8-10 Trading

Worksheet
For the Year Ended Decem

Trial Balance
Account Title
Debit Credit
Cash 152,346.17
Note Receivable 120,000
Accounts Receivable 645,000
Interest Receivable a
Allowance for doubtful Accounts 22,250
Merchandising Inventory 912,576.13
Store Supplies
Office Supplies
Prepaid Insurance 24,000
Land 1,757,673.45
Store Building 4,250,000
Accumulated Depreciation-S/B 600,000
Office Building 3,150,000
Accumulated Depreciation-O/B 450,000
Store Furniture and Equipment 458,000
Accumulated Depreciation -SF/E 173,600
Office Furniture and Equipment 386,000
Accumulated Depreciation -OF/E 106,400
Delivery Vans 1,160,000
Accumulated Depreciation -D/V 187,500
Accounts Payable 178,628.74
Notes Payable 250,000
Interest Payable
Sales Salaries Payable
Office Salaries Payable
George Green, Capital 9,300,000
George Green, Withdrawal 357,500
Sales 20,939,875
Sales Returns and Allowances 370,435.05
Sales Discounts 222,431.70
Interest Revenue
Purchases 16,602,492.92
Purchases Returns and Allowances 45,963.02
Purchase Discounts 31,468.22
Freight In 145,318.25
Sales Salaries Expense 578,331.45 i
Store Supplies Expense 97,567.88 e
Insurance Expense d
Interest Expense h
Freight out 43,644.93
Taxes and Licenses Expense-Selling 127,558.64
Repairs and Maintenance expense-Selling 82,475.69
Miscellaneous Selling Expense 12,744.85
Office Salaries expense 388,762.42 i
Office Supplies expense 104,768.51 e
Doubtful Expense b
Depreciation Expense-SB f
Depreciation Expense-OB f
Depreciation Expense-SFE f
Depreciation Expense-OFE f
Depreciation Expense- Delivery Vans g
Taxes and Licenses expense-General & Admin 64,789.14
Repairs and Maintenance expense-General & Admin 55,489.33
Miscellaneous General & Administrative Expense 15,778.47
Totals 32285684.98 32285684.98
 8-10 Trading
Worksheet
or the Year Ended December 31, 2018

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Debit Credit Debit Credit Debit Credit Debit
152346.17 152,346.17
120000 120000
645000 645000
7,800 7800 7800
b 10,000 32250
912576.13 912,576.13 875,378.55 875378.55
46502.79 e 46502.79 46502.79
57644.91 e 57644.91 57644.91
d 18,000 6000 6000
1757673.45 1757673.45
4250000 4250000
f 200,000 800000
3150000 3150000
f 150,000 600000
458000 458000
f 91,600 265200
386000 386000
f 77,200 183600
1160000 1160000
g 93,750 281250
178628.74
250000
h 11,300 11300
i 87,500 87500
i 23,500 23500
9300000
357500 357500
20939875 20939875
370435.05 370435.05
222431.7 222431.7
a 7,800 7800 7800
16602492.92 16602492.92
45963.02 45963.02
31468.22 31468.22
145318.25 145318.25
 87,500 665831.45 665831.45
46502.79 51065.09 51065.09
18,000 18000 18000
11,300 11300 11300
43644.93 43644.93
127558.64 127558.64
82475.69 82475.69
12744.85 12744.85
23,500 412262.42 412262.42
e 57644.91 47123.6 47123.6
10,000 10000 10000
200,000 200000 200000
150,000 150000 150000
91,600 91600 91600
77,200 77200 77200
93,750 93750 93750
64789.14 64789.14
55489.33 55489.33
15778.47 15778.47
874797.7 874797.7 33038334.98 33038334.98 20483867.66 21900484.79 13429845.87
1416617.13
21900484.79
Balance Sheet
Credit

32250

800000

600000

265200

183600

281250
178628.74
250000
11300
87500
23500
9300000
12013228.74
1416617.13
13429845.87
 8-10 Trading
Income Statement
For the Year Ended December 31, 2018

Net Sales
Gross Sales
Less: SRA
SD
Gross Sales
Net Sales
Cost of Sales
MI, beg
Purchases 16,602,492.92
Less: PRA 45,963.02
PD 31,468.22 77431.24
Net Purchases 16525061.68
Transportation In 145,318.25
Net cost of Purchases
Total Goods AFS
MI, end
Cost of sales
Gross Profit
Operating Expenses
Selling Expenses
Sales Salaries Expense 665831.45
Store Supplies Expense 51065.09
Freight out 43644.93
Taxes and Licenses Expense-Selling 127558.64
Repairs and Maintenance expense-Selling 82475.69
Miscellaneous Selling Expense 12744.85
Total Selling Expenses

Administrative Expenses
Office Salaries expense 412262.42
Office Supplies expense 47123.6
Insurance Expense 18000
Interest Expense 11300
Doubtful Expense 10000
Depreciation Expense-SB 200000
Depreciation Expense-OB 150000
Depreciation Expense-SFE 91600
Depreciation Expense-OFE 77200
Depreciation Expense- Delivery Vans 93750
Taxes and Licenses expense-General & Admin 64789.14
Repairs and Maintenance expense-General & Admin 55489.33
Miscellaneous General & Administrative Expense 15778.47
Total Administrative Expenses
Total Operating Expenses

Operating Income

Profit
18

20,939,875 Dec-31 Merchandising Inventory,end

370,435.05 Sales
222,431.70 592866.75 Interest Revenue
20347008.25 PRA

912576.13 31 Income Summary

16670379.93
17582956.06
875,378.55
16707577.51
3639430.74

983320.65
 31 Income Summary

31 George Green, Capital

1247292.96
2230613.61

1408817.13
11300
7,800
1405317.13
1416617.13
11300
1427917.13
 Closing Entries

875,378.55
20,939,875
7,800
45,963.02
Income Summary Err:520

20483867.66
MI, beg 912576.13
SRA 370,435.05
SD 222,431.70
Purchases 16,602,492.92
Transportation In 145,318.25
Sales Salaries Expense 665831.45
Store Supplies Expense 51065.09
Insurance Expense 18000
Interest Expense 11300
Freight out 43644.93
Taxes and Licenses Expense-Selling 127558.64

Repairs and Maintenance expense-Selling 82475.69

Miscellaneous Selling Expense 12744.85
Doubtful Expense 10000
Depreciation Expense-SB 200000
Depreciation Expense-OB 150000
Depreciation Expense-SFE 91600

Depreciation Expense-OFE 77200

Depreciation Expense- Delivery Vans 93750
Office Salaries expense 412262.42
Office Supplies expense 47123.6
Taxes and Licenses expense-General & Admin 64789.14
Repairs and Maintenance expense-General & Admin 55489.33
Miscellaneous General & Administrative Expense 15778.47
 1416617.13
George Green, capital 1416617.13

357500
George Green, Withdrawal 357500
665831.45
51065.09

127558.64
82475.69
12744.85

412262.42
47123.6
18000
11300
10000
200000
150000
91600
77200
 93750
64789.14
55489.33
15778.47
912576.13
370435.05
222431.70
16602492.9
145318.25
20440222.7
 8-10 Trading
Statement of Changes in Owner's Equity
For the Year Ended December 31, 2018

George Green, Owner's Equity, 12/01/18 9,300,000

Add: Profit 1416617.13
Total 10716617.13
Less: Withdrawal 357,500
George Green, Owner's Equity, 12/31/18 10359117.13
 8-10 Trading
Balance Sheet
31-Dec-18

Asset
Current Assets
Cash 152,346.17
Note Receivable 120000
Accounts Receivable 645000
Interest Receivable 7800
Allowance for doubtful Accounts 32250
Merchandising Inventory 875378.55
Store Supplies 46502.79
Office Supplies 57644.91
Prepaid Insurance 6000
1910672.42 32250
Total Current Asset 1878422.42
Property and Equipment (net)
Land 1757673.45
Store Building 4250000
Accumulated Depreciation-S/B 800000 3450000
Office Building 3150000
Accumulated Depreciation-O/B 600000 2550000
Store Furniture and Equipment 458000
Accumulated Depreciation -SF/E 265200 192800
Office Furniture and Equipment 386000
Accumulated Depreciation -OF/E 183600 202400
Delivery Vans 1160000
Accumulated Depreciation -D/V 281250 878750 9031623.45
Total Assets 10910045.87

Liabilities
Current Liabilities
Accounts Payable 178628.74
Notes Payable 250000
Interest Payable 11300
Sales Salaries Payable 87500
Office Salaries Payable 23500
Total Current Liabilities 550928.74

Owner's Equity
George Green, Owner's Equity, 12/31/18 10359117.13

Total Liabilities and Owner's Equity 10910045.87

 Post Closing Trial Balance

Cash 152,346.17
Note Receivable 120000
Accounts Receivable 645000
Interest Receivable 7800
Allowance for doubtful Accounts 32250
Merchandising Inventory 875378.55
Store Supplies 46502.79
Office Supplies 57644.91
Prepaid Insurance 6000
Land 1757673.45
Store Building 4250000
Accumulated Depreciation-S/B 800000
Office Building 3150000
Accumulated Depreciation-O/B 600000
Store Furniture and Equipment 458000
Accumulated Depreciation -SF/E 265200
Office Furniture and Equipment 386000
Accumulated Depreciation -OF/E 183600
Delivery Vans 1160000
Accumulated Depreciation -D/V 281250
Accounts Payable 178628.74
Notes Payable 250000
Interest Payable 11300
Sales Salaries Payable 87500
Office Salaries Payable 23500
George Green, Owner's Equity, 12/31/18 10359117.13
13072345.87 13072345.9
st Closing Trial Balance