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Student Name: Class: Problem 14.03A CORTEZ VIDEO CENTER Income Statement Year Ended December 31, 2013 Cost of Goods Sold Gross Profit on Sales Operating Expenses Total Operating Expenses Net Income for Year Computations Note 1: Computation of Sales Subtotal Sales Note 2: Computation of Purchases Subtotal Purchases Note 3: Computation of Depreciation Expense Depreciation Expense Note 4: Computation of Repairs Expense Repairs Expense Note 5: Computation of Interest Expense Interest Expense Analyze: The gross profit percentage is: Given Data P14.03A CORTEZ VIDEO CENTER Income Statement December 31, 2013 Cash Collected from Customers Cost of Goods Sold Merchandise Inventory, Jan. 1 Payments to Suppliers $ $ Less Merchandise Inventory, Dec. 31 Gross Profit on Sales Operating Expenses Salaries of Employees Salary of Owner Office Expense Depreciation Expense Income Tax of Owner Payroll Taxes Expense Advertising and Other Selling Expenses Repairs Expense Insurance Expense Interest Expense Utility and Telephone Expense Legal and Audit Expense Miscellaneous Expense Total Expenses Net Loss from Operations Increase in Appraised Value of Land during Year Net Income 72,000 435,000 507,000 82,000 689,000 425,000 264,000 80,500 25,200 31,000 21,120 8,000 9,000 22,900 12,000 4,400 12,000 18,500 3,500 28,500 $ 276,620 (12,620) 15,000 2,380 $ $ $ 26,700 33,000 1,300 $ $ $ $ $ 48,500 44,800 39,200 45,425 2,100 $ 4,400 $ 8,000 $ 64,500 12 150,330 25 - Additional Information a. Accounts Receivable January 1, 2013 Accounts Receivable December 31, 2013 b. Accounts determined to be uncollectible on Dec. 31, 2013 c. Beginning and ending inventory were valued at selling price Cost of ending inventory Cost of beginning inventory d. Owed to merchandise suppliers January 1, 2013 Owed to merchandise suppliers December 31, 2013 e. Monthly salary paid to himself by owner; charged to Salary of Owner f. Cash withdrawn by owner to pay himself interest on capital investment; charged to Interest Expense g. Check to cover owner's personal income tax for the previous year. Charged to Income Tax of Owner. h. Depreciation on assets was calculated at 8% of gross profit Original cost of equipment and fixtures Estimated useful life in years Salvage value Cost of building Estimated useful life in years Salvage value i. Paid for new parking lot on December 22; charged to Repairs Expense j. The increase in land value was based on an appraisal by a qualified estate appraiser. $ $ 6,100 Student Name: Class: Problem 14.04A THE ART HAVEN Balance Sheet December 31, 2013 Assets Current Assets Total Current Assets Plant and Equipment Total Plant and Equipment Total Assets Liabilities and Owner's Equity Current Liabilities Total Current Liabilities Long-Term Liabilities Total Liabilities Owner's Equity (Note 5) Total Liabilities and Owner's Equity Notes Note 1: Inventory listed at today's cost Original cost of inventory 31,900 Note 2: Amount of owner's personal cash included cash figure 3,200 Note 3: Truck not included on Balance Sheet Purchase price Down payment Amount that has been repaid on loan Amount of remaining loan balance considered current 34,000 10,000 9,600 Note 4: Allowable depreciation to date: Equipment Truck 6,000 4,000 Given Data P14.04A THE ART HAVEN Balance Sheet December 31, 2013 Assets Cash Accounts Receivable Inventory Equipment (cost) Personal Residence Supplies Family Auto Total Assets $ $ Liabilities and Owner's Equity Accounts Payable Note Payable on Family Car Mortgage on House Arthur Martin, Capital Total Liabilities and Owner's Equity $ 13,400 16,000 40,000 30,000 198,000 2,060 30,000 329,460 $ 16,450 12,000 102,000 199,010 329,460 $ $ 31,900 3,200 $ $ $ $ 34,000 10,000 9,600 $ $ 6,000 4,000 Additional Information a. Inventory listed at today's cost Original cost of inventory b. Amount of owner's personal cash included cash figure c. Truck not included on Balance Sheet Purchase price Down payment Amount that has been repaid on loan Amount of remaining loan balance considered current d. Allowable depreciation to date: Equipment Truck