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Basic Accounting Drill 1

The document provides a detailed financial statement including sales, costs of goods sold, operating expenses, and net income for a business. It outlines the beginning and ending capital, liabilities, and assets, revealing a total asset value of 12,800,000 and an ending capital of 10,325,000. Key figures include net sales of 7,835,000, cost of goods sold at 3,480,000, and earnings after tax of 2,125,000.

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jennaxmanalo
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15 views13 pages

Basic Accounting Drill 1

The document provides a detailed financial statement including sales, costs of goods sold, operating expenses, and net income for a business. It outlines the beginning and ending capital, liabilities, and assets, revealing a total asset value of 12,800,000 and an ending capital of 10,325,000. Key figures include net sales of 7,835,000, cost of goods sold at 3,480,000, and earnings after tax of 2,125,000.

Uploaded by

jennaxmanalo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Sales 8,000,000.

00
Sales Discount 120,000.00
Sales Returns and Allowances 45,000.00
Net Sales
Beginning Finished Goods Inventory 1,000,000.00 1000000
Beginning Raw Materials Inventory 200,000.00
Raw Materials Purchases 1,500,000.00
Ending Raw Materials Inventory 150,000.00
DM Used 1550000
Direct Labor 1,200,000.00 1200000
Indirect Materials 50,000.00
Indirect Labor 100,000.00
Depreciation on Factory Equipment 150,000.00
Rent Expense - Factory 80,000.00
Utilities Expense - Factory 50,000.00
Insurance Expense - Factory 30,000.00
Other Manufacturing Head 20,000.00 480000

TMC 3230000

Beginning WIP Inventory 300,000.00


Ending WIP Inventory 250,000.00
COGM 3280000

Ending Finished Goods Inventory 800,000.00


COGS 3480000
GP

Sales Salaries and Commissions 500,000.00


Advertising Expense 200,000.00
Sales Travel Expense 100,000.00
Shipping Expense 50,000.00
Office Salaries and Wages Expense 400,000.00
Rent Expense - Office 150,000.00
Utilities - Office 50,000.00
Insurance - Office 30,000.00
Depreciation Expense - Office Equipme 20,000.00
Legal and Professional Fees 10,000.00
Office Supplies Expense 10,000.00
OPEX 1520000
OpPro 2835000

EBT 2875000

Income Tax 750,000.00


EAT 2125000
Beginning, Capital 9,500,000.00
Less: Withdrawals 2,500,000.00
Additional Investment 1,200,000.00

Ending Capital 10,325,000.00

Bonds Payable 355,000.00


Notes Payable (5 years) 635,000.00 990000

Accounts Payable 500,000.00


Notes Payable (8 months) 300,000.00
Accrued Wages 250,000.00
Accrued taxes 230,000.00
Accrued Interest Payable 205,000.00 1485000
L+E 12800000

Goodwill 190,000.00
Patent 125,000.00 315000

Land 2,650,000.00
Building 4,100,000.00
Equipment 2,930,000.00
Accumulated Depreciation - Building 950,000.00 3150000
Accumulated Depreciation - Equipment 620,000.00 2310000 8110000

Cash 575,000.00
Marketable Securities 315,000.00
Treasury Bills (3 months) 115,000.00
Money Market Funds 185,000.00
Accounts Receivable 640,000.00
Allowance for Doubtful Accounts 20,000.00
Inventory 2,130,000.00
Prepaid Rent 180,000.00
Prepaid Insurance 155,000.00
Office Supplies 100,000.00 4,375,000.00
TA 12800000 0
ACCOUNT PESO VALUE ACCOUNT PESO VALUE
Accounts Payable ### Building ###
Accounts Receivable ### Cash 575,000.00
Accrued Interest Payable ### Depreciation Expense - Offi 20,000.00
Accrued taxes ### Depreciation on Factory Eq 150,000.00
7835000 Accrued Wages ### Direct Labor ###
Accumulated Depreciation - ### Ending Finished Goods Inven 800,000.00
Accumulated Depreciation ### Ending Raw Materials Invent 150,000.00
Additional Investment ### Ending WIP Inventory 250,000.00
Advertising Expense ### Equipment ###
Allowance for Doubtful Acc 20,000.00 Goodwill 190,000.00
Beginning Finished Goods I ### Income Tax 750,000.00
Beginning Raw Materials In ### Indirect Labor 100,000.00
Beginning WIP Inventory ### Indirect Materials 50,000.00
Beginning, Capital ### Insurance - Office 30,000.00
Bonds Payable ### Insurance Expense - Factory 30,000.00

4355000
ACCOUNT PESO VALUE ACCOUNT PESO VALUE
Interest Expense 8,000.00 Prepaid Insurance 155,000.00
Interest Income 15,000.00 Prepaid Rent 180,000.00
Inventory ### Raw Materials Purchase ###
Land ### Rent Expense - Factory 80,000.00
Legal and Professional Fe 10,000.00 Rent Expense - Office 150,000.00
Loss on Sale of Assets 12,000.00 Rent Income 45,000.00
Marketable Securities ### Sales ###
Money Market Funds ### Sales Discount 120,000.00
Notes Payable (5 years) ### Sales Returns and Allo 45,000.00
Notes Payable (8 months) ### Sales Salaries and Com 500,000.00
Office Salaries and Wage ### Sales Travel Expense 100,000.00
Office Supplies ### Shipping Expense 50,000.00
Office Supplies Expense 10,000.00 Treasury Bills (3 months 115,000.00
Other Manufacturing Hea 20,000.00 Utilities - Office 50,000.00
Patent ### Utilities Expense - Facto 50,000.00
Withdrawals ###
Sales
Less: Sales Discount
Sales Returns and Allowances
NET SALES

Beginning Raw Materials Inventory 200,000.00


Raw Materials Purchases 1,500,000.00
Less: Ending Raw Materials Inventory 150,000.00
Direct Materials Used 1,550,000.00

Direct Labor 1,200,000.00

Indirect Materials 50,000.00


Indirect Labor 100,000.00
Depreciation on Factory Equipment 150,000.00
Rent Expense - Factory 80,000.00
Utilities Expense - Factory 50,000.00
Insurance Expense - Factory 30,000.00
Other Manufacturing Head 20,000.00
Manufacturing Overhead 480,000.00
TOTAL MANUFACTURING COST 3,230,000.00

Beginning Work-In-Process Inventory 300,000.00


Less: Ending, Work-In-Process Inventory 250,000.00
COST OF GOODS MANUFACTURED

Beginning Finished Goods Inventory


Less: Ending Finished Goods Inventory
COST OF GOODS SOLD

GROSS PROFIT

Sales Salaries and Commissions


Advertising Expense
Sales Travel Expense
Shipping Expense
Office Salaries and Wages Expense
Rent Expense - Office
Utilities - Office
Insurance - Office
Depreciation Expense - Office Equipment
Legal and Professional Fees
Office Supplies Expense
LESS: TOTAL OPERATING EXPENSES
OPERATING INCOME

Interest Income
Rent Income
OTHER INCOME

LESS: Interest Expense


Loss on Sale of Assets
LESS: OTHER EXPENSES

EARNINGS BEFORE TAXES

LESS: INCOME TAX

EARNINGS AFTER TAX


8,000,000.00 NET SALES
120,000.00 COST OF GOODS SOLD
45,000.00 GROSS PROFIT
7,835,000.00 LESS: TOTAL OPERATING EXPENSES
OPERATING INCOME
OTHER INCOME
LESS: OTHER EXPENSES
EARNINGS BEFORE TAXES
LESS: INCOME TAX
EARNINGS AFTER TAX

Beginning, Capital
Less: Withdrawals
Additional Investment
Add: Earnings after Tax
Ending, Capital

3,280,000.00

1,000,000.00
800,000.00
3,480,000.00

4,355,000.00

500,000.00
200,000.00
100,000.00
50,000.00
400,000.00
150,000.00
50,000.00
30,000.00
20,000.00
10,000.00
10,000.00
1,520,000.00
2,835,000.00

15,000.00
45,000.00
60,000.00

8,000.00
12,000.00
20,000.00

2,875,000.00

750,000.00

2,125,000.00
7,835,000.00
3,480,000.00
4,355,000.00
1,520,000.00
2,835,000.00
60,000.00
20,000.00
2,875,000.00
750,000.00
2,125,000.00

9,500,000.00
2,500,000.00
1,200,000.00
2,125,000.00
10,325,000.00
Cash 575,000.00
Marketable Securities 315,000.00
Treasury Bills (3 months) 115,000.00
Money Market Funds 185,000.00
Accounts Receivable 640,000.00
Less: Allowance for Doubtful Accounts 20,000.00 620,000.00
Inventory 2,130,000.00
Prepaid Rent 180,000.00
Prepaid Insurance 155,000.00
Office Supplies 100,000.00
Total Current Assets 4,375,000.00

Land 2,650,000.00
Building 4,100,000.00
Less: Accumulated Depreciation - Building 950,000.00 3,150,000.00
Equipment 2,930,000.00
Less: Accumulated Depreciation - Equipm 620,000.00 2,310,000.00
Goodwill 190,000.00
Patent 125,000.00
Total Non-Current Assets 8,425,000.00
TOTAL ASSETS
Accounts Payable 500,000.00
Notes Payable (8 months) 300,000.00
Accrued Wages 250,000.00
Accrued taxes 230,000.00
Accrued Interest Payable 205,000.00
Total Current Liabilities 1,485,000.00

Bonds Payable 355,000.00


Notes Payable (5 years) 635,000.00
Total Non-Current Liabilities 990,000.00
TOTAL LIABILITIES

CAPITAL

12,800,000.00 TOTAL LIABILITIES AND CAPITAL


2,475,000.00

10,325,000.00

12,800,000.00

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