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5/31/13 5/31/14 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000.

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Presentation on theme: "5/31/13 5/31/14 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000."— Presentation transcript:

1 5/31/13 5/31/14 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 150,000 Accounts payable 115,000 123,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 145,000 837,000 932,250 OPERATING: INVESTING: FINANCING:

2 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 150,000 Accounts payable 115,000 123,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 INVESTING: FINANCING:

3 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000 123,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 INVESTING: FINANCING:

4 5/31/119 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000 123,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 INVESTING: FINANCING:

5 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000 123,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 INVESTING: FINANCING:

6 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000 123,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 INVESTING: FINANCING:

7 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 INVESTING: FINANCING:

8 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 INVESTING: FINANCING:

9 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: FINANCING:

10 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000(9)70,000 370,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING:

11 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000(9)70,000 370,000 (10)20,000 Retained earnings 120,000 (1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000

12 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000(9)70,000 370,000 (10)20,000 Retained earnings 120,000 (11)105,000(1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000 Payment of cash dividends(11)105,000

13 5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000(12)30,000 70,000 Common stock 280,000(9)70,000 370,000 (10)20,000 Retained earnings 120,000 (11)105,000(1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000 Payment of cash dividends(11)105,000 Retirement of bonds payable(12)30,000

14 5/31/11 5/31/12 Debits: Cash20,000 (X)8,25028,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30,000 220,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98,000 600,000 837,000 932,250 Credits: Accum. depreciation 125,000 (2)25,000 150,000 Accounts payable 115,000(6)8,000 123,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000(12)30,000 70,000 Common stock 280,000(9)70,000 370,000 (10)20,000 Retained earnings 120,000 (11)105,000(1)130,000 145,000 837,000 932,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000 Payment of cash dividends(11)105,000 Retirement of bonds payable (12) 30,000 500,000491,750 Increase in cash (X) 8,250500,000

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