Worksheet
No.
Account
DR CR
101
Cash
6,400
104
Short-term investments
10,200
126
Supplies
3,600
128
Prepaid insurance
800
167
Equipment
18,000
168
Accumulated Depreciation - Equipment
3,000
173
Building
90,000
174
Accumulated depreciation - Building
9,000
183
Land
28,500
201
Accounts payable
2,500
203
Interest payable
1,400
208
Rent payable
200
210
Wages payable
1,180
213
Rproperty taxes payable
2,330
233
Unearned professional fees
650
251
Long-term notes payable
32,000
301
J. Giovanni, Capital
91,800
302
J. Giovanni, Withdrawals
14,500
401
Professional fees earned
57,000
406
Rent Earned
6,600
407
Dividends earned
1,500
409
Interest earned
1,120
606
Depreciation expense - Building
2,000
612
Depreciation expense - Equipment
1,000
623
Wages expense
17,500
633
Interest expense
5,200
637
Insurance expense
1,425
640
Rent expense
1,800
G Company
T Balance/Adjusted Trial Balance
Dec-11
Unadjusted Trial Balance
Worksheet
652
Supplies expense
900
682
Postage expense
310
683
Property taxes expense
3,825
684
Repairs expense
1,579
688
Telephone expense
921
690
Utilities expense
1,820
Totals
210,280
210,280
Worksheet
Dr Cr DR CR DR CR DR CR
6,400
10,200
3,600
800
18,000
3,000
90,000
9,000
28,500
2,500
1,400
200
1,180
2,330
650
32,000
91,800
14,500
57,000
6,600
1,500
1,120
2,000
1,000
17,500
5,200
1,425
1,800
Giovanni C
Trial Balance/Adjus Trial Balance
Dec-11
Adjustments
Adjusted Trial
Balances Income Statement
Balance Sheet &
Statement of
Ownership
Worksheet
900
310
3,825
1,579
921
1,820
0
0
0
0
38,280
66,220
172,000
144,060
Revenue Statement
Revenue
Professional fees earned
57,000
$
Rent Earned
6,600
Dividends earned
1,500
Interest earned
1,120
Total Revenue
66,220
$
Expenses
Depreciation expense - Building
2,000
Depreciation expense - Equipment
1,000
Wages expense
17,500
Interest expense
5,200
Insurance expense
1,425
Rent expense
1,800
Supplies expense
900
Postage expense
310
Property taxes expense
3,825
Repairs expense
1,579
Telephone expense 921
Utilities expense 1,820
Total Expenses
38,280
Net Income (before tax)
27,940
T Balance/Adjusted Trial B
G Com
D -11
Giovanni, Capital, December 31, 2010
61,800
Add investment by owner
30,000
Net Income
27,940
119,740
Total Income
119,740
Less Withdrawals by owner
14,500
Giovanni, Capital, December 31 2011
105,240
G C
S of Owner's E
D -11
Balance Sheet
Assets
Cash 6,400
Short-term investments
10,200
Supplies
3,600
Prepaid insurance
800
Equipment
18,000
Accumulated Depreciation - Equipment
(3,000)
15,000
Building
90,000
Accumulated depreciation - Building
(9,000)
81,000
Land
28,500
Total Assets
145,500
Liability
Accounts payable 2,500
Interest payable 1,400
Rent payable 200
Wages payable 1,180
Rproperty taxes payable 2,330
Unearned professional fees
650
Long-term notes payable
32,000
Total Liabilities
40,260
Equity
Giovanni, Capital, December 31 2011
105,240
Total Liabilities and Equity
145,500
G Com
S of Owner's E
D -11
Date
Explanation
PR
Debit
12/31/2010 Beginning balance
12/31/2011
Close revenue
accounts
12/31/2011
Close expense
accounts 38,280
12/31/2011
Close income
summary 27,940
Date
Explanation
PR
Debit
12/31/2010 Beginning balance
12/31/2011
Close income
summary
12/31/2011
Close Giovanni,
Withdrawals 14,500
Closing Entry
G C
S of Owner's E
D -11
Closing Entry
Credit
Balance
0
66,220 66,220
27,940
0
Credit
Balance
61,800
27,940 89,740
75,240
Return on assets
5%
Debt Ratio
0.28
Profit Margin Ratio
0.42
Current Ratio
3.6
G Com
R
D -11
