FDNACCT 09 · Enoteca Capstone
Conventions
Amounts are Philippine pesos (₱). Enter numeric answers without a currency symbol; commas are optional. Use accrual accounting, periodic inventory, prepaid expenses under the asset method, unearned revenue under the liability method, straight-line depreciation, and the allowance method unless a question states otherwise. Interest uses a 360-day year or months/12. Follow the course cash-flow convention: interest/dividends received are investing, interest/dividends paid are financing. Each Practice Lab table has one highlighted blank. Questions are independent; use only the facts given in that question.
Questions
01Complete the allowance adjusting expense.
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Use the allowance method; these balances are before adjustment.
| Item | Value |
|---|---|
| Accounts receivable | 17,000 |
| Existing allowance credit balance | 200 |
| Required ending allowance rate | 2% |
| Doubtful-accounts expense adjustment | ? |
02Complete the prepaid-advertising balance at year-end.
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). The full advertising payment was recorded as an asset. Coverage is provided evenly; no expense adjustment has been posted.
| Item | Value |
|---|---|
| Original advertising prepayment | 4,800 |
| Coverage duration | 4 months |
| Coverage end | January 31, 2021 |
| Remaining prepaid advertising | ? |
03Complete store-equipment accumulated depreciation at year-end.
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Use straight-line depreciation for the full 2020 year.
| Item | Value |
|---|---|
| Store equipment cost | 270,000 |
| Acquisition date | July 1, 2019 |
| Useful life | 5 years |
| Residual value | 20,000 |
| Prior accumulated depreciation | 25,000 |
| Ending accumulated depreciation | ? |
04Which contra-asset account is credited for the furniture depreciation adjustment?
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Furniture and fixtures cost 60,000. The stated depreciation rate is 15% of cost annually. The furniture is used throughout 2020, and prior accumulated depreciation is 15,000.
05Complete remaining unearned seminar fees.
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). All advances were credited to Unearned seminar fees. Seminars are equally priced; no revenue adjustment has been posted.
| Item | Value |
|---|---|
| Seminar advances | 80,000 |
| Seminars promised | 8 |
| Seminars completed | 6 |
| Remaining unearned seminar fees | ? |
06Complete the December payroll-tax adjustment under the supplied case rates.
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Salaries are evenly incurred across twelve months. The employer’s December payroll taxes remain unpaid and unrecorded. The supplied historical rates apply only to this exercise.
| Item | Value |
|---|---|
| Annual Salaries and wages expense | 240,000 |
| Social-security tax rate | 6.2% |
| Medicare tax rate | 1.45% |
| Pre-adjustment Payroll taxes expense | 33,240 |
| December payroll-tax expense adjustment | ? |
07Complete net sales.
Problem
Enoteca Fine Wines is a wine retailer. All amounts are Philippine pesos (₱). Use accrual accounting, periodic inventory, asset-method prepayments, liability-method unearned revenue, straight-line depreciation, and the allowance method. The reporting date is December 31, 2020.
Unadjusted trial balance
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 200 |
| Prepaid advertising | 4,800 | — |
| Supplies | 3,000 | — |
| Merchandise inventory, beginning | 150,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 25,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 15,000 |
| Notes payable, due in 2022 | — | 200,000 |
| Accounts payable | — | 47,050 |
| Unearned seminar fees | — | 80,000 |
| Vince Carbone, capital | — | 333,800 |
| Vince Carbone, drawings | 141,100 | — |
| Sales | — | 1,540,000 |
| Sales returns and allowances | 1,500 | — |
| Sales discounts | 500 | — |
| Purchases | 910,000 | — |
| Purchase returns and allowances | — | 12,000 |
| Purchase discounts | — | 3,000 |
| Freight in | 2,250 | — |
| Commissions income | — | 9,700 |
| Rent expense | 132,000 | — |
| Salaries and wages expense | 240,000 | — |
| Payroll taxes expense | 33,240 | — |
| Interest expense | 1,500 | — |
Additional facts
- Physical ending inventory is 140,000.
- Required doubtful-account allowance is 2% of ending Accounts receivable; the unadjusted allowance has a 200 credit balance.
- Prepaid advertising covers four evenly earned months ending January 31, 2021.
- Supplies remaining at year-end are 1,300.
- Store equipment was bought July 1, 2019; estimated useful life is five years and residual value 20,000. The prior 25,000 accumulated depreciation is already recorded.
- Furniture is depreciated at 15% of its 60,000 cost per year; prior accumulated depreciation is 15,000.
- Notes payable is a two-year, 6% annual-interest bank loan received May 1, 2020. Accrue May–December loan interest as an additional adjustment to the 1,500 already in Interest expense; no interest on this loan has yet been recorded.
- Advance seminar fees cover eight equally priced seminars, six completed by year-end.
- Another 8,300 commissions has been earned but not collected or recorded.
- The 132,000 recorded rent pays nine months at a constant monthly rate.
- Salaries are evenly incurred through the year. Employer payroll taxes on December salary remain unpaid: 6.2% social security and 1.45% Medicare. These supplied historical rates apply only to this exercise.
08Complete cost of sales.
Problem
Enoteca Fine Wines is a wine retailer. All amounts are Philippine pesos (₱). Use accrual accounting, periodic inventory, asset-method prepayments, liability-method unearned revenue, straight-line depreciation, and the allowance method. The reporting date is December 31, 2020.
Unadjusted trial balance
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 200 |
| Prepaid advertising | 4,800 | — |
| Supplies | 3,000 | — |
| Merchandise inventory, beginning | 150,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 25,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 15,000 |
| Notes payable, due in 2022 | — | 200,000 |
| Accounts payable | — | 47,050 |
| Unearned seminar fees | — | 80,000 |
| Vince Carbone, capital | — | 333,800 |
| Vince Carbone, drawings | 141,100 | — |
| Sales | — | 1,540,000 |
| Sales returns and allowances | 1,500 | — |
| Sales discounts | 500 | — |
| Purchases | 910,000 | — |
| Purchase returns and allowances | — | 12,000 |
| Purchase discounts | — | 3,000 |
| Freight in | 2,250 | — |
| Commissions income | — | 9,700 |
| Rent expense | 132,000 | — |
| Salaries and wages expense | 240,000 | — |
| Payroll taxes expense | 33,240 | — |
| Interest expense | 1,500 | — |
Additional facts
- Physical ending inventory is 140,000.
- Required doubtful-account allowance is 2% of ending Accounts receivable; the unadjusted allowance has a 200 credit balance.
- Prepaid advertising covers four evenly earned months ending January 31, 2021.
- Supplies remaining at year-end are 1,300.
- Store equipment was bought July 1, 2019; estimated useful life is five years and residual value 20,000. The prior 25,000 accumulated depreciation is already recorded.
- Furniture is depreciated at 15% of its 60,000 cost per year; prior accumulated depreciation is 15,000.
- Notes payable is a two-year, 6% annual-interest bank loan received May 1, 2020. Accrue May–December loan interest as an additional adjustment to the 1,500 already in Interest expense; no interest on this loan has yet been recorded.
- Advance seminar fees cover eight equally priced seminars, six completed by year-end.
- Another 8,300 commissions has been earned but not collected or recorded.
- The 132,000 recorded rent pays nine months at a constant monthly rate.
- Salaries are evenly incurred through the year. Employer payroll taxes on December salary remain unpaid: 6.2% social security and 1.45% Medicare. These supplied historical rates apply only to this exercise.
09Complete gross profit.
Problem
Enoteca Fine Wines is a wine retailer. All amounts are Philippine pesos (₱). Use accrual accounting, periodic inventory, asset-method prepayments, liability-method unearned revenue, straight-line depreciation, and the allowance method. The reporting date is December 31, 2020.
Unadjusted trial balance
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 200 |
| Prepaid advertising | 4,800 | — |
| Supplies | 3,000 | — |
| Merchandise inventory, beginning | 150,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 25,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 15,000 |
| Notes payable, due in 2022 | — | 200,000 |
| Accounts payable | — | 47,050 |
| Unearned seminar fees | — | 80,000 |
| Vince Carbone, capital | — | 333,800 |
| Vince Carbone, drawings | 141,100 | — |
| Sales | — | 1,540,000 |
| Sales returns and allowances | 1,500 | — |
| Sales discounts | 500 | — |
| Purchases | 910,000 | — |
| Purchase returns and allowances | — | 12,000 |
| Purchase discounts | — | 3,000 |
| Freight in | 2,250 | — |
| Commissions income | — | 9,700 |
| Rent expense | 132,000 | — |
| Salaries and wages expense | 240,000 | — |
| Payroll taxes expense | 33,240 | — |
| Interest expense | 1,500 | — |
Additional facts
- Physical ending inventory is 140,000.
- Required doubtful-account allowance is 2% of ending Accounts receivable; the unadjusted allowance has a 200 credit balance.
- Prepaid advertising covers four evenly earned months ending January 31, 2021.
- Supplies remaining at year-end are 1,300.
- Store equipment was bought July 1, 2019; estimated useful life is five years and residual value 20,000. The prior 25,000 accumulated depreciation is already recorded.
- Furniture is depreciated at 15% of its 60,000 cost per year; prior accumulated depreciation is 15,000.
- Notes payable is a two-year, 6% annual-interest bank loan received May 1, 2020. Accrue May–December loan interest as an additional adjustment to the 1,500 already in Interest expense; no interest on this loan has yet been recorded.
- Advance seminar fees cover eight equally priced seminars, six completed by year-end.
- Another 8,300 commissions has been earned but not collected or recorded.
- The 132,000 recorded rent pays nine months at a constant monthly rate.
- Salaries are evenly incurred through the year. Employer payroll taxes on December salary remain unpaid: 6.2% social security and 1.45% Medicare. These supplied historical rates apply only to this exercise.
10Complete Enoteca’s net profit.
Problem
Enoteca Fine Wines is a wine retailer. All amounts are Philippine pesos (₱). Use accrual accounting, periodic inventory, asset-method prepayments, liability-method unearned revenue, straight-line depreciation, and the allowance method. The reporting date is December 31, 2020.
Unadjusted trial balance
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 200 |
| Prepaid advertising | 4,800 | — |
| Supplies | 3,000 | — |
| Merchandise inventory, beginning | 150,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 25,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 15,000 |
| Notes payable, due in 2022 | — | 200,000 |
| Accounts payable | — | 47,050 |
| Unearned seminar fees | — | 80,000 |
| Vince Carbone, capital | — | 333,800 |
| Vince Carbone, drawings | 141,100 | — |
| Sales | — | 1,540,000 |
| Sales returns and allowances | 1,500 | — |
| Sales discounts | 500 | — |
| Purchases | 910,000 | — |
| Purchase returns and allowances | — | 12,000 |
| Purchase discounts | — | 3,000 |
| Freight in | 2,250 | — |
| Commissions income | — | 9,700 |
| Rent expense | 132,000 | — |
| Salaries and wages expense | 240,000 | — |
| Payroll taxes expense | 33,240 | — |
| Interest expense | 1,500 | — |
Additional facts
- Physical ending inventory is 140,000.
- Required doubtful-account allowance is 2% of ending Accounts receivable; the unadjusted allowance has a 200 credit balance.
- Prepaid advertising covers four evenly earned months ending January 31, 2021.
- Supplies remaining at year-end are 1,300.
- Store equipment was bought July 1, 2019; estimated useful life is five years and residual value 20,000. The prior 25,000 accumulated depreciation is already recorded.
- Furniture is depreciated at 15% of its 60,000 cost per year; prior accumulated depreciation is 15,000.
- Notes payable is a two-year, 6% annual-interest bank loan received May 1, 2020. Accrue May–December loan interest as an additional adjustment to the 1,500 already in Interest expense; no interest on this loan has yet been recorded.
- Advance seminar fees cover eight equally priced seminars, six completed by year-end.
- Another 8,300 commissions has been earned but not collected or recorded.
- The 132,000 recorded rent pays nine months at a constant monthly rate.
- Salaries are evenly incurred through the year. Employer payroll taxes on December salary remain unpaid: 6.2% social security and 1.45% Medicare. These supplied historical rates apply only to this exercise.
11Complete ending capital.
Problem
Enoteca Fine Wines is a wine retailer. All amounts are Philippine pesos (₱). Use accrual accounting, periodic inventory, asset-method prepayments, liability-method unearned revenue, straight-line depreciation, and the allowance method. The reporting date is December 31, 2020.
Unadjusted trial balance
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 200 |
| Prepaid advertising | 4,800 | — |
| Supplies | 3,000 | — |
| Merchandise inventory, beginning | 150,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 25,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 15,000 |
| Notes payable, due in 2022 | — | 200,000 |
| Accounts payable | — | 47,050 |
| Unearned seminar fees | — | 80,000 |
| Vince Carbone, capital | — | 333,800 |
| Vince Carbone, drawings | 141,100 | — |
| Sales | — | 1,540,000 |
| Sales returns and allowances | 1,500 | — |
| Sales discounts | 500 | — |
| Purchases | 910,000 | — |
| Purchase returns and allowances | — | 12,000 |
| Purchase discounts | — | 3,000 |
| Freight in | 2,250 | — |
| Commissions income | — | 9,700 |
| Rent expense | 132,000 | — |
| Salaries and wages expense | 240,000 | — |
| Payroll taxes expense | 33,240 | — |
| Interest expense | 1,500 | — |
Additional facts
- Physical ending inventory is 140,000.
- Required doubtful-account allowance is 2% of ending Accounts receivable; the unadjusted allowance has a 200 credit balance.
- Prepaid advertising covers four evenly earned months ending January 31, 2021.
- Supplies remaining at year-end are 1,300.
- Store equipment was bought July 1, 2019; estimated useful life is five years and residual value 20,000. The prior 25,000 accumulated depreciation is already recorded.
- Furniture is depreciated at 15% of its 60,000 cost per year; prior accumulated depreciation is 15,000.
- Notes payable is a two-year, 6% annual-interest bank loan received May 1, 2020. Accrue May–December loan interest as an additional adjustment to the 1,500 already in Interest expense; no interest on this loan has yet been recorded.
- Advance seminar fees cover eight equally priced seminars, six completed by year-end.
- Another 8,300 commissions has been earned but not collected or recorded.
- The 132,000 recorded rent pays nine months at a constant monthly rate.
- Salaries are evenly incurred through the year. Employer payroll taxes on December salary remain unpaid: 6.2% social security and 1.45% Medicare. These supplied historical rates apply only to this exercise.
There were no additional owner contributions during the year. Determine adjusted net profit before completing ending capital.
12What are total current assets in the complete adjusted balances?
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Closing entries have been posted. The complete remaining account balances are:
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 340 |
| Commissions receivable | 8,300 | — |
| Prepaid advertising | 1,200 | — |
| Supplies | 1,300 | — |
| Merchandise inventory | 140,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 75,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 24,000 |
| Notes payable | — | 200,000 |
| Accounts payable | — | 47,050 |
| Rent payable | — | 44,000 |
| Social security tax payable | — | 1,240 |
| Medicare tax payable | — | 290 |
| Interest payable | — | 8,000 |
| Unearned seminar fees | — | 20,000 |
| Vince Carbone, capital | — | 376,740 |
13Complete furniture’s carrying amount.
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Record the current full-year depreciation using the stated percentage of cost before determining carrying amount.
| Item | Value |
|---|---|
| Furniture and fixtures cost | 60,000 |
| Annual depreciation rate on cost | 15% |
| Prior accumulated depreciation | 15,000 |
| Use during 2020 | Full year |
| Year-end carrying amount | ? |
14What are total net assets in the complete adjusted balances?
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Closing entries have been posted. The complete remaining account balances are:
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 340 |
| Commissions receivable | 8,300 | — |
| Prepaid advertising | 1,200 | — |
| Supplies | 1,300 | — |
| Merchandise inventory | 140,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 75,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 24,000 |
| Notes payable | — | 200,000 |
| Accounts payable | — | 47,050 |
| Rent payable | — | 44,000 |
| Social security tax payable | — | 1,240 |
| Medicare tax payable | — | 290 |
| Interest payable | — | 8,000 |
| Unearned seminar fees | — | 20,000 |
| Vince Carbone, capital | — | 376,740 |
15What are total liabilities and owner’s equity in the complete adjusted balances?
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Closing entries have been posted. The complete remaining account balances are:
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 340 |
| Commissions receivable | 8,300 | — |
| Prepaid advertising | 1,200 | — |
| Supplies | 1,300 | — |
| Merchandise inventory | 140,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 75,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 24,000 |
| Notes payable | — | 200,000 |
| Accounts payable | — | 47,050 |
| Rent payable | — | 44,000 |
| Social security tax payable | — | 1,240 |
| Medicare tax payable | — | 290 |
| Interest payable | — | 8,000 |
| Unearned seminar fees | — | 20,000 |
| Vince Carbone, capital | — | 376,740 |
16Complete Income summary’s profit after credit closures and ending-inventory adjustment.
Problem
Enoteca Fine Wines is a wine retailer. All amounts are Philippine pesos (₱). Use accrual accounting, periodic inventory, asset-method prepayments, liability-method unearned revenue, straight-line depreciation, and the allowance method. The reporting date is December 31, 2020.
Unadjusted trial balance
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 200 |
| Prepaid advertising | 4,800 | — |
| Supplies | 3,000 | — |
| Merchandise inventory, beginning | 150,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 25,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 15,000 |
| Notes payable, due in 2022 | — | 200,000 |
| Accounts payable | — | 47,050 |
| Unearned seminar fees | — | 80,000 |
| Vince Carbone, capital | — | 333,800 |
| Vince Carbone, drawings | 141,100 | — |
| Sales | — | 1,540,000 |
| Sales returns and allowances | 1,500 | — |
| Sales discounts | 500 | — |
| Purchases | 910,000 | — |
| Purchase returns and allowances | — | 12,000 |
| Purchase discounts | — | 3,000 |
| Freight in | 2,250 | — |
| Commissions income | — | 9,700 |
| Rent expense | 132,000 | — |
| Salaries and wages expense | 240,000 | — |
| Payroll taxes expense | 33,240 | — |
| Interest expense | 1,500 | — |
Additional facts
- Physical ending inventory is 140,000.
- Required doubtful-account allowance is 2% of ending Accounts receivable; the unadjusted allowance has a 200 credit balance.
- Prepaid advertising covers four evenly earned months ending January 31, 2021.
- Supplies remaining at year-end are 1,300.
- Store equipment was bought July 1, 2019; estimated useful life is five years and residual value 20,000. The prior 25,000 accumulated depreciation is already recorded.
- Furniture is depreciated at 15% of its 60,000 cost per year; prior accumulated depreciation is 15,000.
- Notes payable is a two-year, 6% annual-interest bank loan received May 1, 2020. Accrue May–December loan interest as an additional adjustment to the 1,500 already in Interest expense; no interest on this loan has yet been recorded.
- Advance seminar fees cover eight equally priced seminars, six completed by year-end.
- Another 8,300 commissions has been earned but not collected or recorded.
- The 132,000 recorded rent pays nine months at a constant monthly rate.
- Salaries are evenly incurred through the year. Employer payroll taxes on December salary remain unpaid: 6.2% social security and 1.45% Medicare. These supplied historical rates apply only to this exercise.
Use the course closing procedure for periodic inventory. Close the temporary account balances after the required adjustments and include the physical ending-inventory adjustment once when determining Income summary’s profit.
17Which account is credited in the January 1 reversal of accrued rent?
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). At year-end Enoteca records Dr Rent expense / Cr Rent payable for 44,000 accrued rent. On January 1, 2021 it reverses that adjustment. Complete the opposite entry.
18What is the credit total of the post-closing trial balance?
Problem
Enoteca Fine Wines · December 31, 2020. All amounts are Philippine pesos (₱). Closing entries have been posted. The complete remaining account balances are:
| Account | Debit | Credit |
|---|---|---|
| Cash | 298,860 | — |
| Accounts receivable | 17,000 | — |
| Allowance for doubtful accounts | — | 340 |
| Commissions receivable | 8,300 | — |
| Prepaid advertising | 1,200 | — |
| Supplies | 1,300 | — |
| Merchandise inventory | 140,000 | — |
| Store equipment | 270,000 | — |
| Accumulated depreciation—Store equipment | — | 75,000 |
| Furniture and fixtures | 60,000 | — |
| Accumulated depreciation—Furniture and fixtures | — | 24,000 |
| Notes payable | — | 200,000 |
| Accounts payable | — | 47,050 |
| Rent payable | — | 44,000 |
| Social security tax payable | — | 1,240 |
| Medicare tax payable | — | 290 |
| Interest payable | — | 8,000 |
| Unearned seminar fees | — | 20,000 |
| Vince Carbone, capital | — | 376,740 |