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FINALPROJECTWORKBOOK.xlsx

Chart of Accounts

Asset Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash 101 Notes Payable 201 Common Stock 301
Baking Supplies 102 Accounts Payable 202 Dividends 302
Prepaid Rent 103 Wages Payable 203
Prepaid Insurance 104 Interest Payable 204
Baking Equipment 105 Loans Payable 205
Office Supplies 106
Accounts Receivable 107
Accumulated Depreciation 108
Trademark 109
Leasehold Improvements 110
Accumulated Amortization 111
Revenue Accounts
This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. Acct #
Bakery Sales 401
Merchandise Sales 402
Expense Accounts
Acct #
Baking Cost of Goods Sold 501
Merchandise Cost of Goods Sold (FIFO) 502
Rent Expense 503
Insurance Expense 504
Misc. Expense 505
Business License Expense 506
Advertising Expense 507
Wages Expense 508
Telephone Expense 509
Interest Expense 510
Depreciation Expense 511
Amortization Expense 512
Office Supplies Expense 513

Worksheet

Peyton Approved
Trial Balance
2017
Unadjusted trial balance Adjusting entries Adjusted trial balance
Account Debit Credit Debit Credit Debit Credit
Cash 64,713.72 64,713.72
Baking Supplies 165,250.00 137,400.00 27,850.00
Merchandise Inventory (FIFO) 25,750.00 25,750.00
Prepaid Rent 7,500.00 7,500.00
Prepaid Insurance 2,400.00 2,000.00 400.00
Baking Equipment 17,000.00 17,000.00
Accumulated Depreciation 3,285.72 2,642.86 5,928.58
Leasehold Improvements 10,000.00 10,000.00
Accumulated Amortization 2,000.00 2,000.00 4,000.00
Trademark 2,300.00 2,300.00
Office Supplies 1,600.00 1,350.00 250.00
Accounts Receivable 30,401.00 30,401.00
Notes Payable 10,000.00 10,000.00
Interest Payable 1,468.75 1,468.75
Accounts Payable 27,325.00 27,325.00
Wages Payable 22,800.00 22,800.00
Loans Payable 21,000.00 21,000.00
Common Stock 30,000.00 30,000.00
Dividends 20,000.00 20,000.00
Bakery Sales 335,675.00 335,675.00
Merchandise Sales 35,200.00 35,200.00
Baking Cost of Goods Sold 137,400.00 137,400.00
Rent Expense 90,000.00 90,000.00
Interest Expense 1,468.75 1,468.75
Insurance Expense 2,000.00 2,000.00
Depreciation Expense 2,642.86 2,642.86
Amortization Expense 2,000.00 2,000.00
Misc. Expense 2,780.00 2,780.00
Office Supplies Expense 1,350.00 1,350.00
Business License Expense 375.00 375.00
Advertising Expense 5,200.00 5,200.00
Wages Expense 22,800.00 22,800.00
Telephone Expense 3,456.00 3,456.00
Merchandise COGS (FIFO) 15,760.00 15,760.00
Total 464,485.72 464,485.72 169,661.61 169,661.61 493,397.33 493,397.33

Adjusting Entries

Peyton Approved
Adjusting Journal Entries
2017
Date Accounts Debit Credit
31-Dec Depreciation Expense 2,642.86
Accumulated depreciation 2,642.86
31-Dec Amortization Expense 2,000.00
Accumulated Amortization 2,000.00
31-Dec Interest Expense 1,468.75
Interest Payable 1,468.75
31-Dec Insurance Expense 2,000.00
Prepaid Insurance 2,000.00
31-Dec Baking Cost of Goods Sold 137,400.00
Baking Supplies 137,400.00
31-Dec Office Supplies Expense 1,350.00
Office Supplies 1,350.00
31-Dec Wages Expense 22,800.00
Wages Payable 22,800.00
169,661.61 169,661.61

Income Statement

Peyton Approved
Income Statement
For Year Ending 12/31/2017
Bakery Sales $ 335,675.00
Merchandise Sales $ 35,200.00
Total Revenues 370,875.00
Merchandise Cost of Goods Sold (FIFO) 15,760.00
Baking Cost of Goods Sold 137,400.00
Gross Profit 217,715.00
Operating Expenses:
Rent Expense 90,000.00
Interest Expense 1,468.75
Insurance Expense 2,000.00
Depreciation Expense 2,642.00
Amortization Expense 2,000.00
Misc. Expense 2,780.00
Office Supplies Expense 1,350.00
Business License Expense 375.00
Advertising Expense 5,200.00
Wages Expense 22,800.00
Telephone Expense 3,456.00
Total Operating Expenses: 134,071.75
Net Income 83,643.25

Closing Entries

Peyton Approved
Closing Entries
For Year Ending 12/31/2017
Date Accounts Debit Credit
31-Dec Bakery Sales 335,675.00
Merchandise Sales 35,200.00
Income Summary 370,875.00
31-Dec Income Summary 287,232.61
Baking Cost of Goods Sold 137,400.00
Rent Expense 90,000.00
Interest Expense 1,468.75
Insurance Expense 2,000.00
Depreciation Expense 2,642.86
Amortization Expense 2,000.00
Misc. Expense 2,780.00
Office Supplies Expense 1,350.00
Business License Expense 375.00
Advertising Expense 5,200.00
Wages Expense 22,800.00
Telephone Expense 3,456.00
Merchandise Cost of Goods Sold (FIFO) 15,760.00
31-Dec Income Summary 83,642.39
Retained Earnings 83,642.39
31-Dec Retained Earnings 20,000.00
Dividends 20,000.00
761,750.00 761,750.00

Statement of Retained Earnings

Peyton Approved
Statement of Retained Earnings
For Year Ending 12/31/2017
Beginning Balance: – 0
plus Net Income 84,642.00
less Dividends: 20,000.00
Ending Balance: 64,642.00

Balance Sheet

Peyton Approved
Balance Sheet
As of December 31, 2017
Assets Liabilities and Owners' Equity
Current Assets: Current Liabilities:
Cash 64,713.72 Accounts Payable 27,325.00
Baking Supplies 27,850.00 Wages Payable 22,800.00
Merchandise Inventory (FIFO) 25,750.00 Interest Payable 1,468.75
Prepaid Rent 7,500.00 Total Current Liabilities 51,593.75
Prepaid Insurance 400.00
Office Supplies 250.00 Long Term Liabilities:
Accounts Receivable 30,401.00 Notes Payable 10,000.00
Total Current Assets 156,864.72 Loans Payable 21,000.00
Total Long Term Liabilities: 31,000.00
Total Liabilities: 82,593.75
Long Term/Fixed Assets:
Baking Equipment 17,000.00 Common Stock 30,000.00
Accumulated Depreciation 5,928.58 Retained Earnings 84,642.00
11,071.42
Leasehold Improvements 10,000.00 Total Equity 114,642.00
Accumulated Amortization 4,000.00 6,000.00
Trademark 2,300.00
Total Assets: 176,236.14 Total Liabilities & Equity 176,236.00

Financial Analysis

2017 2016 2015 Industry Standard
Quick Ratio 1.66 2.2 2.8 1.75
Gross Margin 0.59 0.55 0.7 0.7
Net Margin 0.23 0.22 0.32 0.24
Return on Equity 0.89 0.9 0.78 0.8

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