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CHART OF ACCOUNTS
Cash
Accounts Receivable
Prepaid Expenses
Merchandise Inventory-Ah sus Laptop
Merchandise Inventory-A-ser Laptop
Merchandise Inventory-Dhell Laptop
Merchandise Inventory-Bruther Printer
Merchandise Inventory-Fzon Printer
Merchandise Inventory-Computer Accessories
Land
Property, Plant & Equip.
Accum Depr.
Income tax payable
Accounts Payable
Notes Payable
Accrued Salaries
Ordinary Shares @ 100
Share Premium
Retained Earnings
Expenses
SUMMER CLASS TECH COMPANY
PURCHASE JOURNAL
TOTALS
NO. DATE VENDOR TYPE OF INVENTORY TERMS
1 3-Jan-19 Laptop Distributor Ah-sus laptop 2/10, n/30
2 3-Jan-19 Laptop Distributor A-ser laptop 2/10, n/30
3 3-Jan-19 Laptop Distributor Dhell laptop 2/10, n/30
4 12-Jan-19 Printer Industry Corp Fzon laptop COD
5 12-Jan-19 Printer Industry Corp Bruther laptop COD
6 12-Jan-19 Computer Accessories Computer accessories COD
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
COMPANY
NAL
DR CR
149,000.00 29,000.00 120,000.00
AMOUNT CASH ON ACCOUNT
40,000.00 40,000.00
40,000.00 40,000.00
40,000.00 40,000.00
12,000.00 12,000.00 -
14,000.00 14,000.00 -
3,000.00 3,000.00 -
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-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
SUMMER CLASS TECH COMPANY
Statement of Financial Position
As of January 31, 2019
ASSETS
CURRENT ASSET
Cash 52,800.24
Accounts Receivable 59,265.54
Prepaid Expenses 7,500.00
Merchandise Inventory-Ah sus Laptop 62,850.00
Merchandise Inventory-A-ser Laptop 56,650.00
Merchandise Inventory-Dhell Laptop 64,600.00
Merchandise Inventory-Bruther Printer 16,655.00
Merchandise Inventory-Fzon Printer 7,845.00
Merchandise Inventory-Computer Accessories 5,234.00
TOTAL CURRENT ASSET
NONCURRENT ASSET
Land 250,000.00
Property, Plant & Equip. 220,000.00
Accum Depr. 3,667.00 216,333.00
TOTAL NONCURRENT ASSET
ASSETS
333,399.79
466,333.00
799,732.79
REHOLDERS EQUITY
126,823.54
672,909.25
799,732.79
SUMMER CLASS TECH COMPANY
Statement of Financial Position
As of January 31, 2019
Operating Activities
Collection on sales 178,910.24
Payments on purchases 151,345.00
Payments on various operating purchases 64,848.00
(37,282.76)
Financing Activities
Issuance of Notes Payable 40,000.00
DR
CR
108,666.00 151,682.30
TYPE OF INVENTORY TERMS AMOUNT GROSS PROFIT TOTAL SALES
Dhell laptop 2/10,n/30 15,870.00 0.31 23,000.00
Fzon laptop 2/10,n/30 3,330.00 0.26 4,500.00
Computer accessories 2/10,n/30 1,066.00 0.18 1,300.00
Ah-sus laptop COD 24,500.00 0.32 36,029.41
A-ser laptop N/30 29,000.00 0.3 41,428.57
Bruther laptop N/30 9,200.00 0.24 12,105.26
Computer accessories N/30 4,700.00 0.18 5,731.71
Computer accessories COD 6,000.00 0.18 7,317.07
Fzon laptop 2/10,n/30 15,000.00 0.26 20,270.27
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-
SUMMER CLASS TECH COMPANY
CASH RECEIPTS JOURNAL
DR CR
TOTALS 178,910.24 1,506.51 43,346.48 137,070.27
NO. FROM CASH SALES DISCOUNT CASH SALES ACCOUNTS RECEIVABLE
1 ASD 22,250.00 22,250.00
2 FGH 21,532.50 217.50 21,750.00
3 various 36,029.41 36,029.41
4 JKL 15,072.40 307.60 15,380.00
5 ZXC 28,620.00 28,620.00
6 VBN 28,224.00 576.00 28,800.00
7 various 7,317.07 7,317.07
8 RTY 19,864.86 405.41 20,270.27
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19 -
20 -
21 -
22 -
23 -
24 -
25 -
SUNDRIES
- 0
ACCOUNT TITLE DR CR
SUMMER CLASS TECH COMPANY
CASH DISBURSEMENT JOURNAL
DR CR
TOTALS 29,000.00 122,345.00 -
NO. PAYEE CASH PURCHASES ACCOUNTS PAYABLE PURCHASE DISCOUNT
1 Laptop Distributor 50,675.00
2 employees
3 Various
4 Laptop Distributor 36,000.00
5 Printer Industry Co 12,000.00
6 Printer Industry Co 14,000.00
7 Computer Accessso 3,000.00
8 employees
9 Printer Industry Corp 25,225.00
10 Computer Accessories Inc. 10,445.00
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
MPANY
URNAL
CR SUNDRIES
216,193.00 64,848.00 0
CASH ACCOUNT TITLE DR CR
50,675.00
34,000.00 Accrued Salaries 34,000.00
8,273.00 Expenses 8,273.00
36,000.00
12,000.00
14,000.00
3,000.00
22,575.00 Expenses 22,575.00
25,225.00
10,445.00
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SUMMER CLASS TECH COMPANY
GENERAL JOURNAL
ACCOUNT TITLE DR CR
Expenses 1,250.00
Prepaid Expenses 1,250.00
Cash 40,000.00
Notes Payable 40,000.00
SUMMER CLASS TECH COMPANY
INVENTORY RECORD SHEET
945,670.30 945,670.30
SUMMER CLASS TECH COMPANY
INCOME STATEMENT
SALES 151,682.30
LESS: SALES DISCOUNT 1,506.51 150,175.79
COST OF GOODS SOLD
ADD: BEG. INVENTORY 173,500.00
PURCHASES 149,000.00
LESS: PURCHASE DISCOUNT - 322,500.00
TGAS 322,500.00
LESS: END. INVENTORY 213,834.00 108,666.00
GROSS PROFIT 41,509.79
LESS:
EXPENSES 32,098.00
INCOME BEFORE TAX 9,411.79
TAX 2,823.54
NET INCOME 6,588.25
SUMMER CLASS TECH COMPANY
AP SUBSIDIARY LEDGER
TOTALS 79,535.81
NO. CUSTOMER DATE TRANSACTED DEBIT CREDIT BALANCE
1 ASD 12/23/18 22,250.00 22,250.00 -
2 FGH 12/25/18 21,750.00 21,750.00 -
3 JKL 12/28/18 15,380.00 15,380.00 -
4 ZXC 12/29/18 28,620.00 28,620.00 -
5 VBN 1/8/2019 23,000.00 23,000.00 -
6 VBN 1/8/2019 4,500.00 4,500.00 -
7 VBN 1/8/2019 1,300.00 1,300.00 -
8 various 1/10/2019 - -
9 QWE 1/20/2018 41,428.57 41,428.57
10 QWE 1/20/2018 12,105.26 12,105.26
11 QWE 1/20/2019 5,731.71 5,731.71
12 various 1/23/2019 - -
13 RTY 1/27/2019 20,270.27 20,270.27
14 0 -
15 0 -
16 -
17
18
19
20
TERMS SUMMARY
2/10,N/30
1/10,N/30
2/15,N/30
3/5,N/30
2/10,n/30
2/10,n/30
2/10,n/30
COD
N/30
N/30
N/30
COD
2/10,n/30