Silver Tone Partners, Inc. Trial Balance Worksheet 12/31115 1231116 123116 Debit

Question

Silver Tone Partners, Inc. Trial Balance Worksheet 12/31115 1231116 123116 Debit 10000-Cash-Checking 310,000 2000-Accounts Receivable 46,750 13200-Inentory 9 15000 -Furniture and E 6,250 3,000 017000-Accumulated eprecaon 2500 18000-Prepaid Rent 218700-Prepaid Insurance 3,000 1,000 4,000 9,000 20000-Accounts Payable 42,500 2,000 38,000 4 21000-Payroll Payable 8,000 15 23000-Accrued E-penses 16 24000-Note Payable Current 12000 8000 12,000 88,000 1,000 12,000 28000- Note Payable Long Term 18 30100-Capital Stock 1930200-Dvidends Paid 2,000 2000 4,000 2032000-Retained Earnings 210.000 378,750 210,000 210,000 10,500 220,500 147900-Sal 378,750 51000-Cost of Goods Sold 53,750 2000 17,500 10,000 163,750 2,000 17,500 0,000 362400-Depreciation Expense 463300-Insurance Expense ,000 9,000 8500 63400-Interost Expense 64300-Meals and Entertainment 400 4900-Office Supples 65600-Paynoll Expenses 102.000 8,000 2 66700Professional Fees 66750 -Rent Expense ,00042,300 17,000 42,300 7 000 43.300 68400-Travel Expense 3260600-Utides S 256 500 256,500 741250 741250220002200071290 7512378 750 378 70383000 383000

Explanation / Answer

SILVER TONE PARTNERS, INC INCOME STATEMENT For the year ended December 31,2016 Amount in $ Amount in $ %of Sales Formula Sales 378750 100.00% Sales/Sales*100 Cost Of Goods Sold 153750 40.59% Cost of goods sold /sales *100 Gross profit (Sales- Cost of goods sold) 225000 59.41% Gross profit/sales *100 Operating Expenses Depreciation expense 2000 0.53% Depreciation expense/Sales*100 Insurance expense 17500 4.62% Insurance expense/Sales*100 Interest expense 10000 2.64% Interest exp/Sales*100 meals & entertianment expense 800 0.21% Meals& entertainment/Sales*100 Office Supplies 400 0.11% Offfice supplies/Sales*100 payroll expenses 110000 29.04% Pay roll exoenses/Sales*100 profesional fee 3000 0.79% Professional fee/Sales*100 rent expenses 42300 11.17% rent exp/Sales*100 Travel expense 17000 4.49% travel exp/Sales*100 Utilities 7500 1.98% Utilities/Sales*100 Total Operating Expenses 210500 55.58% Total operating expenses/Sales*100 Net Income (Gross profit - Total operating expense) 14500 3.83% Net income/Sales*100

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