minicase 1 272183
Jefferson Jerome is interested in purchasing “Art Specialists, Inc.”, an auction house. The company receives the right to sell art, but not to purchase the art themselves, for a 5% commission. Art Specialists rents office space and holds its auctions at local hotels.
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minicase 1 272183
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Art Specialists, Inc.
Unadjusted Trial Balance
|
December 31, 2009 Cash |
$ 65,000.00 |
||
|
Accounts receivable |
$ 36,000.00 |
||
|
Supplies |
$ 8,000.00 |
||
|
Equipment |
$ 53,000.00 |
||
|
Accumulated Depreciation |
$ 14,500.00 |
||
|
Accounts payable |
$ 5,600.00 |
||
|
Dividends |
$ 50,000.00 |
||
|
Capital stock |
$ 25,000.00 |
||
|
Retained earnings |
$ 84,900.00 |
||
|
Commission income |
$ 250,000.00 |
||
|
Rent Expense |
$ 20,000.00 |
||
|
Wages Expense |
$ 70,000.00 |
||
|
Auction Expenses |
$ 56,000.00 |
||
|
Depreciation Expenses |
$ 7,000.00 |
||
|
Membership Expenses |
$ 6,000.00 |
||
|
Supplies Expense |
$ 9,000.00 |
||
|
TOTAL |
$ 380,000.00 |
$ 380,000.00 |
|
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