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Cash Flows-A Powered By Docstoc
					     Systems Understanding Aid
           Check Figures

Finanacial Statements
  Current Assets                        361,269.61
  Total Assets                          577,190.61
  Net Sales                            1,516,834.18
  Operating Expenses (excluding
  COGS, Interest expense & FIT)         310,343.63
  Net Income                            127,647.34
  Net cash provided by operating
  activities                             57,670.40
  Net increase in Cash                   91,745.40


Accounts Receivable Aged T/B
  Total Accounts Receivable              48,227.00
  Current Accounts Receivable            27,122.00


Bank Reconciliation
  Outstanding Checks                     30,845.94
  Unadjusted General Ledger Balance,
  12-31-09                              102,798.09


Year-end Worksheet
  12-31-09 Unadjusted Trial Balance
  Total                                ######
  Adjustments Column Total             ######


Journals
  Sales Journal credit to #30100         53,684.00


  Purchases Journal debit to #30500      52,265.00
  Cash Receipts Journal debit to
  #10100                              115,082.36
  Cash Disbursements Journal credit
  to #10100                           73,560.03
  Payroll Journal debit to #40500      15,022.65


General Ledger Balances
  #10100 - Cash                       102,770.59
  #30100 - Sales (pre-closing)        ######
  #30500 - Purchases (pre-closing)    ######
  #30400 - Cost of Goods Sold (pre-
  closing)                            ######
WAREN SPORTS SUPPLY, YEAR-END WORKSHEET, DECEMBER 31, 2009                                                                                                                                                 Student Name________________________________________________
TRANSACTIONS LIST A                                                                                                                                                                                            Instructor_______________________Date Due_________________
(Accounts with no activity in this worksheet are excluded in this solution.)
                                                   12/31/2008                    12/31/2009                                                                                               ADJUSTED                            INCOME                   BALANCE
 ACCT              ACCOUNT                       POST CLOSING                  UNADJUSTED                                         YEAR-END ADJUSTMENTS                                  TRIAL BALANCE                       STATEMENT                   SHEET
  NO.                 TITLE                     TRIAL BALANCE                 TRIAL BALANCE
                                               DEBIT       CREDIT           DEBIT         CREDIT                          ID #        DEBIT          ID #       CREDIT              DEBIT              CREDIT            DEBIT      CREDIT        DEBIT        CREDIT

                     ASSETS
 10100     Cash                                11,025.19                                                                                                                                    0.00                                                       0.00
 10200     Accounts receivable                 11,065.00                                                                                                                                    0.00                                                       0.00
 10300     Allowance for doubtful accounts                         3,250.81                                                                                                                                     0.00                                                0.00
 10400     Inventory                          101,681.00                                                                                                                                    0.00                                                       0.00
 10600     Marketable securities                                                                                                                                                            0.00                                                       0.00
 10800     Fixed assets                       320,665.00                                                                                                                                    0.00                                                       0.00
 10900     Accumulated depreciation                               81,559.50                                                                                                                                     0.00                                                0.00

                    LIABILITIES
 20100     Accounts payable                                       11,279.35                                                                                                                                     0.00                                                0.00
 20300     Federal income taxes withheld                           1,326.76                                                                                                                                     0.00                                                0.00
 20400     State unemployment taxes payable                          281.17                                                                                                                                     0.00                                                0.00
 20500     Federal unemployment taxes payable                         83.31                                                                                                                                     0.00                                                0.00
 20600     F.I.C.A. taxes payable                                  1,593.30                                                                                                                                     0.00                                                0.00
 20700     Federal incomes taxes payable                          29,797.00                                                                                                                                     0.00                                                0.00
 20900     Interest payable                                                                                                                                                                                     0.00                                                0.00
 21000     Notes payable                                                                                                                                                                                        0.00                                                0.00

           STOCKHOLDERS' EQUITY
 26000     Common stock                                         225,000.00                                                                                                                                      0.00                                                0.00
 29000     Retained earnings                                     90,264.99                                                                                                                                      0.00                                                0.00

         REVENUE AND GROSS PROFIT
 30100    Sales                                                                                                                                                                                                 0.00                     0.00
 30200    Sales returns and allowances                                                                                                                                                      0.00                             0.00
 30300    Sales discounts taken                                                                                                                                                             0.00                             0.00
 30400    Cost of goods sold                                                                                                                                                                0.00                             0.00
 30500    Purchases                                                                                                                                                                         0.00                             0.00
 30600    Purchases returns and allowances                                                                                                                                                                      0.00                     0.00
 30700    Purchases discounts taken                                                                                                                                                                             0.00                     0.00
 30800    Freight-in                                                                                                                                                                        0.00                             0.00
 31200    Miscellaneous revenue                                                                                                                                                                                 0.00                     0.00

                     EXPENSES
 40100     Rent expense                                                                                                                                                                     0.00                             0.00
 40200     Advertising expense                                                                                                                                                              0.00                             0.00
 40300     Office supplies expense                                                                                                                                                          0.00                             0.00
 40400     Depreciation expense                                                                                                                                                             0.00                             0.00
 40500     Wages and salaries expense                                                                                                                                                       0.00                             0.00
 40600     Payroll tax expense                                                                                                                                                              0.00                             0.00
 40700     Federal income tax expense                                                                                                                                                       0.00                             0.00
 40800     Interest expense                                                                                                                                                                 0.00                             0.00
 40900     Bad debt expense                                                                                                                                                                 0.00                             0.00
 41000     Other operating expense                                                                                                                                                          0.00                             0.00

             Sub-totals                                                                                                                                                                                                      0.00        0.00          0.00         0.00
               Net Income (Loss)             ----------------- -----------------   -----------------   ----------------- -------- ----------------- -------- -----------------   -----------------   -----------------       0.00                                   0.00
             TOTALS                           444,436.19 444,436.19                            0.00                0.00                       0.00                       0.00                0.00                0.00        0.00        0.00          0.00         0.00
                          WAREN SPORTS SUPPLY
                             BALANCE SHEET
                      AT DECEMBER 31, 2009 AND 2008

                                     ASSETS

                                               2009            2008
CURRENT ASSETS
    Cash                                      $0.00      $11,025.19
    Accounts receivable - net                  0.00        7,814.19
    Inventory                                  0.00      101,681.00
    Marketable securities                      0.00            0.00
      Total current assets                     0.00      120,520.38

FIXED ASSETS - Net of
  accumulated depreciation                     0.00      239,105.50

            Total assets                      $0.00     $359,625.88

                 LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
    Accounts payable                          $0.00      $11,279.35
    Payroll taxes withheld
        and payable                            0.00        3,284.54
    Federal income taxes payable               0.00       29,797.00
    Interest payable                           0.00            0.00
      Total current liabilities                0.00       44,360.89

NOTE PAYABLE                                   0.00            0.00
      Total liabilities                        0.00       44,360.89

STOCKHOLDERS' EQUITY
    Common stock                               0.00      225,000.00
    Retained earnings                          0.00       90,264.99
     Total stockholders' equity                0.00      315,264.99

            Total liabilities and
              stockholders' equity            $0.00     $359,625.88
                    WAREN SPORTS SUPPLY
          STATEMENT OF INCOME AND RETAINED EARNINGS
             FOR THE YEAR ENDED DECEMBER 31, 2009
REVENUE
  Sales                                                    $0.00
  Less: Sales returns and allowances                        0.00
        Sales discounts taken                               0.00
     Net sales                                              0.00
COST OF GOODS SOLD
  Beginning inventory                   101,681.00
  Net purchases                               0.00
  Freight-in                                  0.00
  Goods available for sale              101,681.00
  Less: Ending inventory                      0.00
             Cost of goods sold                      101,681.00

GROSS MARGIN                                         (101,681.00)

OPERATING EXPENSES
  Rent expense                                0.00
  Advertising expense                         0.00
  Office supplies expense                     0.00
  Depreciation expense                        0.00
  Wages and salaries                          0.00
  Payroll taxes                               0.00
  Bad debt expense                            0.00
  Other operating expense                     0.00
         Total operating expenses                           0.00

            Operating income                         (101,681.00)

OTHER INCOME - Miscellaneous income                         0.00

OTHER EXPENSE - Interest expense                            0.00

INCOME BEFORE TAXES                                  (101,681.00)

FEDERAL INCOME TAXES                                        0.00

NET INCOME                                           (101,681.00)

RETAINED EARNINGS - Beginning of year                 90,264.99

RETAINED EARNINGS - End of year                      ($11,416.01)
                     WAREN SPORTS SUPPLY
                   STATEMENT OF CASH FLOWS
              FOR THE YEAR ENDED DECEMBER 31, 2009

CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                                             ($101,681.00)
 Adjustments to reconcile net income to net cash
    from operating activities
       Depreciation                                             0.00
       (Increase) decrease in assets:
         Accounts receivable                               7,814.19
         Inventory                                       101,681.00
       Increase (decrease) in liabilities:
         Accounts payable                                 (11,279.35)
         Payroll taxes withheld and payable                (3,284.54)
         Income taxes payable                             (29,797.00)
         Interest payable                                       0.00
            Net cash provided by operating activities     (36,546.70)

CASH FLOWS FROM INVESTING ACTIVITIES
 Cash payments for fixed assets                          320,665.00
 Purchase of marketable securities                             0.00
          Net cash used in investing activities          320,665.00

CASH FLOWS FROM FINANCING ACTIVITIES
 Cash proceeds from loans                                       0.00

NET INCREASE IN CASH                                     284,118.30

CASH - Beginning of year                                   11,025.19

CASH - End of year                                      $295,143.49
                        WAREN SPORTS SUPPLY
                      POST-CLOSING TRIAL BALANCE
                            December 31, 2009



ACCT. NO.          ACCOUNT TITLE                 DEBIT      CREDIT


                         ASSETS

 10100      Cash                                     0.00
 10200      Accounts receivable                      0.00
 10300      Allowance for doubtful accounts                      0.00
 10400      Inventory                                0.00
 10600      Marketable securities                    0.00
 10800      Fixed assets                             0.00
 10900      Accumulated depreciation                             0.00

                       LIABILITIES

 20100      Accounts payable                                     0.00
 20300      Federal income taxes withheld                        0.00
 20400      State unemployment taxes payable                     0.00
 20500      Federal unemployment taxes payable                   0.00
 20600      F.I.C.A. taxes payable                               0.00
 20700      Federal income taxes payable                         0.00
 20900      Interest payable                                     0.00
 21000      Notes payable                                        0.00

               STOCKHOLDERS' EQUITY

 26000      Common stock                                         0.00
 29000      Retained earnings                                    0.00

                             TOTALS                 $0.00       $0.00

				
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