ames Company Adjusted Trial Balance December 31, 2017 DEBIT- REDIT ccounts Recei

Question

ames Company Adjusted Trial Balance December 31, 2017 DEBIT- REDIT ccounts Receivable hort term Note Receivab nterest Receivable upplies nventory paid Expenses Equipment Copyrights Accounts Payable Unearned Revenue 1.400 6,600 Long Term Note Payable ommon Stock Paid-in-Capital In Excess of Par-CS Dividends 41,400 ales Sales Returns & Allowances 40 60 ales Discounts ost of Goods Sold Bad debt expense Depreciation Expense Amortization Expense Wages Expense 770 90 ent Expense Office Expense Supplies Expense Selling Expense interest Expense Interest Revenue ncome Totals 26 870 200 135 Tax Expense 760 55,790

Explanation / Answer

James Company Income Statement For the year ended December 31, 2017 $ $ Sales revenue 41400 Sales return and allowances -40 Sales discounts -60 Net Sales 41300 Cost of goods sold 21550 Gross margin 19750 Expenses: Bad debt expenses 30 Supplies expense 260 Wages expense 8000 Rent expense 1500 Office expenses 80 Interest expense 200 Depreciation expense 770 Amortization expense 90 Selling expense 870 Total expenses 11800 Other income Interest revenue 135 Total other income 135 Income before taxes 8085 Income tax expenses 760 Net Income 7325 James Company Balance Sheet As at December 31, 2017 $ $ Assets Current assets Cash 3100 Accounts receivable 2460 Less: Allowance for doubtful accounts -650 1810 Inventory 3000 Short-term notes receivable 500 Supplies 30 Interest receivable 20 Prepaid insurance 150 Total current assets 8610 Fixed assets Equipment 10720 Accumulated depreciation - Equipment -1200 9520 Copyrights 600 Total fixed assets 10120 Total assets 18730 Liabilities & stockholders' equity Liabilities Current Liabilities Accounts payable 670 Unearned revenue 50 Interest payable 125 Total current liabilites 845 Long-term liabilites Long-term note payable 1400 Total Long-term Liabilities 1400 Stockholders' equity Common stock 6600 Additional paid-in-capital-CS 400 Retained earnings 9485 Total stockholders' equity 16485 Total Liabilities & stockholders' equity 18730 James Company Statement of Retained earnings For the year ended December 31, 2017 $ $ Retained earnings: Opening balance 3160 (+) Net income of the year 7325 (-) Dividends -1000 Ending balance 9485

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