Student Name:
Class:
Debit Credit Debit Credit Debit Credit Debit Credit
46,570 46,570
149,800 149,800
2,000 2,000
100,000 a 105,000 a 100,000 105,000
100,000 100,000
300,000 300,000
37,500 b 12,500 50,000
250,000 250,000
25,000 c 25,000 50,000
105,220 105,220
19,200 19,200
21,600 21,600
d 8,000 8,000
f65 65
160,000 160,000
16,000 16,000
240,000 240,000
128,000 128,000
1,100,550 1,100,550
600,000 600,000
162,800 b 10,000 195,800
c 17,000
d 6,000
76,700 b 2,500 89,200
c 8,000
d 2,000
69,200 f 65 69,265
a 100,000 a 105,000 100,000 105,000
1,855,070$ 1,855,070$ 250,565$ 250,565$ 1,054,265 1,205,550 951,370 800,085
Correct! Correct! Correct! Correct!
151,285 151,285
1,205,550$ 1,205,550$ 951,370$ 951,370$
Correct! Correct! Correct! Correct!
Income Tax Expense
Amortization of Organization Costs
Instructor
Statement
Balance Sheet
Income
Year Ended December 31, 2013
Worksheet
BRUIN CORPORATION
Trial Balance
Adjustments
Problem 21.02A
McGraw-Hill/Irwin
Net Income
Totals
Income Summary
Selling Expenses (Control)
Purchases
Sales (Net)
Retained Earnings
General Expenses (Control)
Accrued Expenses Payable
Dividends Payable-Common
Dividends Payable-Preferred
Accounts Payable
Common Stock
Paid-In Cap. In Excess of Par Value
Preferred Stock, 12%
Income Tax Payable
Land
Inventory
Allowance for Doubtful Accts.
Accounts Receivable
Accumulated Dep. – Equipment
Equipment
Accumulated Dep. – Buildings
Buildings
Cash
Account Name
1,100,550$
100,000$
600,000
700,000
105,000
595,000
505,550
195,800
89,200
285,000
220,550
69,265
151,285$
Correct!
Balance, January 1, 2013
695,285
849,370$
168,800
151,285
19,200
16,000
160,000$
176,000
416,000
320,085
Total Liabilities and Stockholders’ Equity
Total Stockholders’ Equity Dec. 31, 2013
Total Retained Earnings, Dec. 31, 2013
Dividends on Common Stock
Dividends on Preferred Stock
Deductions:
Add Net Income for Year
200,000 shares authorized
Common Stock ($10 par value
Paid-in Capital in Excess of Par Value
279,285
Retained Earnings
Total Paid-in Capital
240,000
21,600
5,000 shares authorized)
Preferred Stock (12%, $100 par value,
Paid-in Capital
849,370$
Correct!
105,220$
19,200
21,600
8,000
65
BRUIN CORPORATION
Current Assets
46,570$
50,000
250,000
50,000
300,000
299,370$
105,000
2,000
149,800$
January 31, 2013
Balance Sheet
147,800
Accounts Receivable
Cash
550,000
200,000
250,000
100,000
BRUIN CORPORATION
Income Statement
Year Ended December 31, 2013
154,085$
Cost of Goods Sold
Less Inventory, Dec. 31, 2013
Goods Available for Sale
Purchases
Inventory, January 1, 2013
Cost of Goods Sold
Net Income After Income Tax
Income Tax Expense
Net Income Before Income Tax
General Expenses
Selling Expenses
Expenses
Gross Profit on Sales
Sales (Net)
ASSETS
Total Current Liabilities
Income Tax Payable
Accrued Expenses Payable
Dividends Payable – Common
Stockholders’ Equity
Less Allowance for Doubtful Accounts
Equipment
Less Accumulated Depreciation-Buildings
Buildings
Land
Total Assets
Total Property, Plant, and Equipment
Less Accumulated Depreciation-Equipment
Property, Plant, and Equipment
Total Current Assets
Inventory
Liabilities and Stockholders‘ Equity
Dividends Payable – Preferred
Accounts Payable
Current Liabilities
Page 6
Adjusting Entries Post
Date Ref Debit Credit
2013
Dec. 31 100,000
100,000 Correct!
31 105,000
105,000 Correct!
31 10,000
2,500
12,500 Correct!
31 17,000
8,000
25,000 Correct!
31 6,000
2,000
8,000 Correct!
31 65
65 Correct!
Page 7
Closing Entries Post
Date Ref Debit Credit
2013
Dec. 31 1,100,550
1,100,550 Correct!
31 954,265 Correct!
600,000
195,800
89,200
69,265
31 151,285
151,285 Correct!
220,550$ Correct!
18% Correct!
Income Tax Expense
f.
GENERAL JOURNAL
a.
Inventory
Income Summary
Selling Expenses (Control)
Income Summary
Inventory
Retained Earnings
Income Summary
Income Tax Expense
b.
General Expenses (Control)
Selling Expenses (Control)
Accumulated Depreciation – Buildings
General Expenses (Control)
d.
c.
General Expenses (Control)
Selling Expenses (Control)
Purchases
Income Summary
e.
GENERAL JOURNAL
Income Tax Payable
The percentage of annual income before taxes spent on dividends was:
Analyze: The amount of net income before taxes is:
Income Summary
Sales
Description
Description
Accrued Expenses Payable
General Expenses (Control)
Selling Expenses (Control)
Accumulated Depreciation – Equipment
46,570$
149,800
2,000$
100,000
100,000
300,000
37,500
250,000
25,000
Income Tax Expense
Amortization of Organization Costs
General Expenses (Control)
Selling Expenses (Control)
Purchases
Sales (Net)
Retained Earnings
Common Stock
Income Summary
Dividends Payable-Common
Dividends Payable-Preferred
Paid-In Capital In Excess of Par Value – preferred
Preferred Stock, 12%
Income Tax Payable
Accrued Expenses Payable
Accounts Payable
1,855,070$ 1,855,070$
Ending Merchandise Inventory
10,000$
2,500$
17,000$
8,000$
Change in Allowance for Doubtful Accounts
Quarterly tax deposits
General Expense
Selling Expense
Accrued Expenses:
BRUIN CORPORATION
Trial Balance (Condensed)
December 32, 2013
Totals
Inventory
Income Tax Refund Receivable
Allowance for Doubtful Accts.
Equipment
Accumulated Dep. – Buildings
Buildings
Land
General Expense
Selling Expense
Depreciation of equipment:
Given Data P21.02A
General Expense
Selling Expense
Depreciation of buildings:
Cash
Accounts Receivable
Accumulated Dep. – Equipment
168,800$
January 4, 2014
Dividends declared December 5, 2013 are payable
Retained Earnings on January 1, 2013