what is your observations, concerns, or
recommendations based on this financial transactions and statements?
Transaction List Sept. 1 Purchased new office furniture of $6,000 by signing a one-year note payable with vendor. The stated interest rate is 10%. 2 Purchased 30 units of the new coffee table books from supplier, Art Image, on account for $14.50 each. Credit terms are 2/10, n/30. Shipping terms are FOB Destination. Freight charges on this order amount to $35. 3 Was granted allowance from Art Image for 2 defective units of coffee table book. 4 Paid landlord $1,200 for rent for business space. 5 Billed Mr. Barclay $200 for individual photo consulting work. 6 Sold 15 coffee table books to Book Cove, a local bookseller, for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $40.00. Completed $3,800 photo shoot for Swiggs Bar & Grille. The entire balance in "Customer Deposits" represents the prepayment from this customer on August 24th 8 Paid utility bill to PG&E from last month (previously accrued). 9 Received full customer payment from LaSalle Co. 10 Billed Coast West for corporate video services amounting to $3,500. 11 Sold 4 coffee table books to Wine Country Restaurant for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $20.00 12 Billed client Betsy Alder and Keith Barnook $400 for preliminary photos completed. 13 Paid $6,200 for two weeks' salaries earned by employees. In addition to this biweekly salary, the previously accrued salaries of $1,260 was paid. 14 Book Cove returned 1 unit. Finito granted customer an allowance and returned the unit to inventory. 15 Received payment from Book Cove for earlier purchase of coffee table books. 16 Received $12,000 cash from corporate client, CocoReno athletic Wear, for photo services. 17 Sold 5 coffee table books to Recycle Books for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $20.00. 18 Received full customer payment from The Verb. 19 Paid to Office Super the full balance owed. 20 New customer Mystic Caf prepaid $2,000 for their photo shoot schedule in October 21 Received payment from Recycle Books. 22 Owner took out $5,000 for the month. 23 Paid Art Image for balance owed. 24 Mr. Barclay notified Tony that he would be unable to pay his account due to his pending bankruptcy. 25 Received September's utility bill from PG&E for $105. It will be paid next month. 27 Paid $6,200 for two weeks' salaries earned by employees. 30 Sold old office equipment for $1,900. This office equipment was purchased August 1st at a cost of $4,000 and was estimated to have annual depreciation expense of $800 per year. Finito Photography Income Statement For the month Andes September 30, 2012 4546 19,900 31.05 20,408.15 20.060.95 Reven Solus Rue Photo Service Revenue Less: Sale biscounts &55 Soles. Returns & Allowances 22.50 Net soles Cost of Good sold Gross profit Operating expenses Siling Compenses Insurance exepense 242 Delivery sponse Salons 12,400 Bad Debt expense 408.80 Total selling expenses 13.130.50 General and Adrain stredive Expenses Depreciation compense - Office Equipment 66 67 Depreciation expense - Photo/video 333.33 Dupahan spuneOllice.fuenture 100 Rust expense 1,200 lilitis uxpurse 105 Tools and Admin Exposes 1,805 Total Operating Expenses Income from spections Other Revenue and expenses Interest expuse (50) Loss om solis Totol olur. Revenue and Expenses Net income 14.935.80 5,125.15 1966.60) (2016.66 3,108.49 Finito Photography Adjusted Trial Balance For the month ended September 30 Accounts Cash Account aceivable Allowance for Doubtful $35.877.95 3.990 comis $208_80 Supplies Prepaid Insurance 1.300 2,497 21.000 666.66 6,000 100 105 Acoded Depaintific Fit Photo Video Equipment Accumulated Dapacidi-Pedofuriko Eu Office Furniture Acumulated Depresiden-fice Furniture Accouts Ruyable Salais Payable Customer Dic posits Intest Payable Shortum Mole Payalle Common Glock Reland Eocis Dividades sales revenue 2,000 50 6,000 50,000 13,484 5,000 540 19,900 22.50 Sales, Rchunc Allows Sales Discouds Cost of Good sold Depecintim Expense Ollie Equipment Dysciation Expert - Pliela Video Dipatindi passe-ofe Future Delivery Expense 66.61 333.33 100 Transaction List Sept. 1 Purchased new office furniture of $6,000 by signing a one-year note payable with vendor. The stated interest rate is 10%. 2 Purchased 30 units of the new coffee table books from supplier, Art Image, on account for $14.50 each. Credit terms are 2/10, n/30. Shipping terms are FOB Destination. Freight charges on this order amount to $35. 3 Was granted allowance from Art Image for 2 defective units of coffee table book. 4 Paid landlord $1,200 for rent for business space. 5 Billed Mr. Barclay $200 for individual photo consulting work. 6 Sold 15 coffee table books to Book Cove, a local bookseller, for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $40.00. Completed $3,800 photo shoot for Swiggs Bar & Grille. The entire balance in "Customer Deposits" represents the prepayment from this customer on August 24th 8 Paid utility bill to PG&E from last month (previously accrued). 9 Received full customer payment from LaSalle Co. 10 Billed Coast West for corporate video services amounting to $3,500. 11 Sold 4 coffee table books to Wine Country Restaurant for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $20.00 12 Billed client Betsy Alder and Keith Barnook $400 for preliminary photos completed. 13 Paid $6,200 for two weeks' salaries earned by employees. In addition to this biweekly salary, the previously accrued salaries of $1,260 was paid. 14 Book Cove returned 1 unit. Finito granted customer an allowance and returned the unit to inventory. 15 Received payment from Book Cove for earlier purchase of coffee table books. 16 Received $12,000 cash from corporate client, CocoReno athletic Wear, for photo services. 17 Sold 5 coffee table books to Recycle Books for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $20.00. 18 Received full customer payment from The Verb. 19 Paid to Office Super the full balance owed. 20 New customer Mystic Caf prepaid $2,000 for their photo shoot schedule in October 21 Received payment from Recycle Books. 22 Owner took out $5,000 for the month. 23 Paid Art Image for balance owed. 24 Mr. Barclay notified Tony that he would be unable to pay his account due to his pending bankruptcy. 25 Received September's utility bill from PG&E for $105. It will be paid next month. 27 Paid $6,200 for two weeks' salaries earned by employees. 30 Sold old office equipment for $1,900. This office equipment was purchased August 1st at a cost of $4,000 and was estimated to have annual depreciation expense of $800 per year. Finito Photography Income Statement For the month Andes September 30, 2012 4546 19,900 31.05 20,408.15 20.060.95 Reven Solus Rue Photo Service Revenue Less: Sale biscounts &55 Soles. Returns & Allowances 22.50 Net soles Cost of Good sold Gross profit Operating expenses Siling Compenses Insurance exepense 242 Delivery sponse Salons 12,400 Bad Debt expense 408.80 Total selling expenses 13.130.50 General and Adrain stredive Expenses Depreciation compense - Office Equipment 66 67 Depreciation expense - Photo/video 333.33 Dupahan spuneOllice.fuenture 100 Rust expense 1,200 lilitis uxpurse 105 Tools and Admin Exposes 1,805 Total Operating Expenses Income from spections Other Revenue and expenses Interest expuse (50) Loss om solis Totol olur. Revenue and Expenses Net income 14.935.80 5,125.15 1966.60) (2016.66 3,108.49 Finito Photography Adjusted Trial Balance For the month ended September 30 Accounts Cash Account aceivable Allowance for Doubtful $35.877.95 3.990 comis $208_80 Supplies Prepaid Insurance 1.300 2,497 21.000 666.66 6,000 100 105 Acoded Depaintific Fit Photo Video Equipment Accumulated Dapacidi-Pedofuriko Eu Office Furniture Acumulated Depresiden-fice Furniture Accouts Ruyable Salais Payable Customer Dic posits Intest Payable Shortum Mole Payalle Common Glock Reland Eocis Dividades sales revenue 2,000 50 6,000 50,000 13,484 5,000 540 19,900 22.50 Sales, Rchunc Allows Sales Discouds Cost of Good sold Depecintim Expense Ollie Equipment Dysciation Expert - Pliela Video Dipatindi passe-ofe Future Delivery Expense 66.61 333.33 100
