Imymemine

In: Business and Management

Submitted By elisabeth94
Words 1643
Pages 7
Green Co. is a business entity whose primary operation is selling its cows. Aside from that, the company produces milk on its farms. In fact, the entity produces 20% of the community’s milk that is consumed.
The following items are from the company’s trial balance on December 31, 2015.

GREEN COMPANY
Trial Balance
December 31, 2015

| | DEBIT | | CREDIT | | | | | | Petty Cash Fund | | 20,000 | | | Cash in Bank | | 5,484,712 | | | Accounts Receivable | | 2,500,000 | | | Less: ADA (debit balance) | ???? | | | Trading Securities | | 350,500 | | | Other Receivables | | 139,750 | | | Inventory | | 3,600,000 | | | Notes Receivable | | 7,905,200 | | | Biological Assets | | 40,100,000 | | | Land | | 10,000,000 | | | Land Improvement | | 2,300,000 | | | Less: Accumulated Depreciation | | | 2,100,000 | Building | | 25,000,000 | | | Less: Accumulated Depreciation | | | 13,500,000 | Equipment | | 2,900,000 | | | Less: Accumulated Depreciation | | | 290,000 | Machine | | 37,450 | | | Less: Accumulated Depreciation | | | 0 | Accounts Payable | | | | 22,068,000 | Notes Payable | | | | 6,780,400 | Salaries and Wages Payable | | | | 779,015 | Loan Payable | | | | 5,000,000 | Common Stock (P 100 par) | | | | ?????? | Retained Earnings | | | | 15,000,000 | COGS | | 5,000,000 | | | Salaries Expense | | 1,067,680 | | | Rent Expense | | 75,000 | | | Advertising Expense | | 89,000 | | | Repairs and Maintenance Expense | 270,000 | | | Transportation Expenses | | 120,000 | | | Utilities Expense | | 500,000 | | | Interest Expense | | 230,000 | | | Insurance Expense | | 240,000 | | | Bank Charges | | 20,000 | | | Loss on Sale of Machine | | 37,450 | | | Other Losses | |…...

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