Posted: August 14th, 2016

What is the new order of business?

Copies Express was incorporated on November 20, 2009, and began operating on January 2, 2010. The balance sheet as of the beginning of operations is shown in Exhibit 1.

In preparing financial statements for the first year of operations, the accountant reviewed the record of cash receipts and cash disbursements for Copies Express. This information appears in Exhibit 2.

In addition, the accountant examined certain other information relative to operations. These additional items appear in Exhibit 3.

Exhibit 1

Balance Sheet
As of January 2, 2010


Cash $2,000
Supplies 24,400
Building and equipment 300,000
Land 12,000
Total 338,400

Liabilities and Owners’ Equity

Accounts payable $10,400
Bank loan 24,000
Capital stock 304,000
Total 338,400

Exhibit 2

Cash Receipts and Disbursements: 2010
Cash receipts:
Cash Sales $176,450
Collect accounts receivable 64,750
Total 241,200

Cash disbursements:
Wages and salaries $85,750
Heat, light, power 15,000
Additional supplies 52,600
Selling and administration 28,375

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