week 4 lt exercise
TRANSCRIPT
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PORTER COMPANY Balance Sheet
Date 31-Dec-08
Assets 2008
Current Assets
Cash 18,800$
Account Recievable 16,200$Inventory 2,300$
Short-Term Investments 38,300$
Prepaid Expenses 61,400$
Total Current Assets 137,000$
Fixed (Long-term) Assets
Long-term Investments 4,400$
Property, Plant, and Equipment 44,000$
(Less accumulated depreciation) (20,000)$
Intangible assets
Total lived assets 28,400$
Other assets
Deferred Income Tax
Other
Total Other Assets 165,400$
Total assets
Liabilities and Owner's Equity
Current Liabilities
Accounts Payable 31,600$
Short-term loansIncome tax payable
Accured salaries and wages 39,000$
Unearned Revenue
Current portion of long-term debt
Total current liabilities 70,600$
Long-Term Liabilities
Long-term debt
Deferred income tax
Other 46,800$
Total long-term liabilties
Owner's Equity
Owner's Investment 42,000$
Retained Earnings 6,000$
Other
Total owner's equity 94,800$
Total Liabities and Owner's Equity 165,400$
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Revenues
Service Revenue
Expenses
Advertising ExpenseSupplies Expense
Depreciation Expense
Insurance Expense
Salaries Expense
Interest Expense
Total Expenses
Net Income
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Porter Company
Income Statement
For the Year Ended December 31, 2008
$77,800
$12,000$3,700
$8,000
$4,000
$39,000
$1,000
($67,700)
$10,100
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Porter Company
Retained Earnings Statement
For the Year Ended December 31, 2008
Retained Earnings, January 1, 2008 $6,000
Add: Net Income $10,100
$16,100
Less: Dividends ($12,000)Retained Earnings, December 31, 2008 $4,100
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Current Assets
Cash
Accounts ReceivableSupplies
Prepaid Insurance
Total Current Assets
Equipment
Office Equipment
Less: Accumulated Depreciation-Office Equipment
Total Assets
Li
Current LiabilitiesNotes Payable
Accounts Payable
Interest Payable
Salaries Payable
Total Current Liabilities
Long Term Liabilities
Notes Payable
Total Liabilities
Stockholders' Equity
Common StockRetained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
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Porter Company
Balance Sheet
31-Dec-08
Assets
$18,800
$16,200$2,300
$4,400
$41,700
$44,000
($20,000) $24,000
$65,700
abilities and Stockholders' Equity
$10,000
$8,000
$1,000
$2,600
$21,600
$10,000
$31,600
$30,000$4,100
$34,100
$65,700
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General Journal
Date Account Titles and Explanation Ref. Debit Credit
Closing Entries
2008
Dec. 31 Service Revenue 400 77,800
Income Summary 350 77,800
31 Income Summary 350 67,700
Advertising Expense 610 12,000
Supplies Expense 631 3,700
Depreciation Expense 711 8,000
Insurance Expense 722 4,000
Salaries Expense 726 39,000
Interest Expense 905 1,000
31 Income Summary 350 10,100
Retained Earnings 320 10,100
31 Retained Earnings 320 12,000
Dividends 332 12,000
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Adjusted Trial Balance
No. Account Titles Dr. Cr.
151 Office Equipment 44,000
152 Accumulated Depreciation- Office Equipment 20,000
200 Notes Payable 20,000
201 Accounts Payable 8,000
212 Salaries Payable 2,600230 Interest Payable 1,000
311 Common Stock 30,000
320 Retained Earnings 6,000
332 Dividends 12,000
350 Income Summary 67,700
400 Service Revenue 77,800
610 Advertising Expense 12,000
631 Supplies Expense 3,700
711 Depreciation Expense 8,000
722 Insurance Expense 4,000
726 Salaries Expense 39,000
905 Interest Expense 1,000
Total 233,100 233,100
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PORTER COMPANY
Post Closing Trial Balance
For the Year Ended December 31, 2008
Account
NumberAccount Titles Debit Credit
101 Cash 18,800112 Accounts Receivable 16,200
126 Supplies 2,300
130 Prepaid Insurance 4,400
151 Office Equipment 44,000
152 Accumulated DepreciationOffice Equipment 20,000
200 Notes Payable 20,000
201 Accounts Payable 8,000
212 Salaries Payable 2,600
230 Interest Payable 1,000
311 Common Stock 30,000320 Retained Earnings 4,100
Totals 85,700 85,700