Exotic Adventures, a chain of stores servicing the ecotourism industry, has provided you with the following list

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Exotic Adventures, a chain of stores servicing the ecotourism industry, has provided you with the following list of accounts and balances for the year ended June 30, 2012. Amounts shown are in thousands of dollars. You have been asked by the company's chief financial officer (CFO) to use a spreadsheet to prepare financial statements for Exotic Adventures, including an income statement, a statement of retained earrings, a classified balance sheet, and a statement of cash flows. The CFO can't remember the accounts receivable balance. She asks you to figure it out when you prepare the balance sheet
The
financial information presented here is accumulated in a file named FINANCIAL on the website for this book at cengagebraincom You are encouraged to use this file for preparing your statements and to use the information In this file as a Data section for your answer. Place the statements in the space below the data. The financial statements should be shown in thousands of dollars just as in the Data Section Exotic Adventures is a privately held company, so earrings per !share Information is not required.
Exotic Adventures, a chain of stores servicing the ecotourism industry,
Exotic Adventures, a chain of stores servicing the ecotourism industry,

Additional information required for the statement of cash flows:
€¢ Exotic Adventures sold a large amount of obsolete and worn-out fixtures for $128.8. The fixtures originally cost $248.0 and had been depreciated down to a net book value of $20.0.
€¢ Additional common stock, 24,000 shares, was issued for $76,000 in July. The par value of the stock is $2 per share.
€¢ Write off of goodwill and amortization of copyrights is included in other operating expenses.
€¢ No bonds were retired during the year. No additional notes payable were issued during the year.
€¢ Short-term investments of 5220.0 were made during the year. Exotic Adventures also sold $e
€¢ 2 short-term investments at no gain or loss. Review the Model-Building Problem Checklist on page 154 to ensure that your model is complete. When done, preview the printout to make sure that the worksheet will print neatly, and then print the worksheet Check figure:
Total assets, $3,385.2 To test your model, suppose the auditors made the following three adjustments to the June 30, 2012, balances: sales were reduced by $100,000 to 9.073.2: inventories were increased by $60,000 to 750.2: and accounts payable were increased by $160.000 to 924.8. Record these adjustments to your model. Does your balance sheet still balance? Print the worksheet again. Check figure: Total assets, $3,445.2
CHART (optional)
Using the test data worksheet, create a pie chart showing all major sources of funding for Exotic Adventures at year-end: current liabilities, long-term liabilities, and stockholders' equity.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Introduction To Federal Income Taxation In Canada

ISBN: 9781554965021

33rd Edition

Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett

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