Exhibit 1 Account Formula 400 SS Inc. Trial Balance as of June 30, 2024 ID Account Description Debit Amt Credit Amt 1005 Cash 1200 Accounts Receivable 1300 Prepaid Deposits 1400 Inventory 1600 Equipment 625,749.89 1,534,912.02 2,749.99 812,500.00 3,589,711.25 1605 Small Tools 175,985.29 1610 Computer & Software 17,730.18 1615 Office Equipment 15,434.44 1700 Depreciation - Equipment 1,457,861.15 2000 2010 Line of Credit 2300 2400 Accounts Payable Current Portion of LT Debt Equipment Loan 798,546.01 100,561.32 102,512.39 1,309,596.89 3300 Common Shares 3400 Retained Earnings 300.00 2,311,402.62 4200 Revenues 4,356,123.79 4205 Other Revenues 5000 Material 1,393,959.89 99,875.15 5200 Labour 1,524,643.15 5205 Insurance 61,987.68 5250 Rent 60,000.00 5300 Utilities 145,891.00 5330 Maintenance & Supplies 21,769.81 5400 Office Supplies 13,833.05 5410 Marketing 7,525.15 5425 Automotive Expenses 14,759.62 5430 Travel Expenses 16,801.38 5550 Accounting & Legal Fees 25,125.79 5560 Consultant/Professional 20,719.22 5610 Benefits 102,063.47 5680 Income Tax Expenses 5700 Interest and Bank Charges 84,560.99 5850 Depreciation Expense 115,890.87 5901 Repairs & Maintenance Equipment 152,475.19 Total: 10,536,779.32 10,536,779.32 6 Page 1. Taxes Rates as follows: Under $500,000 rate is 15.5% Formula 400 SS Inc. Notes to Financial Statements From $500,001 to $1,000,000 rate is 22.5% From $1,000,001 to $1,500,000 rate is 27.5% 2. Other Revenue: Sales of scrap material that is made by parts that are not acceptable to be shipped.
Exhibit 1 Account Formula 400 SS Inc. Trial Balance as of June 30, 2024 ID Account Description Debit Amt Credit Amt 1005 Cash 1200 Accounts Receivable 1300 Prepaid Deposits 1400 Inventory 1600 Equipment 625,749.89 1,534,912.02 2,749.99 812,500.00 3,589,711.25 1605 Small Tools 175,985.29 1610 Computer & Software 17,730.18 1615 Office Equipment 15,434.44 1700 Depreciation - Equipment 1,457,861.15 2000 2010 Line of Credit 2300 2400 Accounts Payable Current Portion of LT Debt Equipment Loan 798,546.01 100,561.32 102,512.39 1,309,596.89 3300 Common Shares 3400 Retained Earnings 300.00 2,311,402.62 4200 Revenues 4,356,123.79 4205 Other Revenues 5000 Material 1,393,959.89 99,875.15 5200 Labour 1,524,643.15 5205 Insurance 61,987.68 5250 Rent 60,000.00 5300 Utilities 145,891.00 5330 Maintenance & Supplies 21,769.81 5400 Office Supplies 13,833.05 5410 Marketing 7,525.15 5425 Automotive Expenses 14,759.62 5430 Travel Expenses 16,801.38 5550 Accounting & Legal Fees 25,125.79 5560 Consultant/Professional 20,719.22 5610 Benefits 102,063.47 5680 Income Tax Expenses 5700 Interest and Bank Charges 84,560.99 5850 Depreciation Expense 115,890.87 5901 Repairs & Maintenance Equipment 152,475.19 Total: 10,536,779.32 10,536,779.32 6 Page 1. Taxes Rates as follows: Under $500,000 rate is 15.5% Formula 400 SS Inc. Notes to Financial Statements From $500,001 to $1,000,000 rate is 22.5% From $1,000,001 to $1,500,000 rate is 27.5% 2. Other Revenue: Sales of scrap material that is made by parts that are not acceptable to be shipped.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Exhibit 1
Account
Formula 400 SS Inc.
Trial Balance as of June 30, 2024
ID
Account Description
Debit Amt
Credit Amt
1005
Cash
1200
Accounts Receivable
1300
Prepaid Deposits
1400
Inventory
1600
Equipment
625,749.89
1,534,912.02
2,749.99
812,500.00
3,589,711.25
1605
Small Tools
175,985.29
1610
Computer & Software
17,730.18
1615
Office Equipment
15,434.44
1700
Depreciation - Equipment
1,457,861.15
2000
2010
Line of Credit
2300
2400
Accounts Payable
Current Portion of LT Debt
Equipment Loan
798,546.01
100,561.32
102,512.39
1,309,596.89
3300
Common Shares
3400
Retained Earnings
300.00
2,311,402.62
4200
Revenues
4,356,123.79
4205
Other Revenues
5000
Material
1,393,959.89
99,875.15
5200
Labour
1,524,643.15
5205
Insurance
61,987.68
5250
Rent
60,000.00
5300
Utilities
145,891.00
5330
Maintenance & Supplies
21,769.81
5400
Office Supplies
13,833.05
5410
Marketing
7,525.15
5425
Automotive Expenses
14,759.62
5430
Travel Expenses
16,801.38
5550
Accounting & Legal Fees
25,125.79
5560
Consultant/Professional
20,719.22
5610
Benefits
102,063.47
5680
Income Tax Expenses
5700
Interest and Bank Charges
84,560.99
5850
Depreciation Expense
115,890.87
5901
Repairs & Maintenance Equipment
152,475.19
Total:
10,536,779.32 10,536,779.32
6 Page
1. Taxes Rates as follows:
Under $500,000 rate is 15.5%
Formula 400 SS Inc.
Notes to Financial Statements
From $500,001 to $1,000,000 rate is 22.5%
From $1,000,001 to $1,500,000 rate is 27.5%
2. Other Revenue: Sales of scrap material that is made by parts that are not acceptable to be
shipped.
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