Iris Floral Several years ago Iris began a floral business to have something to do in her
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Iris Floral Several years ago Iris began a floral business to have something to do in her spare time. The shop has done well and now employs several people. The trial balance at December 31, 2019 is shown below along with some additional information. Iris has asked that you use this information to prepare financial statements for her for the year ended December 31 st . I suggest you begin with a worksheet. All amounts should be to the nearest dollar.
IRIS FLORAL
Trial Balance
December 31, 2019
| Debit | Credit |
Cash | 29,000 | |
Notes Receivable | 10,000 | |
Interest Receivable | | |
Accounts Receivable | 7,600 | |
Allowance for Doubtful Accounts | | 200 |
Inventory | 18,000 | |
Prepaid Insurance | | |
Prepaid Advertising | 21,000 | |
Land | 55,000 | |
Buildings | 148,000 | |
Accumulated Depreciation-Buildings | | 9,750 |
Equipment | 89,000 | |
Accumulated Depreciation-Equipment | | 18,000 |
Short Term Note Payable | | 18,000 |
Accounts Payable | | 12,000 |
Salaries Payable | | |
Interest Payable | | |
Unearned Wedding Revenue | | 12,000 |
Unearned Funeral Revenue | | 2,000 |
Mortgage Payable | | 133,000 |
Capital Stock | | 20,000 |
Retained Earnings | | 87,950 |
Dividends Declared | 15,000 | |
Wedding Revenue | | 123,000 |
Funeral Revenue | | 54,000 |
Cash Sales of garden plants | | 178,000 |
Cost of Goods Sold | 71,000 | |
Salaries Expense | 130,000 | |
Insurance Expense | 9,300 | |
Advertising Expense | | |
Depreciation Expense-Building | | |
Depreciation Expense-Equipment | | |
Bad Debt Expense | | |
Other Expenses | 53,000 | |
Interest Revenue | | |
Interest Expense | 12,000 | |
Total | 667,900 | 667,900 |
Additional Information
a. The 8% Note was received from a customer on December 13th. The note matures in 60 days. |
b. Each mortgage payment is due on the 20th of the month. The last payment was made in December |
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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