Cash Accounts Receivable Notes Receivable Factory Supplies Land Building Equipment Accounts Payable Notes Payable M.

Samson, capital M. Samson, drawing Sales Purchases Freight-in Direct Labor Indirect Labor Heat, light and power Repairs and maintenance Miscellaneous factory overhead Sales salaries Salesmen commission Advertising Miscellaneous selling expense Office salaries Miscellaneous general expense Interest expense Factory Supplies expense Salaries and Wages Payable Interest revenue Interest receivable Interest payable Depreciation expense - Building Accumulated Depreciation - Building Depreciation expense - Equipment Accumulated Depreciation - Equipment Bad debts expense Allowance for bad debts Goods-in-process Raw materials Finished Goods

Trial Balance Adjustments Debit Credit Debit Credit 82,000 210,400 78,000 23,600 8,500 800,000 1,315,000 100,000 200,000 158,000 2,400,000 43,725 2,260,000 1,250,600 21,700 515,000 22,600 76,500 13,900 31,500 21,600 10,500 150,000 44,500 82,000 54,000 66,000 58,500 13,875 13,500 2,800 5,018,000 5,018,000 8,500 81,000 1,450 1,450 2,800 105200 105200 10000 10000 10520 10520 208950 208950

Cost of Goods Manufactured Net loss for the year

Cost of Goods ManufacturedIncome Statement Balance Sheet Debit Credit Debit Credit Debit Credit 82,000 210,400 78,000 15,100 800,000 1,315,000 100,000 200,000 158,000 2,400,000 43,725 2,260,000 1,250,600 21,700 537,600 90,400 31,500 21,600 10,500 194,500 82,000 54,000 66,000 58,500 13,875 16,300 8,500 81,000 1,450 1,450 2,800 52600 4000 52600 105200 6000 10000 10520 10520 82,000 104,000 126,000 2029000 186000 82,000 104,000 126,000

2029000

1843000 2029000

2387450 2957675 2967520 9845 9845 2397295 2397295 2967520 2967520

1843000 2397295

Samson Manufacturing Company Statement of Financial Position December 31, 2010 ASSETS Current Assets: Note Cash Trade and Other Receivables Inventories Total Current Assets Non-current Assets: Property, plant and Equipment Total Assets LIABILITIES AND EQUITY Current Liabilities 82,000 Trade and Other Payables 279,330 327,100 Capital: 688,430 M. Samson, capital

6 7

### ### Total liabilities and equity

TIES AND EQUITY Note 9 441,800

###

###

Samson Manufacturing Company Cost of Goods Manufactured For the Year Ended, December 31, 2010 Raw Materials Used Direct Labor Factory Overhead Total Manufacturing Cost Less: Goods-in-process, 12/31/10 Cost of Goods Manufactured 1,168,300 537,600 219,100 1,925,000 82,000 ###

Supporting Computations: Purchases Add: Freight-in Gross purchases Less: Raw materials inventory, 12/31/10 Raw materials used Indirect labor Heat, light and power Repairs and maintenance Depreciation expense - Building Depreciation expense - Equipment Factory Supplies Expense Miscellaneous factory overhead Factory overhead

1,250,600 21,700 1,272,300 104,000 ### 90,400 31,500 21,600 52,600 4000 8,500 10,500 219,100

Samson Manufacturing Company Statement of Changes in Equity For the Year Ended, December 31, 2010 M. Samson, owner's equity, 1/1/10 Less: M. Samson, drawings Net owner's investment Less: net loss for the year M. Samson, owner's equity, 12/31/10 2,400,000 43,725 2,356,275 9845 ###

Samson Manufacturing Company Statement of Comprehensive Income For the Year Ended, December 31, 2010 Note Net Sales Revenue Less: Cost of Goods Sold Gross Profit Less: Operating Expenses Distribution Costs Gen. and administrative expenses Operating Income Add: Interest Revenue Earnings Before Interest and Taxes Less: Interest Expense Net income (loss) for the Year 10 2,260,000 1,717,000 543,000 425,800 112,195

11 12

537,995 5,005 1,450 6,455 16,300 -9,845

Debit Date 2010 Closing Journal Entries Dec 31 Cost of Goods Manufactured Purchases Freight-in Direct Labor Indirect labor Heat, light and power Repairs and maintenance Factory Supplies Expense Depreciation expense - Building Depreciation expense - Equipment Miscellaneous factory overhead 31 Goods-in-process inventory 12/31/10 Raw materials inventory 12/31/10 Cost of Goods Manufactured 31 Finished Goods Inventory 12/31/10 Sales Interest Revenue Income Summary 31 Income Summary Cost of Goods Manufactured 31 Income Summary Sales salaries Salesmen commission Advertising Expenses Depreciation Expenses - Building Depreciation Expenses - Equipment Miscellaneous Selling Expenses Office salaries Bad debts expense Miscellaneous general expenses Interest expenses 31 M. Samson, drawing Income summary 31 M. Samson, capital M. Samson, drawing

Credit

2,029,000 1,250,600 21,700 537,600 90,400 31,500 21,600 8,500 52,600 4000 10,500 82,000 104,000 186,000 126,000 2,260,000 1,450 2,387,450 1,843,000 1,843,000 554,295 194,500 82,000 54,000 52600 6000 66,000 58,500 10520 13,875 16,300 9,845 9,845 53,570 53,570

Notes to Financial Statements Note 6 Accounts Receivable Less: Allowance for bad debts Notes Receivable Interest Receivable Trade and other receivables Trade and other receivables

Note 7 Finished Goods Goods-in-process Raw materials Factory supplies Inventories

Inventories

Note 8 Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Property, plant and equipment

Property, plant and equipment

note 9 Accounts Payable Notes payable Salaries and wages payable Interest payable Trade and other payables Note 10 Cost of goods manufactured Less: Finished goods, 12/31/10 Cost of goods sold

Trade and other payables

Cost of goods sold

Note 11

Distribution Cost (selling expenses)

Sales salaries Salesmen commission Advertising Expenses Depreciation Expenses - Building Depreciation Expenses - Equipment Miscellaneous Selling Expenses Distribution Costs

Note 12 Office salaries Depreciation Expenses - Building Depreciation Expenses - Equipment Bad debts expense Miscellaneous general expenses General and Administrative expenses

General and Administrative expenses

210,400 10520

199,880 78,000 1,450 279,330

126,000 82,000 104,000 15,100 327,100

800,000 1,315,000 105200 100,000 10000 1,209,800 90,000 2,099,800

200,000 158,000 81,000 2,800 441,800

1,843,000 126,000 1,717,000

194,500 82,000 54000 26300 3000 66,000 425,800

58,500 26300 3000 10520 13,875 112,195