Sandifer's Accounting Service, Inc. | |||
Trial Balance | |||
For the year ended 12/31/19 | |||
Accounts | Debit | Credit | |
Cash | $ 156,500 | ||
Accounts Recieveable | 116,650 | ||
Allowance for Doubtful Accounts | $ 51,250 | ||
Supplies | 2,950 | ||
Prepaid Insurance | 1,700 | ||
Building | 260,000 | ||
Equipment | 125,000 | ||
Land | 111,500 | ||
Accumulated Depreciation | 167,000 | ||
Investment in Bonds held to Maturity | 24,000 | ||
Accounts Payable | 5,650 | ||
Current Maturity of Note Payable | 3,000 | ||
Note Payable | 170,000 | ||
Unearned Revenue | 2,000 | ||
Interest Payable | 1,500 | ||
Salaries Payable | 1,950 | ||
Common stock | 49,100 | ||
Retained earnings | 100,000 | ||
Service Revenue | 488,700 | ||
Advertising Expense | 6,000 | ||
Depreciation Expense | 55,600 | ||
Insurance Expense | 5,800 | ||
Interest Expense | 1,800 | ||
Rent Expense | 6,700 | ||
Salaries Expense | 155,000 | ||
Supplies Expense | 2,200 | ||
Travel Expense | 550 | ||
Utilities Expense | 6,200 | ||
Loss on Sale of Equipment | 2,000 | ||
Total | $ 1,040,150 | $ 1,040,150 |
Particulars | in $ | in $ | |
Cash | 156,500 | ||
Accounts Recieveable | 116,650 | ||
Allowances for doubtful debts | (51,250) | 65,400 | |
Supplies | 2,950 | ||
Prepaid Insurance | 1,700 | ||
Building | 260,000 | ||
Equipment | 125,000 | ||
Land | 111,500 | ||
(-) Accumulated Depreciation | (167,000) | 329,500 | |
Investment in Bonds held to Maturity | 24,000 | ||
Total Assets | 580,050 | ||
Revenue | 488,700 | ||
Larger of Total Assets or Total Revenue | $580,050 | ||
1) | Planning Materility | ||
a. BASE AMOUNT (larger of total revenue or total assets) | $580,050 | ||
Total Revenue | $488,700 | ||
Total Assets | $580,050 | ||
b. PLANNING MATERIALITY CALCULATION | |||
$7500+(.01 * $580050) = $13300.50 | |||
Round amount to $13000 | |||
2) | Tolerable Misstatement | ||
Planning Materiality Amount | Factor | Tolerable Misstaemnt | |
$13,000.00 | 0.75 | 9750 |
Sandifer's Accounting Service, Inc. Trial Balance For the year ended 12/31/19 Accounts Debit Credit Cash $ ...
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