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    Acctg SH

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    Fiel Zechariah Aenna
    The document provides financial statements and adjusting entries for Erlinda Seechua Company for the year ended December 31, 2010. It includes a trial balance, income statement, statement of owner's equity, balance sheet, and closing entries. The income statement shows revenues of $4,600,000 and expenses of $1,381,000, resulting in net income of $586,000. The balance sheet lists total assets of $3,576,000 and total liabilities and owner's equity of $3,576,000.

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    Acctg SH

    Uploaded by

    Fiel Zechariah Aenna
    144 views12 pages
    The document provides financial statements and adjusting entries for Erlinda Seechua Company for the year ended December 31, 2010. It includes a trial balance, income statement, statement of owner's equity, balance sheet, and closing entries. The income statement shows revenues of $4,600,000 and expenses of $1,381,000, resulting in net income of $586,000. The balance sheet lists total assets of $3,576,000 and total liabilities and owner's equity of $3,576,000.

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    ACCTG-SH

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    The document provides financial statements and adjusting entries for Erlinda Seechua Company for the year ended December 31, 2010. It includes a trial balance, income statement, statement of owner's equity, balance sheet, and closing entries. The income statement shows revenues of $4,600,000 and expenses of $1,381,000, resulting in net income of $586,000. The balance sheet lists total assets of $3,576,000 and total liabilities and owner's equity of $3,576,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    144 views12 pages

    Acctg SH

    Uploaded by

    Fiel Zechariah Aenna
    The document provides financial statements and adjusting entries for Erlinda Seechua Company for the year ended December 31, 2010. It includes a trial balance, income statement, statement of owner's equity, balance sheet, and closing entries. The income statement shows revenues of $4,600,000 and expenses of $1,381,000, resulting in net income of $586,000. The balance sheet lists total assets of $3,576,000 and total liabilities and owner's equity of $3,576,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 12

    SOLUTION TO Seechua

    Erlinda Seechua Company


    WORKSHEET
    'December 31, 2010

    TRIAL BALANCE ADJUSTMENTS


    Description PR Debit Credit Debit
    Cash 72,000.00
    Accounts Receivable 136,000.00
    Merchandise Inventory 598,000.00 723,000.00
    Office Supplies 42,000.00
    Prepaid Advertising 75,000.00
    Land 400,000.00
    Office Building 1,600,000.00
    Accu. Depreciation-Off. Bldg 100,000.00
    Office Eqipment 570,000.00
    Accu. Depreciation-Off. Equipt. 150,000.00
    Accounts Payable 74,000.00
    Notes Payable 200,000.00
    Mortgage Payable 1,100,000.00
    Seechua, Capital 1,510,000.00
    Seechua, Withdrawals 200,000.00
    Sales 4,600,000.00
    Sales returned & allowance 187,000.00
    Sales Discounts 161,000.00
    Purchases 2,643,000.00
    Purchases returned & allowances 133,000.00
    Purchases discount 172,000.00
    Transportation In 72,000.00
    Insurance Expense 25,000.00
    Interest Expense 208,000.00
    Salaries Expense 862,000.00 21,000.00
    Travel Expense 188,000.00
    Total 8,039,000.00 8,039,000.00
    Office Supplies Expense 17,000.00
    Advertising expense 25,000.00
    Salaries Payable
    Depreciation Exp.- Office Bldg 15,000.00
    Depreciation Exp.- Equipment 20,000.00
    Income & Expense Summary 598,000.00
    Total 1,419,000.00
    Net Income
    Total
    Erlinda Seechua Company
    INCOME STATEMENT
    For the year ended December 31, 2010

    REVENUE
    Gross Sale
    Sale Return and allowance 187,000.00
    Sales discount 161,000.00
    Net Sales

    Cost of Sale:
    Mechandise Inventory , 1/1/10 598,000.00
    Purchases 2,643,000.00
    Purchases return and Allowance 133,000.00
    Purchases discount 172,000.00 305,000.00
    Net Purchases 2,338,000.00
    Transportation In 72,000.00
    Net Cost of Purchases 2,410,000.00
    Goods Available for Sale 3,008,000.00
    Less: Merchandise Inventory 12/31/10 723,000.00
    Costs of sale
    Gross Profit
    Operating Expense
    Selling Expense
    Advertising expensse 25,000.00
    Insurance expense 25,000.00
    Travel expense 188,000.00
    Total Selling expense 238,000.00
    Administrative Expense
    Salaries expense 883,000.00
    Interest expense 208,000.00
    Office supplies Expense 17,000.00
    Depreciation Exp.-Office Building 15,000.00
    Depreciation Exp.-Equipment 20,000.00
    Total Administrative Expense 1,143,000.00
    Total Operating Expense
    Operating Profit

    Erlinda Seechua Company


    Statement of Changes in Equity
    For the year ended December 31, 2010

    Seechua, Capital 1/1/2010


    Add : Profit
    Total
    Less; Withdrawal
    Seechua, Owner's Equity 12/31/2010

    Erlinda Seechua Company


    Balance Sheet
    as of December 31, 2010

    Assets

    Current Assets:

    Cash
    Accounts Receivable
    Merchandise Inventory
    Office Supplies
    Prepaid Advertising
    Total Current Assets

    Property, Plant and equipment

    Land
    Office Building 1,600,000.00
    Less: Accumulated Depreciation- Building 115,000.00

    Office Equipment 570,000.00


    Less: Accumulated Depreciatin-Office Equipment 170,000.00
    Total Property, Plant and Equipment

    Total Assets:

    Liabilities

    Current Liabilities
    Accounts Payable 74,000.00
    Salaries Payable 21,000.00
    Total Current Liablities

    Non Current Liabilities

    Notes Payable due in 2 years 200,000.00


    Mortgage Payable 1,100,000.00
    Total Non-current Liabilities
    Total Liabilities

    Owner's Equity
    Seechua, Capital, Dec 31, 2010
    Total Liabilities and Owner's Equity

    CLOSING ENTRIES:

    Date Account Title and explaination Debit Credit

    2010
    Dec
    31 Mechandise Inventory, End 723,000.00
    Sales 4,600,000.00
    Purchases Returns and Allowances 133,000.00
    Purchases discounts 172,000.00
    Income and Expense Summary 5,628,000.00
    to close temporary accounts with credit balances

    31 Income and expense summary 5,042,000.00


    Merchandise inventory beg 598,000.00
    Sale Return and allowance 187,000.00
    Sales discount 161,000.00
    Transportation In 72,000.00
    Purchases 2643000
    Advertising expensse 25,000.00
    Insurance expense 25,000.00
    Travel expense 188,000.00
    Salaries expense 883,000.00
    Interest expense 208,000.00
    Office supplies Expense 17,000.00
    Depreciation Exp.-Office Building 15,000.00
    Depreciation Exp.-Equipment 20,000.00
    To close temporary account with debit balances

    31 Income and Expense Summary 586,000.00


    Seechua, Capital 586,000.00
    To Close the Income and expese summary

    31 Seechua, capital 200,000.00


    Seechua, withdrawals 200,000.00
    To close the withdrawal account

    POST CLOSING TRIAL BALANCE

    Erlinda Seechua Company


    Post- Closing Trial Balance
    December 31, 2010

    Cash 72,000.00
    Accounts Receivable 136,000.00
    Merchandise Inventory 723,000.00
    Office Supplies 25,000.00
    Prepaid Advertising 50,000.00
    Land 400,000.00
    Office Building 1,600,000.00
    Accumulated Depreciation- Building
    Office Equipment 570,000.00
    Accumulated Depreciatin-Office Equipment
    Accounts Payable
    Salaries Payable
    Notes Payable due in 2 years
    Mortgage Payable
    Seechua, Capital, Dec 31, 2010
    Total 3,576,000.00
    nda Seechua Company
    WORKSHEET
    'December 31, 2010

    ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET


    Credit Debit Credit Debit Credit Debit
    72,000.00 72,000.00
    136,000.00 136,000.00
    598,000.00 723,000.00 723,000.00
    17,000.00 25,000.00 25,000.00
    25,000.00 50,000.00 50,000.00
    400,000.00 400,000.00
    1,600,000.00 1,600,000.00
    15,000.00 115,000.00
    570,000.00 570,000.00
    20,000.00 170,000.00
    74,000.00
    200,000.00
    1,100,000.00
    1,510,000.00
    200,000.00 200,000.00
    4,600,000.00 4,600,000.00
    187,000.00 187,000.00
    161,000.00 161,000.00
    2,643,000.00 2,643,000.00
    133,000.00 133,000.00
    172,000.00 172,000.00
    72,000.00 72,000.00
    25,000.00 25,000.00
    208,000.00 208,000.00
    883,000.00 883,000.00
    188,000.00 188,000.00

    17,000.00 17,000.00
    25,000.00 25,000.00
    21,000.00 21,000.00
    15,000.00 15,000.00
    20,000.00 20,000.00
    723,000.00 598,000.00 723,000.00 598,000.00 723,000.00
    1,419,000.00 8,818,000.00 8,818,000.00 5,042,000.00 5,628,000.00 3,776,000.00
    586,000.00
    5,628,000.00 5,628,000.00 3,776,000.00
    nda Seechua Company
    NCOME STATEMENT
    r ended December 31, 2010

    4,600,000.00

    348,000.00
    4,252,000.00

    2,285,000.00
    1,967,000.00

    1,381,000.00
    586,000.00

    nda Seechua Company


    ment of Changes in Equity
    r ended December 31, 2010

    1,510,000.00
    586,000.00
    2,096,000.00
    200,000.00
    1,896,000.00

    nda Seechua Company


    Balance Sheet
    f December 31, 2010

    72,000.00
    136,000.00
    723,000.00
    25,000.00
    50,000.00
    1,006,000.00

    400,000.00

    1,485,000.00

    400,000.00
    2,285,000.00

    3,291,000.00

    95,000.00

    1,300,000.00
    1,395,000.00

    wner's Equity
    1,896,000.00
    3,291,000.00
    115,000.00

    170,000.00
    74,000.00
    21,000.00
    200,000.00
    1,100,000.00
    1896000
    3,576,000.00
    BALANCE SHEET
    Credit

    115,000.00

    170,000.00
    74,000.00
    200,000.00
    1,100,000.00
    1,510,000.00

    21,000.00

    3,190,000.00
    586,000.00
    3,776,000.00

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