Jason Johnson - Antiques Store

In: Business and Management

Submitted By simonetta85
Words 362
Pages 2
Trans # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 20a

Cash 20,000 10,000 2,000 200 500 720 1,300 400 170 900 800 600 150

Office Supplies


Prepaid Insurance

Display Shelving

Computer Equipment 1,800



Bank Loan

Capital 20,000 1,800

Profit and Loss

P&L Detail

10,000 2,000 300 500 720 1,300 280 280 -170 Payment of Electricity Bill 900 150 140 50 190 120 -140 -50 -190 -120 4800 -1080 2,050 Estimate of phone account for April Loan Interest Accrual Estimated office supplies consumed in April Insurance charge for April. Sale of 800 Postcards @ $600 per unit Cost of goods sold (i.e. Average Weighted @ $1.35 per unit) 800 -600 Wages - Assistant 400 Rent for the month of April 100


4,800 27,060 110 1,080 1,620 600 2,000 2,080 230 190 10,000 21,000

Jason Johnson - Antique Store Income Statement For the month ending 30 April 2013 $ Sales Less Cost of Sales Gross Profit Less Expenses Rent Office Supplies Used Telephone Wages Electricity Interest Insurance Total Expenses Net Profit Jason Johnson - Antique Store Statement of Changes in Equity For the month ending 30 April 2013 Capital Contributed Add Net Profit Less Drawings 21,800 2,050 23,850 800 23,050 $ 4,800 1,080 3,720 400 190 140 600 170 50 120 1,670 2,050

Jason Johnson - Antiques Balance Sheet As at 30 April 2013 Assets Current Cash Office Supplies Inventory Prepaid Insurance Non-Current Display Shelving Computer Equipment Total Assets Liabilities Current Creditors Accruals Non-Current Bank Loan Total Liabilities Net Assets Owners Equity Inventory c) d) e) f) Balance as above Assume FIFO Assume LIFO Assume SP is $1 Quantity Unit Price 1,200 1.35 1,200 1,200 1,200 N/A N/A 0.90 Total $ 1,620 1,680 1,540 1,080

27,060 110 1,620 600 29,390 2,000 2,080 4,080 33,470

230 190 420 10,000 10,420 23,050 46,100…...

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