Unadjusted Trial Balance

Particulars
DR
Cash in Bank 110,575
Accounts Receivable 39,675
Store Equipment 65,000
Office Equipment 45,000
Accounts Payable
Notes Payable due on 2025
Alpha, Capital
Alpha, Drawing 12,500
Foxtrot Capital
Foxtrot, Drawing 18,750
Sales
Sales Returns & Allowances 1,250
Sales Discounts 3,750
Purchases 459,470
Purchase Returns & Allowances
Purchase Discounts
Rent Expense 180,000
Store Supplies Expense 55,000
Office Supplies Expense 20,000
Sales Salaries Expense 125,000
Office Salaries Expense 62,500
Utilities Expense 43,215
Delivery Expense 23,415
Taxes and Licenses Expense 2,500
1,267,600
Utilities Payable
Prepaid store supplies
Prepaid office supplies
Prepaid Rent
Depreciation Expense - store equipment
Accumulated Depreciation - store equipment
Depreciation Expense - office equipment
Accumulated Depreciation - office equipment
Allowance for bad debts
bad debts expense
Merchandise Inventory, Dec 31

Net Income
Net Income Before Tax
 Tax Provision Income tax payable/Income tax expense
Net Income After Tax

FINANCIAL STATEMENTS
Assets
Current Assets
Cash In Bank 110,575
Receivable, Net (Note # 5) 69,912
Merchandise Inventory 39,740
Prepayments (Note # 6) 71,980
Total Current Assets 292,207

Non-Current Assets
Property & Equipment, Net (Note # 7) 89,000

Total Assets 381,207

Liabilities
Current Liabilites
Trade & Other Payables (Note # 8) 93,650
Income Tax Payable 35,642.10
Total Current Liabilities

Non-Current Liabilities
Notes Payable, due 2025 75,000

Equity
Total Partners' Capital 176,915
Total Liabilities & Equity 381,207

Statement of Income
Net Sales (Note # 9) 1,020,335
Cost of Goods Sold (Note # 10) 412,230
Gross Profit 608,105
Distribution Costs (Note # 11) 374,570
Administrative Expenses (Note # 12) 114,728
Total Expense 489,298
Operating Income 118,807
Income Tax 35,642.10
NET INCOME 83,164.90
d Trial Balance Adjustments Adjusted Trial Balance Income Stateme
CR DR CR DR CR DR
110,575
33,150 72,825
65,000
45,000
67,915 67,915
75,000 75,000
50,000 50,000
12,500
75,000 75,000
18,750
992,185 33,150 1,025,335
1,250 1,250
3,750 3,750
459,470 459,470
2,500 2,500
5,000 5,000
60,000 120,000 120,000
3,215 51,785 51,785
8,765 11,235 11,235
125,000 125,000
62,500 62,500
25,735 68,950 68,950
23,415 23,415
2,500 2,500
1,267,600
25,735 25,735
3,215 3,215
8,765 8,765
60,000 ay
13,000 13,000 13,000
13,000 13,000
8,000 8,000 8,000
8,000 8,000
2,913 2,913
2,913 2,913 2,913

154,778 154,778 1,290,398 1,350,398 953,768

118,807
1,072,575
 35,642
83,165
118,807

Karakal Company
Notes to Financial Statement
31-Dec-19

Note #5 Receivables, Net Note #8 Trade and Other P

Accounts Receivable 72,825 Accounts Payable

Allowance for Bad Debts -2,913 Utilities Payable
Total 69,912 Total

Note #6 Prepayments Note #9

Prepaid Store Supplies 3,215 Sales

Prepaid Office Supplies 8,765 Sales Returns & Allow.
Prepaid Rent Expense 60,000 Sales Discount
Total 71,980 Total

Note #7 Property and Equipment, net Note #10

Office Equipment 45,000 Purchases

Store Equipment 65,000 Purchase Returns & Allow.
total 110,000 Purchase Discount
total Accumulated Dep'n -21,000 total
Total 89,000 Merchandise Inv. End
Cogs

Alpha Foxtrot Total

Interest on Capital 0 2,500 2,500 Capital 12/31/2018
Remainder 27,721.63 55,443.27 83,164.90 Share In Income
Total 27,722 57,943 85,664.90 Balance
Drawings
27721.63333 Capital 12/31/2019
Income Statement Balance Sheet
CR DR CR
110,575
72,825
65,000
45,000
67,915
75,000
50,000
12,500
75,000
18,750
1,025,335

2,500
5,000

25,735
3,215
8,765
60,000

13,000

8,000
2,913

39,740 39,740

1,072,575 436,370 317,563

118,807
1,072,575 436,370 436,370
118,807
 35642.1
83,165
118,807

ote #8 Trade and Other Payable Note#11 Distribution Cost

ccounts Payable 67,915 Rent Expense 120,000

tilities Payable 25,735 Store Supplies Expense 51,785
93,650.00 Sales Salaries Expense 125,000
Utilities Expense 41,370
Net Sales Delivery Expense 23,415
Depreciation Expense- Store Equipment 13,000
1,025,335 Total 374,570
ales Returns & Allow. -1,250
ales Discount -3,750 Note# 12 Administrative Expense
1,020,335
Office Supplies Expense 11,235
Cost of Goods Sold Office Salaries Expense 62,500
Utilities Expense 27,580
459,470 Taxes and Licenses 2,500
urchase Returns & Allow. -2500 Bad Debts Expense 2,913
urchase Discount -5,000 Depreciation Expense-office Equipment 8,000
451,970
Merchandise Inv. End -39,740 Total 114,728
412,230

Alpha Foxtrot Total

apital 12/31/2018 50,000 75,000 125,000
hare In Income 27,721.63 55,443 83,164.90
alance 77,721.63 130,443 208,164.90
rawings 12,500 18,750 31,250
apital 12/31/2019 65,221.63 111,693 176,914.90