Completing a Balance Sheet
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trial balance
for the year 31st dec.
particulars Debit credit
cash 47,606.39
Petty cash 280.71
accounts receivable 0.00
Merchandise Inventory 11,762.10
office supply inventory 379.02
prepaid rent 2,000.00
vehicles 48,000.00
accumulated depreciation - vehicles 17,416.52
equipment 24,250.80
accumulated depreciation - equipment 15,514.40
Office Furniture and Equipment 6,125.04
Accumulated Depreciation—Office Furn. and Equip 3,913.22
Accounts Payable 5,830.00
Payroll Payable 7,044.00
Federal Income Tax Payable 722.00
Social Security Tax Payable 627.44
Medicare Tax Payable 146.74
State Income Tax Payable 310.69
City Income Tax Payable 101.2
FUTA Tax Payable 1,050.56
SUTA Tax Payable 7,091.28
Sales Tax Payable 3,750.00
Ian Smith, Capital 94,938.80
Ian Smith, Drawing 5000
Sales 32,289.50
Sales Returns and Allowances 150
Sales Discounts 9155.75
COGS—Cost of Goods Sold 2612.9
Purchases 5700
Purchase Returns and Allowances 0
Purchase Discounts 0
Payroll Expense 5860
Payroll Tax Expense 860
Advertising Expense 10050
Rent Expense 2000
Office Supplies Expense 2673.29
Telephone Expense 1500.35
Utilities Expense 1170
Supplies Expense 725
Miscellaneous Expense 275
Depreciation Expense 500
Cash Short and Over 0
Expense and Revenue Summary 2110
190,746.35 190,746.35
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The expert examines completing a balance sheet.
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