Exercises learning team week 4

Exercises learning team week 4 - PORTER COMPANY Partial...

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Unformatted text preview: PORTER COMPANY Partial Worksheet For the Year Ended December 31, 2008 Account Adjusted Trial Balance Income Statement Balance Sheet No. Titles Dr. Cr. Dr. Cr. Dr. Cr. 101 Cash 18,800 18,80 112 Accou nts Recei vable 16,200 16,20 126 Suppl ies 2,300 2,300 130 Prepa id Insur ance 4,400 4,400 151 Office Equip ment 44,000 44,00 152 Acc. Depr. —Off. Equip . 20,000 20,00 200 Notes Payab le 20,000 20,00 201 Accou nts Payab le 8,000 8,000 212 Salari es Payab le 2,600 2,600 230 Intere st Payab le 1,000 1,000 311 Com mon Stock 30,000 30,00 320 Retai ned Earni ngs 6,000 6,000 332 Divid ends 12,000 12,00 400 Servic e Reven ue 77,800 77,80 610 Adver tising Expen se 12,000 12,000 631 Suppl ies Expen se 3,700 3,700 711 Depre ciatio n Expen se 8,000 8,000 722 Insur ance Expen se 4,000 4,000 726 Salari es Expen se 39,000 39,000 905 Intere st Expen se 1,00 1,000 Totals 165,4 00 165,40 67,700 77,80 97,70 87,60 Net Incom e 10,100 10,10 Totals 77,800 77,80 97,70 97,70 (b) PORTER COMPANY Income Statement For the Year Ended December 31, 2008 Revenues Service revenue..................................................................... $77,800 Expenses Salaries expense.................................................................... $39,000 Advertising expense............................................................. 12,000 Depreciation expense........................................................... 8,000 Insurance expense................................................................ 4,000 Supplies expense................................................................... 3,700 Interest expense.................................................................... 1,000 Total expenses............................................................. 67,700 Net income ...................................................................................... $10,100 PORTER COMPANY Retained Earnings Statement For the Year Ended December 31, 2008 Retained earnings, January 1...............................................................................Retained earnings, January 1....
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This note was uploaded on 07/06/2011 for the course MARKETING 101 taught by Professor Sierra during the Spring '11 term at University of Phoenix.

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Exercises learning team week 4 - PORTER COMPANY Partial...

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