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The document contains financial statements for Christine Sousa's Bags for the year ended December 31, 2024, including a trial balance, income statement, and statement of changes in equity. It details revenues, expenses, and adjustments, resulting in a net profit of $586,000. Additionally, it outlines the company's assets, liabilities, and owner's equity, totaling $3,291,000.

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4 views

answer

The document contains financial statements for Christine Sousa's Bags for the year ended December 31, 2024, including a trial balance, income statement, and statement of changes in equity. It details revenues, expenses, and adjustments, resulting in a net profit of $586,000. Additionally, it outlines the company's assets, liabilities, and owner's equity, totaling $3,291,000.

Uploaded by

jillankimh
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Trial Balance Adjustments Adjuested TB Income Statement

Dr CR Dr CR Dr CR Dr
Cash 72,000 72,000
Accounts Recevable 136,000 136,000
Merchandise Inventory 598,000 598,000 598,000
Office Supplies 42,000 17,000 25,000
Prepaid Advertising 75,000 25,000 50,000
Office Equipment 570,000 570,000
Accumulated Dep- Equipment 150,000 15,000 165,000
Office Building 1,600,000 1,600,000
Accumulated Dep- Building 100,000 20,000 120,000
Land 400,000 400,000
Account Payable 74,000 74,000
Salaries Payable 21,000 21,000
Notes Payabel 200,000 200,000
Mortgage Payable 1,100,000 1,100,000
Sousa, Capital 1,510,000 1,510,000
Sousa, Withdrawals 200,000 200,000
Sales 4,600,000 4,600,000
Sales Discounts 161,000 161,000 161,000
Sales Return & Allow 187,000 187,000 187,000
Purchase 2,643,000 2,643,000 2,643,000
Purchase Discount 172,000 172,000
Purchase Return and Allow 133,000 133,000
Transporatation In 72,000 72,000 72,000
Insurance Expense 25,000 25,000 25,000
Interest Expense 208,000 208,000 208,000
Salaries EXPENSE 862,000 21,000 883,000 883,000
Travel Expense 188,000 188,000 188,000
Office Supplies Expense 17,000 17,000 17,000
Advertising Expense 25,000 25,000 25,000
Depreciation Expense 35,000 35,000 35,000
8,039,000 8,039,000 98000 98,000 8,095,000 8095000 5,042,000
Profit 586,000
5,628,000
Adjusting Entries
a. Office Supplies Expense 17,000
Office Supplies 17,000

b. Advertising Expense 25,000


Prepadid Advertising 25,000

c. Salaries Expense 21,000


Salaries Payable 21,000

d. Depreciation Exppense 35,000


Accum Dep- Off Equip 15,000
Accum Dep- Off building 20,000
Income Statement Err:522 Sheet
CR Dr CR
72,000
136,000
723,00 723,000
25,000
50,000
570,000
165,000
1,600,000
120,000
400,000
74,000
21,000
200,000
1,100,000
1,510,000
200,000
4,600,000

172,000
133,000

5628000 3,776,000 3190000


586,000
5628000 3,776,000 3,776,000
CLOSING ENTRIES
Merchandise, End 723,000
Sales 4,600,000
Purchase Discount 172,000
Purchase Return & Allow 133,000
Income Summary 5,628,000
to close the nominal accounts with credit balances and established the merchandise inventory

Income Summary 5,042,000


Merchandise, Beg 598,000
Sales Discount 161,000
Sales Return & Allowance 187,000
Purchases 2,643,000
Transportation In 72,000
Insurance Expense 25,000
Interest Expense 208,000
Salaries EXPENSE 883,000
Travel Expense 188,000
Office Supplies Expense 17,000
Advertising Expense 25,000
Depreciation Expense 35,000
to close the nominal accounts with credit balances and established the merchandise inventory

Income Summary 586,000


Sousa, Capital 586,000

Sousa, Withdrawal
Sousa, Withdrawal 200,000
Christine Sousa's Bags
Statement of Comprehensive Income
Decmber 31, 2024

Sales 4,600,000
Less Sales Disc 161,000
Sales Return & Allow 187,000 348,000
Net sales 4,252,000
Cost of Good sold 2,285,000
Gross Profit 1,967,000
Expenses
Office Supplies Expense 17,000
Insurance Expense 25,000
Salaries Expense 883,000
Advertising Expense 25,000
Travel Expense 188,000
Depreciation expense 35,000
Interest Expense 208,000 1,381,000
Profit 586,000
Christine Sousa's Bags Christine Sousa's Bags
Cost of Goods Sold Statement Statement of Financial Position
For the Year Ended Decmber 31, 2024 As of Decmber 31, 2024
Beg Inventory 598,000 Assets
Purchases 2,643,000 Cash
Less. Purchase Discount -172,000 Accounts Recevable
Purchase Return & Allow -133,000 Merchandise Inventory
Transportation In 72,000 Office Supplies
Add. Net cost of Purchases 2,410,000 Prepaid Advertising
3,008,000 Total Current Asset
Ending Inventory -723,000
Cost of Goods Sold 2,285,000 Office Equipment
Accumulated Dep- Equipment
Office Building
Christine Sousa's Bags Accumulated Dep- Building
Statement of Changes In Equity Land
For the Year Ended Decmber 31, 2024 Total Non-Current
TOTAL ASSETS
Beg Capital 1,510,000
profit 586,000 Liabilities
Withdrawal -200,000 Account Payable
End, Capital 1,896,000 Salaries Payable
Notes Payabel
Mortgage Payable
Total Liabilities

Owners Eqity
Sousa, Capital
Total Owners Equity

Total Liabilities & Owner's Equity


ristine Sousa's Bags
ent of Financial Position
of Decmber 31, 2024

72,000
136,000
723,000
25,000
50,000
1,006,000

570,000
-165,000
1,600,000
-120000
400,000
2,285,000
3,291,000

74,000
21,000
200,000
1,100,000
1,395,000

1,896,000
1,896,000

wner's Equity 3,291,000


Trial Balance Adjustments Adjuested TB Income Statement
Dr CR Dr CR Dr CR Dr
Cash 72,000 72,000
Accounts Recevable 136,000 136,000
Merchandise Inventory 598,000 723,000 598,000 598,000 598,000
Office Supplies 42,000 17,000 25,000
Prepaid Advertising 75,000 25,000 50,000
Office Equipment 570,000 570,000
Accumulated Dep- Equipment 150,000 15,000 165,000
Office Building 1,600,000 1,600,000
Accumulated Dep- Building 100,000 20,000 120,000
Land 400,000 400,000
Account Payable 74,000 74,000
Salaries Payable 21,000 21,000
Notes Payabel 200,000 200,000
Mortgage Payable 1,100,000 1,100,000
Sousa, Capital 1,510,000 1,510,000
Sousa, Withdrawals 200,000 200,000
Sales 4,600,000 4,600,000
Sales Discounts 161,000 161,000 161,000
Sales Return & Allow 187,000 187,000 187,000
Purchase 2,643,000 2,643,000 2,643,000
Purchase Discount 172,000 172,000
Purchase Return and Allow 133,000 133,000
Transporatation In 72,000 72,000 72,000
Insurance Expense 25,000 25,000 25,000
Interest Expense 208,000 208,000 208,000
Salaries EXPENSE 862,000 21,000 883,000 883,000
Travel Expense 188,000 188,000 188,000
Office Supplies Expense 17,000 17,000 17,000
Advertising Expense 25,000 25,000 25,000
Depreciation Expense 35,000 35,000 35,000
Income Summary 598,000 723,000
8,039,000 8,039,000 1419000 1,419,000 8,095,000 8095000 5,042,000
586,000
5,628,000
Adjusting Entries
a. Office Supplies Expense 17,000
Office Supplies 17,000

b. Advertising Expense 25,000


Prepadid Advertising 25,000

c. Salaries Expense 21,000


Salaries Payable 21,000

d. Depreciation Exppense 35,000


Accum Dep- Off Equip 15,000
Accum Dep- Off building 20,000
Income Statement
CR

723,000

4,600,000

172,000
133,000

5,628,000

5628000
2285
3623

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