of Salaries Payment of Rent Payment of Dividend $ 93,175 (4,000*$16.75),(1,500*$12.75) $ 70,000 $ -5,000 S 54,250 $ 330,000 S -47,000 $ -30,000 $ 43,810 $ 99,125 10 10 197,940 Cash Accounts Receivable $320,000 5330,000 Current Assers: Cast Axounts Receivable Allowance for doubt accounts Supplies Inventory $ S $ 82,500 825 $ $ $ Net Cash flow from Operating Activities a S 77,940 11 Bar Debt Expense ( 512,500-$330.0001*1%, 11 Allowance for coubt accounts $ 325 91,675 500 44,875 Cash flow from Investing activities: Purchase of Land Net Cash from investing Activities $ $ -80,000 -30,000 SSD 12 Salantas haense 12 Selales Payable $ 3,000 S47.000 Total Current Assets Land Eculpment Aucunulaleu Depreciation Total Asssets S $ S 326,990 $ 60.000 1XI, ODC 10,000 $ 90.000 $ 496,990 SAD CDC 3 1) Tand Casio Cash flow from financing actitles: Issue ol Corrmon Stock Payment of Nota Payabla Repurchse of shares Payment of Dividend $ 250,000 $ 21,000 $ -20,000 $ 10,000 $ 80,000 14 14 Bert Expense Cash $ 30,000 $ 30,000 $ $ $ $ $ 18,750 3.000 21,750 60,000 101,750 Net Cash from Financing Activities C Accounts Payable Salaries Payable Total Curent liabilities Nate Payable Total Liabilities Stockholder's Courty: $ 200,000 $ 1500 atbre $ 15 Supplies Expense 15 Supplies 197,940 $ 4.500 Net Increase in Cash Ade: Beginning Balance $ 20,000 Ending Balance 16 16 Treasury Stack Cast $ 197,940 $ 20,000 Commen Stock Paid in capital in excess of par-cornion Retained tamirs Treasury Stock Total Stockholder's Equity Total Liabilities and Equity S 5,000 $ 245,000 S 165,240 $ -20,000 17 Retired Curning 1/ Cash $ 10,000 $ 10,000 $ 395,240 $ 496,990 17 incoma lax Expense 17 Casio S40 $ 43,810