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Untitled
GIOVANNI COMPANY
Work Sheet
For Year Ending December 31, 2011
ACCOUNT TITLE
ADJUSTED TRIAL BALANCE INCOME STATEMENT
debit credit debit credit debit credit
101 Cash $6,400.00 $6,400.00
104 Short-Term investments $10,200.00 $10,200.00
126 Supplies $3,600.00 $3,600.00
128 Prepaid Insurance $800.00 $800.00
167 Equipment $18,000.00 $18,000.00
168 Accumulated depreciation -- Equipment $3,000.00 $3,000.00
173 Building $90,000.00 $90,000.00
174 Accumulated depreciation -- building $9,000.00 $9,000.00
183 Land $28,500.00 $28,500.00
201 Accounts payable $2,500.00 $2,500.00
203 Interest payable $1,400.00 $1,400.00
208 Rent payable $200.00 $200.00
210 Wages payable $1,180.00 $1,180.00
213 Property taxes payable $2,330.00 $2,330.00
233 Unearned professional fees $650.00 $650.00
251 Long-term notes payable $32,000.00 $32,000.00
301 J. Giovanni, Capital $91,800.00 $91,800.00
302 J. Giovanni, Withdrawals $14,500.00 $14,500.00
401 Professional fees earned $57,000.00 $57,000.00
406 Rent earned $6,600.00 $6,600.00
407 Dividends earned $1,500.00 $1,500.00
409 Interest earned $1,120.00 $1,120.00
BALANCE SHEET &
STATEMENT OF OWNER'S
EQUITY
Untitled
606 Depreciation expense -- Building $2,000.00 $2,000.00
612 Depreciation expense -- Equipment $1,000.00 $1,000.00
623 Wages expense $17,500.00 $17,500.00
633 Interest expense $5,200.00 $5,200.00
637 Insurance expense $1,425.00 $1,425.00
640 Rent Expense $1,800.00 $1,800.00
652 Supplies expense $900.00 $900.00
682 Postage Expense $310.00 $310.00
683 Property taxes expense $3,825.00 $3,825.00
684 Repairs Expense $1,579.00 $1,579.00
688 Telephone expense $921.00 $921.00
690 Utilities expense $1,820.00 $1,820.00
Totals $210,280.00 $210,280.00 $38,280.00 $66,220.00 $172,000.00 $144,060.00
Net Income $27,940.00 $27,940.00
Totals $66,220.00 $66,220.00 $172,000.00 $172,000.00
GIOVANNI COMPANY
General Journal
For Year Ending December 31, 2011
31-Dec Professional fees earned…
Rent earned…
Dividends earned…
Interest earned
Income Summary…
31-Dec Income Summary…
Depreciation expense -- Building…
Depreciation expense -- Equipment…
Wages expense…
Interest expense…
Insurance expense…
Rent Expense…
Supplies expense…
Postage Expense…
Property taxes expense…
Repairs Expense
Telephone expense…
Utilities expense…
31-Dec Income Summary…
J. Giovanni, Capital…
31-Dec J. Giovanni, Capital…
J. Giovanni, Withdrawals…
GIOVANNI COMPANY
General Journal
For Year Ending December 31, 2011
$57,000.00
$6,600.00
$1,500.00
$1,120.00
$66,220.00
$38,280.00
$2,000.00
$1,000.00
$17,500.00
$5,200.00
$1,425.00
$1,800.00
$900.00
$310.00
$3,825.00
$1,579.00
$921.00
$1,820.00
$27,940.00
$27,940.00
$14,500.00
$14,500.00
GIOVANNI COMPANY
Income Statement
For Year Ending December 31, 2011
REVENUES
Professional fees earned… $57,000.00
Rent earned… $6,600.00
Dividends earned… $1,500.00
Interest earned $1,120.00
Total Revenues…
$66,220.00
EXPENSES
Depreciation expense -- Building… $2,000.00
Depreciation expense -- Equipment… $1,000.00
Wages expense… $17,500.00
Interest expense… $5,200.00
Insurance expense… $1,425.00
Rent Expense… $1,800.00
Supplies expense… $900.00
Postage Expense… $310.00
Property taxes expense… $3,825.00
Repairs Expense… $1,579.00
Telephone expense… $921.00
Utilities expense… $1,820.00
Total expenses…
$38,280.00
NET INCOME
$27,940.00
GIOVANNI COMPANY
Statement of Owner's Equity
For Year Ending December 31, 2011
J. Giovanni, Capital, Jan 1 2011
$61,800.00
Add: Cash investment by owner $30,000.00
…Net Income $27,940.00 $119,740.00
$119,740.00
Less: Withdrawals by owner $14,500.00
J. Giovanni, Capital, Dec 31 2011
$105,240.00
GIOVANNI COMPANY
Balance Sheet
For Year Ending December 31, 2011
ASSETS
Cash… $6,400.00
Short-Term investments… $10,200.00
Supplies… $3,600.00
Prepaid Insurance $800.00
Equipment… $18,000.00
Accumulated depreciation -- Equipment… (3000) $15,000.00
Building $90,000.00
Accumulated depreciation -- building… (9000) $81,000.00
Land… $28,500.00
Total Assets….
$145,500.00
LIABILITIES
Accounts payable… $2,500.00
Interest payable… $1,400.00
Rent payable… $200.00
Wages payable… $1,180.00
Property taxes payable… $2,330.00
Unearned professional fees… $650.00
Long-term notes payable… $32,000.00
Total Liabilities…
$40,260.00
EQUITY
J. Giovanni, Capital…
$105,240.00
Total liabilities and equity…
$145,500.00
a) Return on Assets 0.202831
b) Debt Ratio 0.276701
c) Profit Margin Ratio 0.421927
d) Current Ratio 3.614009
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