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WAREN SPORTS SUPPLY, YEAR-END WORKSHEET, DECEMBER 31, 2013 TRANSACTIONS LIST A (s with no activity in this worksheet are excluded in this solution.) 12/31/2012 ACCT POST CLOSING NO. TITLE TRIAL BALANCE DEBIT CREDIT
10100 10200 10300 10400 10600 10800 10900
ASSETS Cash s receivable Allowance for doubtful s Inventory Marketable securities Fixed assets Accumulated depreciation
20100 20300 20400 20500 20600 20700 20900 21000
LIABILITIES s payable Federal income taxes withheld State unemployment taxes payable Federal unemployment taxes payable F.I.C.A. taxes payable Federal incomes taxes payable Interest payable Notes payable
26000 29000
STOCKHOLDERS' EQUITY Common stock Retained earnings
30100 30200 30300 30400 30500 30600 30700 30800 31200
REVENUE AND GROSS PROFIT Sales Sales returns and allowances Sales discounts taken Cost of goods sold Purchases Purchases returns and allowances Purchases discounts taken Freight-in Miscellaneous revenue
40100 40200 40300 40400 40500 40600 40700 40800 40900 41000
EXPENSES Rent expense Advertising expense Office supplies expense Depreciation expense Wages and salaries expense Payroll tax expense Federal income tax expense Interest expense Bad debt expense Other operating expense Sub-totals Net Income (Loss) TOTALS
11,025.19 11,065.00 3,250.81 101,681.00 320,665.00
Student Name________________________________________________ Instructor_______________________Date Due_________________ 12/31/2013 UNADJUSTED TRIAL BALANCE DEBIT CREDIT
108,942.49 45,522.00 1,149.19 101,681.00 24,000.00 332,590.00
ID #
DEBIT
ID #
CREDIT
DEBIT
CREDIT
d
81,559.50
11,279.35 1,326.76 281.17 83.31 1,593.30 29,797.00
8,767.15 1,706.65 87.93 26.05 2,236.66
3,780.14
96,615.00
a
DEBIT
35,109.50
CREDIT
108,942.49 45,522.00 2,630.95 198,296.00 24,000.00 332,590.00 116,669.00
116,669.00
80,000.00
8,767.15 1,706.65 87.93 26.05 2,236.66 52,185.00 197.26 80,000.00
8,767.15 1,706.65 87.93 26.05 2,236.66 52,185.00 197.26 80,000.00
225,000.00 90,264.99
225,000.00 90,264.99
225,000.00 90,264.99
e b
52,185.00 197.26
1,588,571.00
d
1,024,887.29
d d
19,445.00 16,650.40
1,132,955.00 19,445.00 16,650.40 24,642.69
d
1,132,955.00
61,111.00 15,405.82 1,024,887.29 0.00
d
24,642.69
0.00
1,588,571.00 61,111.00 15,405.82 1,024,887.29 0.00
0.00 0.00
825.00
0.00 0.00 0.00
825.00
57,600.00 21,905.00 5,621.45 a
35,109.50
e b c
52,185.00 197.26 3,780.14
57,600.00 21,905.00 5,621.45 35,109.50 141,198.14 11,528.80 52,185.00 197.26 3,780.14 29,287.75
141,198.14 11,528.80
29,287.75
----------------2,115,140.33
CREDIT
2,630.95
1,588,571.00
----------------444,436.19
DEBIT
BALANCE SHEET
198,296.00 24,000.00 332,590.00
61,111.00 15,405.82
----------------444,436.19
INCOME STATEMENT
108,942.49 45,522.00 c
81,559.50
225,000.00 90,264.99
ADJUSTED TRIAL BALANCE
YEAR-END ADJUSTMENTS
-----------------------2,115,140.33
-----------------------1,248,869.59
----------------1,248,869.59
----------------2,169,167.64
825.00
57,600.00 21,905.00 5,621.45 35,109.50 141,198.14 11,528.80 52,185.00 197.26 3,780.14 29,287.75
----------------2,169,167.64
1,459,817.15 129,578.85 1,589,396.00
1,589,396.00
709,350.49
1,589,396.00
709,350.49
579,771.64 129,578.85 709,350.49
WAREN SPORTS SUPPLY BALANCE SHEET AT DECEMBER 31, 2013 AND 2012 ASSETS
CURRENT ASSETS Cash s receivable - net Inventory Marketable securities Total current assets FIXED ASSETS - Net of accumulated depreciation Total assets
2013
2012
$108,942.49 42,891.05 198,296.00 24,000.00 374,129.54
$11,025.19 7,814.19 101,681.00 0.00 120,520.38
215,921.00
239,105.50
$590,050.54
$359,625.88
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES s payable Payroll taxes withheld and payable Federal income taxes payable Interest payable Total current liabilities
$8,767.15
$11,279.35
4,057.29 52,185.00 197.26 65,206.70
3,284.54 29,797.00 0.00 44,360.89
NOTE PAYABLE Total liabilities
80,000.00 145,206.70
0.00 44,360.89
STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity
225,000.00 219,843.84 444,843.84
225,000.00 90,264.99 315,264.99
$590,050.54
$359,625.88
Total liabilities and stockholders' equity
WAREN SPORTS SUPPLY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2013 REVENUE Sales Less: Sales returns and allowances Sales discounts taken Net sales COST OF GOODS SOLD Beginning inventory Net purchases Freight-in Goods available for sale Less: Ending inventory Cost of goods sold
$1,588,571.00 61,111.00 15,405.82 1,512,054.18 101,681.00 1,096,859.60 24,642.69 1,223,183.29 198,296.00 1,024,887.29
GROSS MARGIN OPERATING EXPENSES Rent expense Advertising expense Office supplies expense Depreciation expense Wages and salaries Payroll taxes Bad debt expense Other operating expense Total operating expenses Operating income
487,166.89
57,600.00 21,905.00 5,621.45 35,109.50 141,198.14 11,528.80 3,780.14 29,287.75 306,030.78 181,136.11
OTHER INCOME - Miscellaneous income
825.00
OTHER EXPENSE - Interest expense
197.26
INCOME BEFORE TAXES
181,763.85
FEDERAL INCOME TAXES
52,185.00
NET INCOME RETAINED EARNINGS - Beginning of year RETAINED EARNINGS - End of year
129,578.85 90,264.99 $219,843.84
WAREN SPORTS SUPPLY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 CASH FLOWS FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash from operating activities Depreciation (Increase) decrease in assets: s receivable Inventory Increase (decrease) in liabilities: s payable Payroll taxes withheld and payable Income taxes payable Interest payable Net cash provided by operating activities
$129,578.85
35,109.50 (35,076.86) (96,615.00) (2,512.20) 772.75 22,388.00 197.26 53,842.30
CASH FLOWS FROM INVESTING ACTIVITIES Cash payments for fixed assets Purchase of marketable securities Net cash used in investing activities
(11,925.00) (24,000.00) (35,925.00)
CASH FLOWS FROM FINANCING ACTIVITIES Cash proceeds from loans
80,000.00
NET INCREASE IN CASH
97,917.30
CASH - Beginning of year
11,025.19
CASH - End of year
$108,942.49
WAREN SPORTS SUPPLY POST-CLOSING TRIAL BALANCE December 31, 2013
ACCT. NO.
TITLE
DEBIT
CREDIT
ASSETS 10100 10200 10300 10400 10600 10800 10900
Cash s receivable Allowance for doubtful s Inventory Marketable securities Fixed assets Accumulated depreciation
108,942.49 45,522.00 2,630.95 198,296.00 24,000.00 332,590.00 116,669.00
LIABILITIES 20100 20300 20400 20500 20600 20700 20900 21000
s payable Federal income taxes withheld State unemployment taxes payable Federal unemployment taxes payable F.I.C.A. taxes payable Federal income taxes payable Interest payable Notes payable
8,767.15 1,706.65 87.93 26.05 2,236.66 52,185.00 197.26 80,000.00
STOCKHOLDERS' EQUITY 26000 29000
Common stock Retained earnings TOTALS
225,000.00 219,843.84 $709,350.49
$709,350.49
10100 10200 10300 10400 10600 10800 10900
ASSETS Cash s receivable Allowance for doubtful s Inventory Marketable securities Fixed assets Accumulated depreciation
20100 20300 20400 20500 20600 20700 20900 21000
LIABILITIES s payable Federal income taxes withheld State unemployment taxes payable Federal unemployment taxes payable F.I.C.A. taxes payable Federal incomes taxes payable Interest payable Notes payable
26000 29000
STOCKHOLDERS' EQUITY Common stock Retained earnings
30100 30200 30300 30400 30500 30600 30700 30800 31200
REVENUE AND GROSS PROFIT Sales Sales returns and allowances Sales discounts taken Cost of goods sold Purchases Purchases returns and allowances Purchases discounts taken Freight-in Miscellaneous revenue
40100 40200 40300 40400 40500 40600 40700 40800 40900 41000
EXPENSES Rent expense Advertising expense Office supplies expense Depreciation expense Wages and salaries expense Payroll tax expense Federal income tax expense Interest expense Bad debt expense Other operating expense Sub-totals Net Income (Loss) TOTALS
11,025.19 11,065.00 3,250.81 101,681.00 320,665.00
Student Name________________________________________________ Instructor_______________________Date Due_________________ 12/31/2013 UNADJUSTED TRIAL BALANCE DEBIT CREDIT
108,942.49 45,522.00 1,149.19 101,681.00 24,000.00 332,590.00
ID #
DEBIT
ID #
CREDIT
DEBIT
CREDIT
d
81,559.50
11,279.35 1,326.76 281.17 83.31 1,593.30 29,797.00
8,767.15 1,706.65 87.93 26.05 2,236.66
3,780.14
96,615.00
a
DEBIT
35,109.50
CREDIT
108,942.49 45,522.00 2,630.95 198,296.00 24,000.00 332,590.00 116,669.00
116,669.00
80,000.00
8,767.15 1,706.65 87.93 26.05 2,236.66 52,185.00 197.26 80,000.00
8,767.15 1,706.65 87.93 26.05 2,236.66 52,185.00 197.26 80,000.00
225,000.00 90,264.99
225,000.00 90,264.99
225,000.00 90,264.99
e b
52,185.00 197.26
1,588,571.00
d
1,024,887.29
d d
19,445.00 16,650.40
1,132,955.00 19,445.00 16,650.40 24,642.69
d
1,132,955.00
61,111.00 15,405.82 1,024,887.29 0.00
d
24,642.69
0.00
1,588,571.00 61,111.00 15,405.82 1,024,887.29 0.00
0.00 0.00
825.00
0.00 0.00 0.00
825.00
57,600.00 21,905.00 5,621.45 a
35,109.50
e b c
52,185.00 197.26 3,780.14
57,600.00 21,905.00 5,621.45 35,109.50 141,198.14 11,528.80 52,185.00 197.26 3,780.14 29,287.75
141,198.14 11,528.80
29,287.75
----------------2,115,140.33
CREDIT
2,630.95
1,588,571.00
----------------444,436.19
DEBIT
BALANCE SHEET
198,296.00 24,000.00 332,590.00
61,111.00 15,405.82
----------------444,436.19
INCOME STATEMENT
108,942.49 45,522.00 c
81,559.50
225,000.00 90,264.99
ADJUSTED TRIAL BALANCE
YEAR-END ADJUSTMENTS
-----------------------2,115,140.33
-----------------------1,248,869.59
----------------1,248,869.59
----------------2,169,167.64
825.00
57,600.00 21,905.00 5,621.45 35,109.50 141,198.14 11,528.80 52,185.00 197.26 3,780.14 29,287.75
----------------2,169,167.64
1,459,817.15 129,578.85 1,589,396.00
1,589,396.00
709,350.49
1,589,396.00
709,350.49
579,771.64 129,578.85 709,350.49
WAREN SPORTS SUPPLY BALANCE SHEET AT DECEMBER 31, 2013 AND 2012 ASSETS
CURRENT ASSETS Cash s receivable - net Inventory Marketable securities Total current assets FIXED ASSETS - Net of accumulated depreciation Total assets
2013
2012
$108,942.49 42,891.05 198,296.00 24,000.00 374,129.54
$11,025.19 7,814.19 101,681.00 0.00 120,520.38
215,921.00
239,105.50
$590,050.54
$359,625.88
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES s payable Payroll taxes withheld and payable Federal income taxes payable Interest payable Total current liabilities
$8,767.15
$11,279.35
4,057.29 52,185.00 197.26 65,206.70
3,284.54 29,797.00 0.00 44,360.89
NOTE PAYABLE Total liabilities
80,000.00 145,206.70
0.00 44,360.89
STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity
225,000.00 219,843.84 444,843.84
225,000.00 90,264.99 315,264.99
$590,050.54
$359,625.88
Total liabilities and stockholders' equity
WAREN SPORTS SUPPLY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2013 REVENUE Sales Less: Sales returns and allowances Sales discounts taken Net sales COST OF GOODS SOLD Beginning inventory Net purchases Freight-in Goods available for sale Less: Ending inventory Cost of goods sold
$1,588,571.00 61,111.00 15,405.82 1,512,054.18 101,681.00 1,096,859.60 24,642.69 1,223,183.29 198,296.00 1,024,887.29
GROSS MARGIN OPERATING EXPENSES Rent expense Advertising expense Office supplies expense Depreciation expense Wages and salaries Payroll taxes Bad debt expense Other operating expense Total operating expenses Operating income
487,166.89
57,600.00 21,905.00 5,621.45 35,109.50 141,198.14 11,528.80 3,780.14 29,287.75 306,030.78 181,136.11
OTHER INCOME - Miscellaneous income
825.00
OTHER EXPENSE - Interest expense
197.26
INCOME BEFORE TAXES
181,763.85
FEDERAL INCOME TAXES
52,185.00
NET INCOME RETAINED EARNINGS - Beginning of year RETAINED EARNINGS - End of year
129,578.85 90,264.99 $219,843.84
WAREN SPORTS SUPPLY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 CASH FLOWS FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash from operating activities Depreciation (Increase) decrease in assets: s receivable Inventory Increase (decrease) in liabilities: s payable Payroll taxes withheld and payable Income taxes payable Interest payable Net cash provided by operating activities
$129,578.85
35,109.50 (35,076.86) (96,615.00) (2,512.20) 772.75 22,388.00 197.26 53,842.30
CASH FLOWS FROM INVESTING ACTIVITIES Cash payments for fixed assets Purchase of marketable securities Net cash used in investing activities
(11,925.00) (24,000.00) (35,925.00)
CASH FLOWS FROM FINANCING ACTIVITIES Cash proceeds from loans
80,000.00
NET INCREASE IN CASH
97,917.30
CASH - Beginning of year
11,025.19
CASH - End of year
$108,942.49
WAREN SPORTS SUPPLY POST-CLOSING TRIAL BALANCE December 31, 2013
ACCT. NO.
TITLE
DEBIT
CREDIT
ASSETS 10100 10200 10300 10400 10600 10800 10900
Cash s receivable Allowance for doubtful s Inventory Marketable securities Fixed assets Accumulated depreciation
108,942.49 45,522.00 2,630.95 198,296.00 24,000.00 332,590.00 116,669.00
LIABILITIES 20100 20300 20400 20500 20600 20700 20900 21000
s payable Federal income taxes withheld State unemployment taxes payable Federal unemployment taxes payable F.I.C.A. taxes payable Federal income taxes payable Interest payable Notes payable
8,767.15 1,706.65 87.93 26.05 2,236.66 52,185.00 197.26 80,000.00
STOCKHOLDERS' EQUITY 26000 29000
Common stock Retained earnings TOTALS
225,000.00 219,843.84 $709,350.49
$709,350.49
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