Wednesday 6 April 2011

TUCHTONE TALENT AGENCY


TUCHTONE TALENT AGENCY
December 31, 2005

Debit $
Credit $
Depreciation exp a/c
    Accumulated  depreciation a/c
250

250
Unearned income a/c
    Clients revenue earned a/c
2500

2500
Salary a/c
    Salary payable a/c
1360

1360
Rent a/c
    Prepaid rent a/c
600

600
Income receivable a/c
    Clients revenue earned a/c
3000

3000
Supplies expenses a/c
    Supplies a/c
370

370
Insurance a/c
    Unexpired insurance a/c
125

125
Interest expense a/c
    Interest payable a/c
45

45
Income tax expenses a/c
    Income tax payable
325

325


TUCHTONE TALENT AGENCY
December 31, 2005

Particular
Debit $
Credit $
14950

Fees receivable (35300+3000)
38300

Prepaid rent (1200-600)
600

Unexpired insurance polices (375-125)
250

Office supplies (900-370)
530

Office equipment
15000

Acc-Depreciation (12000+250)

12250
Accounts payable

1500
Notes  payable (6000+45)

6045
Income tax payable (3200+325)

3525
Unearned office fees (8000-2500)

5500
Capital stock

20000
Retained earning

10800
Dividend

Agency fees earned(46500+2500+3000

52000
Telephone expenses
480

Office supplies exp (1130+370)
1500

Depreciation exp (2750+250)
3000

Rent exp( 6100+600)
6700

Insurance (1175+125)
1300

Salaries expenses( 24640+1360)
26000

Income  tax expenses (3200+325)
3525

Interest expenses
45

Salaries payable

1360
Total
112980
112980


TUCHTONE TALENT AGENCY
December 31, 2005

Particular
$
$
Agency fees earned

52000
Less


Operative Expenses


Telephone exp
480

Office supply exp
1500

Depreciation exp
3000

Rent exp
6700

Insurance
1300

Salaries
26000

Interest expenses
45

Total operative expenses

(39025)
Operative income

12975
Income tax expense

(3525)
Net income

9450

















TUCHTONE TALENT AGENCY
December 31, 2005












Equities and liabilities


capital resave

20000
Un appropriated profit

19450
Current liabilities


Account payable

1500
Notes payable

6045
Income tax payable

3525
un earned fees

5500
Salaries payable

1360
total

57380


Non-current Assts


Equipment
15000

Depreciation
-12250
2750


Cash

14950
Fees receivable

38300
Prepaid Rent

600
Unexpired Insurance

250
Office supplies

530
Total Assets

57380












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