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Der exercise 3 answer
The document summarizes the financial transactions of Ms. Sheppard's Bathroom Renovation Store for the 12 months ended December 31, 2012. It includes a profit and loss statement showing revenues of $50,000 and a net profit of $11,100. It also includes a balance sheet dated December 31, 2012, with total assets of $356,100 including cash, inventory, and buildings, and total liabilities of $50,000, for net assets of $306,100.
Der exercise 3 answer
- 1. Salary Expense Mar 26Cash $7500 $7500 Dec 31 P&L $7500 $7500 Utility Expenses Mar 26 Cash $1500 $1500 Dec 31 P&L $1500 $1500 Warehouse Building Mar 30 Cash $30000 $30000 Jan 1 Bal b/d $30000 Dec 31 Bal c/d $30000 $30000 Bank Loan Dec 31 Bal c/d $50000 _______ $50000 Apr 12 Cash $50000 ______ $50000 Jan 1 Bal b/d $50000 Sales Revenue Dec 31 P&L $50000 ______ $50000 May 17 Cash $26000 May 22 Debtor $11000 Nov 19 Cash $13000 $50000 Creditor Jul 14 Inventory $2000 Jul 16 Cash $8000 Sep 6 Cash 1800 Sep 6 Discount Exp $200 $12000 May 17 Inventory $12000 ______ $12000
- 2. Debtor May 22 Sales$11000 ______ $11000 Jan 1 Bal b/d $1900 Aug 9 Sales Return $4000 Sep 20 Cash $5000 Discount Exp $100 Dec 31 Bal c/d $1900 $11000 Drawings May 31 Cash $5000 $5000 Dec 31 Capital $5000 $5000 Interest Exp. Jun 2 Cash $2000 $2000 Dec 31 P&L $2000 $2000 Cost of Goods Sold May 17 Inventory $12000 May 22 Inventory $6700 Nov 19 Inventory $7200 $25900 Aug 9 Inventory $1900 Dec 31 P&L $24000 ______ $25900 Sales Return Aug 9 Debtor $4000 $4000 Dec 31 P&L $4000 $4000 Discount Revenue Dec 31 P&L $200 $200 Sept 6 Creditor $200 $200 Discount Expense Sep 20 Debtor $100 $100 Dec 31 P&L $100 $100
- 3. P&L Account Dec 31COGS $24000 Sales return $4000 Interest Exp $2000 Salary Exp. $7500 Utility Exp. $1500 Discount Exp. $100 Capital $11100 $50200 Dec 31 Sales Revenue $50000 Discount Rev. $200 ______ $50200 Ms. Sheppard’s Bathroom Renovation Store P&L Statement for the 12-months ended 31 Dec 2012 Revenue Sales Less: Sales Return Net Sales Less: Cost of Goods Sold Cost of Goods Sold Gross Profit Add: Discount revenue Adjusted Gross Profit Less: Operating Expenses 1. General Expenses Salary $7500 Utility Exp $1500 2. Financial Expenses Interest Exp $2000 Discount Exp $100 Net Profit/(Loss) $ $9000 $2100 $ $50000 ($4000) $46000 $24000 $22000 $200 $22200 $11100 $11100
- 4. Ms. Sheppard’s BathroomRenovation Store Balance Sheet as at 31 Dec 2012 $ $ OWNER’ EQUITY Capital Add: Net Profit Less Drawings Represented by: ASSETS Current Assets Cash Inventory Debtor Non-current Assets Office Apartment Warehouse Building Total Assets LIABILITIES Non-current liabilities Bank Loan Total Liabilities NET ASSETS $166,200 $8,000 $1,900 $150,000 $30,000 $176,100 $180,000 $50,000 $300,000 $11,100 ($5,000) $306,100 $356,100 $50,000 $306,100