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You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.
The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:
Cash as of January 1, 2008 was $10,105.
The Flower Shoppe
Adjusted Trial Balance
December 31, 2008
DebitCredit
Cash
$22,750
Accounts Receivable
3,200
Inventory
8,000
Land
27,000
Building
56,000
Accumulated Depreciation
16,800
Accounts Payable
4,600
Accrued Expenses
2,500
Common Stock
20,000
Additional Paid-in Capital
10,000
Dividends
1,200
Retained Earnings
53,405
Sales
112,020
Returns
1,300
Purchases
47,000
Salaries
38,000
Supplies
870
Utilities
5,225
Telephone
2,850
Bank Charges
330
Depreciation Expense
5,600
$219,325
Find some possible reasons that company had a debit balance in overhead account at year-end
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