Kafa Sweaters, CS Solution

Transcription

1 Dec 31, 2018 J1 Dec-Adj-1, Estimated Bank Service Fees per N. Kafa 5510 Bank Charges Expense Bank Chequing Account Dec 31, 2018 J2 Dec-Adj-2, 5260 Office Supplies Expense Prepaid Office Supplies On H Dec 31, 2018 J3 Dec-Adj-3, Expired Insurance 5540 Insurance Expense Nov 15 - Dec 31 Expired Insura Prepaid Insurance Nov 15 - Dec 31 Expired Insur... Dec 31, 2018 J4 Dec-Adj-4, Accrue Monthly Expenses 5330 Telephone Expense Water/Hydro Expense Automobile Expense HST Paid on Purchases Accrued Liabilities Accrued Monthly Expenses Dec 31, 2018 J5 Dec-Adj-5, Accrue Loan Interest 5530 Bank Interest on Loan Expense Accrued Liabilities Dec 31, 2018 J6 Dec-Adj-6, Accrue Wages Earned 5120 Wages Expense 1, Wages Payable - 1, Dec 31, 2018 J7 Dec-Adj-7, Capital Assets Decpreciation 5350 Depreciation Expense-All 11, Accum. Deprec. Equipment - 8, Accum. Deprec. Furniture - 3, Dec 31, 2018 J8 Dec-Adj-8, Estimated Bad Debts 5360 Bad Debts Expense 3, Update Allowance for Bad Debts 1210 Allowance for Doubtful Accounts - 3, Update Allowance for Bad De... Dec 31, 2018 J9 Dec-Adj-9, Adjust Inventory to Count 5070 Inventory Adjustments

2 Page Inventory of Goods , ,971.70

3 Dec 31, 2018 J1 Dec-Adj-1, Estimated Bank Service Fees per N. Kafa 5510 Bank Charges Expense Bank Chequing Account Dec 31, 2018 J2 Dec-Adj-2, 5260 Office Supplies Expense Prepaid Office Supplies On H Dec 31, 2018 J3 Dec-Adj-3, Expired Insurance 5540 Insurance Expense Nov 15 - Dec 31 Expired Insura Prepaid Insurance Nov 15 - Dec 31 Expired Insur... Dec 31, 2018 J4 Dec-Adj-4, Accrue Monthly Expenses 5330 Telephone Expense Water/Hydro Expense Automobile Expense HST Paid on Purchases Accrued Liabilities Accrued Monthly Expenses Dec 31, 2018 J5 Dec-Adj-5, Accrue Loan Interest 5530 Bank Interest on Loan Expense Accrued Liabilities Dec 31, 2018 J6 Dec-Adj-6, Accrue Wages Earned 5120 Wages Expense 1, Wages Payable - 1, Dec 31, 2018 J7 Dec-Adj-7, Capital Assets Decpreciation 5350 Depreciation Expense-All 11, Accum. Deprec. Equipment - 8, Accum. Deprec. Furniture - 3, Dec 31, 2018 J8 Dec-Adj-8, Estimated Bad Debts 5360 Bad Debts Expense 3, Update Allowance for Bad Debts 1210 Allowance for Doubtful Accounts - 3, Update Allowance for Bad De... Dec 31, 2018 J9 Dec-Adj-9, Adjust Inventory to Count 5070 Inventory Adjustments

4 Page Inventory of Goods , ,971.70

5 Income Statement Dec 31, 2018 to Dec 31, 2018 REVENUE Sales Revenue Sales-All 327, Sales Returns -3, Sales Discounts -5, Sales: Net 317, TOTAL REVENUE 317, EXPENSE Cost of Goods Sold Cost of Goods Sold 123, Purchase Discounts -1, Inventory Adjustments Total Cost of Goods Sold 121, Store Expenses Rent Expense 24, Wages Expense 88, EI Expense 3, CPP Expense 3, Office Supplies Expense 2, Telephone Expense 3, Advertising Expense 15, Depreciation Expense-All 11, Bad Debts Expense 5, Total Store Expenses 158, Other Expenses Water/Hydro Expense 4, Bank Charges Expense 1, Bank Interest on Loan Expense 1, Insurance Expense 2, Automobile Expense 2, Automobile Lease 3, Total Other Expenses 17, TOTAL EXPENSE 296, NET INCOME 20,967.00

6 Balance Sheet As at Dec 31, 2018 ASSET Current Assets Bank Chequing Account 9, Accounts Receivable 13, Allowance for Doubtful Accounts -3, Accounts Receivable Net: 9, Inventory of Goods 60, Prepaid Office Supplies On Hand Prepaid Insurance Total Current Assets 80, Capital Assets Equipment 88, Furniture 31, Capital Assets: Total 119, Accum. Deprec. Equipment -44, Accum. Deprec. Furniture -15, Accum. Deprec. Total -59, Capital Assets: Net 59, TOTAL ASSET 140, LIABILITY Current Liabilities Accounts Payable 13, Wages Payable 1, Accrued Liabilities EI Payable CPP Payable Income Tax Payable 3, Payroll Deductions Payable 4, HST Charged on Sales 3, HST Paid on Purchases -1, Net GST Owing/Receivable 1, Total Current Liabilites 22, Long Term Liabilites Bank Loan Payable 21, Total Long Term Liabilitiees 21, TOTAL LIABILITY 43, EQUITY Owner's Equity Capital Nathan Kafa 86, Drawings Nathan Kafa -10, Current Earnings 20, Total Owner's Equity 97,241.00

7 Balance Sheet As at Dec 31, 2018 Page 2 TOTAL EQUITY 97, LIABILITIES AND EQUITY 140,490.00