Adrift Kayak Sales Services Chart of Accounts as of Decembe

Adrift Kayak Sales & Services Chart of Accounts as of December 31, 20XX Account Description Balance Account # 2100 5850 1200 1820 2310 5615 1060 2160 3350 2180 5020 5660 3600 1725 5900 2190 3560 2150 1250 5770 4020 5775 7900 Accounts Payable Insurance Expense Accounts Receivable Accumulated Depreciation Note Payable Advertising Expense Cash Income Tax Payable Common Stock Interest Payable Cost of Goods sold Depreciation Expense Dividends Equipment Interest Expense Dividends Payable Retained Earnings Salaries Pavable Inventory Salaries Expense Sales Revenue Supplies Expense Income Tax Expense 65,251 4,426 $356,420 71,415 $213,080 34,963 92,625 79,434 60,000 162 $235,834 15,082 5,400 $428,154 162 5,400 $247,716 27,044 $125,205 $220,541 $893,659 64,915 79,434 Total $ 3,326,322

Solution

1 Sales revenue 893659 Expenses: Insurance expense 4426 Advertising expense 34963 Cost of goods sold 235834 Depreciation expense 15082 Interest expense 162 Salaries expense 220541 Supplies expense 64915 Income tax expense 79434 Total expenses 655357 Net income 238302 2 Ending retained earnings = 247716+238302-5400= $480618 3 Cash 92625 Accounts Receivable 356420 Inventory 125205 Equipment 428154 Less: Accumulated depreciation -71415 Total assets 930989