Tess Pascual Shoes Worksheet For The Month Ended Feb. 29, 2020

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tess pascual shoes

worksheet
for the month ended feb. 29, 2020

TRIAL BALANCE ADJUSTMENTS ADJ T-BALANCE


DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
cash 441140 441140
accs receivable 428000 428000
merch inv 413000 413000
supplies 72000 14000 58000
prepaid insurance 48000 48000
land 460000 460000
bldg 1750000 1750000
acc. Depreciation-bldg 350000 9000 359000
equip 2310000 2310000
acc. Depreciation-equip 630000 12000 642000
accs payable 517000 517000
mortgage payable 2600000 2600000
salaries payable 51000 51000
interest payable 2000 2000
pascual, capital 1569000 1569000
pascual, withdrawals 400000 400000
sales 1332000 1332000
sales returns & allowances 141000 141000
sales discount 11840 11840
purchases 668000 668000
purchase returns & allowances 25000 25000
purcahse discounts 226980 226980
transportation in 13000 13000
advertising expense 6000 6000
salaries expense 51000 51000 102000
miscellaneous expense 7000 7000
supplies expense 14000 14000
transportation out 4000 4000
depreciation exp-bldg 9000 9000
depreciation exp-equip 12000 12000
interest expense 26000 2000 28000
TOTAL 7249980 7249980 88000 88000 7323980 7323980
Profit/Loss
feb. 29, 2020

INCOMESTATEMENT BALANCE SHEET


DEBIT CREDIT DEBIT CREDIT
441140
428000
413000 397000 397000
58000
48000
460000
1750000
359000
2310000
642000
517000
2600000
51000
2000
1569000
400000
1332000
141000
11840
668000
25000
226980
13000
6000
102000
7000
14000
4000
9000
12000
28000
1428840 1980980 6292140 5740000
552140 552140
1980980 1980980 6292140 6292140
cash accs. Receivable accs. Payable purchase discounts
113000 113000 64000
1920 270000 170000
6000 70000 170000
250000 200000 125000
5100 392000 373000
4000 392000 25000
196000 420000 259000 668000 sales returns & allowances
26000 71000 409000 70000
51000 1082000 846000 108000 71000
4000 236000 517000 141000
21000 192000
7000 428000
384160
9000 advertising exp transportation in miscellaneous exp
400000 6000 4000 7000
943160 535020 6000 9000 7000
408140 13000
33000
441140 transportation out supplies salaries expense
4000 21000 51000
4000 51000 51000
72000

adjusting entries

supplies supplies exp salaries exp salaries payable


14000 14000 51000
14000 14000 51000

interest expense interest payable


2000 2000
2000 2000

depreciation exp-bldg depreciation exp-equip


9000 12000
9000 12000
acc. Depreciation-bldg acc.depreciation-equip
9000 12000
9000 12000
purchase discounts purchases sales
62080 170000 270000
164900 125000 250000
226980 373000 392000
668000 420000
1332000

sales returns & allowances sales discounts interest exp


4000 26000
7840 26000
11840

pascual, withdrawals puurchase returns & allowances


400000 25000
400000 25000

salaries expense

nb nb

salaries payable
51000
51000
tess pascual shoes
income statement
for the month ended feb. 29 2020

net sales 1332000


gross sales
less: sales returns & allowances 141000
sales discounts 11840 152840
net sales 1179160
cost of sales
merchandise inventory, beginning 413000
purchases 668000
less: purchase returns & allowances 25000
purchase discounts 226980
net purchases 416020
transportation in 13000
net cost of purchases 429020
goods available for sale 842020
less: merchandise inventory, ending 397000
cost of sales 445020
gross profit 734140

operating expenses
selling expenses
salaries expense 102000
supplies expense 14000
transportation out 4000
total selling expense 120000
administrative expense
advertising expense 6000
miscellaneous expense 7000
depreciation expense-bldg 9000
depreciation expense-equip 12000
total administrative expense 34000
total operating expense 154000
operating profit 580140
finance cost 28000
profit 552140
tess pascual shoes
statement of changes in owner's equity
for the month ended feb. 29, 2020

pascual, owner's equity 2/1/2020 1569000


add: profit 552140
total 2121140
less: withdrawals 400000
pascual, owner's equity 2/29/2020 1721140

tess pascual shoes


statement of financial position
for the month ended feb. 29, 2020

assets
current assets
cash 441140
accs. Receivable 428000
merchandise inventory 397000
supplies 58000
prepaid insurance 48000
total current assets 1372140
non-current assets
land 460000
building 1750000
less: acc. Depreciation-bld 359000 1391000
equipment 2310000
less: acc. Depreciation-equ 642000 1668000 3059000
total assets 4891140

liabilities
current liabilities
accs. Payable 517000
salaries payable 51000
interest payable 2000
total current liabilities 570000
non-current liabilities
mortgage payable 2600000
total liabilities 3170000

owner's equity
pascual, capital 1721140
total liabilities & owner's equity 4891140
Sales 1332000
Purchase Returns and Allowances 25,000
Purchase Discount 226980
Income Summary 1583980

Income Summary 1015840


Sales Returns and Allowance 141000
Sales Discounts 11840
Purchases 668000
Transportation In 13000
Advertising Expense 6000
Salaries Expense 102000
miscellaneous Expense 7000
Supplies Expense 14000
Transportation out 4000
Depreciation Exp. – Building 9000
Depreciation Exp. – Equip. 12000
Interest Expense 28000

Income summary 568140


pascual, capital 568140

pascual, capital 400000


pascual, withdrawals 400000