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James Khan Distributing Com

Worksheet
For the Year Ended December
Account Title Trial Balance
Debit Credit
Cash 56,700.00
Accounts Receivable 371,000.00
Inventory 1,905,000.00
Supplies 39,300.00
Prepaid Rent 60,000.00
Furniture and Fixtures 265,000.00
Accumulated Depreciation 212,000.00
Accounts Payable 463,400.00
Salary Payable
Interest Payable
Unearned Sales Revenue 35,000.00
Note Payable, long-term 350,000.00
James Khan, capital 1,536,800.00
James Khan, withdrawals 480,000.00
Sales Revenue 3,467,000.00
Sales Discounts 103,000.00
Sales Returns & Allowances 82,000.00
Purchases 1,759,000.00
Purchases discounts 60,000.00
Purchase returns & allowances 74,300.00
Transportation - out 93,000.00
Salary Expense 827,500.00
Rent Expense 70,000.00
Depreciation Expense
Utilities Expense 58,000.00
Supplies Expense
Interest Expense 29,000.00
6,198,500.00 6,198,500.00
Profit
James Khan Distributing Company
Worksheet
For the Year Ended December 31, 2006
Adjustments Adjusted Trial Balance Income Statement
Debit Credit Debit Credit Debit
56,700.00
371,000.00
1,905,000.00 1,905,000.00
13,500.00 25,800.00
10,000.00 50,000.00
265,000.00
26,500.00 238,500.00
463,400.00
13,000.00 13,000.00
6,000.00 6,000.00
24,000.00 11,000.00
350,000.00
1,536,800.00
480,000.00
24,000.00 3,491,000.00
103,000.00 103,000.00
82,000.00 82,000.00
1,759,000.00 1,759,000.00
60,000.00
74,300.00
93,000.00 93,000.00
13,000.00 840,500.00 840,500.00
10,000.00 80,000.00 80,000.00
26,500.00 26,500.00 26,500.00
58,000.00 58,000.00
13,500.00 13,500.00 13,500.00
6,000.00 35,000.00 35,000.00
93,000.00 93,000.00 6,244,000.00 6,244,000.00 4,995,500.00
587,800.00
5,583,300.00
Income Statement Balance Sheet
Credit Debit Credit
56,700.00
371,000.00
1,958,000.00 1,958,000.00
25,800.00
50,000.00
265,000.00
238,500.00
463,400.00
13,000.00
6,000.00
11,000.00
350,000.00
1,536,800.00
480,000.00
3,491,000.00

60,000.00
74,300.00

5,583,300.00 3,206,500.00 2,618,700.00


587,800.00
5,583,300.00 3,206,500.00 3,206,500.00
James Khan Distributing Company
Income Statement
For the Year Ended December 31, 2006

Net Sales
Gross Sales
Less : Sales Returns & Allowances
Sales Discounts
Net Sales

Cost of Sales
Merchandise Inventory, 1/1/2006
Purchases 1,759,000.00
Less : Purchases Returns & Allowances 74,300.00
Purchases Discounts 60,000.00 134,300.00
Net Purchases 1,624,700.00
Net Cost of Purchases
Goods Available for Sale
Less: Merchandising Inventory, 12/31/06
Cost of Sales
Gross Profit
Operating Expenses
Selling Expenses
Transportation Out 93,000.00
Total Selling Expense
Administrative Expenses
Salaries Expense 840,500.00
Rent Expense 80,000.00
Depreciation Expense 26,500.00
Utilities Expense 58,000.00
Supplies Expense 13,500.00
Total Administrative Expense
Total Operating Expense
Operating Profit
Finance Cost
Profit
pany

1, 2006

3,491,000.00
82,000.00
103,000.00 185,000.00
3,306,000.00

1,905,000.00

1,624,700.00
3,529,700.00
1,958,000.00
1,571,700.00
1,734,300.00

93,000.00

1,018,500.00
1,111,500.00
622,800.00
35,000.00
587,800.00
James Khan Distributing Company
Statement of Changes in Equity
For the Year Ended December 31, 2006

J. Khan, Owner Equity, 1/1/2006 1,536,800.00


Add: Profit 587,800.00
Total 2,124,600.00
Less: Withdrawals 480,000.00
J. Khan, Owner Equity, 12/31/2006 1,644,600.00
James Khan Distributing Company
Balance Sheet
December 31, 2006

Assets
Current Assets
Cash 56,700.00
Accounts Receivable 371,000.00
Inventory 1,958,000.00
Supplies 25,800.00
Prepaid rent 50,000.00
Total Current Assets 2,461,500.00

Non-Current Asset
Property and Equipment (net)
Furniture and fixtures 265,000.00
Less : Accumulated Depreciation 238,500.00
Total Non-Current Assets 26,500.00

Total Assets 2,488,000.00


Khan Distributing Company
Balance Sheet
December 31, 2006

Liabilities
Current Liabilities
Accounts Payable 463,400.00
Salary Payable 13,000.00
Interest Payable 6,000.00
Unearned Sales Revenue 11,000.00
Total Current Liabilities 493,400.00

Non-Current Liabilities
Note Payable, long-term 350,000.00
Total Non-Current Liabilities 350,000.00

Total Liabilities 843,400.00

Owner's Equity
J. Khan, Capital, December 31 1,644,600.00

Total Liabilities and Owner's Equity 2,488,000.00

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