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Drift-Ink Printing Business Report 2017

1) The document reports the operation of a drift-ink printing business on October 25, 2017 including a trial balance, income statement, statement of changes in equity, and balance sheet. 2) It shows the business had sales of $57,500 and net income of $23,175 for the period. 3) The balance sheet lists total assets of $133,333 including cash, inventory, computer equipment, xerox machine, and printer machine, with total equity also at $133,333.

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7 views7 pages

Drift-Ink Printing Business Report 2017

1) The document reports the operation of a drift-ink printing business on October 25, 2017 including a trial balance, income statement, statement of changes in equity, and balance sheet. 2) It shows the business had sales of $57,500 and net income of $23,175 for the period. 3) The balance sheet lists total assets of $133,333 including cash, inventory, computer equipment, xerox machine, and printer machine, with total equity also at $133,333.

Uploaded by

CloudKielGuiang
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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REPORTS ON OPERATION OF DRIFT-INK PRINTING BUSINESS ON 10/25/27

BALANCING ACCOUNT:

CASH CASH
(1) 70,000 (2) 23,000 (1) 70,000 (2) 23,000
(7) 57,500 (3) 15,000 (7) 57,500 (3) 15,000
(8) 5,275 (4) 7,000 (8) 5,275 (4) 7,000
(9) 40,125 (5) 1,950 (9) 40,125 (5) 1,950
(6) 22,650 (6) 22,650
TOTAL 172,900 TOTAL 69,600
BALANCE ₱ 103,300

EQUITY EQUITY
(1) 70,000 (1) 70,000
(9) 40,125 (9) 40,125
BALANCE ₱ 110,125

COMPUTER EQUIPTMENT COMPUTER EQUIPTMENT


(2) 23,000 (2) 23,000

BALANCE ₱ 23,000

XEROX MACHINE XEROX MACHINE


(3) 15,000 (3) 15,000

BALANCE ₱ 15,000

PRINTER MACHINE PRINTER MACHINE


(4) 7,000 (4) 7,000

BALANCE ₱ 7,000
UTILITIES EXPENSE UTILITIES EXPENSE
(5) 1,950 (5) 1,950

BALANCE ₱ 1,950

PURCHASES PURCHASES
(6) 22,650 (6) 22,650

BALANCE ₱ 22,650

SALES REVENUE SALES REVENUE


(7) 57,500 (7) 57,500

BALANCE ₱ 57,500

INVENTORY INVENTORY
(10) 5,275 (10) 5,275

BALANCE ₱ 5,275
DRIFT-INK BUSINESS

TRIAL BALANCE

NOVEMBER 25, 2017

Balance
Debit Credit
Cash
₱ 103,300
Computer Equipment
23,000
Xerox Machine
15,000
Printer Machine
7,000
Purchases
22,650
Inventory, beg.
0
Inventory, end
₱ 5,275
Paid in Capital
110,125
Sales Revenue
57,500
Utilities Expense
1,950
Total
₱ 172,900 ₱ 172,900
ADJUSTING PROCESS

Depreciation Expense-Computer Equip. Accumulated Depreciation-Computer


7,667 Equip.

7,667

Depreciation Expense- Xerox Machine Accumulated Depreciation- Xerox


5,000 Machine

5,000

Depreciation Expense- Printer Accumulated Depreciation- Printer


Machine Machine
2,333
2,333
DRIFT-INK PRINTING BUSINESS

INCOME STATEMENT

AS OF NOVEMBER 25, 2017

Sales ₱ 57,500

Less: Cost of Sales

Beginning Inventory 0

Purchases 22,650

Goods Available For Sale 22,650

Ending Inventory 5,275 17,375

Gross Profit ₱ 40,125

Utilities Expense 1,950

Depreciation Expense-Computer Equipment 7,667

Depreciation Expense-Xerox Machine 5,000

Depreciation Expense-Printer Machine 2,333 16,950

Profit ₱ 23,175
DRIFT-INK PRINTING BUSINESS

STATEMENT OF CHANGES IN EQUITY

AS OF NOVEMBER 25, 2017

DRIFT OWNERS EQUITY ₱ 110,125

ADD: PROFIT 23,175

DRIFT OWNERS EQUITY ₱ 133,300


DRIFT-INK PRINTING BUSINESS

BALANCE SHEET

NOVEMBER 25, 2017

ASSETS

Current assets:

Cash ₱ 103,300

Inventories 0

Total current assets ₱ 103,300

Net fixed assets

Computer Equipment 15,333

Xerox Machine 10,000

Printer Machine 4,667

Total net fixed assets ₱ 30,000

Total assets ₱ 133,333

TOTAL LIABILITIES AND EQUITY

Drift, Owners Equity ₱ 133,333

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