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BUSI 1013 FA01-03 Financial Accounting 1 2024 Fall

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The Cash account of the Wolfville Athletic Association showed a balance of $32,886 on December 31. The Bank statement as at that date showed a balance of $36,168.

After comparing the statement and cash book, the following information was determined:

1. Deposits in transit amounted to $7,286. This amount hit the company's bank account on January 2nd.

2. Cheques issued in December but still outstanding amounted to $6,000. Cheques still outstanding from the month of November totalled $560. These amounts can be grouped as one item.

3. The bank made a mistake recording a payment received from a customer overstating it by $56.

4. EFT receipts from customers totaled $4699 have not been recorded in cash book. The money received was for work completed and booked as revenue in November

5. A payment of $220 for monthly insurance was automatically deducted from bank but not yet recorded in cash book.

6. The company made an error in recording a customer's deposit of $290 to pay an outstanding bill as $209.

7. Bank returned a NSF cheque of $478. The cheque had come from a customer to pay for services previously completed.

8. Bank debited the account for service charges of $130.

Prepare the bank reconciliation statement.

a. Bank Reconciliation Statement.

b. Journal entries for Book side.

List Additions before Deductions; if you have multiple Additions or Deductions for one section, list them in the order that they appear above

a. Bank Reconciliation Statement

b. Journal Entries

Note: DO NOT use commas or dollar signs in your answers (e.g. 2750, NOT $2,750). Enter a 0 in any text box that should have no value.

Particulars	Debit	Credit
Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$
Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$

Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$
Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$

Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$
Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$

Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$
Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$

Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$
Accounts Receivable Cash Insurance Expense Service Charges Transit Expense	$	$

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b. Which company do you think is in a better financial position based on the ratios above and why?

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Alexa Company (Alexa) and Maggie Company (Maggie) both operate in the same industry based in the Annapolis Valley. For the year ending December 31, 2021, Alexa and Maggie have reported the following key financial information.

	Alexa	Maggie
Net Sales Revenue	2,500,000	360,000
Cost of Goods Sold	1,625,000	220,000
Operating Expenses	625,000	62,500
Interest Expense	130,000	8,250
Income Tax Expense	18,000	3,500
Net Income	102,000	65,750

Cash	175,000	72,000
Short-term Investments	60,000	4,000
Accounts Receivable	80,000	11,500
Inventory	95,000	25,000
Short-term Notes	56,000	11,200
Total Current Assets	466,000	123,700

Property, Plant and Equipment, Net	3,404,000	1,212,000
Total Assets	3,870,000	1,335,700

Total Current Liabilities	450,000	85,000
Long-term Debt	1,000,000	320,700
Total Liabilities	1,450,000	405,700

Share Capital	200,000	150,000
Retained Earnings	2,220,000	780,000

Other Relevant Information	Alexa	Maggie
Average Inventory	100,000	11,000
Average Accounts Receivable	125,000	12,000
Average Accounts Payable	65,000	8,800

Assume that the averages or Total Assets, Total Liabilities and Total Equity are the same as the totals listed.

a. Based on the above information, calculate the following ratios. Express all numbers to two decimal places.

Note: DO NOT use percentage signs in your answers (e.g. 1.23, NOT 1.23%). Enter values to two decimal places where appropriate.

Gross Profit %	%	%
Current Ratio
Acid Test Ratio
Debt Ratio
Asset Turnover
Inventory Turnover
Receivables Turnover
Cash Conversion Cycle
Time Interest Earned
Return on Assets	%	%

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The adjusted Trial Balance of KS Ltd as on December 31, 2022 is given below.

You are required to:

a. Prepare Financial Statements

b. Post Closing entries

Account	Debit	Credit
Cash	1,100
Accounts Receivable	9,600
Supplies	180
Equipment	20,800
Accumulated Deprecation-equipment		5,200
Accounts Payable		4,660
Salaries Payable		710
Deferred Revenue		1,010
Bank Loan Payable		1,000
Common Shares		5,000
Retained Earnings		3,700
Dividends	1,000
Service Revenue		67,200
Salaries Expense	30,700
Rent Expense	16,800
Deprecation Expense	2,600
Other Expense	1,675
Supplies Expense	475
Interest Expense	50
Income Tax Expense	3,500
	88,480	88,480

a. Financial Statements

Note: DO NOT use commas or dollar signs in your answers (e.g. 2750, NOT $2,750). DO NOT use brackets to denote negative values, use a minus sign (e.g. -100, NOT (100)).

b. Closing Entries

Close Dividends first, then Revenues, then Expenses. Put Debits before Credits. If there are multiple entries of the same type, list them in alphabetical order.

Note: DO NOT use commas or dollar signs in your answers (e.g. 2750, NOT $2,750). Enter a 0 in any text box that should have no value.

Date	Dr/Cr	Particulars	Amount
31-Dec	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
31-Dec	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
31-Dec	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$
	Dr Cr	Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Bank Loan Payable Cash Common Shares Deferred Revenue Depreciation Expense Dividends Equipment Income Tax Expense Interest Expense Other Expense Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense	$	$

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Based on the company's (Computer Services Corporation's) cash flow statement, is this company showing signs of healthy cash flow? Explain

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	2023	2022	Change
Assets
Current Assets
Cash	75,000	53,000	22,000
Accounts Receivable	30,000	40,000	(10,000)
Inventory	25,000	20,000	5,000
Prepaid Expenses	12,000	8,000	4,000
Non-current Assets
Land	150,000	40,000	110,000
Buildings	170,000	50,000	120,000
Accumulated Deprecation-buildings	(11,000)	(5,000)	(6,000)
Equipment	27,000	10,000	17,000
Accumulated Deprication-equipment	(4,000)	(2,000)	(2,000)
Total Assets	474,000	214,000

Liabilities and Shareholders' Equity
Liabilities
Current Liabilities
Accounts Payable	37,000	30,000	7,000
Income Tax Payable	10,000	12,000	(2000)
Non-current Liabilities
Mortgage Payable	139,000	21,000	118,000
Shareholders' Equity
Common Shares	100,000	80,000	20,000
Retained Earnings	188,000	71,000	117,000
Total Liabilities and Shareholders' Equity	474,000	214,000

Sales	595,000
Cost of Goods Sold	238,000
Gross Profit	357,000
General Operating Expenses	120,000
Deprecation Expense	9,000
Loss on Sale of Equipment	3,000
Interest Expense	10,000
Income Tax Expense	45,000
Net Income	170,000

Additional Information:

1. The company acquired land worth $110,000 by paying cash of $95,000 and by issuing common shares worth $15,000. The company also raised $5,000 by issuing common shares for cash.

2. Equipment costing $25,000 was purchased for cash.

3. The company sold equipment for $4,000 cash, leading to the loss on sale shown in the income statement above.

4. Company received $124,000 mortgage loan during the year and paid off $6,000 mortgage loan during the year.

5. Computer Services Corporation declared and paid dividends during the year.

Note: DO NOT use commas or dollar signs in your answers (e.g. 2750, NOT $2,750). DO NOT use brackets to denote negative values, use a minus sign (e.g. -100, NOT (100)).

Cash from Operating Activities
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$

Add
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Total Operating Additions	$
Deduct
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Total Operating Deductions	$
1. Net Cash from/used in Operating Activities	$

Cash from Investing Activities
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Net Cash Flows from Investing Activities	$

Cash from Financing Activities
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Additions to Mortgage Payable Change in Accounts Payable Change in accounts Receivable Change in Income Tax Payable Change in Inventory Change in Prepaid Expense Depreciation Expense Proceeds from sale of share capital Loss on sale of equipment Net Income Payment of dividend Proceeds from sale of equipment Purchase of building Purchase of equipment Purchase of land Repayment of Mortgage Loan	$
Net Cash Flows from Financing Activities	$

Net Change in Cash	$
Cash Opening Balance	$
Cash Closing Balance	$

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Two employees at a retail store work the same cash register. You evaluate this situation as

a violation of assignment of responsibility.

a violation of segregation of duties.

100%

supporting assignment of responsibility.

supporting review and reconciliation.

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A dress shop makes a dress that sells for $200 and delivers it to the customer on June 30. The customer is sent a statement on July 7 and a cheque is received by the dress shop on July 11. When should the $200 be recognized as revenue?

July 1

July 11

June 30

100%

July 7

View this question

Financing activities involve

acquiring investments.

lending money.

acquiring long-lived assets.

issuing debt.

100%

View this question

An asset-expense relationship exists with

liability accounts.

revenue accounts.

prepaid expense adjusting entries.

100%

accrued expense adjusting entries.

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Unadjusted Bank Balance	$	Unadjusted Book Balance	$
Add		Add
Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$	Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$
Total Additions	$	Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$
Deduct		Total Additions	$
Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$	Deduct
Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$	Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$
Total Deductions	$	Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$
Adjusted Bank Balance	$	Bank collections Bank error Book error Deposits in transit EFT payment EFT receipt Interest revenue NSF cheque Outstanding cheques Service charge	$
		Total Deductions	$
		Adjusted Book Balance	$

For the year ending December 31st, 2021 For the month ending December 31st, 2021 As at December 31st, 2021
Revenues
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Revenue	$

Expenses
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Expenses	$

Net Income	$

For the year ending December 31st, 2021 For the month ending December 31st, 2021 As at December 31st, 2021
Beginning	Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475	$
Plus	Net Income (Net Loss)	$
Less	Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Ending	Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475	$

For the year ending December 31st, 2021 For the month ending December 31st, 2021 As at December 31st, 2021
Assets
Current Assets
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Current Assets	$

Non-current Assets
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Fixed Assets, Carrying Value	$

Total Assets	$

Liabilities and Shareholder Equity
Current Liabilities
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Current Liabilities	$

Long-term Liabilities
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Liabilities	$

Shareholder Equiy
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Accounts Payable 4,660 Accounts Receivable 9,600 Accumulated Depreciation-Equipment (5,200) Bank Loan Payable 1,000 Cash 1,100 Common Shares 5,000 Deferred Revenue 1,010 Depreciation Expense 2,600 Dividends (1,000) Equipment 20,800 Income Tax Expense 3,500 Interest Expense 50 Other Expense 1,675 Rent Expense 16,800 Retained Earnings Salaries Expense 30,700 Salaries Payable 710 Service Revenue 67,200 Supplies 180 Supplies Expense 475
Total Shareholder Equity	$

Total Liabilities and Shareholder Equity	$