Jane Christine General Merchandising

Worksheet
December 31, 2012
J Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
101 Cash on Hand 340,000 340,000
102 Investment in trading securities 148,000 148,000
103 Accounts Receivable 164,000 164,000
104 Allowance for doubtful accounts 10,000 6 7,600 - 17,600
105 Notes receivable 75,000 75,000
106 Prepaid insurance expense 40,000 4 12,000 28,000
109 Land 1,000,000 1,000,000
110 Building 850,902 850,902
111 Accumulated Depreciation-Building 201,453 7 7,500 - 208,953
112 Furniture 650,450 650,450
113 Accumulated Depreciation-Furniture 115,462 7 9,250 124,712
114 Equipment 100,000 100,000
115 Accumualted depreciation-Equipment 34,220 7 800 35,020
120 Accounts payable 52,890 52,890
121 Notes pyable-CITIBANK 50,000 50,000
130 Mortgage payable 500,000 500,000
140 Jane Christine, Capital 2,304,517 2,304,517
141 Jane Christine, Drawing 15,000 15,000
150 Sales 1,210,000 - 1,210,000
251 Sales returns & allowances 3,580 3,580
152 Purchases 692,000 692,000
153 Purchase discount 5,060 - 5,060
154 Purchase returns & allowances 96,000 - 96,000
160 Freight out 96,420 96,420
161 Rent expense 100,000 100,000
162 Salary expense 200,500 2 14,000 214,500
163 Utilities expense 16,000 16,000
164 Advertising expense 46,500 5 15,500 31,000
165 Interest expense 41,250 3 3,540 44,790
4,579,602 4,579,602
 Jane Christine General Merchandising
Worksheet
December 31, 2012

Unadjusted Trial Balance Adjustments Adjusted Trial Balance

Debit Credit Debit Credit Debit Credit

1 Interest receivable 1 1,625 1,625

1 Interest income 1 1,625 1,625
2 Accrued salaries payable 2 14,000 14,000
3 Interest payable 3 3,540 - 3,540
4 Insruance Expense 4 12,000 12,000
5 Prepaid advertising 5 15,500 15,500
6 Doubtful accounts expense 6 7,600 7.600
7 Depreciation-Building 7 7,500 7,500
7 Depreciation-Furniture 7 9,250 9,250
7 Depreciation-Equipment 7 800 800
8 Merchandise inventory, end 8 189,000 189,000
8 Revenue and Expense summary 8 189,000 - 189,000
260,815 260,815 4,812,917 4,812,917
 Adjusted Trial Balance Income Statement Statement of Financial Position
Debit Credit Debit Credit Debit Credit
101Cash on Hand 340,000 340,000
102Investment in trading securities 148,000 148,000
103Accounts Receivable 164,000 164,000
104Allowance for doubtful accounts - 17,600 17,600
105Notes receivable 75,000 75,000
106Prepaid insurance expoense 28,000 28,000
109Land 1,000,000 1,000,000
110Building 850,902 850,902
111Accumulated Depreciation-Building - 208,953 208,953
112Furniture 650,450 650,450
113Accumulated Depreciation-Furniture 124,712 124,712
114Equipment 100,000 100,000
115Accumualted depreciation-Equipment 35,020 35,020
120Accounts payable 52,890 52,890
121Notes pyable-CITIBANK 50,000 50,000
130Mortgage payable 500,000 500,000
140Jane Christine, Capital 2,304,517 2,304,517
141Jane Christine, Drawing 15,000 15,000
150Sales - 1,210,000 1,210,000
251Sales returns & allowances 3,580 3,580
152Purchases 692,000 692,000
153Purchase discount - 5,060 5,060
154Purchase returns & allowances - 96,000 96,000
 Adjusted Trial Balance Income Statement Statement of Financial Position
Debit Credit Debit Credit Debit Credit
154 Purchase returns & allowances - 96,000 96,000
160 Freight out 96,420 96,420
161 Rent expense 100,000 100,000
162 Salary expense 214,500 214,500
163 Utilities expense 16,000 16,000
164 Advertising expense 31,000 31,000
165 Interest expense 44,790 44,790

1,625
1 Interest receivable 1,625
1 Interest income 1,625 1,625
2 Accrued salaries payable 14,000 14,000
3 Interest payable - 3,540 3,540
4 Insurance Expense 12,000 12,000
5 Prepaid advertising 15,500 15,500
6 Doubtful accounts expense 7,600 7,600
7 Depreciation-Building 7,500 7,500
7 Depreciation-Furniture 9,250 9,250
7 Depreciation-Equipment 800 800
8 Merchandise inventory, end 189,000 189,000
8 Revenue and Expense summary - 189,000 189,000
4,812,917 4,812,917 1,235,440 1,501,685 3,577,477 3,311,232
Net Income 266,245 266,245
1,501,685 1,501,685 3,577,477 3,577,477
 JANE CHRISTINE GENERAL MERCHANDISING
Income Statement
For the period ending December 31, 2012

Notes
Net Sales 1 1,206,420
Cost of Sales 2 401,940
Gross Profit 804,480
Other Income 3 1,625
Total Income 806,105
Operating Expenses
Administrative Expenses 5 367,650
Distribution 4 127,420
Financing 6 44,790 539,860
Net Income 266,245
 JANE CHRISTINE GENERAL MERCHANDISING
Statement of Changes in Equity
For the period ending December 31, 2012

Capital Beginning 2,304,517

Net Income 266,245
Sub-total 2,570,762
Less: Drawings 15,000
Capital Ending 2,555,762
 JANE CHRISTINE GENERAL MERCHANDISING
Statement of Financial Position
December 31, 2012

Notes
ASSETS
Current Assets
Cash on Hand 340,000
Investment in Trading Securities 148,000
Trade and Other Receivables 7 223,025
Merchandise inventory, end 189,000
Prepaid Expenses 8 43,500
Total 943,525
Fixed Assets , net 9 2,232,667
Total Assets 3,176,192

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables 10 120,430
Mortgage Payable 500,000
Total Liabilities 620,430
Equity 2,555,762
Total Liabilities and Equity 3,176,192
 Notes to Financial Statements
1 Net Sales
Sales 1,210,000
Sales Returns and allowances 3,580
1,206,420

2 Cost of Sales
Merchandise Inventory beginning -
Purchases 692,000.00
Purchase discount (5,060.00)
Purchase returns & allowances (96,000.00) 590,940.00
Total Goods Available 590,940
Merchandise Inventory, ending (189,000)
Cost of Sales 401,940

3 Other Income
Interest Income 1,625
4 Distribution Expenses
Freight out 96,420
Advertising Expense 31,000
127,420
5 Administrative Expenses
Salary Expense 214,500
Rent Expense 100,000
Depreciation Expense 17,550
Utilities expense 16,000
Insurance Expense 12,000
Doubtful Accounts Expense 7,600
367,650
6 Financing Costs
Interest Expense 44,790

7 Trade and Other Receivables

Accounts Receivable 164,000
Allowance for doubtful accounts 17,600
Net Realizable value 146,400
Notes Receivable 75,000
Interest Receivable 1,625
223,025
8 Prepaid Expenses
Prepaid Insurance 28,000
Prepaid Advertising 15,500
43,500
 9 Plant Property and Equipment
Land 1,000,000
Building 850,902
Less: Acc Depreciation-Building 208,953 641,949
Equipment 100,000
Less: Acc Depreciation-Equipment 35,020 64,980
Furniture 650,450
Less: Acc Depreciation-Equipment 124,712 525,738
2,232,667

10 Trade and Other Payables

Accounts Payable 52,890
Notes Payable 50,000
Accrued Salaries Payable 14,000
Interest payable 3,540
120,430