2 at 123117 peyton has 200 worth of merchandise on

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2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno’s House of Bacon. 5. Note about later borrowing financials will show loan from parents repaid and use of bank financing. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction.
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PEYTON A TRIAL B As of Decem Unadjusted trial balance Dr Cr Cash 67,520.04 Accounts Receivable 68,519.91 Other Receivable - Insurance Baking Supplies 15,506.70 Merchandise Inventory 1,238.07 Consignment Inventory Prepaid Rent 2,114.55 Prepaid Insurance 2,114.55 Misc. Supplies 170.49 Baking Equipment 14,000.00 Accumulated Depreciation 1,606.44 Customer Deposit Accounts Payable 20,262.11 Wages Payable 3,383.28 Interest Payable 211.46 Notes Payable 5,000.00 Common Stock 20,000.00 Beginning Retained earnings 50,144.84 Dividends 105,000.00 Bakery Sales 327,322.55 Merchandise Sales 1,205.64 Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandise 859.77 Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091.08 Advertising Expense 1,549.74 Interest Expense 818.31 Telephone Expense 490.98 Gain/Loss on disposal of equipment 429,136.32 429,136.32
APPROVED BALANCE mber 31, 2017 Adjusting entries Adjusted trial balance ref Dr Cr ref Dr Cr 1,000.00 68,520.04 68,519.91 700.00 700.00 3,000.00 18,506.70 200.00 1,038.07 200.00 200.00 2,114.55 494.83 1,619.72 170.49 2,000.00 12,000.00 1,200.00 406.44 1,000.00 1,000.00 3,175.00 23,437.11 3,383.28 211.46 5,000.00 20,000.00 50,144.84 105,000.00 327,322.55 1,205.64 105,834.29 859.77 24,549.19 10,670.72 3,000.46 2,045.77 175.00 1,538.84 677.86 494.83 1,585.91 1,549.74 818.31 490.98 100.00 100.00 6,869.83 6,869.83 432,111.32 432,111.32 Ins Mil
structions lestone 1
Preliminary Peyton Approved Balance Sheet As of December 31, 2017 Assets Current Assets: Cash 68,520.04 Accounts Receivable 68,519.91 Other Receivable-Insurance 700.00 Baking Supplies 18,506.70 Consignment Inventory 200.00 Merchandise Inventory 1,038.07 Prepaid Rent 2,114.55 Prepaid Insurance 1,619.72 Misc. Supplies 170.49 Total Current Assets 161,389.48 Long Term/Fixed Assets: Baking Equipment 12,000.00 Accumulated Depreciation 406.44 Net Fixed assets 11,593.56 Total Assets: 172,983.04
7 Liabilities and Owners' Equity Current Liabilities: Accounts Payable 23,437.11 Wages Payable 3,383.28 Customer Deposit 1,000.00 Interest Payable 211.46 Total Current Liabilities 28,031.85 Long Term Liabilities: Notes Payable 5,000.00 Total Long Term Liabilities: 5,000.00 Total Liabilities: 33,031.85 Common Stock 20,000.00 Retained Earnings 119,951.19 Total Equity 139,951.19 Total Liabilities & Equity 172,983.04
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Peyton Approved Balance Sheet As of December 31, 2017 Assets Liabilities and Owner's Equit Current Assets: Current Liabilities Cash 68,520.04 Accounts Payable Accounts Receviable 69,219.91 Wages Payable Baking Supplies 18,506.70 Customer Deposit Consignment Inventory 200.00 Interest Payable Merchandice Inventory 1,038.07 Prepaid Rent 2,114.55 Prepaid Insurance 1,619.72 Misc Supplies 170.49 Total Current Assets 161,389.48 Total Current Liabilities Long Term/Fixed Assets: Long Term Liabilities Baking Equipment 12,000.00 Notes Payable 5,000 Accumulated Depreciation 406.44 Total Long Term Liabilities Net Fixed Assets 11,593.56 Total Liabilities Common Stock 20,000.00 Retained Earnings 119,951.19 Total Equity Total Assets 172,983.04 Total Liabilities & Equity
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ty 23,437.11 3,383.28 1,000.00 211.46 28,031.85 5,000 33,031.85 139,951.19 172,983.04 Instructions Milestone 1
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Preliminary Peyton Approved Income Statement For Year Ended 12/31/2017 Bakery Sales $ 327,322.55 Merchandise Sales 1,205.64 Total Revenues 328,528.19 Cost of Goods Sold - Baked 105,834.29

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