liz

I have already done the work but I am not 100% sure if I did all of it correctly. I would greatly appreciate it if you could look over my work and give me any advice on what I did right or wrong. This is my first accounting class and I am hoping to fully understand my mistakes so I can continue onto the next chapters. I had to create an Income Statement, Balance sheet, and Retained Earnings. Also, is there a way for me to check to see if my numbers add up to make sure I am doing it correctly? Thanks again in advance for any help that I can get it.

Info given:

Sally Company

(credits shown in brackets)

Accounts Payable (35,000.00)

Accounts Receivable 55,000.00

Accumulated Depr: Equipment (15,000.00)

Accrued Wages (10,000.00)

Advertising Expense 8,525.00

Cash 19,025.00

Common Stock (40,000.00)

Cost of Goods Sold 329,700.00

Depreciation Expense 18,000.00

Delivery Expense 3,500.00

Equipment 95,000.00

Inventory 41,000.00

Notes Payable (120 day note) (35,000.00)

Notes Receivable (90 day note) 15,000.00

Prepaid Insurance 10,000.00

Retained Earnings (57,000.00)

Salaries Expense 97,500.00

Sales (Revenue) (602,000.00)

Supplies 65,000.00

Supplies Expense 3,750.00

Travel Expense 17,500.00

Utilities Expense 15,500.00

MY WORK:

Sally Company

Income Statement

For Month Ended October 31, 2013

Revenues

Sales revenue $(602,000.00)

Cost of goods sold 327,700.00

Gross profit (274,300.00)

Expense

Salaries Expense $97,500.00

Depreciation Expense 18,000.00

Travel Expense 17,500.00

Utilities Expense 15,500.00

Advertising Expense 8,525.00

Supplies Expense 3,750.00

Delivery Expense 3,500.00

Total Expense $164,275.00

Net Income $(110,025.00)

Sally Company

Balance Sheet

October 31 ,2013

Assets

Cash $19,025.00

Accounts Receivable 55,000.00

Notes Receivable 15,000.00

Supplies 65,000.00

Accumulated Depr: Equipment (15,000.00)

Prepaid Insurance 10,000.00

Equipment 95,000.00

Inventory 41,000.00

Total Assets $285,025.00

Liabilities and Owner's Equity

Liabilities

Notes Payable $(35,000.00)

Accounts Payable (35,000.00)

Accrued Wages (10,000.00)

Total liabilities $(80,000.00)

Stockholder's equity

Common stock $(40,000.00)

Retained Earnings (57,000.00)

Total Stockholders Equity $(97,000.00)

Sally Company

Statement of Retained Earnings

For the Year Ending October 31, 2013

Retained Earnings, October 1, 2013 0

Plus: Net Income $(110,025.00)

$(110,025.00)

Less: Dividends (40,000.00)

Retained Earnings- October 31, 2013 $(70,025.00)

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