Data Saver Inc. Analysis

Data Saver, Inc.
(1)

Cash
Patent
Contributed capital

(2)

Incorporation costs
Cash

(3)

Equipment
Cash

(4)
Cash
(5)

(1)

(2)

(3)

(4)

(5)

Process R&D

Cash
sales revenue
Materials inventory
Cash
Cash
Loans payable
Loans payable
Cash
lodge in expense
Cash
Payroll
Cash
To distribute payroll
Work-in-process inventory
SG&A expense
Payroll
Equipment
Cash

(6)

Already expensed - see above

(7)

Work-in-process inventory
Accumulated depreciation

(8)

Work-in-process inventory
Materials inventory

LHS = Dr.

I

RHS = Cr.

$40,000 I
$60,000 I
I $100,000
I
$6,600 I
I $6,600
I
$20,000 I
I $20,000
I
$2,000 I
I $2,000
I
$1,200 I
I $1,200
$129,800 I $129,800
LHS = Dr.
I
$336,000 I
I
I
$106,000 I
I
I
$8,000 I
I
$8,000 I
I
$650 I
I
I
$148,000 I
I
I
$127,000 I
$21,000 I
I
I
$4,000 I
I
I
I
I
$2,400 I
I
I
$88,800 I
I
I
I
I
I

Cash
Materials inventory
flow rate assets

$11,400
800
$12,200

Liabilities

Equipment
Patent

$20,000
60,000
$92,200

Paid-in Capital
Retained earnings

Taking a trial balance

RHS = Cr.




$336,000

$106,000

$8,000
$8,000
$650

$148,000

$148,000

$4,000

$2,400

$88,800

Memo: commencement ceremony materials inventory
Puchases during period
Available during period
Ending inventory
Used during period

$800
$106,000
$106,800
$18,000
$88,800

0

$100,000
(7,800)
$92,200

(9)

(10)

(11)

(12)

holy goods inventory
Work-in-process inventory
Cost of sales
Finished goods inventory
SG&A expense
Patent
Provision for income taxes
Cash
Tax payable
Retained earnings, dividends
Cash

Closing entries
c1

c2

c3

c4

Sales revenue
Income summary
Income summary
Cost of sales
Income summary
SG&A
SG&A
Interest expense
Provision for income taxes
Income summary
Retained earnings

I
$218,200 I
I
$218,200 I
I
I
$3,529 I
I
I
$16,960 I
I
I
I
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