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Trial Balance

Cloud 9 Incorporated
Trial Balance
December 31, 2020
	Unadjusted trial balance		Adjustments		Adjusted Trial Balance		Closing Entries		Post Closing Trial Balance
	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Cash	$ 98,546
Accounts receviable	$ 25,032
Allowance for doubtful accounts		$ 500
Prepaid insurance	$ 1,600
Prepaid rent	$ 24,000
Inventory	$ 985,362
Land	$ 39,856
Computer hardware and software	$ 19,333
Accumulated depreciation -computer hardware and software		$ 12,057
Furniture and equipment	$ 14,523
Accumulated depreciation - furniture and equipment		$ 8,816
Leasehold improvements	$ 856,365
Accumulated depreciation - leasehold improvements		$ 480,369
Intangibles	$ 45,000
Accumulated amortization - intangibles		$ 33,000
Goodwill	$ 250,000
Accounts payable		$ 12,698
Unearned revenue		$ 1,253
Income tax payable		$ 1,500
Interest payable
Notes payable		$ 58,301
Bonds payable		$ 475,000
Preferred shares		$ 176,522
Common shares		$ 171,130
Cash dividend -common	$ 75,000
Cash dividend -preferred	$ 50,000
Retained earnings		$ 256,845
Sales		$ 15,152,369
Cost of goods sold	$ 9,856,554
Salaries expense	$ 2,183,659
Depreciation expense
Amortization expense
Insurance expense
Bad debt expense
General and administrative expenses	$ 60,596
Rent expense	$ 1,700
Utilities expense	$ 26,985
Interest expense	$ 3,658
Gain/Loss on sale of asset
Income tax expense
Loss on discontinued operations	$ 2,347,591
Gain on sale of discontinued operations		$ 125,000
	$ 16,965,360	$ 16,965,360	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	$ - 0		$ - 0		$ - 0		$ - 0		$ - 0

Cloud 9
Income Statement
Year ended December 31, 2020
Gross profit	-
Operating expenses:
	$ - 0
Profit from operations	$ - 0
Other revenue and expenses:
	$ - 0
Profit before income tax	$ - 0
Income tax Expense (25%)	$ - 0
Profit from continuing operations	$ - 0
Profit	$ - 0
Cloud 9
Statement of Retained Earnings
Year ended December 31, 2020
Opening balance
Current Year Profit
Closing balance	$ - 0
Cloud 9
Balance Sheet
Year ended December 31, 2020
Assets
Current

		$ - 0
Long Term:
		$ - 0
		$ - 0
Liabilities
		$ - 0
Shareholders' Equity
		$ - 0
Retained earnings		$ - 0
		$ - 0

Closing Entry		Dr	Cr
	To close revenue and expense accounts to income summary.
	To close income summary to retained earnings.