BALANCE SHEET, JAN. 20 _Assets_ Cash Bank $2,983.58 Office 97.45 -------- $3,081.03 Accounts Receivable Martin 36.00 Crane 3.00 Whipple 17.50 Lewis 10.00 Johnson 20.00 -------- 86.50 Merchandise (Inventory) 582.00 -------- $3,749.53 _Liabilities_ Accounts Payable Farwell 132.00 Barr 22.20 154.20 154.20 -------- -------- -------- Present Worth $3,595.33 [Illustration: Adjustment Journal and Department Purchase Book] [Illustration: Departmental Sales Book] [Illustration: Cash Book Including Bank Account] [Illustration: Center Ruled Ledger] [Illustration: Center Ruled Ledger] [Illustration: Center Ruled Ledger] [Illustration: Center Ruled Ledger] [Illustration: Center Ruled Ledger] [Illustration: Trial Balance] EXERCISE =28.= Take a trial balance of the ledger accounts as they appear after the books are closed Jan. 20. At the close of business, Feb. 28, we find that the following transactions have been recorded: Purchased clothing from Hart, Schaffner & Marx, $1,500.00; from Brokau Bros., $720.00. Purchased furnishings from Barr Dry Goods Co., $60.00, from Rosenthal & Co., $437.50. Purchased shoes from Brown Shoe Co., $460.00. Sold on account, clothing, $600.00; furnishings, $224.40; shoes, $112.00. Sold for cash, clothing, $789.50; furnishings, $302.90; shoes, $447.25. Received cash on account, $672.20. Received returned goods: clothing, $15.00; shoes, $7.00. Deposited cash in bank, $2,230.00. Paid cash for expenses, $10.00. Gave checks as follows: Hart, Schaffner & Marx, $1,176.00; Brokau Bros., $705.60; Brown Shoe Co., $294.00; Farwell & Co., $132.00; Barr Dry Goods Co., $22.20; Rosenthal & Co., $428.75; rent, $50.00; expenses, $100.00. Cash discounts earned on accounts paid as follows: Hart, Schaffner & Marx, $24.00; Brokau Bros., $14.40; Brown Shoe Co., $6.00; Rosenthal & Co., $8.75. Take a new trial balance as the ledger accounts appear after posting these transactions. The inventory, Feb. 28, is: Clothing $1,790.50 Furnishings 176.40 Shoes 136.25 -------- $2,103.15 Close the books, make statement of trading and profit and loss account. Make a balance sheet. What were the gross profits for this period? What were the net profits? What is the proprietor's present worth? PARTNERSHIP