please see attached question
kdaey9
hmarket2.xlsTrial Balance
| Unadjusted Balance | Book Adjustments | Adjusted Book Balance | Tax Adjustments | Adjusted Tax Balance | |||||||||||||||||
| Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | ||||||||||||
| 10001 · Checking | 609,842.00 | 609,842.00 | 609,842.00 | ||||||||||||||||||
| 10010 · Savings | 557,392.23 | 557,392.23 | 557,392.23 | ||||||||||||||||||
| 10020 · Cash Maximizer | 558,380.05 | 558,380.05 | 558,380.05 | ||||||||||||||||||
| 11000 · Accounts Receivable | 260,990.00 | 260,990.00 | 260,990.00 | ||||||||||||||||||
| 18100 · Loan to Shareholder | Adj 1 | 0.00 | 0.00 | ||||||||||||||||||
| 15000 · Furniture and Equipment | 40,316.00 | 40,316.00 | 40,316.00 | ||||||||||||||||||
| 15500 · Leasehold Improvements | 506,889.00 | 506,889.00 | 506,889.00 | ||||||||||||||||||
| 16100 · Medical Equipment | 1,699,776.00 | Adj 1 | 1,699,776.00 | 1,699,776.00 | |||||||||||||||||
| 17000 · Accumulated Depreciation | 1,240,071.00 | Adj 1 & 2 | 1,240,071.00 | 1,240,071.00 | |||||||||||||||||
| 18001 · Investment in Big Labs | 3,206,518.00 | 3,206,518.00 | 3,206,518.00 | ||||||||||||||||||
| 18050 · Investment in R&D Company | 866,507.20 | 866,507.20 | 866,507.20 | ||||||||||||||||||
| 20001 · Accounts Payable | 122,601.00 | r | 122,601.00 | 122,601.00 | 107245 | ||||||||||||||||
| 20100 · Credit Cards | 39,065.51 | 39,065.51 | 39,065.51 | ||||||||||||||||||
| 20200 · Accrued Salaries | 0.00 | r | 0.00 | 0.00 | |||||||||||||||||
| 28001 · Business Loan | 1,207,401.72 | 1,207,401.72 | 1,207,401.72 | ||||||||||||||||||
| 30100 · Capital Stock | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||||
| 31400 · Shareholder Distributions | 400,000.00 | 400,000.00 | 400,000.00 | ||||||||||||||||||
| 32000 · Retained Earnings | 3,103,563.25 | 3,103,563.25 | 3,103,563.25 | ||||||||||||||||||
| 43700 · Fee for Service Income | 5,050,583.00 | 5,050,583.00 | a | 5,050,583.00 | |||||||||||||||||
| 47300 · Refunds | 17,633.00 | 17,633.00 | 17,633.00 | ||||||||||||||||||
| 60000 · Advertising and Promotion | 1,252.00 | 1,252.00 | 1,252.00 | ||||||||||||||||||
| 60200 · Automobile Expense | 11,961.00 | 11,961.00 | 11,961.00 | ||||||||||||||||||
| 60400 · Bank Service Charges | 8,808.00 | 8,808.00 | 8,808.00 | ||||||||||||||||||
| 61000 · Business Licenses and Permits | 5,611.00 | 5,611.00 | 5,611.00 | ||||||||||||||||||
| 61100 · Charitable Contributions (Cash) | 60,000.00 | 60,000.00 | b | 60,000.00 | |||||||||||||||||
| 61700 · Computer and Internet Expenses | 13,575.00 | 13,575.00 | 13,575.00 | ||||||||||||||||||
| 62400 · Depreciation Expense | Adj 2 | 0.00 | 0.00 | ||||||||||||||||||
| 62500 · Dues and Subscriptions | 8,327.00 | 8,327.00 | 8,327.00 | ||||||||||||||||||
| 62600 · Equipment Rental | 201,106.00 | 201,106.00 | 201,106.00 | ||||||||||||||||||
| 62600 · Equipment Rental:62610 · Laser Facility Rent | 14,979.00 | 14,979.00 | 14,979.00 | ||||||||||||||||||
| 63300 · Insurance Expense | 55,356.00 | 55,356.00 | 55,356.00 | ||||||||||||||||||
| 63400 · Interest Expense | 63,678.00 | 63,678.00 | 63,678.00 | ||||||||||||||||||
| 63600 · Laboratory Testing Fees | 121,653.00 | 121,653.00 | 121,653.00 | ||||||||||||||||||
| 64300 · Meals and Entertainment | 16,725.00 | 16,725.00 | c | 16,725.00 | |||||||||||||||||
| 64400 · Medical Records and Supplies | 103,456.00 | 103,456.00 | 103,456.00 | ||||||||||||||||||
| 66700 · Professional Fees | 123,945.00 | 123,945.00 | 123,945.00 | ||||||||||||||||||
| 67200 · Repairs and Maintenance | 18,855.00 | 18,855.00 | 18,855.00 | ||||||||||||||||||
| 67800 · Salaries and Wages | 321,580.00 | 321,580.00 | 321,580.00 | ||||||||||||||||||
| 67800 · Salaries and Wages:67810 · Officer Compensation | 940,000.00 | 940,000.00 | 940,000.00 | ||||||||||||||||||
| 68000 · Taxes:68010 · Payroll Taxes | 206,103.00 | 206,103.00 | 206,103.00 | ||||||||||||||||||
| 68000 · Taxes:68020 · State Tax | 35,041.00 | 35,041.00 | d | 35,041.00 | |||||||||||||||||
| 68500 · Uniforms | 16,121.00 | 16,121.00 | 16,121.00 | ||||||||||||||||||
| 68600 · Utilities | 30,364.00 | 30,364.00 | 30,364.00 | ||||||||||||||||||
| 70200 · Interest Income | 833.00 | 833.00 | 833.00 | ||||||||||||||||||
| 70222 · Tax Exempt Interest | 17,621.00 | 17,621.00 | e | 17,621.00 | |||||||||||||||||
| 70300 · Sublease Rents | 240,000.00 | 240,000.00 | 240,000.00 | ||||||||||||||||||
| 71000 · Dividends | 80,000.00 | 80,000.00 | 80,000.00 | ||||||||||||||||||
| 75000 · Gain on Sale of Assets | Adj 1 | 0.00 | 0.00 | ||||||||||||||||||
| M-1 Accrual to Cash - Accounts Payable | 0.00 | 0.00 | f | 0.00 | |||||||||||||||||
| TOTAL | 11,102,739.48 | 11,102,739.48 | 0.00 | 0.00 | 11,102,739.48 | 11,102,739.48 | 0.00 | 0.00 | 11,102,739.48 | 11,102,739.48 | |||||||||||
| Book Income | 2,992,908 | Tax Income | 2,992,908 | ||||||||||||||||||
| Book Adjustments | Book Income Check Figure | 553,702 | |||||||||||||||||||
| Adj 1 | Sale of fixed assets | ||||||||||||||||||||
| Adj 2 | 2014 Depreciation | ||||||||||||||||||||
| r | Reclass of accounts payable | ||||||||||||||||||||
| Tax Adjustments | |||||||||||||||||||||
| a | Accrual to Cash Adjustment - Accounts Receivable | ||||||||||||||||||||
| b | Charitable contributions carryover | ||||||||||||||||||||
| c | 50% Meals and Entertainment | ||||||||||||||||||||
| d | Non-deductible penalties | ||||||||||||||||||||
| e | Tax Exempt interest | ||||||||||||||||||||
| f | Accrual to Cash Adjustment - Accounts Payable |
&L&"Arial,Bold"&8 12:41 PM
&"Arial,Bold"&8 10/26/15
&"Arial,Bold"&8 Accrual Basis&C&"Arial,Bold"&12 Phoenix Medical
&"Arial,Bold"&14 Adjusted Trial Balance
&"Arial,Bold"&10 January through December 2014
&R&"Arial,Bold"&8 Page &P of &N
AJEs
| Date | Num | Memo | Account | Debit | Credit | ||||||
| 12/31/2014 | 2014 Adj 1 | to sell obsolete equipment | 17000 · Accumulated Depreciation | ||||||||
| to sell obsolete equipment | 16100 · Medical Equipment | ||||||||||
| to sell obsolete equipment | 18100 · Loan to Shareholder | ||||||||||
| to sell obsolete equipment | 75000 · Gain on Sale of Assets | ||||||||||
| 0.00 | 0.00 | ||||||||||
| 12/31/2014 | 2014 Adj 2 | to record 2014 depreciation on assets placed in service prior to 2014 | 62400 · Depreciation Expense | ||||||||
| to record 2014 depreciation on assets placed in service prior to 2014 | 17000 · Accumulated Depreciation | ||||||||||
| to record Sec. 179 expense | 62400 · Depreciation Expense | ||||||||||
| to record Sec. 179 expense | 17000 · Accumulated Depreciation | ||||||||||
| to record depreciation on assets placed in service in 2014 | 62400 · Depreciation Expense | ||||||||||
| to record depreciation on assets placed in service in 2014 | 17000 · Accumulated Depreciation | ||||||||||
| 0.00 | 0.00 | ||||||||||
| TOTAL | 0.00 | 0.00 |
&L&"Arial,Bold"&8 2:20 PM
&"Arial,Bold"&8 10/26/15
&"Arial,Bold"&8 Accrual Basis&C&"Arial,Bold"&12 Phoenix Medical
&"Arial,Bold"&14 Adjusting Journal Entries
&"Arial,Bold"&10 January through December 2014
&R&"Arial,Bold"&8 Page &P of &N
2 Year Adj Book Balance Sheet
| Dec 31, 14 | Dec 31, 13 | $ Change | |||||||
| ASSETS | |||||||||
| Current Assets | |||||||||
| Checking/Savings | |||||||||
| 10001 · Checking | 609,842.00 | 277,131.00 | 332,711.00 | ||||||
| 10010 · Savings | 557,392.23 | 325,541.23 | 231,851.00 | ||||||
| 10020 · Cash Maximizer | 558,380.05 | 69,672.05 | 488,708.00 | ||||||
| Total Checking/Savings | 1,725,614.28 | 672,344.28 | 1,053,270.00 | ||||||
| Accounts Receivable | |||||||||
| 11000 · Accounts Receivable | 260,990.00 | 826,113.00 | -565,123.00 | ||||||
| Total Accounts Receivable | 260,990.00 | 826,113.00 | -565,123.00 | ||||||
| Other Current Assets | |||||||||
| 18100 · Loan to Shareholder | 75,000.00 | 0.00 | 75,000.00 | ||||||
| Total Other Current Assets | 75,000.00 | 0.00 | 75,000.00 | ||||||
| Total Current Assets | 2,061,604.28 | 1,498,457.28 | 563,147.00 | ||||||
| Fixed Assets | |||||||||
| 15000 · Furniture and Equipment | 40,316.00 | 40,316.00 | 0.00 | ||||||
| 15500 · Leasehold Improvements | 506,889.00 | 506,889.00 | 0.00 | ||||||
| 16100 · Medical Equipment | 1,399,776.00 | 1,129,888.00 | 269,888.00 | ||||||
| 17000 · Accumulated Depreciation | -1,568,773.00 | -1,240,071.00 | -328,702.00 | ||||||
| Total Fixed Assets | 378,208.00 | 437,022.00 | -58,814.00 | ||||||
| Other Assets | |||||||||
| 18001 · Investment in Big Labs | 3,206,518.00 | 2,306,518.00 | 900,000.00 | ||||||
| 18050 · Investment in R&D Company | 866,507.20 | 364,352.20 | 502,155.00 | ||||||
| Total Other Assets | 4,073,025.20 | 2,670,870.20 | 1,402,155.00 | ||||||
| TOTAL ASSETS | 6,512,837.48 | 4,606,349.48 | 1,906,488.00 | ||||||
| LIABILITIES & EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | |||||||||
| 20001 · Accounts Payable | 93,648.00 | 107,245.00 | -13,597.00 | ||||||
| Total Accounts Payable | 93,648.00 | 107,245.00 | -13,597.00 | ||||||
| Credit Cards | |||||||||
| 20100 · Credit Cards | 39,065.51 | 34,742.51 | 4,323.00 | ||||||
| Total Credit Cards | 39,065.51 | 34,742.51 | 4,323.00 | ||||||
| Other Current Liabilities | |||||||||
| 20200 · Accrued Salaries | 28,953.00 | 26,375.00 | 2,578.00 | ||||||
| Total Other Current Liabilities | 28,953.00 | 26,375.00 | 2,578.00 | ||||||
| Total Current Liabilities | 161,666.51 | 168,362.51 | -6,696.00 | ||||||
| Long Term Liabilities | |||||||||
| 28001 · Business Loan | 1,207,401.72 | 1,333,423.72 | -126,022.00 | ||||||
| Total Long Term Liabilities | 1,207,401.72 | 1,333,423.72 | -126,022.00 | ||||||
| Total Liabilities | 1,369,068.23 | 1,501,786.23 | -132,718.00 | ||||||
| Equity | |||||||||
| 30100 · Capital Stock | 1,000.00 | 1,000.00 | 0.00 | ||||||
| 31400 · Shareholder Distributions | -400,000.00 | 0.00 | -400,000.00 | ||||||
| 32000 · Retained Earnings | 3,103,563.25 | 3,103,563.25 | 0.00 | ||||||
| Net Income | 2,439,206.00 | 0.00 | 2,439,206.00 | ||||||
| Total Equity | 5,143,769.25 | 3,104,563.25 | 2,039,206.00 | ||||||
| TOTAL LIABILITIES & EQUITY | 6,512,837.48 | 4,606,349.48 | 1,906,488.00 |
&L&"Arial,Bold"&8 12:53 PM
&"Arial,Bold"&8 10/26/15
&"Arial,Bold"&8 Accrual Basis&C&"Arial,Bold"&12 Phoenix Medical
&"Arial,Bold"&14 Balance Sheet
&"Arial,Bold"&10 As of December 31, 2014
&R&"Arial,Bold"&8 Page &P of &N
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