Bright Corporation Work Sheet For the Year Ended December 31, 201

Trial Balance Adjustments

Debit Credit Debit
Cash 1,932,000.00
Notes Receivable 750,000.00
Accounts Receivable 2,827,500.00
Allowance for Uncollectible Accounts 30,000.00
Merchandise Inventory 450,000.00
Store and Office Supplies 112,500.00
Prepaid Insurance 54,000.00
Office Equipment 1,875,000.00
Accumulated Depreciation-Office Equipment 187,500.00
Store Equipment 2,850,000.00
Accumulated Depreciation-Store Equipment 285,000.00
Notes Payable 375,000.00
Accounts Payable 487,500.00
10% Preference Share Capital, P100 par 2,000,000.00
Ordinary Share Captial, P10 par 4,750,000.00
Preference Share Premium 375,000.00
Ordinary share Premium 900,000.00
Retained Earnings 787,500.00
Sales 7,050,000.00
Sales Return and Allowances 150,000.00
Purchases 3,750,000.00
Purchases Returns and Allowances 75,000.00
Sales Salaries 900,000.00 45,000.00
Delivery Expense 180,000.00
Miscellaneous Selling Expenses 105,000.00
Office Salaries 675,000.00 25,000.00
Rent Expense 375,000.00
Utilities Expense 247,500.00
Miscellaneous Administrative Expenses 79,500.00
Interest Income 10,500.00
17,313,000.00 17,313,000.00
Office Supplies Expense 30,000.00
Store Supplies Expense 62,500.00
Insurance Expense 30,000.00
Interest Receivable 5,500.00
Salaries Payable
Uncollectible Accounts Expense 138,000.00
Depreciation Expense-Office Equipment 93,750.00
Depreciation Expense-Store Equipment 142,500.00
Income Tax Expense 123,675.00
Income Tax Payable
695,925.00
Profit
or the Year Ended December 31, 2014

Adjustments Income Statements Statement of Financial Position

Credit Debit Credit Debit Credit
1,932,000.00
750,000.00
2,827,500.00
138,000.00 168,000.00
450,000.00 750,000.00 750,000.00
92,500.00 20,000.00
30,000.00 24,000.00
1,875,000.00
93,750.00 281,250.00
2,850,000.00
142,500.00 427,500.00
375,000.00
487,500.00
2,000,000.00
4,750,000.00
375,000.00
900,000.00
787,500.00
7,050,000.00
150,000.00
3,750,000.00
75,000.00
945,000.00
180,000.00
105,000.00
700,000.00
375,000.00
247,500.00
79,500.00
5,500.00 16,000.00

30,000.00
62,500.00
30,000.00
5,500.00
70,000.00 70,000.00
138,000.00
93,750.00
142,500.00
 123,675.00
123,675.00 123,675.00
695,925.00 7,602,425.00 7,891,000.00 11,034,000.00 10,745,425.00
288,575.00 288,575.00
7,891,000.00 7,891,000.00 11,034,000.00 11,034,000.00
 A
B
C
D
E
F
G
H

Computation of income tax and profit:

Total credit per income statement before income tax 7,891,000.00

Total debit per income statement before income tax 7,478,750.00
Profit before tax 412,250.00
Income tax (412,250 x 30%) 123,675.00
Profit 288,575.00