Carolina Apparel

Worksheet
30-Nov-16
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Names
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
cash $ 72,800 $ 72,800 $ 72,800
account receivable 4,500 4,500 4,500
prepaip rent 10,000 $ 1,667 (a) 8,333 8,333
cleaning supplies 600 450 (c.) 150 150
prepaid insurance 5,200 433 (b) 4,767 4,767
equipment 5,500 5,500 5,500
Accumulated-Equipt 355 (d) $ 355 $ 355
Car 19,000 19,000 19,000
account payable $ 4,050 4,050 4,050
interest Payable 60 (f) 60 60
notes payable 20,000 20,000 20,000
common stock 62,000 62,000 62,000
unearned revenue 21,200 (e) $ 1,767 19,433 19,433
dividend 2,400 2,400 2,400
service revenue 17,900 1,767 (e) 19,667 $ 19,667
interest expense (f) 60 60 $ 60
Depreciation exp (d) 355 355 355
Rent expense (a) 1,667 1,667 1,667
insurance expense (b) 433 433 433
Supplies expense (c.) 450 450 450
salaries expense 3,500 3,500 3,500
utilities expense 450 450 450
advertising expense 1,200 1,200 1,200
Totals $ 125,150 $ 125,150 $ 4,732 $ 4,732 $ 125,565 $ 125,565 $ 8,115 $ 19,667 $ 117,450 $ 105,543
Net Income or Loss 11,551 11,907
$ 19,667 $ 19,667 $ 117,450 $ 117,450
Carolina Apparel
Unadjusted Trail Balance Carolina Apparel Carolina Apparel
November 30, 2016 Adjusted Trail Balance Post Closing Trail
November 30,2016 Balance
November 30,2016
Accounts Debits Credits Accounts Debits Credits Accounts Debits Credits
Cash $ 72,800 Cash $ 72,800 Cash $ 72,800
Accounts Receivable 4,500 Accounts Receivable 4,500 Accounts Receivable 4,500
Prepaid Rent 10,000 Prepaid Rent 8,333 Prepaid Rent 8,333
Cleaning Supplies 600 Cleaning Supplies 150 Cleaning Supplies 150
Prepaid Insurance 5,200 Prepaid Insurance 4,767 Prepaid Insurance 4,767
Car Car 19,000 Car 19,000
Equipment 5,500 Equipment 5,500 Equipment 5,500
Accumulation Depreciation 0 Accumulation Depreciation $ 355 Accumulation Depreciation $ 355
Car 19,000 Accounts Payable 4,050 Accounts Payable 4,050
Accounts Payable $ 4,050 Interest Payable 60 Interest Payable 60
Interest Payable 0 Notes Payable 20,000 Notes Payable 20,000
Notes Payable 20,000 Common Stock 62,000 Common Stock 62,000
Common Stock 62,000 Unearned Revenue 19,433 Unearned Revenue 19,433
Unearned Revenue 21,200 Dividends 2,400 Retained Earnings 9,151
Dividends 2,400 Service Revenue 19,667
Service Revenue 17,900 Interest Expense 60 Totals $ 115,050 $ 115,050
Interest Expense 0 Depreciation Expense 355
Depreciation Expense 0 Rent Expense 1,667
Rent Expense 0 Insurance Expense 433
Insurance Expense 0 Supplies Expense 450
Supplies Expense 0 Utilities Expense 450
Utilities Expense 450 Salaries Expense 3,500
Salaries Expense 3,500 Advertising Expense 1,200
Advertising Expense 1,200
Totals $ 125,565 $ 125,565
Totals $ 125,150 $ 125,150
 Carolina Apparel Carolina Apparel
Carolina Apparel Statement of Retained Balance Sheet
Income Statement Earnings Month November 30,2016
For the Year Ending November 30, 2016 Ended November 30, 2016
Revenue Debit Credit Assets
Service Revenue $ 19,667 Retained Earnings, November 1, 2016 $0 Current Assets: Debits Credits
Total Revenue $ 19,667 Net loss for the year 11,551 Cash $ 72,800
Dividends (2,400) Accounts Receivable 4,500
Expenses: Retained Earnings, November 30, 20 $ 9,151 Prepaid Rent 8333
Interest Expense $ 60 Cleaning Supplies 150
Depreciation Expense--Equip 355 Prepaid Insurance 4767
Rent Expense 1,667
Insurance Expense 433 Total Current Assets $ 90,550
Supplies Expense 450 Plant Assets:
Salaries Expense 3,500 Equipment $ 5,500
Utilities Expense 450 Car 19,000
Advertising Expense 1,200 Less: Accum. Depreciation--Equipm (355)
Total Plant Assets: $ 24,145
Total Expenses $ 8,115
Net Income (Loss) $ 11,551 Total Assets $ 114,695
Liabilities
Current Liabilities:
Accounts Payable $ 4,050
Interest Payable 60
Unearned Revenue 19,433
Total Current Liabilities: $ 23,543
Long-term Liabilities:
Notes Payable $ 20,000
Total long-term liabilities: 20,000
Total Liabilities : $ 43,543
Stockholders' Equity
Retained Earnings $ 9,151
Common Stock 62,000
Total Stockholders' Equity $ 71,151
Total Liabilities and Stockholders' Equity $ 114,695