| JASSAL MUSIC — EDMONTON |
| Trial Balance |
| As at December 31, 20X4 |
| | | Debit | Credit |
| | Cash | 275,612.00 |
| | Accounts Receivable — Trade | 24,500.00 |
| | Allowance for Doubtful Accounts | | 85.00 |
| | Accounts Receivable — School Program | 48,000.00 |
| | Prepaid Insurance | 25,500.00 |
| | Inventory — School Rentals | 36,990.00 |
| | Inventory — Instrument Sales | 114,524.00 |
| | Inventory — Related Products | 35,700.00 |
| | Inventory — Not Owned | 51,750.00 |
| | Note Receivable — R. Tower | 3,695.00 |
| | Investment in PLZ Shares (at FVPL) | 84,240.00 |
| | Investment in General Company bonds (at amortized cost) | 250,000.00 |
| | Investment in Mortgage Option (at FVOCI) | 5,000.00 |
| | Investment in Mortgages (at FVOCI) | 512,000.00 |
| | Land | 279,400.00 |
| | Warehouse | 126,000.00 |
| | Accumulated Depreciation — Warehouse | | 27,550.00 |
| | Store | 368,400.00 |
| | Accumulated Depreciation — Store | | 78,285.00 |
| | Tools and Other Equipment | 38,850.00 |
| | Accumulated Depreciation — Tools and Other Equipment | | 24,605.00 |
| | Vehicles — Delivery, Service, Sales | 35,000.00 |
| | Accumulated Depreciation — Vehicles | | 14,400.00 |
| | Office Equipment | 8,500.00 |
| | Accumulated Depreciation — Office Equipment | | 3,400.00 |
| | Computer Equipment | 12,300.00 |
| | Accumulated Depreciation — Computer Equipment | | 4,950.00 |
| | Customer List | 10,000.00 |
| | Accumulated Amortization — Customer List | | 5,000.00 |
| | Accounts Payable | | 242,700.00 |
| | Payroll Taxes Payable | | 4,240.00 |
| | Short-term Note Payable | | 3,500.00 |
| | Current Portion of Long-term Debt | | 7,200.00 |
| | Long-term Debt | | 36,000.00 |
| | Preferred Shares (2,000 shares outstanding) | | 50,000.00 |
| | Common shares (750 shares @ $400 / share) | | 300,000.00 |
| | Retained earnings | | 321,625.00 |
| | Revenue — Instrument Sales | | 2,637,358.00 |
| | Revenue — Sales — Related Products | | 571,577.00 |
| | Revenue — School Rental Program | | 122,000.00 |
| | Revenue — Lessons | | 198,600.00 |
| | Revenue — Tuning and Repair | | 64,100.00 |
| | Revenue — Allegro Sales | | 388,125.00 |
| | Cost of Goods Sold — Instrument Sales | 1,423,598.00 |
| | Cost of Goods Sold — Related Products | 355,794.00 |
| | Cost of Goods Sold — Allegro | 310,500.00 |
| | Cost of Goods Sold — Lessons, Tuning and Repair, and Other | 38,600.00 |
| | Advertising | 4,500.00 |
| | Audit and Legal Fees | 13,907.00 |
| | Interest Expense — Long-term Debt | 3,225.00 |
| | Insurance Expense — Property, Building and Casualty | 15,200.00 |
| | Insurance — Automobile | 2,500.00 |
| | Investment Transaction Costs | 309.00 |
| | Janitorial Services | 7,800.00 |
| | Office Expenses | 4,800.00 |
| | Property Taxes | 18,600.00 |
| | Training and Development | 3,200.00 |
| | Telephone | 6,685.00 |
| | Utilities | 7,200.00 |
| | Wages, Salaries and Benefits | 432,000.00 |
| | Dividend Income | | 2,025.00 |
| | Gain (Loss) on Investment in PLZ Shares | | 52,785.00 |
| | Interest Income — Note Receivable | | 339.00 |
| | Mortgage Interest Income | | 57,980.00 |
| | Gain / Loss on Purchase of Property, Plant and Equipment | | 150.00 |
| | Gain / Loss on Sale of Property, Plant and Equipment | | 800.00 |
| | Income tax expense | 225,000.00 |
| | | $5,219,379.00 | $5,219,379.00 |
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