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FAR Merchandising

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237 views

FAR Merchandising

Uploaded by

paololegardo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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SAMAR TRADERS

Worksheet
December 31, 20B
UNADJUSTED ADJUSTING
Accounts Title
TRIAL BALANCE ENTRY
Cash on Hand 295,000.00
Petty Cash Fund 1,000.00
Accounts Receivable 50,000.00
Estimated Uncollectible Accounts 1,000.00 900.00
Merchandise Inventory, beg. 125,000.00
Furniture & Fixtures 175,000.00
Accumulated Depreciation 23,000.00 35,000.00
Accounts Payable 20,000.00
C. Carpeso, Capital 1,183,700.00
C. Carpeso, Drawing 2,000.00
Sales 1,430,000.00
Sales Returns & Allowances 1,500.00
Purchases 1,630,000.00
Freight-In 800.00
Purchase Returns & Allowances 1,600.00
Salaries & Wages 240,000.00
Taxes & Licenses 14,000.00
Rental Expense 110,000.00 10,000.00
Insurance Expense 15,000.00 12,000.00
TOTAL 2,659,300.00 2,659,300.00
Merchandise Inventory, end
Depreciation Expense 35,000.00
Prepaid Insurance 12,000.00
Accrued Rent 10,000.00
Bad Debt Expense 900.00
57,900.00 57,900.00
ADJUSTED INCOME
BALANCE SHEET
TRIAL BALANCE STATEMENT
295,000.00 295,000.00
1,000.00 1,000.00
50,000.00 50,000.00
1,900.00 1,900.00
125,000.00 125,000.00
175,000.00 175,000.00
58,000.00 58,000.00
20,000.00 20,000.00
1,183,700.00 1,183,700.00
2,000.00 2,000.00
1,430,000.00 1,430,000.00
1,500.00 1,500.00
1,630,000.00 1,630,000.00
800.00 800.00
1,600.00 1,600.00
240,000.00 240,000.00
14,000.00 14,000.00
120,000.00 120,000.00
3,000.00 3,000.00

985,000.00 985,000.00
35,000.00 35,000.00
12,000.00 12,000.00
10,000.00 10,000.00
900.00 900.00
2,705,200.00 2,705,200.00 2,170,200.00 2,416,600.00 1,520,000.00 1,273,600.00
246,400.00 246,400.00
1,520,000.00 1,520,000.00
SAMAR TRADERS
Balance Sheet
As of 31 December 20B
ASSETS LIABILITIES AND OWNER'S EQUITY
Current Assets: Current Liabilities:
Cash on Hand 295,000.00 Accounts Payable
Petty Cash Fund 1,000.00 Accrued Rent
Prepaid Insurance 12,000.00 Total Liabilities
Accounts Receivable 50,000.00
Estimated Uncollectible Accounts 1,900.00 48,100.00
Merchandise Inventory, end 985,000.00
Total Current Assets 1,341,100.00

Non-Current Assets:
Furniture & Fixtures 175,000.00
Less: Accumulated Depreciation 58,000.00 Owner's Equity:
Total Non-Current Assets 117,000.00 C. Carpeso, Capital, End
Total Assets 1,458,100.00 Total Liabilities & Owner's Equity
TIES AND OWNER'S EQUITY

20,000.00
10,000.00
30,000.00

1,428,100.00
wner's Equity 1,458,100.00
SAMAR TRADERS
Income Statement
For the year ended December 31, 20B

Net Sales
Gross Sales 1,430,000.00
Less: Sales Returns & Allowances 1,500.00
Net Sales 1,428,500.00
Cost of Goods Sold
Merchandise Inventory, Beg. 125,000.00
Purchases 1,630,000.00
Less: Purchase Ret. & Allowances 1,600.00
Net Purchases 1,628,400.00
Add: Freight-In 800.00
Delivered Cost of Purchases 1,629,200.00
Cost of Goods Available for Sale 1,754,200.00
Less: Merchandise Inventory, End 985,000.00
Cost of Goods Sold 769,200.00
Gross Profit 659,300.00
Operating Expenses
General and Administrative
Salaries & Wages 240,000.00
Taxes & Licenses 14,000.00
Rental Expense 120,000.00
Insurance Expense 3,000.00
Depreciation Expense 35,000.00
Bad Debt Expense 900.00 412,900.00
Profit 246,400.00
SAMAR TRADERS
Statement of Changes in Owner's Equity
For the year ended December 31, 20B
C. Carpeso, Capital, Beg. 1,183,700.00
Add: Profit 246,400.00
Total 1,430,100.00
Less: C. Carpeso, Drawing 2,000.00
C. Carpeso, Capital, End 1,428,100.00
DATE PARTICULARS DEBIT CREDIT
Income Summary 2,068,300.00
Purchases 1,630,000.00
Sales Returns & Allowances 1,500.00
Freight-In 800.00
Salaries & Wages 240,000.00
Taxes & Licenses 14,000.00
Rental Expense 120,000.00
Insurance Expense 27,000.00
Depreciation Expense 35,000.00
To close accounts with Debit Balances

Sales 1,430,000.00
Purchase Returns & Allowances 1,600.00
Income Summary 1,431,600.00
To close accounts with Credit Balances

Merchandise Inventory 860,000.00


Income Summary 860,000.00
To set up Merchandise Inventory Ending

Income Summary 223,300.00


C. Carpeso, Capital 223,300.00
To close Income Summary

C. Carpeso, Capital 2,000.00


C. Carpeso, Withdrawal 2,000.00
To close Withdrawal Account
Income Summary
2,068,300.00 1,431,600.00
860,000.00
2,291,600.00
223,300.00
Purchases Sales Returns & Allowances Freight-In
1,630,000.00 1,630,000.00 1,500.00 1,500.00 800.00

Salaries & Wages Rental Expense Taxes & Licenses


240,000.00 240,000.00 120,000.00 120,000.00 14,000.00

Insurance Expense Depreciation Expense Sales


27,000.00 27,000.00 35,000.00 35,000.00 1,430,000.00

Purchase Returns & Allowances Merchandise Inventory Income Summary


1,600.00 1,600.00 860,000.00 860,000.00 2,068,300.00

C. Carpeso, Capital C. Carpeso, Withdrawal


2,000.00 223,300.00 2,000.00 2,000.00
1,183,700.00
1,407,000.00
1,405,000.00
Freight-In
800.00

Taxes & Licenses


14,000.00

Sales
1,430,000.00

Income Summary
1,431,600.00
860,000.00
2,291,600.00
223,300.00
Prepaid Insurance 12,000.00
Cash on Hand 295,000.00
Petty Cash Fund 1,000.00
Accounts Receivable 50,900.00
Estimated Uncollectible Accounts 1,900.00
Merchandise Inventory 985,000.00
Furniture & Fixtures 175,000.00
Accumulated Depreciation 23,000.00
Accounts Payable 20,000.00
Accrued Rent 10,000.00
C. Carpeso, Capital 1,405,000.00
1,506,900.00 1,471,900.00

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