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Accounting Exercise: Financial Statements

The document presents the trial balance, adjustments, income statement, and balance sheet for Sin Ger Voice Lessons for December 2018. It shows the company had service income of $260,000 and expenses of $70,625, resulting in net income of $189,375. Assets included cash of $408,400, accounts receivable of $224,000, and property and equipment of $103,875. Liabilities were accounts payable of $33,600 and output tax of $31,200. Owner's equity included capital of $500,000 and net income of $189,375.

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197 views5 pages

Accounting Exercise: Financial Statements

The document presents the trial balance, adjustments, income statement, and balance sheet for Sin Ger Voice Lessons for December 2018. It shows the company had service income of $260,000 and expenses of $70,625, resulting in net income of $189,375. Assets included cash of $408,400, accounts receivable of $224,000, and property and equipment of $103,875. Liabilities were accounts payable of $33,600 and output tax of $31,200. Owner's equity included capital of $500,000 and net income of $189,375.

Uploaded by

chubbybunbun
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

Unadjusted Trial Balance Adjustments

ACCOUNT TITLE Debit Credit Debit Credit


Cash 408,400.00
Accounts Receivable 224,000.00
Input Tax 17,400.00
Office Supplies 5,000.00 4,500.00
Furniture 30,000.00
Musical Instruments 100,000.00
Accounts Payable 33,600.00
Output Tax 31,200.00
Sin Ger Capital 500,000.00
Service Income 260,000.00
Salary Expense 30,000.00
Utility Expense 10,000.00

TOTAL 824,800.00 824,800.00


Adjustments:
1. Depreciation Exp-Fur 1,125.00
Accum Dep Exp - Fur 1,125.00

2. Depreciation Exp - MI 25,000.00


Accum Dep Exp - MI 25,000.00
3. Office Supplies Expense 4,500.00

TOTAL 30,625.00 30,625.00


Net Income
TOTAL
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit
408,400.00 408,400.00
224,000.00 224,000.00
17,400.00 17,400.00
500.00 500.00
30,000.00 30,000.00
100,000.00 100,000.00
33,600.00
31,200.00
500,000.00
260,000.00 260,000.00
30,000.00 30,000.00
10,000.00 10,000.00

1,125.00 1,125.00
1,125.00

25,000.00 25,000.00
25,000.00
4,500.00 4,500.00

850,925.00 850,925.00 70,625.00 260,000.00 780,300.00


189,375.00
260,000.00 260,000.00 780,300.00
Balance Sheet Post Trial Balance
Credit Debit Credit

33,600.00
31,200.00
500,000.00

1,125.00

25,000.00

590,925.00 - -
189,375.00
780,300.00
Sin Ger Voice Lessons
Statement of Comprehensive Income
for December 2018

Service Income 260,000.00


Less: Expenses
Salary Expense 30,000.00
Utility Expense 10,000.00
Dep Exp - Fur 1,125.00
Dep Exp - MI 25,000.00
Office Supplies Expense 4,500.00
70,625.00
Net Income 189,375.00
Sin Ger Voice Lessons
Statement of Financial Position
as of December 2018

ASSETS: LIABILITIES:
Cash 408,400.00 Accounts Payable 33,600.00
Accounts Receivable 224,000.00 Output Tax 31,200.00
Input Tax 17,400.00 TOTAL LIABILITIES 64,800.00
Office Supplies 500.00
Musical Instrument 100,000.00 OWNER'S EQUITY:
Less: Accumulated Dep - MI (25,000.00) 75,000.00 Sin Ger Capital 500,000.00
Furniture 30,000.00 Net Income 189,375.00
Less: Accumulated Dep - Fur (1,125.00) 28,875.00 TOTAL OWNER'S EQUITY 689,375.00
TOTAL ASSETS 754,175.00 TOTAL LIABILITIES AND
OWNER'S EQUITY 754,175.00

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