TUCHTONE TALENT AGENCY
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
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
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
Balance sheethttp://scribd1.blogspot.com
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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