| ACC224 |
| Case 1: Comprehensive Accounting Case |
| Solution |
| Requirement 1: Worksheet |
| | Geneva Company |
| | Worksheet |
| | For the Year Ended December 31, 2020 |
| | | | | | | | | | | Retained Earnings |
| | | Trial Balance | | | Adjustments | | | Income Statement | | Statement | | Balance Sheet |
| | Accounts | Debit | Credit | | Debit | Credit | | Debit | Credit | Debit | Credit | Debit | Credit |
| | Cash | 95,000 |
| | Accounts Receivable | 8,000 |
| | Allowance for Doubtful Accounts | | 1,000 |
| | Inventory | 325,000 |
| | Building | 500,000 |
| | Accumulated Depreciation - Building | | 88,000 |
| | Truck | 20,000 |
| | Accumulated Depreciation - Truck | | - 0 |
| | Furniture & Fixtures | 125,000 |
| | Accumulated Depreciation - Furn & Fix | | 20,000 |
| | Accounts Payable | | 95,000 |
| | Accrued Expenses | | 7,000 |
| | Unearned Revenue | | 8,000 |
| | Notes Payable (due 6/30/2030) | | 125,000 |
| | Common Stock, $5 par | | 150,000 |
| | Additional paid-in capital in excess of par | | 175,000 |
| | Retained Earnings (1/1/20) | | 113,000 |
| | Dividends | 10,000 |
| | Sales Revenue | | 1,250,000 |
| | Cost of Goods Sold | 775,000 |
| | Salary Expense | 100,000 |
| | Insurance expense | 12,000 |
| | Advertising expense | 50,000 |
| | Utility expense | 5,000 |
| | Miscellaneous expense | 7,000 |
| | Totals | 2,032,000 | 2,032,000 |
| | Interest expense |
| | Interest payable |
| | Depreciation expense - Furn & Fix |
| | Depreciation expense - Building |
| | Depreciation expense - Truck |
| | Totals |
| | Income tax expense |
| | Income tax payable |
| | Net Income |
| | Retained Earnings, 12/31/20 |
Clark1026
ACC224f20.case1template1.xlsx
