KEY TO THE 'HOLESALE SET BUDGET i'8 BOOKKEEPING AND ACCOUNTANCY BY H. ML EOWE. PH..D, This key teaser and must not be gwen * Return it to jfte publish&r wlim no longer required THE H. M. ROWP3 CO. BA.LTIMOBE, MD, o H EDUCATION DEFt/ INDEX TO COMPLEMENTARY WORK Exercise. Date Called For. Page. Adjusting Balances between Partners, Exercises in Mar 22 90 Adjustment of Interest between Partners Adjustment of Losses, Grains, Investments, etc., between Partners Mar. 25 Mar 18 89 90 Administrative and General Expenses Feb 1 70-71 Calculating Discounts, Exercises in Jan 15 61 Calculating Discounts Exercises in Mar 14 87 Expense Accounts, Exercises in Analysis of Feb 10 76-78 Insurance Account, Exercises in Jan 7 56-59 Merchandise Account, Exercises in Feb. 5 72-75 Merchandise Accounts, Exercises in Mar 4 86-87 Merchandise Accounts, Exercises in Analysis of . Merchandise Discounts, Exercises in Mar. 7 Jan. 14 87 60-61 Notes and Drafts, Exercises in Entries for . Feb 19 79-80 Opening Double Entry Books, Exercises in Jan. 24 61-62 Opening Double Entry Books, Exercises in. . Mar 16 88-89 Preparing Statements, Exercises in Jan. 31 1. James S. Reese & Co 63-64 2 Thomas A Woods & Co 65-66 3. Johnson & Clark 67-68 Percentage Analysis of State- ments 69 Preparing Statements, Exercises in Feb. 28 1. The Wallace Co 82-83 2. C. B. Martin & Co 84-85 Percentage Analysis of State- ments 86 86 Preparing Statements, Exercises in. . . . Mar. 31 1. Harold Wayne 91 2. H. M. Grayson 92 3. M. Grace 93 4. Rowe Bros. 94-95 Proprietor's and Partner's Personal Accounts, Exercises in 61 Selling Expense, Exercises in Analysis of 81 Warehouse Supplies Account, Exercises in 59-60 NOTE TO TEACHER The items which are starred in the March work are those items which vary when the varied price lists are used. Items not starred do not vary. 2\. ::':'.:' ! : ; p to o o 4."* ' CO <^ CD S S OS to ^D ^D ^D t^* I s * iO t^ O O to (M TH 00 00 ,0 d to oo co C3 CO OS OS to to CO (M O rH rH CO T^H ^^ O^ O^ C^ t>* iO (N t^ fH rH 00 CO O TfH O rH rH * tO rH O ^g^coooSg ^ Tj< IO CO CO 00 OS t>- rH rH rH .tOi>.OOOOOOCO rH ' rH O OO O O O to Tj< O !> (M O to CO (N O OS CO to CO CO to CO ^ rH CO CO CO rH rH rH rH C<1 (N (M CO CO rH CO a tO CD CO CO rH I 1 tO O O I s "- O ^ O C- CO rH tO ^ rH (M (M t^ !>. 00 OS rH rH rH i 1 * t^ t^ 00 OS rH rH rH rH rH O O CO t^ CO t>- rH i ^** CD C^l t^* CO ^^ CO 00 CO f^ ^H to to to 00 O OS rH d C^ rH r-5 rH CO CO CO ^ rH rH rH (M -H^ IO IO , d C^ *O CO O CO CO rH ^ OO O5 iO to C^ rH rH - t>. oo oo ^ CO ^ to CO t- t- t- s 02 6 tQ iO ^O t^ O5 Oi ~S~~8"8 S"S"S^~ T^rfiOiOOCOCO^ t-.-lO^fd^OCOrHCO 2 (M gr 10 O b- O CO CO CO CO CO CO CO 888 10 ^ .S O CO o r>. C4 GO 00 00 O PQ 8 S a $ O5 rH * ^^ lO c T T-H IO T-H IO 8 l> *o i i ^ 1 o *o T I T 1 S 3 g : r-H "08 'a J 2| * d .u r~ ^ a *Sa?| o3 o a c3 f*5 & g i i -d rt o -M 1 S S a c b ) O -4-2 0) .. % o g ^ g.^ C "a? g o T C? 1 J 2 o3 O y 05 |I s" tf v M a abili le et & C Leget "-I s .2 a -43 8 ab ill Dunts paya Martin Gi Francis H. . O o3 aw ^ s CO T-H O (N Tt< "t C > C FH a? o3 &3 - o3 1 si > -B s ScS S s '-3 g ^ S a sill n a 03^ O S ^ O ^ <5 fe . ^ -2 V) C "*^ y "H ^ S a S. 2 co" r3 r/5 03 CO T3 o > ^ *s Ii 2 -t3 s d c a l& Q^ M 02 a
...... 635 79 F. M. Repairs & Renewals ........... 34 39 Cost of manufactured product ............... -^Gross trading profit for the month ....... -^Total gross trading profit for the month.. Incomes. Delivery Income ..................... ^Gross Income ............................ Expenses. Selling expenses, Salesman's salary (Ben Myers) ............... 112 50 Advertising ............... 14 50 Entertaining .............. 11 50 Miscellaneous ............. 2 10 Traveling expenses (Ben Myers) ................. 35 90 Freight-Out on Sales ............. 53 52 Delivery expenses Gasoline and oil ...... 40 77 Driver's wages ........ 60 75 Tires and tubes ....... 48 50 Depreciation ......... 53 08 Miscellaneous ......... 9 95 Total selling expenses 140 60 213 05 11472 253 08 11218 92 9385 07 8305 07 6376 29 1833 85 443 07 1928 78 ~3762 63 179 90 3942 53 Continued Page 41. Trading and Profit and Loss Statement Continued. 41 Administrative expenses Office supplies and stationery. ... 29 25 Postage, telegrams & telephone. . 27 80 Salaries of partners 560 Salaries of office help 148 50 Miscellaneous 2 90 General expenses Rent 125 Fuel & light 17 75 Miscellaneous 2 50 ^-Interest Insurance expense F. M. Expense Profit & Loss (Bad debt) -^f Total expenses profit for the month Distribution of profit * James S. Reese, Capital %, 2/5 profit *Wm. T. Harris, Capital %. 1/5 profit *John B. Mason, Capital %, 2/5 profit 768 45 145 25 27 70 8 360 99 100 80 835 31 417 65 835 31 1854 26 2088 27 *2088 27 Percentage Analysis of Statements, March 31, 19 . Combined j Store Analysis j % F. M. 1. Per cent of increase of gross sales 13 .45% 34. 12% 2. Per cent of increase of net returns from sales 13.26% 34.92% 3. Per cent of gross trading profit 23.87% 19.54% 30.25% 4. Per cent of increase of gross trading profit 10.02% 46.38%- 5. Per cent of net trading profit 21 . 06% 6. Per cent of sales returned .36% .62% 7. Per cent of rebates and allowances on sales .30% .25% ! .37% '8. Per cent of increase of gross purchases .09% 9. (a) Per cent of cost of purchases represented by ware- house expenses 1 .96% (b) Per cent of cost of manufactured product represented . by operating expenses 9 .97% 10. Per cent of purchase discounts on purchases .47% 11. Per cent of sales discounts on sales 1 .95% 12. Per cent of net sales required to meet selling expenses... . 2.24% 13. (a) admin, expenses 3 .89% (b) general expenses .74% 14. Per cent of gross trading profit required to meet all ex- penses 49 . 28% (a) selling expenses 11 .78% (b) admin, expenses ! 20.42% (c) general expenses ; 3 .86% 16. Per cent to be added to cost price to meet (a) selling ex- penses. 2.81% (b) admin, expenses 4.88% (c) general expenses .92% 15. Per cent of net profit on capital invested i 5.57% 42 WHOLESALE SET. REGULAR WORK. March. Statement of Resources & Liabilities, March 31, 19 James S. Reese & Co. Resources. -Cash * 13366 98 Petty cash drawer 250 F. M Inventory 638 39 -Notes receivable if Accounts receivable 1747 63 * 5247 99 -Total current resources 21250 99 Comanche flour mill investment 24000 Furniture & fixtures 328 75 Delivery equipment 3185 Less, - Reserve for depreciation 106 16 3078 84 Insurance unexpired premiums 76 95 Sundry resource inventories, Warehouse supplies on hand Expense, books and stationery Interest accrued on notes receivable . . . 18 50 20 2 24 Delivery expense, supplies on hand F. M. Op. expense, supplies on hand 18 50 185 69 -Total resources -48844 27 Liabilities. Notes payable 9000 Sundry liability inventories Expense, salaries unpaid . . . 102 Warehouse labor wages unpaid . . 12 Selling expense salary unpaid 16 67 Delivery expense, wages unpaid 9 F. M. Op. expense, wages unpaid 71 33 Interest accrued on notes payable 45 Total liabilities 9256 -Net resources. . . -39588 27 Represented by James S. Reese, Capital % 15000 -Add 2/5 net profit for March. . .- 835 31 -15835 31 Wm. T. Harris, Capital % "7500 Add 1/5 net profit for March. . .- 417 65 - 7917 65 John B. Mason, Capital % 15000 -Add 2/5 net profit for March. . .- 835 31 -15835 31 -39588 27 WHOLESALE SET. REGULAR WORK. April. April 1. Gash Receipts. 43 1. Balance rl. Geo. M. Daniels & Co '1. Dexter Bros -1. Wm. R. Harper & Son. . . . -1. R. M. Brooks Co r l. C. R. Morrison & Co 1. Notes Receivable 1. Interest 2 52-1 57 1. Notes Receivable 1. Interests 78-2 42.! 1. Notes Receivable -1. Notes Receivable 1. Comanche Flour Mill Inv. Inventory F. M. Op. Expense Furniture & Fixtures Delivery Equipment Insurance Warehouse Supplies Expense Delivery Expense Petty Cash Drawer. . . Sales Sales Notes Cash Dr. Disc't Ledger Rec. Dr. Cr. Cr. 13366 98 1928 03 1928 03 570 570 396 04 2 29 398 33 355 88 355 88 1955 83 39 92 1995 75 252 252 95 378 03 378 03 1 36 393 30 393 50 719 27 724 10 24000 638 39 50 328 75 3078 84 76 95 18 50 20 18 250 48797 10 42 21 5247 99 1747 63 * * * * April 1. Gash Payments. Cash Cr. Pch. Disc't Cr. Gen'l Ledger Dr. Expense Dr. 1. Interest 20 ^1. Interest 4 85 1. Notes Payable 9000 1. Interest 45 . Expense 102 102 . Warehouse Labor 12 . Selling Expense 16 67 . Delivery Expense . F. M. Op. Expense 9 71 33 if I. James S. Reese, Cap. % *1. Wm. T. Harris, Cap. % *1. John B. Mason, Cap. % 15816 44 7908 22 15816 44 * 48797 10 *503 102 44 WHOLESALE SET. REGULAR WORK. April 1. Journal. General Ledger. Dr. Cr. Apr 1. Warehouse Supplies 18 50 Expense i 20 Interest 2 24 Delivery Expense 18 F. M. Op. Expense 50 Sundry Resource Inv 108 74 1. Sundry Lia. Inv ! 256 Expense 102 Warehouse Labor 12 Selling Expense 16 67 Delivery Expense 9 F. M. Op. Expense 71 33 Interest 45 t Reserve for Dep. on D. E 106 16 Delivery Equipment 106 16 1. * James S. Reese, Cap. % 18 87 *Wm. T. Harris, Cap. % 9 43 *John B. Mason, Cap. % 18 87 *Sales Discounts j 42 21 * Interest. ... 4 96 WHOLESALE SET. VARIED PRICE LISTS. Returned Sales Book. 45 1. 2. 3. 4. 5. Dennis & Proctor Parker Bros 38 25 38 75 32 20 33 25 38 80 33 60 39 25 37 50 32 55 34 30 70 45 72 00 72 40 71 80 71 80 6. I 7. 8. 9. 10. Dennis & Proctor Parker Bros 37 25 37 75 31 50 33 95 38 25 31 50 38 75 37 75 32 90 30 80 68 75 71 70 69 75 71 65 68 55 VARIED PRICE LISTS. Notes Receivable Book. No. Mar. 18 Mar. 19 Mar. 26 Mar. 30 Totals. 1 714 11 329 08 137 98 1407 71 5148 85 2 710 91 327 56 140 45 1378 10 5116 99 3 728 65 332 11 139 84 1453 48 5214 03 4 716 24 329 68 137 36 1403 99 5147 24 5 742 13 325 44 138 72 1400 12 5166 38 6 715 57 324 23 138 22 1359 42 5097 41 7 731 46 327 26 137 73 1400 92 5157 34 8 718 67 324 53 140 45 1420 12 5163 74 9 730 79 326 05 141 08 1439 09 5196 98 10 715 95 323 02 137 98 1456 84 5193 76 VARIED PRICE LISTS. Cash Payments. No. Mar. 19. Mar. 26. Mar. 30. Gen. Led. Total Cash Bal. 1 3 24 2 05 21 35 1892 91 13399 90 2 3 22 2 08 20 90 1892 47 13311 85 3 3 27 2 07 22 04 1893 65 j 13536 23 4 3 24 2 04 21 29 1892 84 13448 48 5 3 20 2 06 21 24 1892 77 13357 03 6 3 19 2 05 20 62 1892 13 13335 23 7 3 22 2 04 21 25 1892 78 i 13348 64 8 3 19 2 08 21 54 1893 08 13434 51 9 3 21 2 09 21 83 1893 40 13438 39 10 3 18 2 05 22 20 1893 70 13435 31 46 Abstract of Sales for Varied Price Lists for March Store % 0. No. Account. 1. 2. 3. 4. 5. 54 Robert Howe 669 58 673 31 633 31 l 665 81 664 56 55 Walton & Carter 231 75 231 75 231 75 231 75 ! 231 75 56 South Side Gro. Co 522 90 522 90 522 90 522 90 522 90 57 John B. Davis 229 60 225 40 229 95 223 65 234 85 58 John B. Davis 164 25 156 88 176 13 182 53 161 50 59 John B. Davis 94 20 94 20 94 20 94 20 94 20 60 Dexter Bros. . .... 371 25 371 25 371 25 371 25 371 25 61 Martindale Co 748 50 745 20 763 50 750 70 777 40 63 Matlock& Garner 318 73 318 73 318 73 318 73 318 73 68 Geo. M. Daniels & Co .... 120 50 118 50 117 50 118 10 118 90 69 Geo. M. Daniels & Co .... 80 69" ! 80 63 77 78 13 73 06 70 Geo. M. Daniels & Co . . . .' 423 50 423 50 423 50 423 50 423 50 71 Johnson Gro. Co 168 168 168 168 168 72 Robert Howe 281 25 265 63 304 38 316 88 275 73 Robert Howe 215 71 215 71 215 71 215 71 215 71 74 Dennis & Proctor 172 25 173 45 173 25 174 65 171 25 76 N. Reding & Sons 51 07 51 07 . 51 07 51 07 51 07 77 Parker Bros. . . ! 1045 55 1017 85 1059 1060 45 1072 25 78 Felton & Hoffman Co 587 50 573 13 626 88 588 13 556 25 79 Felton & Hoffman Co 866 63 850 45 874 10 862 10 890 63 80 R. M. Brooks Co 144 25 146 75 146 13 143 63 145 82 C. R. Morrison & Co 1987 75 1948 25 2045 25 2006 25 1921 75 84 N. L. Richmond & Co. . . . 600 05 611 10 611 81 605 04 612 42 87 Wm. R. Harper & Sons . . . 206 19 207 19 200 50 206 25 189 13 88 Wm. R. Harper & Sons . . . 152 70 152 70 152 70 152 70 152 70 89 Wm. R. Harper & Sons . . . 38 38 38 38 38 Sales Cr 10492 33 10381 53 10656 50 10570 21 10451 76 Freight Out Cr. 11 34 11 34 11 34 11 34 11 34 Accts. Rec Dr. 10.503 67 10392 87 10667 84 10581 55 10463 10 Abstract of Sales for Varied Price Lists for March F. M. Sales % 0. No. Account. 1. 2. 3. 4. 5. 62 64 Dennis & Proctor Chickering & Co. . . 401 25 321 399 38 319 50 405 324 402 321 60 396 75 317 40 65 Walton & Carter 176 55 175 73 178 20 176 88 174 57 66 John B. Davis 67 20 67 50 66 90 65 55 67 35 67 75 81 83 85 86 Hammond Supply Co West End F. & F. Co N. L. Richmond & Co .... South Side Gro. Co John Winters, Receiver.. . R. M. Brooks Co 1851 10 403 20 658 20 691 15 963 00 364 1842 45 405 656 25 688 13 958 50 365 63 1868 40 401 40 662 65 697 30 972 362 38 1854 56 393 30 656 18 691 85 964 80 355 06 1830 34 404 10 652 48 683 70 952 20 364 81 90 91 Geo. M. Daniels & Co .... Dexter Bros . 1974 15 577 21 1964 93 575 93 1992 60 580 47 1977 84 574 21 1952 01 572 82 F. M. Sales. . . Cr. 8448 01 8418 93 8511 30 8433 83 8368 53 Freight Out . Cr. 23 18 23 18 23 18 23 18 23 18 Accts. Rec .. . .Dr. 8471 19 8442 11 8534 48 8457 01 8391 71 Abstract of Sales for Varied Price Lists for March Store % 47 0. No. Account 6. 7. 8. 9. 10. 54 Robert Howe 667 06 669 56 662 06 665 81 667 06 55 Walton & Carter 231 75 231 75 231 75 231 75 231 75 56 57 South Side Gro. Co John B. Davis 522 90 224 70 522 90 230 30 522 90 225 75 522 90 232 40 522 90 226 10 58 59 John B. Davis John B. Davis 171 38 94 20 166 63 94 20 175 94 20 168 25 94 20 174 25 94 20 60 Dexter Bros 371 25 371 25 371 25 371 25 371 ?5 61 63 68 69 70 71 Martindale & Co Matlock & Garner Geo. M. Daniels & Co. . . . Geo. M. Daniels & Co. ... Geo. M. Daniels & Co .... Johnson Gro. Co 750 318 73 120 90 83 69 423 50 168 766 40 318 73 120 84 19 423 50 168 753 20 318 73 120 90 82 69 423 50 168 765 70 318 73 119 82 76 423 50 168 750 40 318 73 120 80 69 423 50 168 72 73 74 76 77 78 79 80 Robert Howe Robert Howe Dennis & Proctor N. Reding & Sons Parker Bros Felton & Hoffman Co Felton & Hoffman Co R. M. Brooks Co 295 63 215 71 170 37 51 07 1083 80 534 38 870 55 144 50 284 38 215 71 171 73 51 07 1057 85 571 88 875 50 144 302 50 215 71 172 57 51 07 1091 25 591 25 875 73 146 75 288 75 215 71 173 85 51 07 1077 15 601 25 885 28 147 38 300 215 71 171 25 51 07 1099 50 626 25 878 25 144 25 82 84 87 88 89 C. R. Morrison & Co N. L. Richmond & Co .... Wm. R. Harper & Sons . . . Wm. R. Harper & Sons . . . Wm. R. Harper & Sons . . . 1928 75 600 39 216 63 152 70 38 1969 75 599 85 221 44 152 70 38 2000 75 614 39 219 50 152 70 38 2001 25 616 03 215 69 152 70 38 2041 50 608 207 13 152 70 38 Sales. . . Cr 10450 54 10521 27 106 9 2 10 10628 36 1068 9 44 Freight Out. ... Cr 11 34 11 34 11 34 11 34 11 34 Accts. Rec.. . Dr 10461 88 10532 61 10633 44 10639 70 10693 78 Abstract of Sales for Varied Price Lists for March F. M. Sales % 6. 7. 8. 9. 10. 62 Dennis & Proctor 395 25 399 395 63 QQ7 5f) qnq n& 64 65 66 67 75 81 83 Chickering & Co Walton & Carter John B. Davis Hammond Supply Co West End F. & F. Co N. L. Richmond & Co-. . . . South Side Gro. Co 316 20 173 91 67 50 1823 42 405 650 75 681 25 319 20 175 56 65 70 1840 72 394 20 652 45 665 316 50 174 08 67 95 1825 15 407 70 652 08 682 03 318 174 90 66 38 1833 80 398 25 651 69 684 63 315 173 25 66 75 1816 50 400 50 647 38 678 50 85 86 John Winters, Receiver . . . R. M. Brooks Co 948 60 365 63 957 60 355 88 949 50 368 06 954 359 53 945 361 5fi 90 91 Geo. M. Daniels & Co Dexter Bros 1944 63 571 58 1963 08 571 39 1946 48 573 02 1955 70 571 36 1937 25 568 28 F. M. Sales Cr. Freight Out .... Cr 8343 72 23 18 8359 78 23 18 8358 18 23 18 8365 74 23 18 8303 72 23 18 Accts. Rec Dr. 8366 90 8382 96 8381 36 8388 92 8326 90 48 WHOLESALE SET. VARIED PRICE LISTS. Cash Receipts. 1. Date. Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 669 56 669 56 14 John B. Davis 535 58 13 37 548 95 18 19 Dennis & Proctor Notes Rec 393 22 325 84 393 22 329 08 22 23 Hammond Supply Co Walton & Carter 1846 76 175 23 1846 76 175 23 24 Robert Howe 131 88 5 63 137 51 24 25 26 N. L. Richmond & Co Geo. M. Daniels & Co .... Notes Rec . . 570 99 615 01 135 93 9 68 570*99 624 69 137 98 26 Interest 2 07 28 Dennis & Proctor 131 32 2 68 134 00 29 29 West End F. & F. Co South Side Gro. Co 426 60 681 30 426 60 681 30 30 Interest 21 12 30 Notes Rec 1386 36 1407 71 30 31 N. L. Richmond & Co Parker Bros 661 10 972 82 40 53 661 10 1013 35 31 John Winters, Receiver . . . 962 20 963 00 Bal. 13399 90 31934 35 123 46 17213 81 6242 89 Gash Receipts. 2. Date. Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 673 31 673 31 14 John B. Davis 524 62 13 06 537 68 18 Dennis & Proctor 391 35 391 35 19 Notes Rec 324 34 327 56 22 23 Hammond Supply Co Walton & Carter ... 1838 11 174 41 1838 11 174 41 24 Robert Howe 116 58 5 31 121 89 24 25 26 N. L. Richmond & Co .... Geo. M. Daniels & Co Notes Rec 582 04 612 97 138 37 9 66 582 04 622 63 140 45 26 Interest 2 11 28 Dennis & Proctor 13201 2 69 134 70 29 West End F. & F. Co 428 40 428 40 29 South Side Gro. Co 678 28 678 28 30 Interest 20 67 30 Notes Rec 1357 20 1378 10 30 31 N. L. Richmond & Co .... Parker Bros 659 15 945 22 39 38 659 15 984 60 31 John Winters, Receiver . . . 957 70 958 50 Bal. 13311 85 31846 30 121 67 17152 60 6214 23 WHOLESALE SET. VARIED PRICE LISTS. Gash Receipts. 3. 49 Date. Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 14 Robert Howe John B. Davis.. 663 31 547 26 13 62 663 31 560 88 18 19 Dennis & Proctor. . Notes Rec 396 97 328 84 396 97 332 11 22 Hammond Supply Co 1864 06 1864 06 23 Walton & Carter 176 88 176 88 24 Robert Howe 154 55 6 09 160 64 24 25 26 N. L. Richmond & Co .... Geo. M. Daniels & Co Notes Rec 582 75 608 35 137 77 9 65 582 75 618 00 139 84 26 Interest 2 10 28 Dennis & Proctor . 131 76 2 69 134 45 29 29 West End F. & F. Co South Side Gro. Co. . 424 80 687 45 424 80 687 45 30 Interest 21 80 30 Notes Rec 1431 44 1453 48 30 31 31 N. L. Richmond & Co .... Parker Bros John Winters, Receiver . . . 665 55 984 38 971 20 41 02 665 55 1025 40 972 00 Bal. 13536 23 32070 68 124 64 17300 69 6293 55 Cash Receipts. 4. Date Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 665 81 665 81 14 18 John B. Davis Dennis & Proctor 546 23 393 97 13 50 559 73 393 97 19 Notes Rec 326 44 329 68 22 23 24 24 25 26 26 Hammond Supply Co Walton & Carter Robert Howe N. L. Richmond & Co.... Geo M. Daniels & Co Notes Rec Interest 1850 22 175 56 166 80 575 98 610 08 135 32 2 06 6 34 9 65 1850 22 175 56 173 14 575 98 619 73 137 36 28 29 29 Dennis & Proctor West End F. & F. Co South Side Gro. Co 132 69 416 70 682 00 3 71 135 40 416 70 682 00 30 30 Interest Notes Rec 21 05 1382 70 1403 99 30 31 N. L. Richmond & Co .... Parker Bros . 659 08 986 78 41 12 659 08 1027 90 31 John Winters, Receiver . . . 964 00 964 80 Bal. 13448 48 31982 93 124 89 17267 57 6239 15 50 WHOLESALE SET. VARIED PRICE LISTS. Gash Receipts. 5. Date Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 664 56 664 56 14 John B. Davis 538 08 13 52 551 60 18 Dennis & Proctor 388 72 388 72 19 Notes Rec 322 24 325 44 22 23 Hammond Supply Co Walton & Carter 1826 00 173 25 1826 00 173 25 24 Robert Howe 125 76 5 50 131 26 24 25 N. L. Richmond & Co Geo M. Daniels & Co 583 36 605 80 9 66 583 36 615 46 26 Notes Rec 136 66 138 72 26 Interest 2 08 28 Dennis & Proctor 131 07 2 68 133 75 29 29 West End F. & F. Co South Side Gro. Co 427 50 673 85 427 50 673 85 30 Interest 21 00 30 Notes Rec 1378 88 1400 12 30 31 N. L. Richmond & Co Parker Bros 65538 996 43 41 52 655 38 1037 95 31 John Winters, Receiver . . . 951 40 952 20 Bal. 13357 03 31691 48 124 45 17182 39 6232 40 Gash Receipts. 6. Date. Account. Cash Dr Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 667 06 667 06 14 John B. Davis 538 16 13 32 551 48 18 19 Dennis & Proctor Notes Rec. . . 387 22 321 04 387 22 324 23 22 23 Hammond Supply Co Walton & Carter 1819 08 172 59 1819 08 172 59 24 Robert Howe 145 98 5 91 151 89 24 25 26 N. L. Richmond & Co Geo. M. Daniels & Co .... Notes Rec 571 33 618 41 136 17 9 68 571 33 628 09 138 22 26 Interest 2 07 28 29 29 Dennis & Proctor West End F. & F. Co South Side Gro. Co 130 46 428 40 671 40 2 66 133 12 428 40 671 40 30 Interest. . . . 20 39 30 Notes Rec 1338 80 1359 42 30 31 N. L. Richmond & Co Parker Bros j 653 65 1010 21 42 09 653 65 1052 30 31 John Winters, Receiver . . . 947 80 948 60 Bal. 13335 23 31869 68 125 23 17203 76 6189 99 WHOLESALE SET. VARIED PRICE LISTS. Cash Receipts. 7. 51 Date. Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 669 56 669 56 14 John B. Davis 537 09 13 44 550 53 18 Dennis & Proctor 390 97 390 97 19 Notes Rec 324 04 327 26 22 Hammond Supply Co 1836 38 1836 38 23 Walton & Carter 174 24 174 24 24 Robert Howe 134 95 5 69 140 64 24 N L Richmond & Co. . . . 570 79 570 79 25 Geo M Daniels & Co 618 02 9 67 627 69 26 Notes Rec '. 135 69 137 73 26 Interest 2 07 28 Dennis & Proctor 131 30 2 68 133 98 29 West End F. & F. Co 417 60 417 60 29 South Side Gro. Co 655 15 655 15 30 Interest 21 02 30 Notes Rec 1379 67 1400 92 30 31 N. L. Richmond & Co Parker Bros 655 35 982 94 40 96 655 35 1023 90 31 John Winters, Receiver . . . 956 80 957 60 Bal. 13348 64 31883 09 124 01 17171 93 6234 03 Cash Receipts. 8. Date. Account. Cash Cr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 662 06 662 06 14 John B Davis 543 17 13 43 556 60 18 Dennis & Proctor 387 60 387 60 19 Notes Rec 321 34 324 53 22 23 Hammond Supply Co Walton & Carter 1820 81 172 76 1820 81 172 76 24 Robert Howe 152 71 6 05 158 76 24 25 26 N. L. Richmond & Co Geo. M. Daniel & Co Notes Rec 585 33 617 41 138 37 9 68 585 33 627 09 140 45 26 Interest 2 11 28 Dennis & Proctor 131 63 2 69 134 32 29 29 West End F. & F. Co South Side Gro. Co 431 10 672 18 431 10 672 18 30 Interest 21 30 30 Notes Rec 1398 58 1420 12 30 31 N. L. Richmond & Co Parker Bros 654 98 1017 36 42 39 65498 1059 75 31 John Winters, Receiver . . . 948 70 949 50 Bal. 13434 51 31968 96 125 81 17240 39 6253 22 52 WHOLESALE SET. VARIED PRICE LISTS. Cash Receipts. 9. Date. Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 665 81 665 81 14 John B Davis 541 36 13 57 554 93 18 Dennis & Proctor 389 47 389 47 19 Notes Rec 322 84 326 05 22 Hammond Supply Co 1829 46 1829 46 23 24 Walton & Carter Robert Howe 173 58 139 23 5 78 173 58 145 01 24 25 26 N. L. Richmond & Co Geo. M. Daniels & Co Notes Rec 586 97 615 60 138 99 9 66 586 97 625 26 141 08 26 Interest 2 12 28 29 29 Dennis & Proctor West End F. & F. Co South Side Gro. Co 132 40 421 65 674 78 2 70 135 10 421 65 674 78 30 Interest 21 59 30 Notes Rec . . . 1417 26 1439 09 30 31 N. L. Richmond & Co .... Parker Bros 654 59 1002 48 41 77 654 59 1044 25 31 John Winters, Receiver. . . 953 20 954 00 Bal. 13438 39 31972 84 125 05 17222 41 6274 34 Cash Receipts. 10. Date. Account. Cash Dr. Sales Dis. Sales Ledg. Notes Rec. 9 Robert Howe 667 06 667 06 14 John B. Davis 541 57 13 43 555 00 18 19 22 23 Dennis & Proctor Notes Rec Hammond Supply Co Walton & Carter 385 72 319 84 1812 16 171 93 385 72 1812 16 171 93 323 02 24 Robert Howe . . . 150 26 6 00 156 26 24 25 26 N. L. Richmond & Co. . . . Geo. M. Daniels & Co. . . . Notes Rec 578 94 614 52 135 93 9 67 578 94 624 19 137 98 26 Interest 2 07 28 Dennis & Proctor 130 83 2 67 133 50 29 29 30 30 West End F. & F. Co South Side Gro. Co Interest Notes Rec 423 90 668 65 21 85 1434 64 423 90 668 65 1456 84 30 31 N. L. Richmond & Co. . . . Parker Bros 650 28 1025 95 42 75 650 28 1068 70 31 John Winters, Receiver. . . 944 20 945 00 Bal. 13435 31 31969 76 126 09 17208 84 6285 96 WHOLESALE SET. VARIED PRICE LISTS. Journal. 53 No. Mar. 18. Mar. 18. Mar. 26. Mar. 30. Mar. 30. Accts. Rec. Dr. Accts. Rec. Cr. 1 29 46 7 07 3 26 44 46 42 1329 72 209 65 2 29 33 7 04 3 24 47 45 48 1329 67 208 61 3 30 06 7 21 3 29 46 47 50 1329 89 211 35 4 29 55 7 09 3 26 44 46 24 1329 74 209 56 5 30 62 7 35 3 22 45 46 76 1329 96 211 16 6 29 52 7 09 3 21 45 45 51 1329 69 208 81 7 30 18 7 24 3 24 44 46 46 1329 87 210 41 8 29 65 7 12 3 21 47 46 86 1329 72 210 31 9 30 15 7 24 3 23 47 47 44 1329 86 211 39 10 29 54 7 09 3 20 44 47 66 1329 68 210 97 Closing Journal Entry. No. Sales. F. M. Sales. Sales Dis- counts. ' Interest. James S. Reese. Wm. T. Harris. John B. Mason. 1 11433 42 8417 04 222 02 27 81 865 29 432 64 865 28 2 11321 07 8387 96 219 19 27 83 809 84 404 92 809 S3 3 11595 64 8480 33 224 90 27 67 954 39 1 477 20 954 39 4 11509 95 8402 86 223 36 27 80 889 69 ' 444 85 889 69 5 11391 50 8337 56 j 224 52 27 54 815 83 407 92 815 83 6 11393 33 8312 75 222 95 27 79 807 17 403 58 807 17 7 11461 11 8328 81 223 35 27 63 840 62 420 31 840 61 8 11563 89 8327 21 225 03 27 76 880 36 440 18 ; 880 35 9 11568 25 8334 77 225 35 27 64 885 05 442 52 i 885 04 10 11625 43 8272 75 225 97 27 91 882 75 441 38 882 75 VARIED PRICE LISTS. Items in Trial Balance Mar. 31, Which Vary. No. Cash. Notes Rec. Accts Rec. Sales. Sales Disc'nts. F. M. Sales. Interest. 1 13399 90 1737 64 5300 00 11433 42 222 02 8417 04 27 81 2 13311 85 1734 44 5252 63 11321 07i 219 19 8387 96 27 83 3 13536 23 1752 18 5371 90 11595 64 224 90 8480 33 27 67 4 13448 48 1739 77 5310 31 11509 95 1 223 36 8402 86 27 80 5 13357 03 1765 66 5191 22 11391 50 224 52 8337 56 27 54 6 13335 23 1739 10 5217 92 11393 33 222 95 8312 75 27 79 7 13348 64 1754 99 5272 24 11461 11 223 33 8328 81 ! 27 63 8 13434 51: 1742 20 i 5298 51 11563 89; 225 03 8327 21 27 76 9 13438 36 1754 32 ! 5294 23 11568 25 225 35 8334 77 27 64 10 13435 31 1739 48 5306 42 11625 43! 225 97 8272 75 27 91 54 WHOLESALE SET. VARIED PRICE LISTS. Trading and Profit and Loss Statement March 31. I. 2. 3. 4. 5. Gross Sales (Store) 11503 87 11393 07 11668 04 11581 75 11463 30 Returned sales . 70 45 72 00 72 40 71 80 71 80 Sales discounts 222 02 219 19 224 90 223 36 224 52 Net returns from sales.... G. T. Profit (Store) F. M. Sales 11182 00 1796 93 8417 04 11072 48 1687 41 8387 96 11341 34 1956 27 8480 33 11257 19 1872 12 8402 86 11137 58 1752 51 8337 56 G. T. Profit (F. M.) 2040 75 2011 67 2104 04 2026 57 1961 27 Total G. T. Profit 3837 68 3699 08 4060 31 3898 69 3713 78 Gross income 4017 58 3878 98 4240 21 4078 59 3893 68 Interest 27 81 27 83 27 67 27 80 27 54 Total expenses 1854 37 1854 39 1854 23 1854 36 1854 10 Net profit. . . 2163 21 2024 59 2385 98 2224 23 2039 58 J. S. Reese Cap. % 865 29 809 84 954 39 889 69 815 83 W. T.Harris Cap. % J. B. Mason Cap % 432 64 865 28 404 92 809 83 477 20 954 39 444 85 889 69 407 92 815 83 6. 7. 8. 9. 10. Gross sales (Store) 11462 08 11532 81 11633 64 11639 90 11693 98 Returned sales 68 75 71 70 69 75 71 65 68 55 Sales discounts 222 95 223 33 225 03 225 35 225 97 Net returns from sales G. T. Profit (Store) 11140 98 1755 91 11208 38 1823 31 11309 46 1924 39 11313 50 1928 43 11370 06 1984 99 F. M. Sales . 8312 75 8328 81 8327 21 8334 77 8272 75 G. T. Profit (F. M.) 1936 46 1952 52 1950 92 1958 48 1896 46 Total G. F. Profit 3692 37 3775 83 3875 31 3886 91 3881 45 Gross income 3872 27 3955 73 4055 21 4066 81 4061 35 Interest 27 79 27 63 27 76 27 64 27 91 Total expenses 1854 35 1854 19 1854 32 1854 20 1854 47 Net Profit 2017 92 2101 54 2200 89 2212 61 2206 88 J. S. Reese Cap. % 807 17 840 62 880 36 885 05 882 75 W. T. Harris Cap. % J. B. Mason, Cap % . . 403 58 807 17 42031 840 61 440 18 880 35 442 52 885 04 441 38 882 75 WHOLESASE SET. VARIED PRICE LISTS. Statement of Resources and Liabilities, March 31. 55 1. 2. 3. 4. 5. Cash 13399 90 13311 85 13536 23 13448 48 13357 03 Notes receivable 1737 64 1734 44 1752 18 1739 77 1765 66 Accounts receivable 5300 00 5252 63 5371 90 5310 31 5191 22 Total current resources. . . Total resources Net resources 21325 93 49519 21 39663 21 21187 31 48780 59 39524 59 21548 70 49141 98 39885 98 21386 95 48980 23 39724 23 21202 30 48795 58 39539 58 J. S. Reese Cap. % 15865 29 15809 84 15954 39 15889 69 15815 83 W. T. Harris Cap. % J. B. Mason Cap. % 7932 64 15865 28 7904 92 15809 83 7977 20 15954 39 7944 85 15889 69 790792 15815 83 6. ' 8. 9. 10. Cash 13335 23 13348 64 13434 51 13438 39 13435 31 Notes receivable Accounts receivable 1739 10 5217 92 1754 99 5272 24 1742 20 5298 51 1754 32 5294 23 1739 48 5306 42 Total current resources. . . Total resources 21180 64 48773 92 21264 26 48857 54 21363 61 48956 89 21375 33 48968 61 21369 60 48962 88 Net resources 39517 92 39601 54 39700 89 39712 61 39706 88 J. S. Reese Cap. % W. T. Harris Cap. % J. B. Mason Cap. % 15807 17 7903 58 15807 17 15840 62 7920 31 15840 61 15880 36 7940 18 15880 35 15885 05 7942 52 15885 04 15882 75 7941 38 15882 75 VARIED PRICE LISTS. Sales Ledger Balances, March 31. 1. 2. 3. 4. 5. Geo. M. Daniels & Co 1974 15 1964 93 1992 60 1977 84 1952 01 Dexter Bros 577 21 575 93 580 47 574 21 572 82 Wm. R. Harper & Son. ... R. M. Brooks Co 396 89 364 397 89 365 63 391 20 362 38 396 95 355 06 379 83 364 81 C. R. Morrison & Co 1987 75 1948 25 2045 25 2006 25 1921 75 Accts. Rec. Dr 5300 00 5252 63 5371 90 5310 31 fjiQi 22 6. 7. 8. 9. 10. Geo. M. Daniels & Co Dexter Bros 1944 63 571 58 1963 08 571 39 1946 48 573 02 1955 70 571 36 1937 25 KQ 98 Wm. R. Harper & Son. . . . R. M. Brooks Co 407 33 365 63 412 14 355 88 410 20 368 06 406 39 359 53 397 83 361 56 C. R. Morrison & Co 1928 75 1969 75 2000 75 2001 25 2041 50 Accts Rec Dr 5217 92 5272 24 ejOQS ^1 CJ2Q4 OQ KQOfi 42 56 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 7. Exercises in Insurance Accounts. Budget Page 18. 2. From Text p. 97. 1. Insurance. Mar. 1 1 yr. 1% 80 Dec. 31 10 mo. j 66 67 Aug. 1 " U% 75 5 " 31 25 Nov. 1 " 11% 12 50 2 " 2 08 Ba 1 . 67 50 167 50 167 50 2. Insurance. Jan. 2 48 July 1 20 Mar. 15 19 20 1 28 Apr. 1 28 80 Dec. 31 15 20 31 21 60 Bal. 11 20 96 96 - 3. Insurance. Date of Policy. Amount of Policy. Dr. Date. Detail. Cr. Date of Policy. Jan. 4 4000 43 20 Jan. 31 1 mo. 3 60 Jan 4 Feb. 28 2000 i 21 60 Feb. 28 1 " 3 60 4 Mar. 25 6000 i 64 80 Mar. 31 1. " 3 60 4 July 7 3000 32 40 31 1 " 1 80 5 40 Feb. 28 Nov. 1 2000 21 60 |Apr. 30 1 " 3 60 Jan. 4 1 2000 ; 21 60 30 1 i 80 Feb. 28 30 1 " 5 40 10 80 Mar. 25 May 31 1 " 3^60 Jan. 4 31 1 " 1.80 Feb. 28 31 1 " 5 40 10 80 Mar. 25 June 30 1 " 3 60 Jan. 4 - 30 1 " 1 80 Feb. 28 30 1 " 5 40 10 80 Mar. 25 July 31 1 " 3 60 Jan. 4 31 1 " 1.80 Feb. 28 31 1 " 5 40 Mar. 25 31 1 " 2 70 13 50 July 7 Aug. 31 1 " 1>0 Jan. 4 ' 31 1 " 1 80 Feb. 28 31 1 " 5 40 Mar. 25 31 il " 2 70j 13 50 July 7 Continued Page 57. WHOLESALE SET. COMPLEMENTARY WORK. Jan. 7 Continued. Exercises in Insurance Accounts. Budget Page 18. 3 Continued. 57 Sept. 30 1 mo. 3 60 Jan. 4 30 1 " 1 80 Feb. 28 30 1 " 5 40 Mar. 25 30 1 " 2 70 13 50 July 7 Oct. 31 1 " 3 60 Jan. 4 31 1 " 1 80 Feb. 28 31 1 " 5 40 Mar. 25 1 1 " 2 70 13 50 July 7 Nov. 30 1 " 3 60 Jan. 4 30 1 " 1 80 Feb. 28 30 1 " 5 40 Mar. 25 30 " 2 70 July 7 30 " 1 80 Nov 1 30 " 1 80 17 10 Nov. 1 Dec. 31 " 3 60 Jan. 4 31 " 1.80 Feb. 28 31 " 5 40 Mar. 25 31 " 2 70 July 7 31 " 1 80 Nov. 1 31 " 1 80 17 10 Nov. 1 133 20 Bal. 72 205 20 205 20 4. From Text p. 99. 1. Insurance Expense. Dec. 31 Expired pre. val. 10 mo. 66 67 Dec. 31 To close 100 00 5 mo. 31 25 2 mo. 2 08 10000 100 00 2. Insurance Expense. Julyl Dec. 1 Expired pre. val pol. can. " " Qimo. " " 9 " 28 00 15 20 21 60 Dec. 31 To close 64 80 64 80 64 80 58 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 7 Gont. Exercises in Insurance Accounts. Budget Page 18. 3. Insurance Expense. Date. Detail. Dr. Date. Cr. Jan. 31 Exp. pre. val 1 mo. Feb. 28 " 1 " 3 60 3 60 Dec. 31 To close 133 20 Mar. 31 1 " 3 60 Apr. 30 May 31 June 30 1 " 1 80 5 40 1080 10 80 10 80 Note: This shows t results as ance expe but in a form. solution be same an insur- nse book, different " 1 " 3 60 1 " 1 80 " 1 " 5 40 " 1 " 3 60 " 1 " 1 80 1 5 40 " 1 " 3 60 1 " 1 80 1 " 5 40 July 31 1 " 3 60 1 " 1 80 1 " 5 40 Aug. 31 1 " 2 70 13 50 1 " 3 60 1 " 1 80 1 " 5 40 Sept. 30 " 1 " 2 70 13 50 1 " 3 60 1 " 1 80 1 " 5 40 Oct. 31 1 " 2 70 13 50 1 " 3 60 1 " 1 80 1 " 5 40 Nov. 30 1 " 2 70 13 50 1 " 3 60 1 " 1 80 1 " 5 40 1 " 2 70 1 " 1 80 Dec. 31 " 1 " 1 80 17 10 1 " 3 60 " 1 " 1 80 1 " 5 40 1 " 2 70 1 " 1 80 1 " 1 80 17 10 133 20 133 20 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 7 Continued. Exercises in Insurance Accounts. Budget Page 18. 59 Journal Entries. July August September October Insurance Expense. Insurance Insurance Insurance Insurance. . . 3 75 5 62 7 71 11 87 3 75 6. Insurance Expense Book. Prem. Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. U.P. Jan. 1 28 80 2 40 240 2 40 2 40 2 40 240 240 2 40 2 40 2 40 240 2 40 Feb. 1 19 20 1 60 1 60 1 60 1 60 1 60 1 60 1 60 1 60 1 60 1 60 1 60 1 60 Mar. 1 9 60 80 80 80 80 80 80 80 80 80 80 1 60 May 1 24 2 2 2 2 o 2 2 2 8 July 1 1440 1 20 1 20 1 20 1 20 1 20 1 20 7 20 Aug. 1 4 80 40 40 40 40 40 2 80 Oct. 1 24 2 2 2 18 Nov. 6 40 53 53 534 131 20 2 40 4 00 4 80 480 6 80 6 80 8 00 840 840 10 40 10 93 10 93 44 54 Jan. 11. Exercises in Warehouse Accounts. Budget Page 22. 1. From Text p. 59-60. Warehouse Supplies. Boxes 146 19 Boxes 13 20 Brls ... 8 To close 206 59 Nails 4 75 Paper 18 45 Twine 4 50 Strap 31 20 Ex.. 6 70 219 79 219 79 Addition to cost of mdse. 206 59 60 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 11 Continued. Exercises in Warehouse Accounts. Arithmetical Problems. From Text p. 60. 1. Costs. 151 50 34 Deductions. 9 60 12 50 Costs. 216 50 2619 84 Deductions. 15 20 45 20 3 50 1020 22 16 5 22 10 54 26 34 116 40 71 20 60 40 21 60 9 50 3112 20 60 40 257 46 22 10 3051 80 Net cost. Jan. 14. Exercises in Merchandise Discounts. Budget Page 24. 5. From Text p. 68-69. 1. 2. Purchase Discounts. Sales Discounts. 26 11 317 45 326 65 6 50 7 42 287 50 512 62 3 65 To close 21 15 91 411 16 387 90 2262 77 To close 275 76 216 65 471 12 312 30 386 45 516 80 2149 44 2149 44 2272 92 2272 92 (a) Would decrease cost of prchs. (b) Would increase gains or decrease losses. 3. Purchase Discounts. Sales Discounts. To close 35 13 14 60 3 65 31 67 To close 8 12 13 45 5 75 6 41 6 66 3 66 35 13 35 13 4 50 31 67 31 67 WHOLESALE SET. 61 COMPLEMENTARY WORK. Jan. 14 continued. Exercises in Merchandise Discounts. Arithmetical Problems. 1. 2. 416 21 213 20 67 89 89 98 114 96 342 25 211 88 401 740 01 55 30 charged back charged back 85 697 30 Total purchase discounts. 24 83 Not allowed 672 47 Net purchase discounts. 1900 08 Total sales discounts. 85 Charged back. 1815 08 Net sales discounts. Jan. 15. Exercises in Proprietor's and Partner's Personal Accounts. Budget Page 27. From Text p. 23. 1. 2. F. A. Raymond, Personal. B. M. Beck, Personal. 15 10 50 100 24 200 00 25 00 16 00 100 00 Bal. 109 00 100 00 150 00 Bal. 50 50 25000 25000 200 00 20000 Jan. 18. Exercises in Calculating Discounts. Budget Pages 30-31. 1. $ 67 03 6. (a) $ 792 29 9. (a) $1024 85 Am't bill rend. 2. 2649 64 (b) 286 87 (b) 30 75 Cash discounts 3. 8 69 7. (a) 25 Loss. (c) 994 10 Am't of check. 4. 46 82 (b) 425 Gain 10. 3650 49 5. 240days 8. 30500 Jan. 24. Exercises in Opening Double Entry Books. 1. R. V. Stewart Capital %. Budget Page 37. Cash 4000 Mdse 1200 F.N.B. Stock ^000 6200 Net Capital 6200 6200 62 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 24 continued. Exercises in Opening Double Entry Books. Budget Page 37. 1 continued. Chas. Wilson Capital % Cash 3000 Notes Rec 2200 J. Matthews 1000 6200 Net Capital 6200 6200 2. Henry Garland Capital % Cash 5800 Notes Pay 750 Mdse 6436 12 B. Fischer & Co 122 75 Notes Rec 600 Net Capital 12258 47 Int 7 50 J. B. Meyers & Co. . . 287 60 13131 22 13131 22 Horace Hamlin Capital % Cash 3500 Net Capital 14249 21 Mdse . . . 9460 Notes Rec 1275 Int . . 14 21 1424921 14249 21 3. John Kent Capital % Cash 1800 Mort. Pay 2000 Notes Rec 400 Net Capital 16200 H S. & Lot. .... 16000 18200 18200 C. D. Calhoun Capital % Cash 3000 Net Capital 7000 Accounts Rec 4000 7000 7000 Frank Brown Capital % Cash 8000 Net Capital 14000 Mdse 6000 14000 14000 WHOLESALE SET. 63 COMPLEMENTARY WORK. Jan. 31. Exercises in Preparing Statements. Budget Pages 58-59-60. 1. Trading and Profit & Loss Statement, January 31, 19 . James S. Reese & Co. Returns. Gross Sales 8281 70 Less, - Goods returned 13 78 8267 92 Less, - Sales rebates and allowances 7 84 Less, - Sales discounts 48 91 56 75 Net returns from sales 8211 17 Costs. Purchases 12290 43 Freight-In on purchases 291 46 Warehouse Supplies 72 18 Warehouse Labor 90 Total cost of purchases 12744 07 Less, - Purchase discounts 82 23 Net cost of purchases 12661 84~ Less, - Inventory, Jan. 31, 19 7126 48 Cost of merchandise sold ~ 5535 36 Gross trading profit for month 2675 81 Incomes. Interest 14 85 Total income 2690 66 Expenses. Selling expenses Delivery charges 11 40 Credit reports 9 50 Advertising 11 50 Salesman's salary 50 Traveling expense 16 73 99 13 Administrative expenses Salaries of partners 300 Salaries of office help 115 Postage 7 80 Telegrams 2 20 Books and stationery 11 65 436 65 General expenses Coal 32 50 Light 7 84 Rent 80 Repairing office furniture 18 85 139 19 Insurance expense 4 75 Total expenses ~~ 679 72 Net profit for the month 2010 94 Distribution of profit James S. Reese, Capital %, 2/3 profit 1340 63 Wm. T. Harris, Capital %, 1/3 profit 670 31 ! 2010 94 2010 94 64 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 31. Exercises in Preparing Statements. Budget Pages 58-59-60. 1. Statement of Resources and Liabilities, January 31, 19 James S. Reese & Co. Resources. Cash 2560 96 Merchandise, per inventory Jan. 31, 19 7126 48 Notes Receivable 1624 15 Accounts Receivable 3214 48 Total current resources 14526 07 Furniture & Fixtures, Investment 328 40 James S. Reese, Personal % 10 25 Insurance - unexpired premiums 52 25 Ben Myers, Salesman 13 25 Sundry Resource Inventories 92 60 168 35 Total resources ~~ 15022 82 Liabilities. Accounts Payable, - Martin Gillett & Co 726 45 Francis H. Leggett & Co 268 23 Total current liabilities 994 68 Wm. T. Harris, Personal % 17 20 Total liabilities ~ 1011 88 Net resources 14010 94 Represented by James S. Reese, Capital " 8000 00 i Add 2/3 profit for January 1340 63 9340 63 Wm. T. Harris, Capital % 4000 00 Add 1/3 profit for January 670 31 4670 31 14010 94 NOTE: The technical forms of the statements for the complementary exercises are not shown. Journal Entry to Close. Inventory Sales Purchase Discounts Interest Purchases Freight-In Warehouse Supplies Warehouse Labor Sales Rebates and Allowances. . . Sales Discounts Selling Expense Traveling Expense Expense Insurance Expense James S. Reese, Capital % Wm. T. Harris, Capital " 7126 48 8267 92 82 23 14 85 12290 43 291 46 72 18 90 7 84 48 91 82 40 16 73 575 84 4 75 1340 63 670 31 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 31. Exercises in Preparing Statements. Budget Pages 58-59-60. 2. Trading and Profit & Loss Statement, April 30, 19 Thomas A. Woods & Go. 65 Returns. Gross Sales I 8515 18 Less, - Sales rebates and allowances 26 1 Less, - Sales discounts 205 4 231 57 Net returns from sales ~ 8283 61 Costs. Inventory, March 31, 19 297650 Purchases for month 9785 Freight-In on purchases 478 2 Warehouse Supplies 91 2 Warehouse Labor 120 Total cost of purchases j 13451 23 Less, - Purchase discounts | 225 46 Net cost of purchases 13225 77 Less, - Inventory April 30, 19 5624 25 Cost of goods sold ~ 7601 52 Gross trading profit for the month 682 09 Expenses. Selling expenses Delivery charges 19 80 Advertising 48 50 Salesman's salary 75 Salesman's commission 13 95 Traveling expenses 16 72 173 97 Administrative expenses Salaries of partners 250 Salaries of office force 120 Postage 16 30 Telephone 10 05 Telegrams 8 45 404 80 General expenses Rent 75 Coal 1250 Light 3 83 Repairs on office fixtures ; 15 80 Taxes 14 25 121 38 Insurance expense f 4 60 Interest 19 16 Total expenses. 723 91 Net loss for the month 41 82 Distribution of loss Thomas A. Woods, Capital %, 1/2 loss I 20 91 William C. Jones, Capital %, 1/2 loss 20 91 41 82 41 82 66 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 31. Exercises in Preparing Statements. Budget Pages 58-59-60. 2. Statement of Resources and Liabilities, April 30, 19 Thomas A. Woods & Co. Resources. Cash 5735 71 Merchandise, per inventory, April 30, 19 5624 25 Notes Receivable 1127 84 Accounts Receivable 5627 14 Total current resources .- 18114 94 Furniture & Fixtures Investment 425 42 Insurance, - unexpired premiums 50 60 Sundry Resource Inventories 62 14 112 74 Total resources ~~ 18653 10 Liabilities. Notes Payable 1675 21 Accounts Payable 1271 20 Total current liabilities 2946 41 Thomas A. Woods, Personal % 6 26 William C. Jones, Personal % 17 21 R. J. Smith, Salesman 4 24 Total liabilities 2974 12 Net resources 15678~98 Represented by Thomas A. Woods, Capital % 7860 40 Less | loss for April 20 91 7839 49 William C. Jones, Capital % 7860 40 Less | loss for April 20 91 7839 49 15678 98 Journal Entry to Close. Inventory 5624 25 Sales . f 8315 18 Purchase Discounts 225 46 Thomas A. Woods, Capital % 20 91 Wm. C. Jones, Capital % 20 91 Inventory 2976 50 Purchases 9785 24 Freight-In 478 25 Warehouse Supplies 91 24 Warehouse Labor 120 Sales Rebates & Allowances 26 14 Sales Discounts 205 43 Selling Expense 157 25 Traveling Expense 16 72 Expense 526 18 Interest 19 16 Insurance Expense 4 60 WHOLESALE SET. 67 COMPLEMENTARY WORK. Jan. 31. Exercises in Preparing Statements. Budget Pages 58-59-60. 3. Trading and Profit & Loss Statement, June 30, 19 . Johnson & Clark. Returns. Gross Sales 13286 341 Less, - Returned sales 35 28| 13251 06 Less, - Sales rebates and allowances 23 80 Less, - Sales discounts 389 72 413 52 Net returns from sales " 12837 54 Costs. Inventory, May 31, 19 2642 51 Purchases 15720 37 Less, - Purchase rebates 28 50 15691 87 Freight-In on purchases 762 19 Warehouse supplies 178 25 Warehouse labor 140 Total cost of purchases 19414 82 Less, - Purchase discounts 421 97 Net cost of purchases 18992 85 Less, - Inventory June 30, 19 9598 75 Cost of merchandise sold ~~ 9394 10 Gross trading profit for month 3443 44 Incomes. Interest 22 62 Total income 3466 06 Expenses. Selling expenses Advertising 15 Credit reports 9 50 Salesman's salary (A. B. Jones) 75 Salesman's commission (A. B. Jones) 35 72 Delivery charges 36 25 Storage 10 50 Printing salesman's order books 5 25 Traveling expenses (A. B. Jones, Salesman) 97 18 284 40 Administrative expenses Salaries of partners 350 Salaries of office force 140 Postage 18 50 Telephone 8 25 Telegrams 3 20 Attorney's fees 20 Books & Stationery 17 28 557 23 General expenses Rent 100 Taxes 34 15 Coal 12 60 Light . f 7 25 Miscellaneous repairs 14 25 Street improvement assessment 19 73 187 98 Insurance expense 15 60 Total expenses > 1045 21 Net profit for the month 2420 85 Distribution of profit B. A. Johnson, Capital %, 1/3 profit 806 95 R. C. Clark, Capital %, 2/3 profit 1613 90 2420 85 2420 85 68 WHOLESALE SET. COMPLEMENTARY WORK. Jan. 31. Exercises in Preparing Statements. Budget Pages 58-59-60. 3. Statement of Resources and Liabilities, June 30, 19 Johnson & Clark. Resources. Cash Merchandise, per inventory June 30, 19 Notes Receivable Accounts Receivable. . Total current resources Furniture & Fixtures Investment. Insurance R. C. Clark, Personal % H. A. Parker, Salesman M. G. White, Salesman Sundry Resource Inventories Total resources Liabilities. Notes Payable Accounts Payable Total current liabilities B. A. Johnson, Personal % Total liabilities. . 5454 66 9598 75 4218 20 6224 73 171 60 16 85 14 86 26 15 126 14 2596 34 725 60 355 60 926 41 1777 94 2704 35 79 50 Net resources Represented by B. A. Johnson, Capital % 7124 28 Add 1/3 profit for June 806 95 R. C. Clark, Capital % 14248 56 Add 2/3 profit for June 1613 90 26577 54 2783 85 23793 69 7931 23 15862 46| 23793 69 Journal Entry to Close. Inventory 9598 75 Sales 13251 06 Purchase Discounts. ... 421 97 Interest 22 62 Inventory 2642 51 Purchases 15691 87 Freight-In 762, 19 Warehouse Supplies. 178 25 Warehouse Labor 140 Sales Rebates & Allowances 23 80 Sales Discounts 389 72 Selling Expense. . 187 22 Traveling Expense 97 18 Expense 745 21 Insurance Expense B. A. Johnson, Capital % . 15 60 806 95 R. C. Clark, Capital % 1613 90 69 Page 58. Exercises in Analysis of Statements on a Percentage Basis. Jan. 31. Statements 1 2 3 3 Per cent of gross trading profit 48 34% 8 97% 36 66% 5 Per cent of net trading profit 46 55% 6 68% 33 63% 6 Per cent of sales returned 17% 27% 7. Per cent of rebates and allowances on sales 9. Per cent of cost of purchases represented by warehouse expenses. -09% 1 27% -31% 1 57% 18% 1 64% 10. Per cent of purchase discounts on purchases 11 Per cent of sales discounts on sales . . .65% 59% 1.68% 2 41% 2.17% 2 94% 12. Per cent of net sales required to meet sell- ing expenses 1 20% 2 04% 2 15% 13. Per cent of net sales required to meet (a) admin, expenses 5.28% 4 75% 4 21% (b) general expenses 1 68% 1 43% 1 42% 14. Per cent of gross trading profit required to meet all expenses 25 40% 106 13% 30 35% 15. Per cent of gross trading profit required to meet (a) selling expenses Per cent of gross trading profit required to meet (b) admin, expenses Per cent of gross trading profit required to meet (c) general expenses 16. Per cent to be added to cost price to meet (a) selling expenses 3.70% 16.32% 5.20% 1.79% 25.51% 59.35% 17.80% 2.29% 8.26% 16.18% 5.46% 3,03% (b) admin, expenses 7 89% 5 33% 5 93% (c) general expenses 2.51% 1-60% 2.00% 18. Per cent of net profit on capital invested. . . Per cent of net loss on capital invested. . . . 16.76% .27% 11.33% 70 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 1. Administrative and General Expenses. Budget Page 61. 1. From Text p. 90, 91, 94. 1. 2. Administrative Expense. Administrative Expense. 3000 12 50 5000 7290 44 To close 1200 2 60 1800 157 16 5731 89 To close 142 75 122 130 71 65 81 50 500 50 200 86 19 150 7290 44 7290 44 346 18 5746 99 5746 99 Net cost 7290 44 Net cost 5731 89 Arithmetical Problems. 1. 2. 4000 2500 1600 975 9645 60 150 72 30 92 35 61 25 700 250 380 75 167 18 30 7185 98 Net cost. 75 Net cost 4098 55 1. 2. General Expense. General Expense. 100 293 99 To close 125 2 15 17 50 5 60 296 01 To close 30 45 60 6 50 8 96 48 100 75 84 8 9 5 7 15 298 16 298 16 293 99 293 99 1. WHOLESALE SET. COMPLEMENTARY WORK. Feb. 1. Continued. Administrative & General Expenses. Budget Page 61. Arithmetical Problems. 2. 3. 71 125 26 50 27 50 57 21 25J 8 305 21 Returns. 12 00 Balance J516 43 2. From Budget Page 61, Costs. 35 8 75 450 7 56 12 14 87 6 88 68 4 Returns. 4 00 Balance 84 Items. Admin. Ex. Gen. Ex. Rent 60 Postage 5 Light 250 Directors' fees 100 Coal 12 Insurance 16 50 Salaries of officers 200 Attorney's fees 15 Telephone charges 8 60 Manager's salary 125 Stationery 8 25 Light 4 50 Heat 12 Legal advice 10 Taxes 38 40 Cleaning offices Lettering office doors 1 60 Traveling expenses of manager 40 Telegrams 2 60 Advertising for office help 3 50 City directory 8 Meals for employees 12 Street improvement assessment 16 25 Office supplies 3 25 Typewriter supplies 1 85 Janitor's supplies 1 50 Repairs on office furniture 7 25 535 05 I83~ 72 Feb. 5. Exercises in Merchandise Account. Budget Pages 68-69. 1. Merchandise. Inventory 3600 Purchases 43756 Returned sales 2141 Sales discounts 1263 Sales reb. and allow 214 Warehouse exp. and labor. . . 768 Gross trading profit 3881 17 55623 17 Sales .....47643 12 Purchase discounts 1963 56 Returned purchases 591 12 Purchase reb. and allow 843 72 Inventory ". . 4581 65 55623 17 2. Inventory. 4581 65 ! Sales.. . .49972 Purchases 63796 20 Returned sales Sales discounts Sales reb. and allow Warehouse exp. and labor.. 1621 12 1456 35 121 1426 66 73002 98 Purchase discounts Returned purchases Purchase reb. and allow. Inventory Gross trading loss . 2163 56 . 316 80 45 .18747 16 . 1758 46 73002 98 Inventory 18747 16 Purchases 122616 Returned sales 6412 Sales discounts 2175 Sales reb. and allow 12 60 Warehouse exp. and labor. 2178 39 Gross trading profit 11942 36 164083 51 Inventory 16009 21 Sales 144345 Purchase discounts 3651 64 Purchase reb. and allow.. 77 66 Inventory 16009 21 164083 51 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 5 Continued. Exercises in Merchandise Account. Budget Pages 68-69. 4. Trading Statement for Ex. 1. Above. 73 Returns. Gross sales. 47643 12 Less, - Returned sales 2141 45502 12 Less, - Sales rebates and allowances 214 Less, - Sales discounts 1263 1477 Net returns from sales 44025 12 Costs. Inventory, Jan. 1,19 3600 Purchases 43756 Less, - Returned purchases 591 12 Less, - Purchase reb. and allow 843 72 1434 84 42321 16 Add, Warehouse expense and labor 768 Total cost of purchases 46689 16 Less, - Purchase discounts 1963 56 Net cost of purchases 44725 60 Less, - Inventory, Dec 31, 19 4581 65 Cost of merchandise sold 40143 95 Gross trading profit for the year 3881 17 Journal entry to close. Inventory, Dec. 31, 19 458165 Sales 45502 12 , Purchase Discounts 1963 56 Inventory, Jan. 1, 19 3600 Purchases 42321 16 Sales Discounts 1263 Sales Rebates and Allowance 214 Warehouse Expense and Labor 768 Gross Trading Profit 3881 17 74 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 5 Continued. Exercises in Merchandise Account. Budget Pages 68-69. 5. Trading Statement for Ex. 2 Above. Returns. Gross sales 49972 Less, - Returned sales 1621 12J 48350 88 Less, - Sales rebates and allowances 121 Less, - Sales discounts 1456 35 1577 35 Net returns from sales 46773 53 Costs. Inventory, Jan. 1, 19 4581 65 Purchases 63796 20 Less, - Returned purchases 316 80 Less, - Purchase reb. and allow 45 361 80 63434 40 Add, Warehouse expense and labor 1426 66 Total cost of purchases 69442 71 Less, - Purchase discounts 2163 56 Net cost of purchases 67279 15 Less,- Inventory, Dec. 31, 19 18747 16 Cost of merchandise sold 48531 99 Gross trading loss for the year ; T* 1758 46 Journal entry to close. Inventory, Dec. 31, 19 18747 16 Sales 48350 88 Purchase Discounts 2163 56 Gross Trading Loss 1758 46 Inventory, Jan. 1, 19 4581 65 Purchases 63434 40 Sales Discounts 1456 35 Sales Rebates and Allowances 121 Warehouse Expense and Labor 1426 66 Feb. 5 Continued. Exercises in Merchandise Account. Budget Pages 68-69. 6. Trading statement for Ex. 3. 75 Returns. Gross sales Less, - Returned sales Less, - Sales rebates and allowances. Less, - Sales discounts Net returns from sales. . Costs. Inventory, Jan. 1, 19 Purchases Less, - Purchase reb. and allow. . Warehouse expense and labor Total cost of purchases Less, - Purchase discounts Net cost of purchases Less, - Inventory, Dec. 31, 19 Cost of merchandise sold Gross trading profit for the year. .122616 77 66122538 144345 6412 12 60 2175 18747 16 34 2178 39 143463 89 3651 64 139812 25 16009 21 137933 2187 60 135745 40 123803 04 11942 36 Journal entry to close. Inventory, Dec. 31, 19 16009 21 Sales 137933 Purchase Discounts. . 3651 64 Inventory, Jan. 1, 19 .... 18747 16 Purchases 122538 34 Sales Discounts 2175 Sales Rebates and Allowances 12 60 Warehouse Expense and Labor. . . . 2178 39 Gross Trading Profit. . . 11942 36 7. a. Gross trading profit No. 1 9. 66% b. Gross trading loss No. 2 3.62% c. Gross trading profit No. 3 9.64% 8. Merchandise. Purchases 13769 48 Returned sales 60 Sales rebates and allow 6 48 Sales discounts 33 21 Freight-In 351 07 Warehouse supplies 61 37 Warehouse labor 72 Gross trading profit 1424 63 15778 24 Inventory, Feb. 1 7619 37 Sales Purchase discounts. Inventory 8100 08 58 79 7619 37 15778 24 76 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 10. Exercises in Analysis of Expense Accounts. 1. Budget Page 73. Items. Admin. Ex. Gen. Ex. Coal 19 50 - 12 50 32 Gas 4 27 Janitor's supplies $3 80 3 80 - 2 10| 5 90 Stationery and office supplies 5 25 - 1 25J 6 50 Postage 10 CO - 500- 500 20 Telegrams 2 40 Repairing typewriters 6 15 Rent '. 90 Electric light 4 82 Telephone 8 40 Cleaning office and windows 4 25 Taxes 28 50 Salaries of office help 124 Officers' salaries 250 417 45 169 74 Administrative expenses 417 45 General expenses 169 74 Total to Expense % : . : 587 19 ; 2. January. T Admin. Gen. ItemS> Ex. Ex. Rent 125 Car tickets 5 Coal 26 Postage 10 00 - 15 00 - 10 00 35 Taxes 5 23 Salaries of office force 154 00 - 154 00 308 Officers' salaries 250 00 - 250 00 500 Telephone 3 20 - 9 25 12 45 Janitor's supplies , . . 2 90 - 6 15 * 9 05 Stationery and office supplies 21 50 Printing 12 Repairs on office furniture : 4 75 Gas 4 90 Electric light 4 22 Attorney's fees 10 898 95 214 15 j " 2. February. 77 Items. Admin. Ex. Gen. Ex. Rent | 125 Repairs on typewriters 4 85 Traveling expense of officer 42 50 Coal 31 50 - 25 00 56 50 City directory .| 8 50 Office supplies and stationery ... 1 15 - 12 50 - 75 14 40 Printing 6 25 - 15 25 ! 21 50 Telegrams 1 30 - 1 90 3 20 Janitor's supplies 2 15 - 3 90 6 05 Typewriter supplies 3 20 - 95 4 15 Cleaning offices and windows 3 50 Postage 10 00 - 15 00 25 Salaries of office force 154 00 - 154 00 308 Salaries of officers 250 00 - 250 00 500 Meals for employees I 2 50 Electric light 4 48 Gas : I 527 Attorney's fees j 15 Telephone | 10 60 [ 951 70 209 30 2. March. Admin. Gen. Ex. Ex. Rent 125 Postage 10 00 - 5 00 - 10 00 25 Papering offic 19 80 Stationery and office sup. $6 25 - 1 20 - 5 30 - 1 65 14 40 Street improvement assessment 17 28 Repairs on fire doors and shutters 16 50 Janitor's supplies 1 95 - 1 75 3 70 Printing 540- 180 720 Meals for employees 2 50 - 1 50 4 Telegrams 180- 190 370 Telephone . 225- 925 1150 Typewriter supplies 1 40 Coal 12 50 - 6 25 j 18 75 Salaries of office force 154 00 - 154 00 | 308 Salaries of officers 250 00 - 250 00 j 500 C eaning offices and windows j 3 50 Traveling expense of officer j 21 50 Gas : : 4 07 Electric light. .1 3 98 Car tickets 5 Attorneys' fees 12 908 70 217 58 78 -a 6 8 a EH co to CO rH to OO "^ H^ C^ OO t** O^ t"** CO h- rH O CO r- 1 r-l i 1 rH T 1 , 1 CO rH i-H 3 o 1 ^O eO t s * 00 cO CO 00 cO t^ t^* CO O^ *O OO C^l if? IO ^O OO CO ^^ CO CO Oi t^ CO -rHI> O O IOIOCNO ^O H^OOO OO CO (N 00 CO rH ^ rH * 1 ^l s nistrative Is 6 a H ?i to CO CO *O cO cO to CO OO5O OOtOCNrHtO CO O 1 1 rH 1 & 38 88 S3 8 i | . ss i : > i ^ . ...cJ---^ Q -*^ 'E g ' : Jl : : : 1 * ^ g . . . S "g 1 i i "8 * ^ 1 Llj ll 1 Uli ill 1 i 1 : | i i !1.H ! illp^ltii | 1 i iitlli* i 1 .ill !'!! l-li i WHOLESALE SET. COMPLEMENTARY WORK. Feb. 19. Exercises in Entries for Notes and Drafts. Budget Pages 84-85. 79 1. B. E. Anderson Wm. Friend 250 7. E. R. Grayson Notes Pay 1650 13. Lloyd & Co. Notes Rec 5000 Cash R. C. Adams R. C. Adams Cash Notes Rec. Geo. R. Hart 8. Notes Rec. L. P. Vest 375 Notes Rec. M. Grace & Co. Wells & Ray Notes Pay. M. Grace & Co 2. Arthur Grayden G. B. Dean & Co... 1000 Notes Rec. Chas. Haworth Notes Pay. Post & Gale 14. Notes Rec. G. S. Ward 225 Harold Wayne Harold Wayne Notes Pay. SThoma. 5 ? NilanrI 9. C. M. Russell & Co. Merchants S. Co... 1265 Dilworth Bros. Cash Cfla}l W. A. Bake- Notes Pay. 15. Kennedy & Richards Notes Rec 225 Richard Shiels 2500 James Warren Notes Pay. Notes Rec. Dilworth Bros. 10. Wells & Ray Notes Pay 940 Notes Rec. W. A. Baker 16. Notes Rec. Cash 500 James Warren 4. Harry Milton Ira Willis. . . 465 Notes Rec Wells & Ray R. A. Walters James Harris Cash Notes Pay. 17. Notes Rec. H. M. Grayson 400 JJavid. irvin Notes Pay. Notes Rec. 11. Wood & Co. Henry Smith 100 Johnson & Davis Notes Rec. 5. David Irvin 5. Cash Andre Danvers 750 F. G. Botsford Frank Archer Andre Danvers Cash. R. A. Walters Cash Cash R. A. Walters 12. Notes Rec. C. P. Wilson & Co. . 530 Karl Mosby Notes Rec. Notes Rec. R. J. Campbell H. M. Grayson Henry Smith R. J. Campbell Notes Pay. 18. Dee & Co. J. A. Amsbaugh & Co . . . 75 6. Cash Earle Winthrop 140 H. M. Grayson Cash C. P. Wilson & Co. J. A. Amsbaugh & Co. H. Arnold & Co. Notes Pay. James Harris Cash Cash James Harris 80 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 19. Exercises in Entries for Notes and Drafts. Continued. 19. Merchants S. Co. 21. Notes Rec. Notes Rec. Cash 630 Notes Pay 375 Earle Winthrop R. A. Walters Notes Rec. E. R. Grayson J. M. Reed & Co. Notes Pay. Martin & Co. J. M. Reed & Co. Earle Winthrop Merchants S. Co. 22. Notes Rec. Notes Pay. M. Grace & Co... 1000 Notes Rec. 20. Notes Rec. Geo. R. Hart Notes Rec. Wm. Wright 100 Post & Gale Notes Rec. L. A. Brown M. Grace & Co. Notes Rec. Cash Notes Pay. Cash Notes Pay. 23. Notes Rec 950 Notes Rec 800 Wm. Brown 1750 Richard Percy 1750 Notes Pay 950 Notes Rec. . . 800 Wm. Brown James Walker. Robert Hanover Notes Pay .. 800 . 800 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 19. Exercise in Analysis of Selling Expense. Budget Page 85. 1. 81 Advertising 28 50 - 5 00 - 15 50 49 Entertaining 20 Mercantile reports 11 50 Salesman's salary 50 00 - 50 00 100 Sample case 6 50 Sample goods 4 85 Total selling expenses I 191 85 Grouped for profit and loss statement Salesman's salary 100 Advertising 49 Entertainment 20 Miscellaneous 22 85 191 85 2. Analysis of delivery expense %. Gasoline 14 00 - 6 20 48 25 Oils 5 20 - 3 15 8 35 Driver's wages 30 00 - 30 00 60 Tires 72 40 Tubes 21 50 - 10 75 32 25 Driver's license 2 50 Bridge tolls 75 - 50 1 25 201 75 Grouped for profit and loss statement Gasoline and oils 33 35 Driver's wages 60 Tires and tubes 104 65 Miscellaneous... 3 75 201 75 82 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 28. Exercises in Preparing Statements. Budget Pages 94-95. 1. Trading and Profit & Loss Statement, August 31, 19 The Wallace Co. Returns. Gross sales 16786 72 Less.-Returned sales 24 55 16762 17 Less,-Sales rebates and allowances 26 78 ' Less.-Sales discounts 33921 36599 Net returns from sales 16396 18 Costs. Inventory, July 31, 19 2421 61 Purchases for August 15451 93 Less, -Goods taken for private use at cost 24 60 Less, -Goods donated to charity at cost , 32 16 Less.-Rebate for shortage 3 07 Les3,-Purchases returned 46 58 Less.-Goods shipped for sale on commission 102 65 209 06 15242 87 Freight-In on purchases . . . . 425 11 Warehouse supplies 119 13 Warehouse labor 125 Total cost of purchases ""18333 72 Less.-Purchase discounts 378 25 Net cost of purchases 17955 47 Less.-Inventory, August 31, 19 3876 56 Cost of merchandise sold 14078 91 Gross trading profit for the month 2317 27 Incomes. Interest 31 06 Total income 2348 33 Expenses. Selling expenses Salesman's salary 95 Advertising 22 50 Entertainment 16 50 Miscellaneous 3 26 137 26 Traveling expenses 21 95 Delivery expenses Gasoline and oil 23 78 Driver's wages 60 Tires and tubes 19 50 Miscellaneous 3 79 107 07 Freight-Out 36 12 Total selling expenses 7 302 40 Administrative expenses Office supplies and stationery 18 72 Postage, telegrams and telephone 18 47 Salaries of partners 300 Salaries of office force 78 Miscellaneous 1 14 41633 General expenses Rent. 85 Fuelandlight 11 42 Miscellaneous 8 43 104 85 Insurance expense ' 4 35 Total expenses I 827 93 Net profit for the month j 1520 40 Distribution of profit R. M. Wallace, Capital %, profit 1013 60 A. D. Wallace, Capital %, | profit 506 80 1520 40 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 28 Continued. Exercises in Preparing Statements. Budget Pages 94-95. 1. Statement of Resources and Liabilities, August 31, 19 The Wallace Co. 83 Resources. Cash 4636 02 Petty Cash Drawer 150 Inventory, August 31 19 3876 56 Notes receivable 4276 21 Accounts receivable 6624 83 Total current resources 19563 62 Delivery equipment 2260 Furniture & fixtures 572 19 Insurance* 77 45 Sundry resource inventories 76 42 153 87 Total resources 22549 68 Liabilities. Notes Payable 2754 19 Accounts Payable 2976 78 Total current liabilities 5730 97 R. M. Wallace, Personal % 15 18 Sundry liability inventories 18 76 Total liabilities 5764 91 Net resources 16784 77 Represented by R. M. Wallace, Capital % 10176 25 Add 2/3 profit for August 1013 60 11189 85 A. D. Wallace, Capital % 5088 12 Add 1/3 profit for August 506 80 5594 92 16784 77 Journal Entry to Close. Inventory, August 31, 19 3876 56 Sales 16762 17 Purchase 378 25 Interest 31 06 Inventory 2421 61 Purchases 15242 87 Freight-In. ... 425 11 Warehouse Supplies . . 119 13 Warehouse Labor 125 Sales Rebates & Allowances 26 78 Sales Discounts 339 21 Selling Expense 137 26 Traveling Expense 21 95 Delivery Expense 107 07 Freight-Out 36 12 Expense 521 18 Insurance Expense 4 35 R. M. Wallace, Capital %, 2/3 profit 1013 60 A. D. Wallace, Capital %, 1/3 profit 506 80 84 WHOLESALE SET. COMPLEMENTARY WORK. Feb. 28 Continued. Exercises in Preparing Statements. Budget Pages 94-95. 2. Trading and Profit & Loss Statement, December 31, 19 . C. B. Martin & Co. Returns. Grosssales 30291 89 Less, -Goods returned j 77 16 30214 73 Less.-Sales rebates and allowances | 79 16 Less.-Sales discounts | 704 52 i 783 68 Net returns from sales 294131 05 Costs. Inventory, November 31, 19 367814 ! Purchases 26495 03 ! Less.-Goods returned 132 16 Less.-Goods donated to charity at cost 52 25 Less.-Purchase rebates and allowances 37 41 221 82 26273 21 Freight-In on Purchases 769 19 Warehouse supplies 176 19 Warehouse labor 180 50 Total cost of purchases 31077 23 Less.-Purchase discounts 698 12 Net cost of purchases 30379 11 Less.-Inventory, December 31, 19 5227 86 Cost of merchandise sold ~~ 25151 24 Gross trading profit for the month 4279 80 Incomes. Interest 27 14 Total income 4306 94 Expenses. Selling expenses Salesman's salary (C. D. Harrison) 100 Advertising. : 56 25 Entertainment 31 80 Miscellaneous 7 09 195 14 Traveling expense (C. D. Harrison) 53 82 Freight-Out on sales 177 23 Delivery expenses Horse feed and supplies 25 68 Wagon maintenance 7 15 Driver's and helper's wages 75 Miscellaneous 5 67 113 50 Total selling expenses 539 69 Administration expenses. Office supplies and stationery 42 75 Postage, telegrams and telephone 26 78 Salaries of partners 400 Salaries of office help 120 Miscellaneous 2 18 591 71 General expenses Rent 100 Fuel and light 55 12 Miscellaneous 9 56 164 68 Insurance expense 10 75 Total expenses - . 1306 83 Net profit for the month 3000 11 Distribution of profit C. B. Martin, Capital %, f profit 2000 07 D.L. Burton, Capital %, J profit 100004 ! 300011 WHOLESALE SET. 85 COMPLEMENTARY WORK. Feb. 28 Continued. Exercises in Preparing Statements. Budget Pages 94-95. 2. Statement of Resources and Liabilities, December 31, 19 . C. B. Martin & Co. Resources. Cash ! 7166 77 Petty Cash Drawer 200 Inventory, December, 31, 19 5227 86 Notes Receivable 3976 49 Accounts receivable J13649 13 Total current resources | 30219 25 Furniture & fixtures 947 25 Delivery equipment 4475 Insurance ^ 118 25 Sundry resource inventories 112 06 230 31 Total resources ~ 35891 81 Liabilities. Notes payable 2698 47 j Accounts payable 5748 35 Total current liabilities 8446 62 Sundry liability inventories 27 45 j C. D. Harrison, Salesman 3 16 j Total liabilities ~ ~; 8477 43 Net resources j 27414 38 Represented by C. B. Martin, Capital % 16276 18 Add 2/3 profit for December 2000 07 J18276 25 D. I. Burton, Capital % 8138 09 Add 1/3 profit for December 1000 04 j 9138 38 | 27414 38 Journal Entry to Close. j Inventory, December 31, 19 i 5227 86 Sales J30214 73 Purchase Discounts I 698 12 Interest 27 14 Inventory, November 30, 19 3678 14 Purchases 26273 21 Freight-In 769 19 Warehouse Supplies 176 19 Warehouse Labor 180 50 Sales Rebates & Allowances 79 16 Sales Discounts 704 52 Selling Expense 195 14 Traveling Expense 53 82 Delivery Expense 113 50 Freight-Out 177 23 Expense 756 39 Insurance Expense 10 75 C. B. Martin, Capital %, 2/3 profit 2000 07 D. I. Burton, Capital %, 1/3 profit. 1000 04 86 WHOLESALE SET. COMPLEMENTARY WORK. Exercises in Analysis of Statements on a Percentage Basis, February 28. Statement 1. 2. 3. Per cent of gross trading profit 16 .46% 17 .02% 5. Per cent of net trading profit 14.31% 14.87% 6. Per cent of sales returned -15% -25% 7. Per cent of rebates and allowances on sales 16% .26% 9. Per cent of cost of purchases represented by ware- house expenses 1.33% 1.15% 10. Per cent of purchase discounts on purchases 2.06% 2.25% 11. Per cent of sales discounts on sales 2 .02% 2 .33% 12. Per cent of net sales required to meet selling ex- penses 1.80% 1.79% 13. (a) administrative expenses 2 .48% j 1 .96% (b) general expenses 63% .55% 14. Per cent of gross trading profit required to meet all expenses 35 .73% 30 .53% 15. (a) selling expenses 13 .05% 12 .61% (b) administrative expenses 17 .96% 13 .83% (c) general expenses 4.52% 3 .85% 16. Per cent to be added to cost price to meet (a) selling expenses 2.15% 2.15% (b) admin, expenses 2.96% 2.35% (c) general expenses .74% .65% 18. Per cent of net profit on capital invested 9 .96% 12 .29% March 4. Exercises in Merchandise Accounts. 1. Budget Page 100. Purchases. Costs. 43756 4386 39370 3600 35770 20 7154 00 Profits. J35770 Costs. Gross Sales. Cost of mdse. purchased. Inventory Cost of merchandise sold. 42924 4386 38538 Bal. of sales accounts. Sales. Deductions. 2141 1263 214 768 4386 WHOLESALE SET. COMPLEMENTARY WORK. March 4 Continued. Exercises in Merchandise Accounts. Budget Page 100. 2. 87 Purchases. Deductions. 1963 56 591 12 843 72 3398 40 87643 12 3398 40 84244 72 Net returns from sales. 16848 94 Profit. 67395 78 Cost of merchandise sold. 8347 56 Inventory. 75743 34 Total debit footing. 3. 68946 32 721 81 Purchases. Costs. Sales. Returns. Deductions. 59843 42 1949 12 5076 37 3127 25 322 60 112 20 2489 12 54767 05 5076 37 72592 05 2753 65 Total cost. Prch. Disc't. 69838 40 14344 85 Net cost. Inventory. 55493 55 54767 05 Cost of goods sold. Net returns. 726 50 Gross trading loss. March 7. Exercises in Analysis of Merchandise Accounts. Budget Page 102. 1. $ 745 71 - 13.35% 2. 298 24 G. T. P. - $64 95 N. L. 3. 183 38 G. T. L. - 15.99% 4. 1635 17 5. 883 47 6. 508888-8.82% 7. $ 1202 21 8. 2570 13 - $ 2395 45 9. 178660 56 - 119107 04 10. 29300 11. 3742 86 - 3555 72 12. 42750 March 4. Exercises in Calculating Discounts. Budget Page 105. 1. $ 25 65 2. $ 92 64 3. 8 mo. 4. $375 00 88 WHOLESALE SET. COMPLEMENTARY WORK. March 16. Exercises in Opening Double Entry Books. Budget Page 106. 1. Cash 3500 Purchases 1440 Notes Receivable 760 Interest 73 35 Nat'l Bank Stock 5000 Store Room and Lot 8000 Accounts Receivable 1363 Archie Carlton, Cap. % 20136 35 1000 36 3000 204 45 400 150 Archie Carlton, Cap. %.... 4790 45 Notes Payable Expense Mortgages Payable Profit & Loss John Ray Notes Payable Cash 1600 Factory, Investment 2500 Gas Co. Stock 5000 Dividend 500 Notes Receivable 3300 Commission 780 Notes Receivable 300 Motor Mfg. Co. Stock 1600 Lester Boyd, Cap. %. . . 15580 Lester Boyd, Cap. % 660 Profit & Loss 660 2. Cash 2600 Notes Receivable 2050 N. E. Nash, Personal %.... 150 Patents 3760 Delivery Equipment 5000 Mch. and Imp. Investment 3650 Materials 1750 Accounts Receivable 1253 Stone Quarries 8000 Notes Receivable 1000 Wheeling Contract 2000 N. E. Nash, Cap. %. . . 31210 N. E. Nash, Cap. % 6210 Mortgages Payable Interest Labor % Accounts Payable Notes Payable Interest Cash looo Brick Yard, 30th Ward 4000 Brick Machinery % 9000 Materials 1800 Carterville Contract 10000 Mch. and Imp. % 2700 Materials 1800 F. G. Botsford, Cap. % F. G. Botsford, Cap. %. . . . 6200 Fidelity Trust Co Bonds & Mortgages Pay. Notes Payable 3. Cash 64000 R. C. Carroll S. A. Richards. . . D. M. Porter R. C. Carroll. . S. A. Richards. 12000 4. Market St. Property 16000 Real Estate Income 235 Furniture & Fixtures 275 Delivery Equipment 496 C. Capital % C, Capital % 4120 Bond & Mortgage Pay. Interest Purchases 15675 Notes Receivable 1287 50 Accounts Receivable. . . 3426 20 31200 700 5000 500 32000 32000 6000 6000 17006 4000 120 D, Capital % WHOLESALE SET. 89 COMPLEMENTARY WORK. March 16. Exercises in Opening Double Entry Books Continued. D, Capital % 7669 75 Notes Payable 6524 50 Accounts Payable 1145 25 Purchases 11486 70 fe.R. Stock 6000 Accounts Receivable 3375 , Personal % 675 E, Capital % 21536 70 E, Capital % 7320 50 Notes Payable 1000 Profit & Loss 675 Accounts Payable 5645 50 5. Cash 20000 Notes Receivable 1000 Interest 45 Notes Receivable 1455 H, Capital % 22500 March 25. Adjustment of Interest between Partners. Budget Page 113. 1. nterest on Capital 1260 A, Personal % B, Personal % 960 300 Interest on Capital. C, Personal %. D, Personal %. E, Personal % 2. 1545 690 720 135 90 WHOLESALE SET. COMPLEMENTARY WORK. March 18. Adjustment of Losses, Gains, Invest- ments, etc., between Partners. Budget Page 109. March 22. Exercises in Adjusting Balances between Partners. Budget Page 111. 1. . H. Doughty, Cap. %. . . . 8100 Cash 4400 Notes Rec 3700 , A. Amsbaugh, Cap. %. . .11270 rofit & Loss 630 Purchases 5600 Accounts Rec 6300 'otes Pay 2200 ccounts Pay 1100 J. A. Amsbaugh, Cap. % 3300 rofit&Loss 11370 J. A. Amsbaugh, Cap. % 5685 F. H. Doughty, Cap. % 5685 us: Doughty Dr. to Amsbaugh $285 2. ,, Capital % 38000 \, Capital % 38000 lood-will 15000 A, Capital % 22750 B, Capital % 22750 C, Capital % 22750 D, Capital % 22750 1. A, Capital % 1129 78 B, Capital % C, Capital % 2. E, Capital % 2237 67 F, Capital % 89153 D, Capital % Cash 15585 45 G, Capital % 3. H, Capital % 23746 17 I, Capital % J, Capital % K, Capital % | K, Capital % 16853 05 I, Capital % J, Capital %. 4. M, Capital % 325 L, Capital % 5. I P, Capital % ' H2 O, Capital % Q, Capital % 6. Cash 268 80 33 60 Q 33 60 R.. 325 56 56 336 WHOLESALE SET. 91 COMPLEMENTARY WORK. March 31. Exercises in Preparing Statements. Budget Pages 120-121. 1. Trading and Profit & Loss Statement, Harold Wayne. Returns. Sales 5890 Costs. Purchases ! 5190 Warehouse Expense 121 Total cost of purchases 5311 Gross trading profit 579 Incomes. Real estate income 1765 Commission 425 Interest 77 Gross income | 2846 Expenses. Administration expense | 800 General expense 1050 Total expenses 1850 Net profit ; 996 1. Statement of Resources and Liabilities, Harold Wayne. Resources. Cash 675 Inventory 460 Notes receivable 1490 Accounts receivable 4830 Total current resources 7455 Real estate investment 500 Railroad stock investment 1500 National Bank stock investment 1000 Sundry resource inventories 115 Total resources 10570 Liabilities. Notes payable 650 Accounts payable 945 Total current liabilities | 1595 Sundry liability inventories | 350 Total liabilities ! 1945 Net resources 8625 Represented by Harold Wayne, Capital % i 7629 Add profit for period j 996 8625 92 WHOLESALE SET. COMPLEMENTARY WORK. March 31 Continued. Exercises in Preparing Statements. Budget Pages 120-121. 2. Trading and Profit & Loss Statement, H. M. Grayson. Returns. Sales 1800 Costs. Purchases 1750 Warehouse expense ! 300 Total cost of purchases 2050 Gross trading loss 250 Income. Commission 75 Interest receivable 175 250 Expenses. Expense 720 Interest payable 266 Profit & Loss 60 Net Loss j 1Q46 2. Statement of Resources and Liabilities, H. M. Grayson. Resources. Cash 375 Inventory 2450 Notes receivable 200 Accounts receivable 735 ' Total current resources 3760 Horse & wagon 360 Sundry resource inventories 53 Total resources 4173 Liabilities. Notes payable 1475 Mortgages payable 808 Accounts payable. . . . 1960 Sundry liability inventories 76 Total liabilities. 4319 Net liabilities 146 Represented by H. M. Grayson, Capital % 900 Less net loss for period 1046 146 WHOLESALE SET. COMPLEMENTARY WORK. March 31 Continued. Exercises in Preparing Statements. Budget Pages 120-121. 3. Trading and Profit & Loss Statement, M. Grace. 93 Returns. Sales 4293 Costs. Purchases 2064 Gross trading profit 2229 Incomes. Interest 789 Commission 1299 Total income ! 4317 I i Expenses. Expense 870 Profit & Loss 180 Total expenses 1050 Net profit for period 3267 3. Statement of Resources and Liabilities, M. Grace. Resources. Cash 332 Inventory | 1936 Notes receivable 895 Accounts receivable 1350 Total current resources | 4513 Sundry resource inventories 430 Total resources 4943 Liabilities. Notes payable 395 Accounts payable j 1390 Total current liabilities 1785 Sundry liability inventories 181 Total liabilities * 1966 Net resources 2977 Represented by Net profit for period 3267 Subtract M. Grace's Insolvency 290 ! M. Grace's Net Capital 2977 94 March 31 Continued. 4. Trading and Profit & Loss Statement, Rowe Bros. Store. Returns. Sales 73800 Less, - Returned sales 1290 Net returns from sales 72510 Costs. Inventory 32100 Purchases 34900 Less, - Purchase rebates 1620 33280 Warehouse expense & labor 2165 Import duties 4721 Storage 425 Total cost of purchases 72691 Less, - Purchase discounts 2814 Cost of goods sold 69877 Gross trading profit (Store) 2633 F. M. Returns. F. M. flour sales 20698 F. M. bran & feed sales 4125 24823 Costs. F. M. inventory 4000 F. M. wheat purchases 13240 F. M. labor & supplies 2265 F. M. maintenance & repairs 936 Cost of manufactured product 20441 Gross trading profit (F. M.) __i 382 Total gross trading profit 7015 Incomes. Elevator income 7375 Interest 630 Total income 15020 Expenses. Expense 5630 Elevator expense I 4165 Total expenses 9795 Net profit 5225 Distribution of profit G. H. Rowe, Cap. %, 1/3 profit .v ! 1741 67 H. M. Rowe, Jr., Cap. %, 1/3 profit j 1741 67 E. W. Rowe, Cap. %, 1/3 profit : 1741 66 5225 WHOLESALE SET. 95 COMPLEMENTARY WORK. March 31 Continued. 4. Statement of Resources and Liabilities, Rowe Bros. Resources. Cash | 3600 Inventory 19600 F. M. inventory 760 Accounts receivable 2865 Total current resources Elevator investment F. M. investment F. M. machinery investment j i Net resources Represented by G. H. Rowe, Capital % 24000 Add 1/3 net profit 1741 67 H. M. Rowe, Jr., Capital % 24000 Add 1/3 net profit _! 741 67 E. W. Rowe, Capital % 24000 Add 1/3 net profit 1741 66 26825 8000 36000 6400 77225 25741 67 25741 67 25741 66 77225 2240 YC 45035 UNIVERSITY OF CALIFORNIA LIBRARY