Miss Fortune Cupcakes

Worksheet
For the year ended Dec. 31, 2019
Accounts Unadjusted Trial Balance Adjustments
Debit Credit Debit
Cash 940,500.00
Account Receivable 50,000.00
Allowance for Doubtful Accounts -
Notes Receivable 100,000.00
Interest Receivable - 10,000.00
Merchandise Inventory 80,000.00
Prepaid Rent 120,000.00
Property, Plant and Equipment 2,600,000.00
Accumulated Depreciation -
Account Payable 37,000.00
Notes Payable 200,000.00
Salaries Payable -
Unearned Income 100,000.00 100,000.00
Fortune, Capital 2,868,500.00
Fortune, Drawing 50,000.00
Sales 800,000.00
Sales Returns and Allowances 10,000.00
Rent Income -
Interest Income -
Purchases 50,000.00
Purchases Returns -
Freight In 5,000.00
Salaries Expense - 200,000.00
Rent Expense - 30,000.00
Bad Debt Expense - 60,000.00
Depreciation Expense - 90,000.00
4,005,500.00 4,005,500.00 490,000.00
 Miss Fortune Cupcakes
Worksheet
the year ended Dec. 31, 2019
Adjustments Adjusted Trial Balance Income Statement
Credit Debit Credit Debit Credit
940,500.00
50,000.00
60,000.00 60,000.00
100,000.00
10,000.00
80,000.00
30,000.00 90,000.00
2,600,000.00
90,000.00 90,000.00
37,000.00
200,000.00
200,000.00 200,000.00
-
2,868,500.00
50,000.00
800,000.00 800,000.00
10,000.00 10,000.00
100,000.00 100,000.00 100,000.00
10,000.00 10,000.00 10,000.00
50,000.00 50,000.00
- -
5,000.00 5,000.00
200,000.00 200,000.00
30,000.00 30,000.00
60,000.00 60,000.00
90,000.00 90,000.00
490,000.00 4,365,500.00 4,365,500.00 445,000.00 910,000.00
Inventory, beg 100,000.00 80,000.00 Inventory,end
545,000.00 990,000.00
Net Income 445,000.00
NATURAL FORM
Miss Fortune Cupcakes
Income Statement
For the year ended Dec. 31, 2019

Revenues
Sales 800,000.00
Rent Income 100,000.00
Interest Income 10,000.00
Purchases Returns and Allowances -
Merchandise Inventory, ending 80,000.00 990,000.00

Expenses
Merchandise Inventory, beginning 100,000.00
Sales Returns and Allowances 10,000.00
Sales Discounts -
Purchases 50,000.00
Freight In 5,000.00
Salaries Expense 200,000.00
Rent Expense 30,000.00
Bad Debt Expense 60,000.00
Depreciation Expense 90,000.00 545,000.00
NET INCOME 445,000.00
 UNADJUSTED ADJUSTMENTS

Debit Credit Debit

Cash 500,000.00
Account Receivable 80,000.00
Allowance for Doubtful Accounts -
Merchandise Inventory 120,000.00
Supplies 12,000.00
Prepaid Insurance 160,000.00
Equipment 1,200,000.00
Accumulated Depreciation -
Account Payable 37,000.00
Salaries Payable -
Unearned Rent 100,000.00 60,000.00
Joker, Capital 1,420,000.00
Joker, Drawing 50,000.00
Sales 800,000.00
Sales Returns and Allowances 10,000.00
Rent Income -
Purchases 220,000.00
Purchases Returns -
Freight In 5,000.00
Salaries Expense - 28,000.00
Supplies Expense - 9,200.00
Insurance Expense - 120,000.00
Doubtful Accounts Expense - 13,200.00
Depreciation Expense - 150,000.00
2,357,000.00 2,357,000.00 380,400.00
 ADJUSTED INCOME STATEMENT

Credit Debit Credit Debit Credit

500,000.00
80,000.00
13,200.00 13,200.00
120,000.00
9,200.00 2,800.00
120,000.00 40,000.00
1,200,000.00
150,000.00 150,000.00
37,000.00
28,000.00 28,000.00
40,000.00
1,420,000.00
50,000.00
800,000.00 800,000.00
10,000.00 10,000.00
60,000.00 60,000.00 60,000.00
220,000.00 220,000.00
- -
5,000.00 5,000.00
28,000.00 28,000.00
9,200.00 9,200.00
120,000.00 120,000.00
13,200.00 13,200.00
150,000.00 150,000.00
380,400.00 2,548,200.00 2,548,200.00 555,400.00 860,000.00
MI,beg 75,000.00 120,000.00 MI,end
630,400.00 980,000.00
349,600.00 Net income
 Revenues
Sales 800,000.00
Rent Income 60,000.00
Purchases Returns -
MI, Ending 120,000.00 980,000.00

Expenses
MI, beg 75,000.00
Sales Returns 10,000.00
Purchases 220,000.00
Freight In 5,000.00
Salaries Expense 28,000.00
Supplies Expense 9,200.00
Insurance Expense 120,000.00
Doubtful Accounts Expense 13,200.00
Depreciation Expense 150,000.00 630,400.00
349,600.00

Net income
 UNADJUSTED ADJUSTMENTS
Debit Credit Debit Credit
Cash 940,500.00
Account Receivable 80,000.00
Allowance for Doubtful Accounts - 8,000.00
Notes Receivable 240,000.00
Interest Receivable - 8,000.00
Merchandise Inventory 100,000.00
Supplies 14,800.00 10,400.00
Prepaid Rent 360,000.00 180,000.00
Building 1,000,000.00
Accumulated Depreciation - 55,000.00
Account Payable 37,000.00
Notes Payable 200,000.00
Salaries Payable - 49,800.00
Unearned Rent 120,000.00 100,000.00
Accrued Liabilities 0.00  10,980.00
Syndra, Capital 1,863,300.00
Syndra, Drawing 50,000.00
Sales 800,000.00
Sales Returns and Allowances 10,000.00
Rent Income - 100,000.00
Interest Income - 8,000.00
Purchases 220,000.00
Purchases Returns -
Freight In 5,000.00
Salaries Expense - 49,800.00
Rent Expense - 180,000.00
Supplies Expense - 10,400.00
Utilities Expense - 10,980.00
Doubtful Accounts Expense - 8,000.00
Depreciation Expense - 55,000.00
3,020,300.00 3,020,300.00 422,180.00 422,180.00
ADJUSTED INCOME STATEMENT
Debit Credit Debit Credit
940,500.00
80,000.00
8,000.00
240,000.00
8,000.00
100,000.00
4,400.00
180,000.00
1,000,000.00
55,000.00
37,000.00
200,000.00
49,800.00
20,000.00
10,980.00
1,863,300.00
50,000.00
800,000.00 800,000.00
10,000.00 10,000.00
100,000.00 100,000.00
8,000.00 8,000.00
220,000.00 220,000.00
- -
5,000.00 5,000.00
49,800.00 49,800.00
180,000.00 180,000.00
10,400.00 10,400.00
10,980.00 10,980.00
8,000.00 8,000.00
55,000.00 55,000.00
3,152,080.00 3,152,080.00 549,180.00 908,000.00
MI,beg 90,000.00 100,000.00 MI, end
639,180.00 1,008,000.00
368,820.00 net income