Matalino Dormitory

Adjusted Trial Balance

Accounts Name Debit Credit

Cash 1,079,291.56 -
Office Supplies 4,119.75 -
Accumulated Depreciation - Building - 625,000.00
Accumulated Depreciation - Furniture and Fixtures - 20,000.00
Accumulated Depreciation - Computers - 1,845.00
Building 12,500,000.00 -
Furniture and Fixtures 400,000.00 -
Computers 36,900.00 -
Refundable Customers Deposits - 30,000.00
Salaries and Wages Payable - 15,875.00
Utlities Payable - 32,983.20
Notes Payable - 5,250,000.00
Owner's Capital - 8,994,270.00
Owner's Drawings 10,000.00 -
Salaries and Wages Expense 258,875.00 -
Deprecation Expense 646,845.00 -
Office Supplies Expense 5,000.00 -
Utilities Expense 376,941.89 -
Insurance Expense 12,000.00 -
Rent Revenue - 360,000.00
TOTAL 15,329,973.20 15,329,973.20
 Matalino Dormitory
Statement of Comprehensive Income
For the year ended December 31, 2015

Rent Revenue 360,000.00

Total Revenue 360,000.00

Salaries and Wages Expense 258,875.00

Depreciation Expense 646,845.00
Office Supplies Expense 5,000.00
Utlities Expense 376,941.89
Insurance Expense 12,000.00
Total Expense 1,299,661.89

Net Income/(Loss) - 939,661.89

 LMN Trading Company
Adjusted Trial Balance

Accounts Name Debit Credit

Cash in Bank 155,000.00
Account Receivable 600,000.00
Allowance for Bad Debts 45,000.00
Merchandise Invetory, Dec. 31 150,000.00
Equipment 300,000.00
Accumulated Depreciation - Equipment 110,000.00
Accounts Payable 180,000.00
Abel Caro, Capital 650,000.00
Abel Caro, Drawings 50,000.00
Net Sales 1,300,000.00
Net Purchases 630,000.00
Salaries and Wages 210,000.00
Bad Debts Expense 20,000.00
Depreciation Expense 40,000.00
Rent Expense 80,000.00
Utilities Expense 50,000.00
TOTAL 2,285,000.00 2,285,000.00
 LMN Trading Company
Statement of Comprehensive Income
For the year ended December 31, 2015

Net Sales 1,300,000.00

Net Purchases 630,000.00
Gross Profit 670,000.00
Salaries and Wages Expense 210,000.00
Bad Debts Expense 20,000.00
Depreciation Expense 40,000.00
Rent Expense 80,000.00
Utilities Expense 50,000.00
Net Income 270,000.00
 BEST SHIRTS
Partial Trial Balance
December 31, 2015

Accounts Name Debit Credit

Inventory, 1/1/2015 2,000,000.00
Sales 15,000,000.00
Sales Returns and Allowances 10,000.00
Sales Discounts 120,000.00
Purchases 8,000,000.00
Freight-In 200,000.00
Freight-Out 500,000.00
Purchase Discounts 100,000.00
Purchase Returns and Allowances 10,000.00
Salaries Expense 1,000,000.00
Rent Expense 500,000.00
Utilities Expense 240,000.00
Permit and Licenses Expense 10,000.00
Repairs and Maintenance Expense 100,000.00
Depreciation Expense 120,000.00

Note: Expense (salaries, rent, utlities and depreciation) pertain to selling (20%) and administrative (80%)
as of December 31, 2015 - Inventory 1,750,000.00
 BEST SHIRTS 1. Determine the Revenue
Statement of Comprehensive Income
For the year ended December 31, 2015 Sales
Less: Sales Discounts
Net Sales 14,870,000.00 Sales Returns and Allowances
Less: Cost of Sales 8,340,000.00 Net Sales
Gross Profit 6,530,000.00
Less: Selling Expense 872,000.00 2. Determine th Net Purchases, Cost of
Administrative Expense 1,598,000.00
Net Income before Taxes 4,060,000.00 Purchases
Income Tax (30%) 1,218,000.00 Add: Freight-In
NET INCOME AFTER TAX (NIAT) 2,842,000.00 Less: Purchase Discounts
Purchase Returns and Allowance
Net Purchases

Beginning Inventory - 01/01/2015

Add: Net Purchases
Total Goods Available for Sale
Less: Ending Inventory, 12/31/2015
Cost of Sales

3. Determine Selling Expense

Allocation of Expense
Nature
Salaries and Wages
Rent Expense
Utlities
Depreciation

Selling Expense
Freight-Out
Salaries and Wages
Rent Expense
Utilities
Depreciation
Total Selling Expense

4. Determine the Administrative Expens

Administrative Expenses
Salaries and Wages
Rent Expense
Utlities
Depreciation
Permit and Licenses
Repairs and Maintenance
Total Administrative Expenses
ine the Revenue

15,000,000.00
120,000.00
urns and Allowances 10,000.00
14,870,000.00

ine th Net Purchases, Cost of Sales and Gross Profit

8,000,000.00
200,000.00
hase Discounts 100,000.00
Returns and Allowance 10,000.00
8,090,000.00

Inventory - 01/01/2015 2,000,000.00

8,090,000.00
ds Available for Sale 10,090,000.00
ng Inventory, 12/31/2015 1,750,000.00
8,340,000.00

ine Selling Expense

of Expense
Total Selling (20%) Administrative (80%)
1,000,000.00 200,000.00 800,000.00
500,000.00 100,000.00 400,000.00
240,000.00 48,000.00 192,000.00
120,000.00 24,000.00 96,000.00

500,000.00
200,000.00
100,000.00
48,000.00
24,000.00
872,000.00

ine the Administrative Expenses

ative Expenses
800,000.00
400,000.00
192,000.00
 96,000.00
10,000.00
nd Maintenance 100,000.00
ministrative Expenses 1,598,000.00
 BEST SHIRTS
Statement of Comprehensive Income
For the year ended December 31, 2015
Net Sales
Sales 15,000,000.00
Less: Sales Discounts 120,000.00
Sales Returns and Allowances 10,000.00
Net Sales 14,870,000.00

Net Purchases
Purchases 8,000,000.00
Add: Freight-In 200,000.00
Less: Purchase Discounts 100,000.00
Purchase Returns and Allowance 10,000.00
Net Purchases 8,090,000.00

Cost of Sales
Beginning Inventory - 01/01/201 2,000,000.00
Add: Net Purchases 8,090,000.00
Total Goods Available for Sale 10,090,000.00
Less: Ending Inventory, 12/31/2 1,750,000.00
Cost of Sales 8,340,000.00

Selling Expense
Freight-Out 500,000.00
Salaries and Wages 200,000.00
Rent Expense 100,000.00
Utilities 48,000.00
Depreciation 24,000.00
Total Selling Expense 872,000.00

Administrative Expenses
Salaries and Wages 800,000.00
Rent Expense 400,000.00
Utlities 192,000.00
Depreciation 96,000.00
Permit and Licenses 10,000.00
Repairs and Maintenance 100,000.00
Total Administrative Expenses 1,598,000.00

NET INCOME/NET COMPREHENSIVE INCOME 4,060,000.00