Worksheet of Carmen's Coats

Assets = Liabilities + Owner's

equity
Cash at Acc Inventory Shop Prepay- Shop Accum. Accounts Accruals Unearned Loan Capital Profit &
bank Rec supplies ments fittings deprec. payable revenue loss
balances 6 000 10 000 12 000 500 1 500 25 000 (15 000) 7 500 800 31 700

J an-01 +4 800 +4 800
2 -1 200 +1 200
3 +6 000 - 6 000
6 +12 000 +12 000
8 +14 000 +14 000 sales
- 9 000 - 9 000 COGS
12 - 1 400 - 1 400 wages
15 +5 000 +5 000 sales
- 3 000 - 3 000 COGS
16 - 1 200 - 800 - 400 adv
20 - 7 800 - 7 800
22 - 150 - 150
25 - 500 - 500 b.debts
26 +200 +200
- 1 400 - 1 400 wages
27 +600 +600
a +300 - 300 wages
b - 600 - 600 supplies
c +20 - 20 interest
d - 250 - 250 dep'n
e - 500 - 500 rent
f - 200 - 200 ins.
+1 430 +1 430 net profit
balances 9 400 17 500 11 850 100 2 000 25 000 (15 250) 11 900 320 600 4 800 32 980
50 600 50 600
b - amount that must have been used up to reduce final balance to $100
c - $4 800 x 5% x 1/12 ie one month's interest expense on the loan
d - (25000 - 1 000) x 1/8 x 1/12 ie one month's depreciation
e - $1 500 x 1/3 ie one month's rent expense
f - $1 200 x 1/6 ie one month's insurance expense