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    The document is a quarterly financial report for Hercules Poirot P.I. for the quarter ended March 31, 2017. It includes adjusted trial balances, income statements, statements of retained earnings and financial position. The income statement shows revenues of €11,280 and expenses of €7,150, resulting in net income of €4,130. Total assets are €35,030, including current assets of €20,710 and equipment of €14,320. Equity includes share capital of €14,000 and retained earnings of €17,530.

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    The document is a quarterly financial report for Hercules Poirot P.I. for the quarter ended March 31, 2017. It includes adjusted trial balances, income statements, statements of retained earnings and financial position. The income statement shows revenues of €11,280 and expenses of €7,150, resulting in net income of €4,130. Total assets are €35,030, including current assets of €20,710 and equipment of €14,320. Equity includes share capital of €14,000 and retained earnings of €17,530.

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    2K views6 pages

    Accounting P4-1A

    Uploaded by

    Another Jason
    The document is a quarterly financial report for Hercules Poirot P.I. for the quarter ended March 31, 2017. It includes adjusted trial balances, income statements, statements of retained earnings and financial position. The income statement shows revenues of €11,280 and expenses of €7,150, resulting in net income of €4,130. Total assets are €35,030, including current assets of €20,710 and equipment of €14,320. Equity includes share capital of €14,000 and retained earnings of €17,530.

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    of 6

    HERCULES POIROT, P.I.

    , SA
    Worksheet
    For the Quarter Ended March 31,2017

    Trial Balance Adjustments Adjusted Trial Balance


    Account Titles
    Debit Credit Debit Credit Debit Credit
    Cash € 11,410 € 11,410
    Accounts Receivable € 5,920 € 1,080 € 7,000
    Supplies € 1,250 € 750 € 500
    Prepaid Insurance € 2,400 € 600 € 1,800
    Equipment € 15,000 € 15,000
    Notes Payable € 10,000 € 10,000
    Accounts Payable € 7,350 € 7,350
    Share Capital-Ordinary € 14,000 € 14,000
    Dividends € 600 € 600
    Service Revenue € 10,200 € 1,080 € 11,280
    Salaries and Wages Expense € 2,240 € 2,240
    Travel Expense € 1,300 € 1,300
    Rent Expense € 1,200 € 1,200
    Miscellaneous Expense € 230 € 230
    Totals € 41,550 € 41,550

    Supplies Expense € 750 € 750


    Depriciation Expense € 680 € 680
    Accumulated Depreciation -
    Equipment € 680 € 680
    Interest Expense € 150 € 150
    Interest Payable € 150 € 150
    Insurance Expense € 600 € 600
    Totals € 3,260 € 3,260 € 43,460 € 43,460
    Net Income
    Totals
    17

    Statement of Financial
    Income Statement
    Position
    Debit Credit Debit Credit
    € 11,410
    € 7,000
    € 500
    € 1,800
    € 15,000
    € 10,000
    € 7,350
    € 14,000
    € 600
    € 11,280
    € 2,240
    € 1,300
    € 1,200
    € 230

    € 750
    € 680

    € 680
    € 150
    € 150
    € 600
    € 7,150 € 11,280 € 36,310 € 32,180
    € 4,130 € 4,130
    € 11,280 € 11,280 € 36,310 € 36,310
    HERCULES POIROT, P.I., SA
    Income Statement
    For the Quarter Ended March 31,2017
    Revenues
    Service Revenue € 11,280
    Total Revenues € 11,280
    Expenses
    Salaries and Wages Expense € 2,240
    Travel Expense € 1,300
    Rent Expense € 1,200
    Miscellaneous Expense € 230
    Supplies Expense € 750
    Depriciation Expense € 680
    Interest Expense € 150
    Insurance Expense € 600
    Total Expenses € 7,150
    Net Income € 4,130
    HERCULES POIROT, P.I., SA
    Retained Earnings Statement
    For the Quarter Ended March 31,2017
    Beginning Retained Earnings € 14,000
    Net Income € 4,130
    Less : Dividends € 600 € 3,530
    Ending Retained Earnings € 17,530
    HERCULES POIROT, P.I., SA
    Statement of Financial Position
    For the Quarter Ended March 31,2017

    Assets
    Property, Plant, and Equipment
    Equipment € 15,000
    Accumulated Depreciation-Equipment -€ 680 € 14,320
    Current Asset
    Cash € 11,410
    Account Receivable € 7,000
    Supplies € 500
    Prepaid Insurance € 1,800 € 20,710
    Total Assets € 35,030

    Equity and Liabilities


    Equity
    Share Capital - Ordinary € 14,000
    Retained Earnings € 3,530
    Total Equity € 17,530
    Liabilities
    Notes Payable € 10,000
    Accounts Payable € 7,350
    Interest Payable € 150
    Total Liabilities € 17,500
    Total Equity and Liabilities € 35,030
    HERCULES POIROT, P.I., SA
    Journal Entries
    For the Quarter Ended March 31,2017

    Date Account Titles Debit Credit


    Adjusting Entries
    31 March 2017 Supplies Expense € 750
    Supplies € 750
    Depreciation € 680
    Accumulated Depreciation-Equipment € 680
    Interest Expense € 150
    Interest Payable € 150
    Insurance Expense € 600
    Prepaid Insurance € 600
    Account Receivable € 1,080
    Service Revenue € 1,080

    Closing Entries
    31 March 2017 Service Revenue € 1,080
    Income Summary € 1,080
    Income Summary € 7,150
    Salaries and Wages Expense € 2,240
    Travel Expense € 1,300
    Rent Expense € 1,200
    Miscellaneous Expense € 230
    Supplies Expense € 750
    Depriciation Expense € 680
    Interest Expense € 150
    Insurance Expense € 600
    Retained Earnings € 4,130
    Income Summary € 4,130
    Retained Earnings € 600
    Dividends € 600
    € 16,220 € 16,220

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