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BALANCE SHEET

Cash 88110 Accounts payable


Accounts receivable 127430 Notes Payable
Inventory 302224 Accrued expenses
Prepaid expenses 5305 Income tax liability
Total current assets 523069 Total liabilities

Equipment at cost 70970 Paid in capital


Accumulated Depreciation 21559 Retained earnings
Equipment net 49411 Total owners equity

Total assets 572480 Total liabilities and owners equity

INCOME STATEMENT
AS OF FEBRUARY 28

Sales revenue $988,700


Less: Sales Discount $3,340.00
Cost of sales $604,783.00 $604,783
Gross Margin 380,577
Operating expenses:
Wages expense $49,480
Selling expense $10,880
Misc gen expense $32,533

95580 Interest expense $15,065


Insurance expense $7,125
Social sec tax exp $3,400
Depreciation exp $10,139
Bank service expen $750 129372
734154.57
Income before income tax -734154.57 251205

Income tax expense -146830.91 50241

105384 Net Income -587323.66 200964


INCOME SUMMARY CLOSING

Cost of sales 604783 988700


Wages expense 49480
Selling expense 10880
Misc gen expense 32533
Sales discount 3340
Interest expense 15065
Insurance expense 7125
Social sec tax exp 3400
Depreciation exp 10139
Bank service expen 750
737495 988700
50241
200964
Income Tax Liability

50241
Retained Earnings
33500
To balance 200964 200964
234464
88970
88500
10305
50241
238016

100000
234464
334464

572480
Sales revenue

Balance

Balance
Cash Bank expense
88860 750 750

88110 750

Inventory
Merchandise & supplies Depreciation Expense
903130 604783 10138.57
17480 13603

302224 10138.57

Cost of sales Miscellaneous Gen Expenses


604783 18930
13603

604783 32533

Prepaid expense Insurance Expense


12430 7125 7125

5305 7125

Interest Expense Accrued expense


7965 7965
7100 2340

15065 10305

Wages expense
47140
2340
49480
Accumulated Depreciation
11420.00
10138.57

21558.57
BALANCE SHEET

Cash 88110.00 Accounts payable


Accounts receivable 127430.00 Notes Payable
Inventory 302224.00 Accrued expenses
Prepaid expenses 5305.00 Income tax liability
Total current assets 523069.00 Total liabilities

Equipment at cost 70970.00 Paid in capital


Accumulated Depreciation 21558.57 Retained earnings
Equipment net 49411.43 Total owners equity

Total assets 572480.43 Total liabilities and owners equity

Sales revenue 988700


Cost of sales 604783.00
Wages expense 49480.00
Selling expense 10880.00
Misc gen expense 32533.00
Sales discount 3340.00
Interest expense 15065.00
Insurance expense 7125.00
Social sec tax exp 3400.00
Depreciation exp 10138.57
Bank service expen 750.00
737494.57
Income before tax 251205.43

Income tax liability 50241.09

Retained earnings 200964.34

INCOME SUMMARY CLOSING

Cost of sales 604783.00 988700


Wages expense 49480.00
Selling expense 10880.00
Misc gen expense 32533.00
Sales discount 3340.00
Interest expense 15065.00
Insurance expense 7125.00
Social sec tax exp 3400.00
Depreciation exp 10138.57
Bank service expen 750.00
737494.57 988700
50241.09
200964.34
Income Tax Liability

50241.09
Retained Earnings
33500
To balance 200964.34 200964.34
234464.34
88970.00
88500.00
10305.00
50241.09
238016.09

100000.00
234464.34
334464.34

572480.43
0

Sales revenue
Balance

Balance