Gray Company
Worksheet
For the Year Ended December 31, 2019
Trial Balance
Debit
Credit
72,000
331,000
48,000
125,000
170,000
850,000
230,000
620,000
106,000
550,000
143,000
Adjustments
Debit
Credit
Adj Trial Balance
Debit
72,000
331,000
b. 12,000
36,000
c. 53,000
72,000
170,000
850,000
d. 15,000
620,000
e. 18,000
Cash
Accounts receivable
Prepaid insurance
Supplies
Land
Building
Acc Depr.-building
Computer Equipment
Acc Depr.- computer equipment
Notes payable
Accounts payable
Salaries payable
f. 72,000
Interest payable
a. 23,000
Utilities payable
g. 9,000
Unearned Computer-Aided Design Revenue
h. 30,000
Mortgage payable
470,000
Gray, Capital
310,000
Gray, Withdrawal
250,000
250,000
Computer-Aided Design Revenue
1,470,000 h. 30,000
Salaries expense
813,000
f. 72,000
885,000
Insurance expense
b. 12,000
12,000
Supplies expense
c. 53,000
53,000
Depreciation expense-building
d. 15,000
15,000
Depreciation expense-computer equip
e. 18,000
18,000
Utilities expense
g. 9,000
9,000
Interest expense
a. 23,000
23,000
Totals
3,279,000 3,279,000 232,000 232,000 3,416,000
Profit
Adjusting entries
a. Interest expense
Interest payable
23,000
b. Insurance expense
12,000
23,000 R
For the Year Ended Dece
Prepaid insurance
12,000
c. Supplies expense
Supplies
53,000
d.
Depreciation expense-building
Acc depr-building
15,000
Depreciation expense-Comp. Equip
Acc depr - Com Equip
18,000
Salaries expense
Salaries payable
72,000
e.
f.
g.
h.
Utilities expense
Utilities payable
53,000
15,000
18,000
72,000 R
Statement of Changes in
For the Year Ended Dece
9,000
Computer-Aided Design Revenue
30,000
Unearned Computer-Aided Design Rev
8 pts adjusting entries
1
Work sheet trial balance total
1
Worksheet adjustment total
1
Worksheet adjusted trial balance total
1
Worksheet Profit of 425,000
1
Worksheet Balance sheet total
5
Income statement, Presentation
5
Statement of Changes in Equity
5
Balance sheet
28 points total
Computer-Aided Design Revenue
Less Expenses:
Salaries expense
Insurance expense
Supplies expense
Depreciation expense-building
Depreciation expense-comput
Utilities expense
Interest expense
Total
Profit
9,000 R
30,000 R
Gray Capital Jan 1, 2019
Add: Profit
Total
Less Withdrawal
Gray Capital Dec. 31, 2019
mber 31, 2019
Adj Trial Balance
Credit
Income Statement
Debit
Credit
245,000
124,000
550,000
143,000
72,000
23,000
9,000
30,000
470,000
310,000
Balance Sheet
Debit
Credit
72,000
331,000
36,000
72,000
170,000
850,000
245,000
620,000
124,000
550,000
143,000
72,000
23,000
9,000
30,000
470,000
310,000
250,000
1,440,000
###
885,000
12,000
53,000
15,000
18,000
9,000
23,000
3,416,000
###
425,000
###
### 2,401,000 1,976,000
425,000
### 2,401,000 2,401,000
Gray Company
Income Statement
For the Year Ended December 31, 2019
1 pt
r-Aided Design Revenue
Salaries expense
Insurance expense
Supplies expense
Depreciation expense-building
Depreciation expense-computer equip
Utilities expense
Interest expense
1,440,000 1 pt
885,000
12,000
53,000
15,000
18,000
9,000
23,000
1,015,000 1 pt
425,000 2 pts
Gray Company
Statement of Changes in Equity
1 pt
For the Year Ended December 31, 2019
ital Jan 1, 2019
ital Dec. 31, 2019
310,000
425,000
735,000 1 pt
250,000 1 pt
485,000 2 pts
Gray Company
Balance Sheet
December 31,, 2019
1 pt
Assets
Current Assets
Cash
Accounts receivable
Prepaid insurance
Supplies
Total Current Assets
Non-Current Assets
Land
Building
Acc Depr.-building
Computer Equipment
Acc Depr.- computer equipment
Total Non-current Assets
Total Assets
Closing entries
2019
Dec 31
72,000
331,000
36,000
72,000
511,000 1 pt
170,000
850,000
245,000
620,000
124,000
605,000
496,000
1,271,000 1 pt
1,782,000
Liabilities
Current Liabilities
Notes payable
Accounts payable
Salaries payable
Interest payable
Utilities payable
Unearned Computer-Aided Design Revenue
Total Current Liabilities
Long-term Liability
Mortgage payable
Total Liabilities
550,000
143,000
72,000
23,000
9,000
30,000
827,000 1 pt
470,000
1,297,000
Owner"s Equity
Total Liabilities and Owner's Equity
485,000
1,782,000 1 pt
Closing entries
Computer-Aided Design Revenue
Income Summary
1,440,000
1,440,000
Income Summary
1,015,000
Salaries expense
Insurance expense
Supplies expense
Depreciation expense-building
Depreciation expense-comp equip
Utilities expense
Interest expense
885,000
12,000
53,000
15,000
18,000
9,000
23,000
Income Summary
Gray, Capital
425,000
425,000
Gray, Capital
Gray Withdrawal
250,000
250,000
Gray Company
Post-Closing Trial Balance
December 31, 2019
Cash
Accounts receivable
Prepaid insurance
Supplies
Land
Building
Acc Depr.-building
Computer Equipment
Acc Depr.- computer equipment
Notes payable
Accounts payable
Salaries payable
Interest payable
Utilities payable
Unearned Computer-Aided Design Revenue
Mortgage payable
Gray, Capital
72,000
331,000
36,000
72,000
170,000
850,000
245,000
620,000
2,151,000
124,000
550,000
143,000
72,000
23,000
9,000
30,000
470,000
485,000
2,151,000