Intermediate Accounting
Content
DATE
STRIDEWELL CORPORATION MONTH OF JUNE 2011 ACCOUNTS 1 CASH COMMON STOCK 2 FURNITURE CASH NOTES PAYABLE 3 INVENTORY ACCOUNT PAYABLE 4 ACCOUNT RECEIVABLE SALES REVENUE COST OF THE GOODS SOLD MARCHENDISE INVENTORY 5 RENT CASH 6 PREPAID INSURANCE CASH 7 ACCOUNT PAYABLE CASH 8 CASH ACCOUNT RECEIVABLE 9 RETAIN EARNING CASH 10 DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION 11 INSURANCE EXPENSE PREPAID INSURANCE
DABIT 500,000
CREDIT 500,000
100,000 40,000 60,000 200,000 200,000 280,000 280,000 140,000 140,000 6,000 6,000 3,000 3,000 120,000 120,000 55,000 55,000 5,000 5,000 2,000 2,000 3,000 3,000
ASSET (+ 300,000 CASH) (+40000 EQUIPMENT)(-10,000 CASH)
LIABILITY (+30,000 NOTES PAYABLE)
OWNERS EQUITY (- 300,000 COMMON STOCK)
BLUEBOY CHEESE CORPORATION INCOME STATEMENT FOR THE MONTH ENDED DECEMBER 31,2011 REVENUES SALES REVENUE COST OF THE GOODS SOLD GROSS PROFIT OPERATING EXPENSES SALARIES EXPENSE RENT EXPENSE DEPRECIATION EXPENSE BAD DEBT EXPENSE TOTAL OPERATING EXPENSES OPERATING INCOME OTHER INCOME(EXPENSE) INTEREST EXPENSE NET INCOME
$800,000 480,000 $320,000 120,000 30,000 60,000 5,000 215,000 105,000 -4,000 $ 101,000.00
CLOSING ENTRIES
DATE
DESCRIPTION
DR
CR
12/31/2011 SALES REVENU INCOME SUMMARY
800000 800000
12/31/2011 INCOME SUMMARY COST OF GOODS SOLD SALARY EXPENSES
699000 480000 120000
RENT EXPENSES DEPRECIATION EXPENSES INTEREST EXPENSES BAD DEBT EXPENSE 12/31/2011 INCOME SUMMARY RETAINED EARNINGS 201000
30000 60000 4000 5000
201000
BLUEBOY CHEESE CORPORATION BALANCE SHEET AT DECEMBER 31, 2011 CURRENT ASSETS CASH ACCOUNT RECEIVABLE LESS: ALLOWANCE FOR UNCOLLECTABLE ACCOUNTS PREPAID RENT INVENTORY TOTAL CURRENT ASSETS PROPERTY,PLANT AND EQUIPMENT EQUIPMENT LESS: ACCUMULATED DEPRECIATION-- EQUIPMENT TOTAL ASSETS LIABILIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES ACCOUNT PAYABLE SALARIES PAYABLE INTEREST PAYABLE NOTES PAYABLE TOTAL CURRENT LIABILIES SHEREHOLDER'S EQUITY COMMON STOCK RETAINED EARNINGS TOTAL SHAREHOLDERS EQUITY TOTAL LIABILITIES AND SHAREHOLDERS EQUITY `
`
$ 21,000.00 $ 300,000.00 -20,000 280,000 10,000 50,000 361,000
600,000 -250,000
350,000 $ 711,000.00
40,000 8,000 2,000 60,000 110,000 400,000 201,000 601,000 $ 711,000.00
DATE
ADJUSTING ENTRIES ACCOUNTS 31-Dec-11 INSURANCE EXPENSES CASH PREPAID INSURANCE INSURANCE EXPENSES CASH RENT REVENUE RENT REVENUE UNEARNED SALES REVENUE SUPPLY EXPNES SUPPLY SUPPLY SUPPLY EXPENSE
DEBIT CREDIT 6000 6000 4000 4000 1000 1000 1000 1000 750 750 750 750
INTERST EXPENSE INTEREST PAYABLE
600 600
NET INCOME NET INCOME 30000 4000 750 -1000 -600 33150
NET INCOME AFTER ADJUSTMENT
STRIDEWELL CORPORATION MONTH OF JUNE 2011 ACCOUNTS 1 CASH COMMON STOCK 2 FURNITURE CASH NOTES PAYABLE 3 INVENTORY ACCOUNT PAYABLE 4 ACCOUNT RECEIVABLE SALES REVENUE COST OF THE GOODS SOLD MARCHENDISE INVENTORY 5 RENT CASH 6 PREPAID INSURANCE CASH 7 ACCOUNT PAYABLE CASH 8 CASH ACCOUNT RECEIVABLE 9 RETAIN EARNING CASH 10 DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION 11 INSURANCE EXPENSE PREPAID INSURANCE
DABIT 500,000
CREDIT 500,000
100,000 40,000 60,000 200,000 200,000 280,000 280,000 140,000 140,000 6,000 6,000 3,000 3,000 120,000 120,000 55,000 55,000 5,000 5,000 2,000 2,000 3,000 3,000
ASSET (+ 300,000 CASH) (+40000 EQUIPMENT)(-10,000 CASH)
LIABILITY (+30,000 NOTES PAYABLE)
OWNERS EQUITY (- 300,000 COMMON STOCK)
BLUEBOY CHEESE CORPORATION INCOME STATEMENT FOR THE MONTH ENDED DECEMBER 31,2011 REVENUES SALES REVENUE COST OF THE GOODS SOLD GROSS PROFIT OPERATING EXPENSES SALARIES EXPENSE RENT EXPENSE DEPRECIATION EXPENSE BAD DEBT EXPENSE TOTAL OPERATING EXPENSES OPERATING INCOME OTHER INCOME(EXPENSE) INTEREST EXPENSE NET INCOME
$800,000 480,000 $320,000 120,000 30,000 60,000 5,000 215,000 105,000 -4,000 $ 101,000.00
CLOSING ENTRIES
DATE
DESCRIPTION
DR
CR
12/31/2011 SALES REVENU INCOME SUMMARY
800000 800000
12/31/2011 INCOME SUMMARY COST OF GOODS SOLD SALARY EXPENSES
699000 480000 120000
RENT EXPENSES DEPRECIATION EXPENSES INTEREST EXPENSES BAD DEBT EXPENSE 12/31/2011 INCOME SUMMARY RETAINED EARNINGS 201000
30000 60000 4000 5000
201000
BLUEBOY CHEESE CORPORATION BALANCE SHEET AT DECEMBER 31, 2011 CURRENT ASSETS CASH ACCOUNT RECEIVABLE LESS: ALLOWANCE FOR UNCOLLECTABLE ACCOUNTS PREPAID RENT INVENTORY TOTAL CURRENT ASSETS PROPERTY,PLANT AND EQUIPMENT EQUIPMENT LESS: ACCUMULATED DEPRECIATION-- EQUIPMENT TOTAL ASSETS LIABILIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES ACCOUNT PAYABLE SALARIES PAYABLE INTEREST PAYABLE NOTES PAYABLE TOTAL CURRENT LIABILIES SHEREHOLDER'S EQUITY COMMON STOCK RETAINED EARNINGS TOTAL SHAREHOLDERS EQUITY TOTAL LIABILITIES AND SHAREHOLDERS EQUITY `
`
$ 21,000.00 $ 300,000.00 -20,000 280,000 10,000 50,000 361,000
600,000 -250,000
350,000 $ 711,000.00
40,000 8,000 2,000 60,000 110,000 400,000 201,000 601,000 $ 711,000.00
DATE
ADJUSTING ENTRIES ACCOUNTS 31-Dec-11 INSURANCE EXPENSES CASH PREPAID INSURANCE INSURANCE EXPENSES CASH RENT REVENUE RENT REVENUE UNEARNED SALES REVENUE SUPPLY EXPNES SUPPLY SUPPLY SUPPLY EXPENSE
DEBIT CREDIT 6000 6000 4000 4000 1000 1000 1000 1000 750 750 750 750
INTERST EXPENSE INTEREST PAYABLE
600 600
NET INCOME NET INCOME 30000 4000 750 -1000 -600 33150
NET INCOME AFTER ADJUSTMENT
