TRIAL BALANCE

CODE ACCOUNT NAME BALANCE INCOME STATEMENT BALANCE SHEET

101 Cash BS $ 975,000.00 $ 975,000.00

102 Accounts Receivable BS $ - $ -
103 Notes Receivable BS $ - $ -
104 Merchandise Inventory BS $ 50,000.00 $ 50,000.00
105 Prepaid Expenses BS $ - $ -
106 Office Supplies BS $ - $ -
107 Land BS $ - $ -
108 Building BS $ - $ -
109 Office Equipment BS $ 10,000.00 $ 10,000.00
110 Furniture & Fixtures BS $ 1,000.00 $ 1,000.00
111 Transportation Equipment BS $ 14,000.00 $ 14,000.00
112 Employee Benefits BS $ 2,000.00 $ 2,000.00
201 Accounts Payable BS $ - $ -
202 Notes Payable BS $ - $ -
203 Loans Payable BS $ - $ -
204 Income tax payable BS $ - $ -
205 Employee Benefits Payable BS $ (2,000.00) $ (2,000.00)
301 Capital BS $ (100,000.00) $ (100,000.00)
401 Sales IS $ (940,000.00) $ (940,000.00)
402 Service Income IS $ - $ -
403 Interest Income IS $ - $ -
404 Sales Return and Allowances IS $ 50,000.00 $ 50,000.00
501 Rent Expense IS $ (12,000.00) $ (12,000.00)
502 Utilities Expense IS $ (3,000.00) $ (3,000.00)
503 Transportation Expense IS $ (900.00) $ (900.00)
504 Maintenance Expense IS $ (2,400.00) $ (2,400.00)
505 Salaries Expense IS $ (75,000.00) $ (75,000.00)
506 Supplies Expense IS $ (200.00) $ (200.00)
507 Interest Expense IS $ - $ -
508 Cost of Goods Sold IS $ - $ -
509 Income Tax Expense IS $ - $ -
601 Income Summary IS $ 33,500.00 $ 33,500.00
 JOURNAL ENTRIES
DATE CODE ACCOUNT NAME DEBIT CREDIT REF NO. DUE DATE

1-Apr 101 Cash $ 1,000,000.00

401 Sales $ 1,000,000.00
#
2-Apr 404 Sales Return and Allowances $ 50,000.00
101 Cash $ 50,000.00
#
3-Apr 104 Merchandise Inventory $ 50,000.00
101 Cash $ 50,000.00
#
4-Apr 401 Sales $ 60,000.00
601 Income Summary $ 60,000.00
#
5-Apr 601 Income Summary $ 93,500.00
501 Rent Expense $ 12,000.00
502 Utilities Expense $ 3,000.00
503 Transportation Expense $ 900.00
504 Maintenance Expense $ 2,400.00
505 Salaries Expense $ 75,000.00
506 Supplies Expense $ 200.00
#
6-Apr 109 Office Equipment $ 10,000.00
101 Cash $ 10,000.00
#
7-Apr 110 Furniture & Fixtures $ 1,000.00
101 Cash $ 1,000.00
#
8-Apr 111 Transportation Equipment $ 14,000.00
101 Cash $ 14,000.00
#
9-Apr 112 Employee Benefits $ 2,000.00
205 Employee Benefits Payable $ 2,000.00
#
10-Apr 101 Cash $ 100,000.00
301 Capital $ 100,000.00
#
THE COMPANY
INCOME STATEMENT
For the year ended December 2022 2022

REVENUES
Net Sales $ 890,000.00
Cost of Goods Sold $ -
GROSS PROFIT $ 890,000.00

EXPENSES
Rent Expense $ 12,000.00
Utilities Expense $ 3,000.00
Transportation Expense $ 900.00
Maintenance Expense $ 2,400.00
Salaries Expense $ 75,000.00
Supplies Expense $ 200.00
TOTAL EXPENSES $ 93,500.00

NET INCOME BEFORE TAX $ 796,500.00

Income Tax Expense $ -
NET INCOME AFTER TAX $ 796,500.00
THE COMPANY
Balance Sheet
For the year ended December 2022

ASSETS
Current Assets

Cash $ 975,000.00

Loans and Receivables $ -

Payments and Other Current Assets $ 50,000.00

$ 1,025,000.00

Noncurrent Assets

Property and Equipment $ 25,000.00

$ 25,000.00

TOTAL ASSETS $ 1,050,000.00

LIABILITIES AND SHARE HOLDER'S EQUITY

LIABILITIES

Current Liabilities

Trade and Other Payables $ 2,000.00

Income Tax Payable $ -

$ 2,000.00

Noncurrent Liabilities

Loans Payable $ -

$ -

TOTAL LIABILITIES $ 2,000.00

SHAREHOLDER'S EQUITY

Capital $ 100,000.00

Net Income $ 796,500.00

TOTAL LIABILITIES AND SHE $ 900,500.00

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