a Document in your workpapers, the inquiries and proposed adjusting journal entries resulting from your analytical procedures to bring Oceanview Marine Company into compliance with GAAP, from your limited Review b Prepare work papers to support your Review Report (Use the flowchart provided to make sure you include everything needed ) OCEANVIEW MARINE COMPANY TRIAL BALANCE Change from 2020 AS OF DECEMBER 31, 2021 As of December 31,2021 As of December 31, 2020 to 2021 Account Description UNREVIEWED Trial Balance REVIEWED TRIAL BALANCE 1010 Petty Cash $200 $200 0 00 1015 Bank Payroll $2,000 $2,000 0 00 1020 Bank General $13,17,896 $10,89,978 20 91 1100 Accounts receivable $17,62,682 $14,02,229 25 71 1110 Allowance for bad debts $1,16,636 $1,16,636 0 00 1205 Inventory boats $1,31,67,170 $1,20,30,247 9 45 1210 Inventory repair parts $2,00,390 $1,82,983 9 51 1215 Inventory supplies $1,56,789 $1,43,170 9 51 1300 Prepaid expenses $17,720 $15,826 11 97 1400 Deposits $7,916 $5,484 44 35 1500 Land $1,00,000 $1,00,000 0 00 1510 Automobiles $42,772 $42,772 0 00 1511 Accum deprec automobiles $31,865 $10,907 $29,000 $13,772 9 88 1520 Equipment $1,34,919 $1,32,900 1 52 1521 Accum deprec equipment $51,452 $83,467 $49,000 $83,900 5 00 1530 Office equipment $49,028 $46,700 4 99 1531 Accum deprec officeequip $23,737 $25,291 $21,230 $25,470 11 81 1540 Building $5,25,840 $5,25,840 0 00 1541 Accum deprec building $1,48,988 $3,76,852 $1,50,000 $3,75,840 0 67 1550 Docks $21,000 $21,000 0 00 1551 Accum deprec docks $21,000 $0 $21,000 $0 0 00 $0 2010 Accounts payable trade $17,50,831 $14,03,247 24 77 2100 Wages and salaries payable $1,82,360 $1,75,000 4 21 2110 Payroll withholdings payable $42,972 $37,000 16 14 2200 Federal income taxes payable $35,284 $45,990 23 28 2300 Interest payable $32,468 $34,000 4 51 2400 Notes payable bank $51,00,000 $41,50,000 22 89 2500 L T debt current portion $5,642 $5,642 0 00 2710 Long term debt $4,09,824 $4,15,466 1 36 3100 Common stock $10,000 $10,000 0 00 3200 Additional paid in capital $25,00,000 $25,00,000 0 00 3500 Retained earnings Beginning $65,18,413 $61,95,636 5 21 3510 Dividends paid $1,00,000 $1,00,000 0 00 4100 Sales revenue $2,63,56,647 $2,28,89,060 15 15 4500 Sales returns and allowances $37,557 $27,740 35 39 5100 Cost of goods sold $1,91,33,299 $1,65,30,114 15 75 6010 Accounting fees $48,253 $46,750 3 21 6020 Advertising $28,624 $25,000 14 50 6050 Depreciation $46,415 $46,578 0 35 6100 Bad debts $1,48,252 $1,62,344 8 68 6120 Business publications $1,231 $872 41 17 6240 Cleaning service $15,817 $12,809 23 48 653 Fuel $64,161 $53,566 19 78 6810 Garbage collection $6,870 $4,674 46 98 6820 Insurance $16,415 $16,303 0 69 6830 Interest Expense $4,27,362 $3,64,312 17 31 7110 Legal $73,000 $34,914 109 09 7130 Licensing certification fees $33,580 $27,142 23 72 7150 Linen service $3,044 $1,939 56 99 7230 Miscellaneous $47,254 $15,689 201 19 7420 Office supplies $26,390 $23,289 13 32 7560 Postage $8,623 $20,962 58 86 7580 Property taxes $3,978 $27,946 85 77 7620 Rent warehouse $1,58,526 $1,20,000 32 11 7630 Repairs and maintenance $51,316 $26,439 94 09 7710 Security $1,54,000 $1,01,098 52 33 7810 Telephone $5,707 $7,092 19 53 7850 Travel entertainment $21,633 $16,303 32 69 7980 Utilities $63,329 $43,919 44 19 9100 Salaries management $4,01,809 $3,70,000 8 60 9110 Salaries office $55,512 $53,000 4 74 9120 Salaries sales $26,60,806 $23,94,800 11 11 9200 Wages Mechanics $2,64,583 $2,60,583 1 54 9210 Wages Rental $1,00,312 $1,05,300 4 74 9220 Wages warehouse $8,27,259 $8,18,000 1 13 9500 Payroll benefits $5,69,110 $4,61,214 23 39 9600 Medical benefits $7,000 $4,624 51 38 9610 Pension expense $40,770 $37,263 9 41 9900 Income tax expense $1,80,000 $1,44,000 25 00 Control Totals $0 $0 Net Income $6,24,850 $4,82,482 29 51 The accompanying notes form an integral part of these financial statements SEE SHEET 2 (Disclosures) for Notes to the Financial Statements The accompanying notes form an integral part of these financial statements OCEANVIEW MARINE COMPANY NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 1 Significant accounting policies a Inventories are recorded at the lower of cost or net realizable value The perpetual inventory method is used to account for cost of goods sold b begin tabular l r l hline multicolumn 2 l Long term assets are recorded at cost hline Long term assets are depreciated as follows hline Rate Method hline Automobiles 30 Declining Balance hline Equipment 20 Declining Balance hline Office Equipment 20 Straight line hline Building 4 Straight line hline end tabular On trade ins, no gain or loss is recorded on disposal where a similar property is acquired A half year of depreciation is recorded in the year of acquisition and the year of disposed 2 Accounts Receivable Review Case What Your Work Papers Should Include 1

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a. Document in your workpapers, the inquiries and proposed adjusting journal entries resulting from your analytical procedures to bring Oceanview Marine Company into compliance with

a. Document in your workpapers, the inquiries and proposed adjusting journal entries resulting from your analytical procedures to bring Oceanview Marine Company into compliance with GAAP, from your limited Review.

b. Prepare work papers to support your Review Report. (Use the flowchart provided to make sure you include everything needed.)

OCEANVIEW MARINE COMPANY
TRIAL BALANCE					% Change from 2020
AS OF DECEMBER 31, 2021	As of December 31,2021		As of December 31, 2020		to 2021

Account	Description	UNREVIEWED Trial Balance		REVIEWED TRIAL BALANCE
1010	Petty Cash	-$200		-$200		0.00%
1015	Bank-Payroll	-$2,000		-$2,000		0.00%
1020	Bank-General	-$13,17,896		-$10,89,978		20.91%
1100	Accounts receivable	-$17,62,682		-$14,02,229		25.71%
1110	Allowance for bad debts	$1,16,636		$1,16,636		0.00%
1205	Inventory-boats	-$1,31,67,170		-$1,20,30,247		9.45%
1210	Inventory-repair parts	-$2,00,390		-$1,82,983		9.51%
1215	Inventory-supplies	-$1,56,789		-$1,43,170		9.51%
1300	Prepaid expenses	-$17,720		-$15,826		11.97%
1400	Deposits	-$7,916		-$5,484		44.35%
1500	Land	-$1,00,000		-$1,00,000		0.00%
1510	Automobiles	-$42,772		-$42,772		0.00%
1511	Accum.deprec.-automobiles	$31,865	-$10,907	$29,000	-$13,772	9.88%
1520	Equipment	-$1,34,919		-$1,32,900		1.52%
1521	Accum.deprec.-equipment	$51,452	-$83,467	$49,000	-$83,900	5.00%
1530	Office equipment	-$49,028		-$46,700		4.99%
1531	Accum.deprec.-officeequip.	$23,737	-$25,291	$21,230	-$25,470	11.81%
1540	Building	-$5,25,840		-$5,25,840		0.00%
1541	Accum.deprec.-building	$1,48,988	-$3,76,852	$1,50,000	-$3,75,840	-0.67%
1550	Docks	-$21,000		-$21,000		0.00%
1551	Accum.deprec.-docks	$21,000	$0	$21,000	$0	0.00%
	$0
2010	Accounts payable-trade	$17,50,831		$14,03,247		24.77%
2100	Wages and salaries payable	$1,82,360		$1,75,000		4.21%
2110	Payroll withholdings payable	$42,972		$37,000		16.14%
2200	Federal income taxes payable	$35,284		$45,990		-23.28%
2300	Interest payable	$32,468		$34,000		-4.51%
2400	Notes payable-bank	$51,00,000		$41,50,000		22.89%
2500	L.T.debt-current portion	$5,642		$5,642		0.00%
2710	Long-term debt	$4,09,824		$4,15,466		-1.36%
3100	Common stock	$10,000		$10,000		0.00%
3200	Additional paid-in capital	$25,00,000		$25,00,000		0.00%
3500	Retained earnings-Beginning	$65,18,413		$61,95,636		5.21%
3510	Dividends paid	-$1,00,000		-$1,00,000		0.00%
4100	Sales revenue	$2,63,56,647		$2,28,89,060		15.15%
4500	Sales returns and allowances	-$37,557		-$27,740		35.39%
5100	Cost of goods sold	-$1,91,33,299		-$1,65,30,114		15.75%
6010	Accounting fees	-$48,253		-$46,750		3.21%
6020	Advertising	-$28,624		-$25,000		14.50%
6050	Depreciation	-$46,415		-$46,578		-0.35%
6100	Bad debts	-$1,48,252		-$1,62,344		-8.68%
6120	Business publications	-$1,231		-$872		41.17%
6240	Cleaning service	-$15,817		-$12,809		23.48%
653	Fuel	-$64,161		-$53,566		19.78%
6810	Garbage collection	-$6,870		-$4,674		46.98%
6820	Insurance	-$16,415		-$16,303		0.69%
6830	Interest Expense	-$4,27,362		-$3,64,312		17.31%
7110	Legal	-$73,000		-$34,914		109.09%
7130	Licensing & certification fees	-$33,580		-$27,142		23.72%
7150	Linen service	-$3,044		-$1,939		56.99%
7230	Miscellaneous	-$47,254		-$15,689		201.19%
7420	Office supplies	-$26,390		-$23,289		13.32%
7560	Postage	-$8,623		-$20,962		-58.86%
7580	Property taxes	-$3,978		-$27,946		-85.77%
7620	Rent-warehouse	-$1,58,526		-$1,20,000		32.11%
7630	Repairs and maintenance	-$51,316		-$26,439		94.09%
7710	Security	-$1,54,000		-$1,01,098		52.33%
7810	Telephone	-$5,707		-$7,092		-19.53%
7850	Travel & entertainment	-$21,633		-$16,303		32.69%
7980	Utilities	-$63,329		-$43,919		44.19%
9100	Salaries-management	-$4,01,809		-$3,70,000		8.60%
9110	Salaries-office	-$55,512		-$53,000		4.74%
9120	Salaries-sales	-$26,60,806		-$23,94,800		11.11%
9200	Wages-Mechanics	-$2,64,583		-$2,60,583		1.54%
9210	Wages-Rental	-$1,00,312		-$1,05,300		-4.74%
9220	Wages-warehouse	-$8,27,259		-$8,18,000		1.13%
9500	Payroll benefits	-$5,69,110		-$4,61,214		23.39%
9600	Medical benefits	-$7,000		-$4,624		51.38%
9610	Pension expense	-$40,770		-$37,263		9.41%
9900	Income tax expense	-$1,80,000		-$1,44,000		25.00%


	Control Totals	$0		$0

	Net Income	$6,24,850		$4,82,482		29.51%


	The accompanying notes form an integral part of these financial statements.
	SEE SHEET 2 (Disclosures) for Notes to the Financial Statements

The accompanying notes form an integral part of these financial statements. OCEANVIEW MARINE COMPANY NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 1 Significant accounting policies a. Inventories are recorded at the lower of cost or net realizable value. The perpetual inventory method is used to account for cost of goods sold b. \begin{tabular}{|l|r|l|} \hline \multicolumn{2}{|l|}{ Long-term assets are recorded at cost } & \\ \hline Long-term assets are depreciated as follows: & \\ \hline & Rate & Method \\ \hline Automobiles & 30% & Declining Balance \\ \hline Equipment & 20% & Declining Balance \\ \hline Office Equipment & 20% & Straight-line \\ \hline Building & 4% & Straight-line \\ \hline \end{tabular} On trade-ins, no gain or loss is recorded on disposal where a similar property is acquired. A half-year of depreciation is recorded in the year of acquisition and the year of disposed. 2 Accounts Receivable Review Case: What Your Work Papers Should Include 1