Name

Joey Froehlich

G#

G00183236

Birth Month

December

A
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Account Title

B
C
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E
Computers R Us
End of Period Worksheet
For the Year Ended December 31, 2014
Unadjusted
Trial Balance
Adjustments
DR
CR
DR
CR
185,000
15,000
600,000
25,000
121,000
15,000
2,625
515,000
30,000
73,648
889
65,000
24,375
7,980
665
1,000
1,236
45,000
110,000
73,236

Cash
Accounts Receivable
Allowance for Doubtful Accounts
Interest Receivable
Merchandise Inventory
LIFO Reserve
Prepaid Insurance
Prepaid Advertising
Prepaid Rent
Office Supplies
Note Receivable
Available for Sale Securities
Treasury Stock
Office Building
Accumulated Depreciation - Office Building
Storage Building
Land
Leasehold Improvements
Accumulated Depreciation - Leasehold Improvements
Office Equipment
Accumulated Depreciation - Office Equipment
Patent
Accounts Payable
Salaries Payable
Interest Payable
Income Tax Payable
Unearned Revenue
Loan Payable - Onstar Bank
Loan Payable - Coldstar Bank
Common Stock
Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Dividends
Sales
Sales Returns and Allowances
Sales Discounts
Cost of Goods Sold
Sales Salaries Expense
Advertising Expense
Depreciation Expense - Leasehold Improvements
Miscellaneous Selling Expense
Office Salaries Expense
Rent Expense
Insurance Expense
Depreciation Expense - Office Equipment
Office Supplies Expense
Miscellaneous Administrative Expense
Rent Revenue
Interest Revenue on Note Receivable
Dividend Revenue on AFS Securities
Interest Expense
Bad Debt Expense
Research & Development Expense
Amortization Expense
Income Tax Expense
Accumulated Depreciation - Storage Building
Depreciation Expense-Storage Building
Unrealized holding gain
Loss on Impairment
Depreciation Expense-Office Building
Restricted Cash for Future Expansion

1,500,000
50,000
750,000
250,000
125,000
250,000
55,000
-

30,000
85,000
225,000
-

23,750
33,000
1,146
15,000
25,800
61,000
81,855
12,375

200,000
35,000
17,000
720,000
125,000
25,000
10,000
250,000
16,000
12,000
7,250
-

300,000
1,000,000
1,300,000
774,230
85,000
1,850,000
22,000

1,235,000
1,235,000

3,451

73,648
24,375
23,750
25,800
665
889
33,000
1,236
12,375
2,625

25,000
-

29,000
-

61,000
15,000
1,146
81,855
1,535
1,535
73,236
124,764
25,000

5,901,230
Sales Tax Payable

149,764

5,901,230
3451

Adjusted
Trial Balance
DR
CR
200,000
625,000
136,000
2,625
515,000
103,648
889
40,625
7,315
2,236
45,000
183,236
1,500,000
199,764
750,000
250,000
125,000
53,750
250,000
118,000
53,854
240,000
25,800
61,000
81,855
12,375
300,000
1,000,000
65,000
1,235,000
774,230
85,000
200,000
1,846,549
35,000
17,000
793,648
125,000
49,375
23,750
10,000
224,200
665
15,111
33,000
10,764
7,250
9,625
2,625
29,000
61,000
40,000
1,146
81,855
1,535
1,535
73,236
124,764
25,000
3,451

Computers R Us Inc.
Adjusting Entries
For the Year Ended December 31, 2014
a

Cash

Accounts Receivable
Allowance for Doubtful Accounts
Bad Dent Expense

Office Supplies

Interest Recievable

Prepaid Insurance

Advertising Expense

Common Stock

Salaries Payable

Rent Expense

Depreciation Expense-Office Building

Loss on Impairment

Depreciation Expense-Leasehold Improvements

Depreciation Expense-Office Equipment

Rent Revenue

Depreciation Expense-Storage Building

Cost of Goods Sold

Available-for-Sale Securities

Interest Expense

Interest Expense

Amortization Expense

Sales Revenue

Income Tax Expense

Computers R Us Inc.
Adjusting Entries
For the Year Ended December 31, 2014
15,000
Accounts Payable

15,000
25,000

Bad Debt Expense

25,000
25,000

Accounts Receivable

25,000
40,000

Allowance for Doubtful Accounts

40,000
1236

Office Supplies Expense

1236
2625

Interest Revenue on Note Receivable

2625
889

Insurance Expense

889
24,375

Prepaid Advertising

24,375
1,235,000

Additional Paid-In Capital

1,235,000
25,800

Salaries Expense

25,800
665

Prepaid Rent

665
25,000

Accumulated Depreciation-Office Building

25,000
124,764

Accumulated Depreciation-Ofice Building

124,764
23,750

Accumulated Depreciation-Leasehold Improvements

23,750
33,000

Accumulated Depreciation- Office Equipment

33,000
12,375

Unearned Rent Revenue

12,375
1535

Accumulated Depreciation-Storage Building

1535
73,648

LIFO Reserve

73,648
73,236

Unrealized Holding Gain-Equity

73,236
15,000

Interest Payable

15,000
46,000

Interest Payable

46,000
1,146

Patent

1,146
3451

Sales Tax Payable

3451
81,855

Income Tax Payable

81,855

Computers R Us Inc.
Income Statement
For The Year Ended December 31, 2014
Sales
Sales Revenue
Less: Sales Discounts
Sales Returns and Allowances
Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Selling Expenses
Sales Salaries Expense
Advertising Expense
Rent Expense
Bad Debt Expense
Depreciation Expense-Storage Building
Miscellaneous Selling Expense
Amortization Expense
Administrative Expenses
Depreciation Expense - Leasehold Improvements
Salaries Expense
Insurance Expense
Depreciation Expense - Office Equipment
Office Supplies Expense
Depreciation Expense - Office Building
Miscellaneous Administrative Expense
Income from Operations
Other Revenues and Gains
Rent Revenue
Interest Revenue on Note Recaivable
Dividend Revenue on AFS Securities
Other Expenses and Losses
Interest Expense
Loss on Impairment
Income Before Tax
Income Tax
Net Income

$125,000
49,375
665
40,000
1,535
7,250
1,146 $

224,971

$ 23,750
224,200
15,111
33,000
10,764
25,000
7,250 $

339,075

9,625
2,625
29,000

61,000
124,764

17,000
35,000

1,846,549
52,000
1,794,549
793,648
1,000,901

564,046
436,855

41,250
478,105

185,764
292,341
81,855
210,486

Computers R Us Inc.
Comprehensive Income Statement
For The Year Ended December 31, 2014
Net Income
$
210,486
Other Comphrensive Income
Unrealized Holding Gain
73,236
Comprehensive Income
$
283,722

Beginning Balance
Net Income
New Issuance of Common Stock
Other Comprehensice Income:
Unrealized Holding Gain
Dividends
Ending Balance

Common Stock
$
65,000

Computer R Us Inc.
Statement of Stockholders' Equity
For the Year Ended December 31, 2014
Additional Paid-In Capital
Retained Earnings
$
774,230
210,486
1,235,000

65,000 $

1,235,000 $

-200000
784,716

nc.
ers' Equity
ber 31, 2014
$

Accumulated Other Comprehensive Income

85,000 $
$
$

Total
924,230
210,486
1,235,000

73,236 $
$
158,236 $

73,236
(200,000)
2,242,952

Computers R Us Inc.
Balance Sheet
For the Year Ended December 31, 2014
Assets
Current Assets
Cash
Accounts Receivable
Less: Allowance for Doubtful Accounts
Note Recaivable
Merchandise Inventory
Less: LIFO Reserve
Office Supplies
Prepaid Insurance
Prepaid Advertising
Prepaid Rent
Interest Receivable
Total Current Assets
Long-Term Investments
Available for Sale Securities

Property, Plant, and Equipment

Land
Office Building
Less: Accumulated Depreciation

$
$

625,000
136,000

200,000
489,000
45,000

515,000
103,648

411,352
2,236
889
40,625
7,315
2,625

250,000
1,500,000
199,764

1,300,236

Storage Building
Less: Accumulated Depreciation

750,000
1,535

748,465

Leasehold Improvements
Less: Accumulated Depreciation

125,000
53,750

71,250

Office Equipment
Less: Accumulated Depreciation
Total Property, Plant, and Equipment
Intangible Assets
Patent
Total Assets

250,000
118,000

132,000

Liabilities and Stockholders' Equity

Current Liabilities
Loan Payable - Onstar Bank
Accounts Payable
Interest Payable
Income Taxes Payable
Sales Tax Payable
Salaries Payable
Unearned Revenue
Total Current Liabilities
Long-Term Debt
Loan Payable - Coldstar Bank
Total Liabilities

300,000
240,000
61,000
81,855
3,451
25,800
12,375

Stockholders' Equity
Common Stock
Additional Paid in Capital
Accumulated Other Comprehensive Income
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity

65,000
1,235,000

1,300,000
158,236
784,716

1,199,042
183,236

2,501,951

53,854
3,938,083

724,481

1,000,000
1,724,481

29,350

2,242,952
3,967,433

Computers R Us Inc.
Closing Entries
For the Year Ended December 31, 2014
Dec. 31

Sales Revenue
Rent Revenue
Interest Revenue on Note Receivable
Dividend Revenue on AFS Securities
Income Summary

Dec. 31

Income Summary
Sales Salaries Expense
Advertising Expense
Rent Expense
Bad Debt Expense
Depreciation Expense-Storage Building
Miscellaneous Selling Expense
Amortization Expense
Depreciation Expense - Leasehold Improvements
Salaries Expense
Insurance Expense
Depreciation Expense - Office Equipment
Office Supplies Expense
Depreciation Expense - Office Building
Miscellaneous Administrative Expense
Interest Expense

Dec. 31

Income Summary
Retained Earnings

Dec. 31

Retained Earnings
Dividends

1,846,549
9,625
2,625
29,000
1,887,799
625,046
125,000
49,375
665
40,000
1,535
7,250
1,146
23,750
224,200
15,111
33,000
10,764
25,000
7,250
61,000
1,262,753
1,262,753
200,000
200,000

Current Ratio
Quick Acid Ratio
Working Capital

1.66
Err:508
474,561