Account Titles

Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Interest Receivable
Merchandise Inventory
Supplies
Prepaid Advertising
Prepaid Rent
Office Equipment
Accumulated Depreciation - Office Equipment
Store Furniture and Fixtures
Accumulated Depreciation - Store Furniture
Accounts Payable
Notes Payable
Interest Payable
Unearned Sales Revenue
Diva Lena, Capital
Diva Lena, Drawing
Income Summary
Sales
Sales Returns and Allowances
Sales Discount
Interest Income
Purchases
Purchase Returns and Allowances
Purchase Discount
Advertising Expense
Depreciation Expense - Office Equipment
Depreciation Expense - Store Furniture and Fixtures
Doubtful Accounts Expense
Freight-out
Rent Expense
Salaries Expense
Supplies Expense
Transportation Expense
Utilities Expense
Miscellaneous Expenses
Interest Expense
Total
Net Loss

Unadjusted Trial
Balance
Dr
Cr
41208
108155
19400
88996
4100
48000
84000
430000
400000
322200
33800

974876
32200
1097500
2325
21050
713000
14250
200
14450

18630
194800
36000
175212
11300
2442826

2442826

Total

Adjustments
Dr
Cr

5407.75
91.61
81260

88996
860
16000
14000
78000
33916.67

112.67
32000

88996
32000

81260

91.61

16000
78000
33916.67
5407.75
14000
860

112.67
350644.7

350644.7

Adjusted Trial Balance

Dr
Cr
41208
108155
5407.75
19400
91.61
81260
3240
32000
70000
430000
78000
400000
33916.67
322200
33800
112.67
32000
974876
32200
88996
81260
1065500
2325
21050
91.61
713000
14250
200
30450
78000
33916.67
5407.75
18630
14000
194800
860
36000
175212
11300
112.67
2641614.7
2641614.7

Income Statement
Dr
Cr

88996

81260
1065500

2325
21050
91.61
713000
14250
200
30450
78000
33916.67
5407.75
18630
14000
194800
860
36000
175212
11300
112.67
1424060.09

1161301.61
262758.48

1424060.09

Balance Sheet
Dr
Cr
41208
108155
5407.75
19400
91.61
81260
3240
32000
70000
430000
78000
400000
33916.67
322200
33800
112.67
32000
974876
32200

1217554.61
262758.48

1480313.09

1480313.09

NOTHING BUT CLOTHING

Income Statement
For the year ended December 31, 2015
Net Sales Revenue
Less: Cost of Sales
Gross Profit
Other Income
Total Income

1
2

1,042,125.00
706,286.00
335,839.00
91.61
335,930.61

Operating Expenses:
Administrative Expenses
Distribution Expenses
Finance Cost
Miscellaneous Expenses
Total Income
Net Loss

4
5
6

538196.42
49080
112.67
11300
-

598,689.09
262,758.48

NOTHING BUT CLOTHING

Statement of Changes in Owner's Equity
For the year ended December 31, 2015
Diva Lena, Capital, Beginning
Net Loss
Subtotal
Diva Lena, Drawing
Diva Lena, Capital, Ending

974,876.00
262,758.48
712,117.52
32,200.00
679,917.52

NOTHING BUT CLOTHING

Statement of Financial Position
December 31, 2015
ASSETS
Current Assets
Cash
Trade and Other Receivables
Merchandise Inventory, Ending
Prepaid Expenses
Total Current Assets
Non Current Assets
Property, Plant & Equipment

7
8

Total Assets
LIABILITIES AND OWNER'S EQUITY
Current Liabilities
Trade and Other Payables
10

41208
122,238.86
81,260.00
105,240.00
349,946.86

718,083.33
1,068,030.19

388,112.67

Owner's Equity
Total Liabilities and Owner's Equity

679,917.52
1,068,030.19

NOTHING BUT CLOTHING

Notes to Financial Statements
Note 1 - Net Sales Revenue
Gross Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales Revenue
Note 2 - Cost of Sales
Merchandise Inventory
Add: Net Cost of Purchases
Purchases
Less: Purchase Discounts
Purchase Returns and Allowances
Net Purchases
Cost of Goods Available for Sale
Less: Merchandise Inventory, End
Cost of Sales
Note 3 - Other Income
Interest Income
Note 4 - Administrative Expenses
Depreciation Expense - Office Equipment
Depreciation Expense - Store Furniture and Fixtures
Doubtful Accounts Expense
Rent Expense
Salaries Expense
Supplies Expense
Transportation Expense
Utilities Expense
Total Administrative Expenses
Note 5 - Distribution Expenses
Advertising Expense
Freight-out
Total Distribution Expenses
Note 6 - Finance Cost
Interest Expense
Note 7 - Trade and Other Receivables
Accounts Receivable
Less: Allowance for Doubtful Accounts
Net Realizable Value
Notes Receivable
Interest Receivable

1,065,500.00
2,325.00
21,050.00

23,375.00
1,042,125.00

88,996.00
713,000.00
14,250.00
200.00
698,550.00
787,546.00
81,260.00
706,286.00

91.61

78,000.00
33,916.67
5,407.75
14,000.00
194,800.00
860.00
36,000.00
175,212.00
538,196.42

30,450.00
18,630.00
49,080.00

112.67

108,155.00
5,407.75
102,747.25
19,400.00
91.61

Total Trade and Other Receivables

122,238.86

Note 8 - Prepaid Expenses

Supplies
Prepaid Advertising
Prepaid Rent
Total Prepaid Expenses

3,240.00
32,000.00
70,000.00
105,240.00

Note 9 - Property, Plant, and Equipment

Office Equipment
Less: Accumulated Depreciation - Office
Equipment
Store Furniture and Fixtures
Less: Accumulated Depreciation - Store
Furniture and Fixtures
Total Property, Plant, and Equipment
Note 10 - Trade and Other Payables
Accounts Payable
Notes Payable
Interest Payable
Unearned Sales Revenue

430,000.00
78,000.00
400,000.00

352,000.00

33,916.67

366,083.33
718,083.33

322,200.00
33,800.00
112.67
32,000.00
388,112.67

NOTHING BUT CLOTHING

Post Closing Trial Balance
as of December 31, 2015

Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Interest Receivable
Merchandise Inventory
Supplies
Prepaid Advertising
Prepaid Rent
Office Equipment
Accumulated Depreciation - Office Equipment
Store Furniture and Fixtures
Accumulated Depreciation - Store Furniture
Accounts Payable
Notes Payable
Interest Payable
Unearned Sales Revenue
Diva Lena, Capital

41,208.00
108,155.00
19,400.00
91.61
81,260.00
3,240.00
32,000.00
70,000.00
430,000.00
400,000.00

1,185,354.61

5,407.75

78,000.00
33,916.67
322,200.00
33,800.00
112.67
32,000.00
679,917.52
1,185,354.61