Answer Happy

Good Valor Corporation Worksheet As of December 31, 2021 Cash Accounts Receivable Allowance for Doubtful Accounts Receivable from Highest Bidder Inventories Store Supplies Office Supplies Store Furniture and Fixtures Accumulated Depreciation - Store Furniture and Fixtures Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Salaries Payble Unearned Sales Cash Dividends Payable - preference Cash Dividends Payable - ordinary 12% Preference Share Capital Subscribed Share Capital - preference Subscriptions Receivable - preference Ordinary Share Capital Subscribed Share Capital - ordinary Subscriptions Receviable - ordinary Share Premium - preference Share Premium - ordinary Share Premium - treasury shares Accumulated Profits - Free Accumulated Profits - Appropriated for Treasury Shares Treasury Shares - ordinary (8,000 shares at cost) Sales Purchases Store Salaries Expense Store Supplies Expense Depreciation Expense - Store Furniture and Fixtures Miscellaneous Distribution Costs Office Salaries Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense - Office Equipment Doubtful Accounts Expense Miscellaneous Administrative Expenses Income Summary Totals Net Income Totals Unadjusted Trial Balance Debit Credit 1,530,000.00 480,000.00 280,000.00 36,000.00 42,000.00 550,000.00 450,000.00 60,000.00 200,000.00 84,000.00 3,110,000.00 560,000.00 22,000.00 660,000.00 540,000.00 360,000.00 582,000.00 38,000.00 128,000.00 240,000.00 120,000.00 1,240,000.00 400,000.00 100,000.00 176,000.00 18,000.00 5,998,000.00 Adjusting Entries Credit Debit 260,000.00 280,000.00 24,000.00 29,400.00 32,000.00 84,000.00 38,400.00 30,000.00 24,000.00 88,000.00 29,400.00 45,000.00 38,400.00 88,000.00 45,000.00 30,000.00 465,200.00 84,000.00 32,000.00 Adjusted Trial Balance Debit Credit 1,530,000.00 480,000.00 260,000.00 12,000.00 12,600.00 550,000.00 450,000.00 60,000.00 200,000.00 84,000.00 3,110,000.00 590,000.00 24,000.00 88,000.00 22,000.00 660,000.00 38,400.00 540,000.00 360,000.00 88,000.00 45,000.00 582,000.00 30,000.00 96,000.00 3,110,000.00 590,000.00 24,000.00 88,000.00 22,000.00 660,000.00 540,000.00 360,000.00 29,400.00 29,400.00 45,000.00 45,000.00 38,400.00 38,400.00 38,000.00 38,000.00 745,200.00 485,200.00 485,200.00 260,000.00 9,002,000.00 9,002,000.00 1,376,000.00 1,376,000.00 9,668,600.00 9,668,600.00 6,030,000.00 240,000.00 120,000.00 1,240,000.00 400,000.00 100,000.00 176,000.00 18,000.00 381,200.00 84,000.00 6,030,000.00 Income Statement Debit Credit 6,030,000.00 Balance Sheet Debit 1,530,000.00 480,000.00 260,000.00 12,000.00 12,600.00 550,000.00 450,000.00 60,000.00 200,000.00 6,030,000.00 3,554,600.00 6,030,000.00 6,030,000.00 3,554,600.00 Credit 38,400.00 88,000.00 45,000.00 582,000.00 30,000.00 96,000.00 240,000.00 120,000.00 1,240,000.00 400,000.00 100,000.00 176,000.00 18,000.00 3,173,400.00 381,200.00 3,554,600.00