5/13/2017 Financialstatements

ManualAccountingPracticeSet
BallMart,USGAAPEdition3

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Total 913 1,126

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Thetimeframesweprovideareaguideonly.Itmay
takeyoumoreorlesstimetocompleteeachstep.

Youarenowaskedtopreparethefollowingfinancialstatements:

Incomestatement.Thisstatementispreparedtohelpassessthefinancialperformanceofthebusiness.It
summarizestherevenuesearnedandexpensesincurredoverthemonthofJune.
Statementofstockholders'equity.ThisstatementshowsthemovementsinequityoverthemonthofJune.
Balancesheet.ThisstatementreportsthefinancialpositionofthebusinessattheendofJune.Itpresentsthe
assets,liabilitiesandequityofthebusinessasatJune30,2017.

Instructionsforfinancialstatements

Usingthecompany'saccountingpoliciesfoundinthepoliciesandprocedurespopup,andappropriateinformationfrom
previouspagesofthepracticeset:

1) PrepareanincomestatementforthemonthofJune.

Tobegin,selecttheappropriateaccountsusingapopuplink.Notethatwhenyouselectanaccount,bracketsmay
automaticallyappeararoundtheinputboxinwhichyouareaskedtoenterthebalanceoftheaccount.Next,enterall
valuesaspositiveamountsbecauseamountstobesubtractedareindicatedontheincomestatementwithbrackets
aroundtheinputbox.Tocompletetheincomestatement,youarerequiredtoselectitemsfromdropdownlists.
Bracketswillbedisplayedifyouselectloss.

Aftertakingaphysicalcountofinventory,thebalanceofinventoryonhandasatJune30is$61,195.Youwillneedto
usethisinformationtocalculatecostofgoodssoldundertheperiodicinventorysystem.

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5/13/2017 Financialstatements

Youmaynotneedtouseallofthelinesintheincomestatement.

2) Prepareastatementofstockholders'equityforthemonthofJune.

Mostvaluesaretobeenteredintheinputboxesaspositiveamounts,becauseamountstobesubtractedarealready
indicatedonthestatementwithbracketsaroundtheinputbox.Notethatyouarerequiredtoselectincome/lossfrom
adropdownlist.Bracketswillbedisplayedifyouselectloss.

3) PrepareabalancesheetasattheendofJune.

Tobegin,selecttheappropriateaccountsusingapopuplink.Notethatwhenyouselectanaccount,bracketsmay
automaticallyappeararoundtheinputboxinwhichyouareaskedtoenterthebalanceoftheaccount.Next,enterall
valuesaspositiveamountsbecauseamountstobesubtractedwillbeindicatedonthebalancesheetwithbrackets
aroundtheinputbox.

RememberthatthebalanceofinventoryonhandasatJune30is$61,195.Youwillneedtousethisinformationto
completethebalancesheet.

Youmaynotneedtouseallofthelinesinthebalancesheet.

BackOnTrackfunctionality

Pleasenotethatanyanswersfrompreviouspagescarriedthroughontothispage(eitheronthepageorina
popupinformationpage)havebeenreset,ifnecessary,tothecorrectanswers.Yourparticularanswersfrom
previouspagesarenolongershown.

Remember:

Remembertoenterallanswerstothenearestwholedollar.

BeforepressingtheSubmitanswersbutton,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.

ShowAll IncomeStatement ChangesinEquity BalanceSheet

(Q=951.incomeStatement)

BallMart
IncomeStatement
ForthemonthendedJune30,2017

INCOME $ $ $
Revenue
SalesRevenue 49936
SalesReturnsandAllowances ( 3159 )
SalesDiscounts ( 250 )

Netsalesrevenue 46527

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5/13/2017 Financialstatements
COSTOFGOODSSOLD ( 13917 )

GROSS PROFIT 32610

OPERATINGEXPENSES
Sellingexpenses
AdvertisingExpense ( 4000 )
WagesExpense ( 13117 )

( )

( )

( )

( )

( )

( )

( )

( )

Totalsellingexpenses ( 17117 )
Generalandadministrativeexpenses
RentExpense ( 2500 )
ElectricityExpense ( 896 )
WaterExpense ( 218 )
InsuranceExpense ( 580 )
DepnExpense:OfficeFurniture ( 67 )
DepnExpense:OfficeEquipment ( 285 )
SalaryExpense ( 6600 )
Admin.ExpenseBankCharges ( 10 )
OfficeSuppliesExpense ( 2459 )

( )

Totalgeneralandadministrativeexpenses ( 13615 )

TOTALOPERATINGEXPENSES ( 30732 )

INCOME FROMOPERATIONS 1878

Otherrevenues
InterestRevenue 328

Otherexpenses
InterestExpense ( 260 )

( )

NET INCOME 1946

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5/13/2017 Financialstatements

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BallMart
IncomeStatement
ForthemonthendedJune30,2017

INCOME $ $ $
Revenue
SalesRevenue 49,936
SalesReturnsandAllowances (3,159)
SalesDiscounts (250)
Netsalesrevenue 46,527
COSTOFGOODSSOLD (13,917)
GROSSPROFIT 32,610
OPERATINGEXPENSES
Sellingexpenses
AdvertisingExpense (4,000)
WagesExpense (13,117)
Totalsellingexpenses (17,117)
Generalandadministrativeexpenses
RentExpense (2,500)
ElectricityExpense (896)
WaterExpense (218)
InsuranceExpense (580)
OfficeSuppliesExpense (2,459)
SalaryExpense (6,600)
DepnExpense:OfficeFurniture (67)
DepnExpense:OfficeEquipment (285)
Admin.ExpenseBankCharges (10)
Totalgeneralandadministrativeexpenses (13,615)
TOTALOPERATINGEXPENSES (30,732)
INCOMEFROMOPERATIONS 1,878
Otherrevenues
InterestRevenue 328
Otherexpenses
InterestExpense (260)
NETINCOME 1,946

(Q=952.statementOfChangesInEquity)

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5/13/2017 Financialstatements

BallMart

StatementofStockholders'Equity
ForthemonthendedJune30,2017

COMMONSTOCK $
Openingbalance,May31,2017 85000
Issueofcommonstock 0

Closingbalance,June30,2017 85000

RETAINEDEARNINGS
Openingbalance,May31,2017 95071

Net income fortheperiod 1946

Dividendpaid ( 0)

Closingbalance,June30,2017 97017

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BallMart
StatementofStockholders'Equity
ForthemonthendedJune30,2017

COMMONSTOCK $
Openingbalance,May31,2017 85,000
Issueofcommonstock 0
Closingbalance,June30,2017 85,000

RETAINEDEARNINGS
Openingbalance,May31,2017 95,071
Netincomefortheperiod 1,946
Dividendpaid (0)
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5/13/2017 Financialstatements
Closingbalance,June30,2017 97,017

(Q=953.balanceSheet)

BallMart
BalanceSheet
June30,2017

ASSETS $ $ $
CurrentAssets
Cash 97933
ShorttermInvestments 24000
ARCAccountsReceivableControl 5748
InterestReceivable 120
MerchandiseInventory 61195
OfficeSupplies 3539
PrepaidRent 2500
PrepaidAdvertising 8000
PrepaidInsurance 2320
TotalCurrentAssets 205355

Property,PlantandEquipment
OfficeEquipment 6000
AccumDepn:OfficeFurniture ( 1334 )
OfficeEquipment 45000
AccumDepn:OfficeEquipment ( 17084 )





TotalProperty,PlantandEquipment 32582

TOTALASSETS 237937

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5/13/2017 Financialstatements

LIABILITIES
CurrentLiabilities
APCAccountsPayableControl 1026
WagesPayable 1520
ElectricityPayable 896
WaterPayable 218
InterestPayable 260




TotalCurrentLiabilities 3920

LongtermLiabilities
BankLoanPayable 52000








TOTALLIABILITIES 55920

STOCKHOLDERS'EQUITY
CommonStock 85000

RetainedEarnings 97017

TOTALEQUITY 182017

TOTALLIABILITIESANDSTOCKHOLDERS'EQUITY 237937

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5/13/2017 Financialstatements

BallMart

BalanceSheet
June30,2017

ASSETS $ $ $
CurrentAssets
Cash 97,933
ShorttermInvestments 24,000
ARCAccountsReceivableControl 5,748
InterestReceivable 120
MerchandiseInventory 61,195
OfficeSupplies 3,539
PrepaidRent 2,500
PrepaidAdvertising 8,000
PrepaidInsurance 2,320
TotalCurrentAssets 205,355

Property,PlantandEquipment
OfficeFurniture 6,000
AccumDepn:OfficeFurniture (1,334)
OfficeEquipment 45,000
AccumDepn:OfficeEquipment (17,084)
TotalProperty,PlantandEquipment 32,582

TOTALASSETS 237,937

LIABILITIES
CurrentLiabilities
APCAccountsPayableControl 1,026
WagesPayable 1,520
ElectricityPayable 896
WaterPayable 218
InterestPayable 260
TotalCurrentLiabilities 3,920

LongtermLiabilities
BankLoanPayable 52,000
TOTALLIABILITIES 55,920

STOCKHOLDERS'EQUITY
CommonStock 85,000
RetainedEarnings 97,017
TOTALEQUITY 182,017

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5/13/2017 Financialstatements
TOTALLIABILITIESANDSTOCKHOLDERS'EQUITY 237,937

ManualAccountingPracticeSet
BallMart,USGAAPEdition3(VCU3q)
20092014Perdisco/latin/.v.,learnthoroughly
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