GONE IN A FLASH

A Practice Set

POST-CLOSING TRIAL BALANCE

GONE IN A FLASH

December 31, 2015

		Debit	Credit
100	Cash	51,879
130	Accounts Receivable	93,154
131	Allowance for Doubtful Accounts		3,817
132	Allowance for Sales Returns & Allowances		1,863
140	Merchandise Inventory	456,100
150	Prepaid Insurance	8,368
160	Store Supplies	2,340
170	Land	285,820
180	Building	476,895
181	Accumulated Depreciation: Building		43,855
182	Office & Store Equipment	158,878
183	Accumulated Depreciation: Office & Store Equipment		38,664
184	Delivery Trucks	174,502
185	Accumulated Depreciation: Delivery Trucks		22,072
200	Accounts Payable		126,423
210	FICA Taxes Payable		4,987
220	Withholding Taxes Payable		3,618
230	Unemployment Taxes Payable		966
240	Union Dues Payable		144
250	Salaries & Wages Payable		41,044
260	Accrued Utilities Payable		685
270	Income Taxes Payable		3,094
280	Mortgage Payable		230,000
281	Accrued Interest Payable		767
300	Common Stock		100,000
301	Paid In Capital in Excess of Par		1,000,000
350	Retained Earnings		85,937
	Totals	1,707,936	1,707,936

gone in flash
post closing trial balance
12/31/16
						debit	credit
cash						54,339
(account receivable						48,607
Investment Securities--AFS						72,000
Accrued interest receivable						1000
Merchandise Inventory						449,807
prepaid insurance						7,434
Store Supplies						2,700
Office & Store Equipment						163,941
Building						476,895
Delivery Trucks						198,545
Land						285,820
Allowance for Doubtful Accounts							3,022
Allowance for Sales Returns and Allowances							972
Accumulated Depreciation: Office & Store Equipment							54,763
Accumulated Depreciation: Building							55,027
Accumulated Depreciation: Delivery Trucks							41,260
Accounts Payable							51,274
FICA Taxes Payable							5,406
federal income tax withholding payable							3,401
Unemployment Taxes Payable							814
Union Dues Payable							180
Salaries & Wages Payable							37,085
accured utility payable							506
Accrued Interest Payable							667
income tax							48310
mortqge payable							200000
Common Stock							100,000
PIC in Excess of Par							1,000,000
Retained Earnings							158401
total						1,761,088	1,761,088

net income o f$72,464 was reported, prepare a statement of cash flow for the year 2016