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Account No. Account Name Trial Balance Debit Credit

The trial balance provided shows account balances as of December 31, 2020 for QCU Corporation. Several errors were noted that require adjustment including depreciation not recorded for equipment, furniture and leasehold improvements. An income statement, statement of changes in equity, and statement of financial position were prepared that reflect the proper accounting for depreciation and present the company's financial position and performance for the year ended December 31, 2020.

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Rachelle Jose
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149 views8 pages

Account No. Account Name Trial Balance Debit Credit

The trial balance provided shows account balances as of December 31, 2020 for QCU Corporation. Several errors were noted that require adjustment including depreciation not recorded for equipment, furniture and leasehold improvements. An income statement, statement of changes in equity, and statement of financial position were prepared that reflect the proper accounting for depreciation and present the company's financial position and performance for the year ended December 31, 2020.

Uploaded by

Rachelle Jose
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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TRIAL BALANCE

ACCOUNT NO. ACCOUNT NAME


Debit Credit
101 Cash 226,108.00
110 Accts. Rec. - Adel Alvarez, employee 1,528.00
111 Accts. Rec. - Nicolai Carls, employee 904.00
112 Accts. Rec. - George Paul 5,600.00
120 Supplies 1,368.00
125 Office and Computer Equipment 112,065.97
130 Furniture and Fixtures 34,091.29
145 Leasehold Improvements 93,829.38
201 Accts. Pay. - Able Store 6,248.00
205 Accts. Pay. - Junniboi, Inc. 7,782.00
207 Notes Payable 65,000.00
208 Withholding tax payable 519.01
209 Income tax payable 2,473.40
301 Abe Shultz, Capital 387,578.64
305 Abe Shultz, Withdrawals 4,000.00
405 Service Fee 52,980.00
501 Advertising Expense 3,512.00
Depr. Exp., Office & Computer Equipments
505 Salaries Expense 14,200.00
Depr. Exp., Furniture and Fixtures
Depr. Exp., Leasehold Improvements
510 Maintenance Expense 7,782.00
520 Rent Expense 8,421.05
530 Utilities Expense 4,897.96
531 Taxes and licenses 400.00
532 Tax Penalty 1,400.00
533 Income tax expense 2,473.40
522,581.05 522,581.05
Net Income/Loss
-
ADJUSTMENT INCOME STATEMENT BALANCE SHEET
Debit Credit Debit Credit Debit
384.99 226,492.99
1,528.00
904.00 -
5,600.00
1,368.00
52,977.36 59,088.61
7,177.08 26,914.21
21,244.44 72,584.94
-
-
-
519.01

-
4,000.00
- 52,980.00 -
3,512.00 -
52,977.36 52,977.36
14,200.00 -
7,177.08 7,177.08
21,244.44 21,244.44
7,782.00 -
8,421.05 -
4,897.96 -
400.00
1,400.00
2,473.40
82,302.88 82,302.88 124,485.29 52,980.00 397,576.75
- 71,505.29
52,980.00 52,980.00 397,576.75
BALANCE SHEET
Credit
-
-

-
-
-
-
-
6,248.00
7,782.00
65,000.00
-
2,473.40
387,578.64
-

-
-
-

469,082.04
- 71,505.29
397,576.75
QCU CORPORATION
Statement of Income
For the month Dec. 31, 2020

2020
Service Revenue
Service Fees 52,980.00

Less: Cost of Service


Depr. Exp., Office & Computer Equipments 52,977.36
Salaries Expense 14,200.00
Maintenance Expense 7,782.00
Rent Expense 8,421.05
Gross Income - 30,400.41

Less: Operating Income


Utilities Expense 4,897.96
Advertising Expense 3,512.00
Depr. Exp., Furniture and Fixtures 7,177.08
Depr. Exp., Leasehold Improvements 21,244.44
Taxes and Licenses 400.00
Tax Penalty 1,400.00
Income Tax Expense 2,473.40

Net Income - 71,505.29


QCU CORPORATION
Statement of Changes in Equity
For the month Dec. 31, 2020

2020
Owner's Equity, Beg. Balance 387,578.64
Add: Net Income/Loss - 71,505.29
316,073.35
Less:Drawing - 4,000.00
Owner's Equity, ending balance 312,073.35
QCU CORPORATION
Statement of Financial Position
As at Dec. 31, 2020
2,020.00
Current Assets
Cash 226,492.99
Accounts Receivable - Adel Alvarez, employee 1,528.00
Accounts Receivable - Nicolai Carls, employee -
Accounts Receivable - George Paul, employee 5,600.00
Supplies 1,368.00
Total CA 234,988.99

Noncurrent Assets
Office Computer Equipment 59,088.61
Furniture and Fixtures 26,914.21
Leasehold Improvements 72,584.94
Total Noncurrent Assets 158,587.76

Total Assets 393,576.75

Current Liablilities
Accounts Payable - Able Store 6,248.00
Accounts Payable - Juniboi, Inc. 7,782.00
Notes Payable 65,000.00
Withholding Tax Payable -
Income Tax Payable 2,473.40
Total current Liablities 81,503.40

Noncurrent Liability -

Owner's Equity 312,073.35

Total Liablities and Owner's Equity 393,576.75


Cash - don't know how to
111 - Dr cash and Cr 111
112 - account was paid on Jan. 12, 2021 but not adjusted to 2020
125 - It is supposed to be depreciated by 52,977.36 . Therefore current balance should be 59,088.61
130 - It is supposed to be depreciated by 7,177.08 . Therefore current balance should be 26,914.21
145 - Supposed to be depriciated by 21,244.44 . Therefore current balance should be72,584.94
205 - not adjusted because it was paid on jan. 10, 2021
125, 130, 145 = I deducted the depreciation value direct to their account

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