DANIELS CONSULTING Adjusted Trial Balance - Worksheet (Before Clsoing Entries-Us
ID: 2587973 • Letter: D
Question
DANIELS CONSULTING Adjusted Trial Balance - Worksheet (Before Clsoing Entries-Use for finacial statements) Adjusted Trial Balance 4 Account Names Debit Credit Cash Accounts Receivable Allowance for Bad Debts $ 689,323 1,100 8 312 9Office Supplies 10 Equipment 11 Software Inventory 12 Prepaid Rent 13 Accumulated Depreciation- Equipment 14 15 Accumulated Depreciation-Furniture 16 Land 17 Short Term Investment- T 15 7,200 300 840 Furniture 6,000 750 271,485 4,500 Trading 18VAdjustment Trading 1,500 1,010 900 19 Accounts Payable 20 Unearned Revenue 21 22 Long-term note payable 23 Bonds Payable 24 Discount on Bonds Payable 25Inerest Payable Salaries Payable 303,970 500,000 48,930 18,532 Adjusted Trial BalanceExplanation / Answer
BALANCE SHEET For the year Ended 31st December 20017 Amount Amount CURRENT ASSETS Accont Receivable $6,89,323 Less: Allowance for Bad Debts -$312 $6,89,011 Cash $1,100 Office Supplies $15 Software inventory $300 $6,90,426 TOTAL OF CURRENT ASSETS INVESTMENT Short term investment - Trading $4,500 Less: FV adjustement trading -$1,500 $3,000 PLANT ASSETS Equipment $7,200 Less: Accumulated Depreciation -$840 $6,360 Furniture $6,000 Less: Accumulated Depreciation -$750 $5,250 Land $2,71,485 TOTAL OF PLANT ASSETS $2,86,095 TOTAL OF ASSETS $9,76,522 LIABILITIES AND ONWER'S EQUITY Amount Amount CURRENT LIABILITIES Accoutn Payable $1,010 Unearned Revenue $900 Long Term Note Payable $3,03,970 Bonds Payable $5,00,000 Less: Discount on Bonds Payable $48,930 $4,51,070 Interest Payable $18,532 TOTAL OF CURRENT LIABILITIES $7,75,482 STOCK OWNER'S CAPITAL Common Stock $36,000 Paid in Capital in Excess of par C/S $13,452 Preferred Stock $1,25,000 Paid in Capital in Excess of par P/S $12,500 Retained Earnings $14,088 TOTAL OF SHAREHOLDERS EQUITY $2,01,040 TOTAL OF EQUITY AND LIABILITIES $9,76,522 INCOME STATEMENT Amount Amount Sales Revenue $1,02,915 Service Revenue $34,100 Less: Unrealized Holding Gain $1,500 $32,600 Interest Revenue $275 Less : Expenses COGS $56,610 Rent Expesnes $27,200 Supplies Expenses $455 Interest $19,121 Salaries $11,275 Utilities $4,960 Bad Debt Expenses $488 Bank Expenses $113 Depreciation Expenses - Equipmennt $780 Depreciation Expenses - Furniture $700 Total Expenses $1,21,702 Net Revenue $14,088
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