Pickett Company

Pickett Company

31-Dec-12

Trial Balance (accounts in alphabetical order)

Accounts

Working Trial Balance

Balance Sheet

Income Statement

 

Debit

Credit

Debit

Credit

Debit

Credit

Accounts payable

$14,500

$14,500

Accounts receivable

$18,000

$18,000

Cash

41,500

41,500

Common stock

10,000

10,000

Depreciation expense

18,250

18,250

Cost of goods sold

402,610

402,610

Equipment (net of depreciation)

325,000

325,000

Insurance

1,500

1,500

Inventory

80,500

80,500

Long-term debt

105,000

105,000

Marketing

5,600

5,600

Misc. expenses

4,500

4,500

Paid-in capital

90,000

90,000

Property taxes

6,500

6,500

Rent

22,000

22,000

Retained earnings

156,400

245,500

Revenues

619,400

619,400

Salaries

61,940

61,940

Utilities

7,400

7,400

 

Total

$995,300

$995,300

$465,000

$465,000

$530,300

$619,400

Adjusting Entries

A physical count of inventory indicates $75,000 on hand.

Inventory will be reduced by $5,500.

There's a check for $10,000 from a customer that has not been recorded in the working trial balance. The check is payment for a purchase made two weeks ago.

Accounts Receivable will be reduced by $ 10,000 while cash and bank will be increased by the same amount .

Financial Statements

Picket Company

Balance Sheet

As of Dec 31st, 2012

Assets

 

Liabilities & Equity

 

Accounts receivable

$8,000

Accounts ...