Summary Report After you have completed preparing all the financial statements, analyze the statements and write a short report summarizing your findings. Use the template provided in the What to Submit section to complete your report. 4. Summary: Write a summary of what the financial statements indicate about the company's financial health and performance. A. Purpose: What kind of information would these financial statements provide to various aspects of the business? B. Analysis: What is the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position? Date 1-Oct Cash Common Stock General Journal Entries October, 20xx 1-Oct Baking supplies Accounts Payable 3-Oct Cash Notes Payable 7-Oct Prepaid Rent Rent Expense Cash 10-Oct Business License Expense Cash 11-Oct Misc. Expense Cash 13-Oct Baking Equipment Common Stock Accounts Debit Credit 25,000.00 25,000.00 8,500.00 8,500.00 10,000.00 10,000.00 1,500.00 1,500.00 3,000.00 375.00 375.00 250.00 250.00 5,000.00 5,000.00 13-Oct Advertising Expense Cash 200.00 200.00 14-Oct Office Supplies Cash 30-Oct Telephone Expense Accounts Payable 300.00 300.00 75.00 75.00 31-Oct Prepaid Insurance Cash 1,200.00 1,200.00 31-Oct Wages Expense 120.00 Wages Payable 120.00 31-Oct Cash 10,000.00 Accounts Receivable 5,000.00 Bakery Sales 15,000.00 Total 69,020.00 69,020.00 General Journal Entries November, 20xx Date Accounts 5-Nov Wages Payable Cash 8-Nov Cash Accounts Receivable 10-Nov Accounts Payable Cash Debit Credit 120.00 120.00 3,800.00 3,800.00 75.00 75.00 15-Nov Baking Supplies 5,000.00 Accounts Payable 5,000.00 15-Nov Wages Expense 480.00 Wages Payable 480.00 15-Nov Rent Expense Cash 1,500.00 1,500.00 18-Nov Cash 1,000.00 Accounts Receivable 1,000.00 20-Nov Accounts Payable Cash 8,500.00 8,500.00 20-Nov Wages Payable Cash 480.00 480.00 22-Nov Office Supplies Cash 300.00 300.00 75.00 30-Nov Telephone Expense Accounts Payable 75.00 30-Nov Wages Expense Wages Payable 420.00 420.00 30-Nov Cash 12,500.00 Accounts Receivable 7,500.00 Bakery Sales 20,000.00 Total 41,750.00 41,750.00 1-Dec Dividends Cash S-Dec Wages Payable Cash 7-Dec Merchandise Inventory (10 x $6) Cash Purchased Inventory 8-Dec Cash Accounts Receivable 10-Dec Accounts Payable 10,000.00 10,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 75.00 Cash 75.00 11-Dec Baking Supplies Accounts Payable 7,000.00 7,000.00 13-Dec Accounts Payable Cash 5,000.00 5,000.00 15-Dec Wages Expense Wages Payable 456.00 456.00 15-Dec Rent Expense Cash 1,500.00 1,500.00 15-Dec Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 15-Dec Cost of Goods Sold Merchandise Inventory 20-Dec Wages Payable Cash 68.00 68.00 48.00 48.00 456.00 456.00 20-Dec Merchandise Inventory (20 x $6.10 ) 122.00 122.00 Cash 24-Dec Cash (18 x 8.50) Merchandise Sales Revenue 153.00 153.00 Record sale of inventory 1-Dec Cost of Goods Sold (2 x $6)+(16 x $6.10) 109.60 Merchandise Inventory 109.60 Record sale of inventory 30-Dec Merchandise Inventory Cash 151 25 151.25 31-Dec Wages Expense Wages Payable 480.00 480.00 31-Dec Cash 19,000.00 Accounts Receivable 6,000.00 Bakery Sales 25,000.00 Total 55,098.85 55,098.85 FIFO Purchases Sales Ending Inventory Below are the journal entries for each inventory related transaction! All you need to do is copy and paste it into the correct dates on the December Journal tab! No. of No. of No. of Date Items Unit Price Total Price Items Unit Price Total Price Items 7-Dec 10 $ 6.00 $ 60.00 10 $ Unit Price Total Price 6.00 $ 60.00 Date 7-Dec Merchandise Inventory (10 x $6) Cash Dr Cr 60.00 60.00 15-Dec 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 Purchased inventory 20-Dec 20 $ 6.10 $ 122.00 2 $ 20 $ 22 6.00 $ 6.10 $ $ 12.00 122.00 134.00 15-Dec Cash (8 x $8.50) 68.00 Merchandise Sales Revenue Record sale of inventory 68.00 24-Dec 2 $ 16 $ 18 6.00 $ 6.10 $ 12.00 15-Dec Cost of Goods Sold (8 X $6) $ 97.60 109.60 4 $ 6.10 $ 24.40 Merchandise Inventory 48.00 48.00 Recorded the cost of goods sold 30-Dec 25 $ 6.05 $ 151.25 4 $ 25 $ 29 6.10 $ 6.05 $ 24.40 151.25 20-Dec Merchandise Inventory (20 x $6.10 ) Cash 122.00 122.00 $ 175.65 Net Inventory 55 $ 333.25 26 $ 157.60 29 $ 175.65 24-Dec Cash (18 x 8.50) Merchandise Sales Revenue 153.00 153.00 Record sale of inventory 24-Dec Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory 109.60 109.60 Recorded the cost of goods sold 30-Dec Merchandise Inventory (25 x $6.05) 151.25 Cash 151.25 Adjusting Journal Entries 20XX Date Accounts 31-Dec Depreciation Expense Debit Credit 208.33 Accumulated Depreciation 31-Dec Interest Expense Wages Payable 31-Dec Insurance Expense Prepaid Insurance 208.33 150.00 150.00 200.00 200.00 31-Dec Baking Supplies Expense Baking Supplies 19,400.00 19,400.00 31-Dec Office Supplies Expense 550.00 Office Supplies 550.00 20,508.33 20,508.33 A Company Trial Balance Unadjusted trial balance Account Debit Cash 51,436.75 Baking Supplies Merchandise Inventory Prepaid Rent 20,500.00 175.65 20xx Adjusting entries Adjusted trial balance Credit Debit Credit Debit 19,400.00 51,436.75 1,100.00 175.65 Credit 1,500.00 1,500.00 Prepaid Insurance 1,200.00 200.00 1,000.00 Baking Equipment 5,000.00 5,000.00 Accumulated Depreciation 208.33 208.33 Office Supplies 600.00 550.00 Accounts Receivable 9,700.00 50.00 9,700.00 Notes Payable 10,000.00 Interest Payable 150.00 Accounts Payable Wages Payable 7,000.00 10,000.00 150.00 7,000.00 480.00 480.00 30,000.00 10,000.00 60,000.00 250.00 Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense 4,500.00 Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense 375.00 Advertising Expense 200.00 Wages Expense 1,956.00 Telephone Expense 150.00 COGS 157.60 Total: 107,701.00 107,701.00 20,508.33 20,508.33 108,059.33 200.00 1,956.00 150.00 157.60 108,059.33 30,000.00 10,000.00 60,000.00 221.00 221.00 19,400.00 19,400.00 4,500.00 150.00 150.00 200.00 200.00 208.33 208.33 250.00 550.00 550.00 375.00 Revenues A Company Income Statement For Qtr. Ending 12/31/20XX Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit 60,000.00 221.00 60,221.00 157.40 60,063.60 Operating Expenses: Baking Supplies Expense Rent Expense Interest Expense Insurance Expense 19,400.00 4,500.00 150.00 200.00 Depreciation Expense 208.33 Misc. Expense 250.00 Office Supplies Expense 550.00 Business License Expense 375.00 Advertising Expense 200.00 Wages Expense 1,956.00 Telephone Expense 150.00 Total Operating Expenses: 27,939.33 Net Income 32,124.27 A Company Statement of Stockholder's Equity For Qtr. Ending 12/31/20xx Beginning Balances, September 30 Issued Common Stock Net Income Dividends Common Stock Retained Earnings Total 30000 0 30000 32,124.07 32,124.07 (10,000.00) (10,000.00) M Ending Balances, December 31: 30,000.00 22,124.07 52,124.07 Date Accounts 31-Dec Bakery Sales Merchandise Sales A Company Closing Entries Qtr ending 12/31/20xx Debit 60,000.00 221.00 Credit Retained Earnings 60,221.00 31-Dec Retained Earnings 28,096.93 Baking Supplies Expense 19,400.00 Rent Expense 4,500.00 Wages Expense Misc Expense 1,956.00 250.00 Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS 31-Dec Retained Earnings Dividends 375.00 550.00 208.33 200.00 200.00 150.00 150.00 157.60 10,000.00 10,000.00 A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Unadjusted Trial Balance Debit 51,436.75 1,100.00 175.65 1,500.00 Prepaid Insurance 1,000.00 Baking Equipment 5,000.00 Accumulated Depreciation (208.33) Office Supplies 50.00 Accounts Receivable 9,700.00 Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Total Credit 7,000.00 480.00 150.00 10,000.00 30,000.00 22,124.07 69,754.07 69,754.07