Trial Balance

PARTICULARS Dr Cr Dr
Cash 58850 1200
Accounts Receivable 32400
Allowance for Bad Debts 2500
Notes Receivable 19000
Unexpired Insurance 2575
Furniture & Fixtures 238000
Accumulated Depn. - Furniture Equipment 5950 8925
Equipment 432000
Accumulated Depn. - Equipment 21600 43200
Accounts Payable 15000
Notes Payable 50000
Unearned Commissions 600
Jay, Capital 60000
Jay, Personal 3600
Mel, Capital 40000
Membership Fee 945900
Service Income 1530500
Advertising Expense 300160
Taxes and Licenses 108970
Rent 644000
Sales Salaries 346000
Office Salaries 150000
Store Supplies Expense 3400
Office Supplies Expense 2090
Utilities Expense 310850
Bad Debts Expense 740
Interest Expense 10610 750
Interest Income 5455
Loss on Foreign Exchange 15000 _-________________
Total 2677505 2677505 54815

Net Income
Adjustments Adjusted Tr ial Balance Income Statement Balance Sheet

Cr Dr Cr Dr Cr
 750 59300 59300
32400 32400
740 3240 3240
19000 19000
2575 2575
8925 229075 229075
2975 2975
43200 388800 388800
21600 21600
15000 15000
50000 50000
300 900 900
60000 60000
3600 3600
40000 40000
945900
1530500 1530500
300160 300160
108970 108970
644000 644000
346000 346000
150000 150000
3400 3400
2090 2090
310850 310850
740 740
11360 11360
900 6355 6355
_________ 15000 _________ _____________ _________________ 15000 ________
54815 2651895 2651895 1877570 1536855 774325 169140
340715 -264470 340715
1877570 509855 509855
Profit Distribution
Net Profit 1877570
Less:
12% interest -12000
Salaries -150000
Residual 1715570

Mel Jay Total

12%interest 7200 4800 12000
Salaries 60000 90000 150000
Residual 857785 857785 1715570
P/L Distribution 924985 952585 1877570