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    Trial Balance Adjustments Profit or Loss Financial Position

    Uploaded by

    Coke Aidenry Saludo
    This working trial balance for Clarity Company shows account balances as of December 31, 2018. It includes adjustments to account balances which result in a profit before income taxes of $388,650. After accounting for income tax expense of 30% or $116,595, the profit after income taxes is $272,055. The trial balance and adjustments provide the financial position and results of operations for Clarity Company at the end of the fiscal year.

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    Trial Balance Adjustments Profit or Loss Financial Position

    Uploaded by

    Coke Aidenry Saludo
    127 views3 pages
    This working trial balance for Clarity Company shows account balances as of December 31, 2018. It includes adjustments to account balances which result in a profit before income taxes of $388,650. After accounting for income tax expense of 30% or $116,595, the profit after income taxes is $272,055. The trial balance and adjustments provide the financial position and results of operations for Clarity Company at the end of the fiscal year.

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    Trial Balance

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    This working trial balance for Clarity Company shows account balances as of December 31, 2018. It includes adjustments to account balances which result in a profit before income taxes of $388,650. After accounting for income tax expense of 30% or $116,595, the profit after income taxes is $272,055. The trial balance and adjustments provide the financial position and results of operations for Clarity Company at the end of the fiscal year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    127 views3 pages

    Trial Balance Adjustments Profit or Loss Financial Position

    Uploaded by

    Coke Aidenry Saludo
    This working trial balance for Clarity Company shows account balances as of December 31, 2018. It includes adjustments to account balances which result in a profit before income taxes of $388,650. After accounting for income tax expense of 30% or $116,595, the profit after income taxes is $272,055. The trial balance and adjustments provide the financial position and results of operations for Clarity Company at the end of the fiscal year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    CLARITY COMPANY

    WORKING TRIAL BALANCE


    DECEMBER 31, 2018

    Trial Balance Adjustments Profit or Loss Financial Position


    Debit Credit Debit Credit Debit Credit Debit Credit
    Account Titles
    Cash 191,000.00 60,000.00 131,000.00

    Accounts receivable 615,000.00 615,000.00

    Allowance for doubtful accounts 21,000.00 9,750.00 30,750.00

    Inventory, December 31, 2017 584,000.00 584,000.00

    Prepaid Expenses 8,000.00 1,200.00 6,800.00

    Investments 110,000.00 30,000.00 80,000.00

    Furniture and Equipment 312,000.00 312,000.00

    Miscellaneous Equipment 90,000.00 90,000.00

    Accumulated Depreciation 76,400.00 39,200.00 115,600.00

    Accounts Payable 543,000.00 50,000.00 593,000.00

    Accrued Expenses 51,000.00 3,000.00 54,000.00

    Unearned Rent Income 12,800.00 2,800.00 10,000.00

    Ordinary Share Capital 600,000.00 600,000.00

    Retained Earnings 182,800.00 182,800.00

    Sales 3,500,000.00 3,500,000.00

    Rent Income 48,000.00 2,800.00 50,800.00


    Purchases 2,424,000.00 50,000.00 2,474,000.00

    Salaries Expenses 400,000.00 400,000.00

    Advertising Expense 124,000.00 124,000.00

    Commission Expense 80,000.00 80,000.00

    Utilities Expense 32,000.00 32,000.00

    Supplies 12,000.00 12,000.00

    Transportation Expense 14,000.00 14,000.00

    Repairs and Maintenance 16,000.00 16,000.00

    Miscellaneous Expenses 23,000.00 3,000.00 26,000.00

    TOTAL 5,035,000.00 5,035,000.00

     
    ADJUSTMENTS:
    60,000.00 60,000.00
    Equipment Acquisition Fund
    9,750.00 9,750.00
    Doubtful Accounts Expense
    650,000.00 650,000.00
    Inventory, December 31, 2018
    2,408,000.00 2,408,000.00
    Cost of Goods Sold
    30,000.00 30,000.00
    Treasury Shares
    Depreciation Expense 39,200.00 39,200.00

    Insurance Expense 1,200.00 1,200.00


    3,253,950.00 3,162,150.00 3,550,800.00
    TOTAL 3,253,950.00
    388,650.00
    Profit before Income Tax
    3,550,800.00 3,550,800.00
     
    388,650.00
    Profit before Income Tax
    116,595.00
    Income Tax Expense (30%)
    116,595.00
    Income Tax Payable
    272,055.00 272,055.00
    Profit after Income Tax
    388,650.00 388,650.00 1,974,800.00 1,974,800.00
     
     

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