Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone build a balance sheet with the following trial balance? Check Figures: 2015 Total Current Assets $ 113,840,024 2014 Current Liabilities $ 92,330,490 2103
Can someone build a balance sheet with the following trial balance?
Check Figures: | |
2015 Total Current Assets | $ 113,840,024 |
2014 Current Liabilities | $ 92,330,490 |
2103 Total Assets | $ 50,112,096 |
Chester, Inc. | |||
Trial Balances for years ending December 31, 2013, 2014 and 2015 | |||
Account Description | 2,013 | 2014 | 2015 |
Accounts Payable | (8,934,591) | (19,488,866) | (12,850,648) |
Accounts Receivable | 20,513,628 | 56,472,091 | 49,042,528 |
Accum. Depreciation | (205,000) | (786,102) | (1,403,257) |
Administrative Wages Expense | 21,094,132 | 18,344,399 | 19,706,506 |
Advertising Expense | 1,121,425 | 1,161,276 | 1,058,391 |
Allowance for Doubtful Accounts | (1,578,525) | (2,387,691) | (2,942,552) |
Auto Expenses | 261,218 | 235,763 | 214,001 |
Bad Debt Expense | 2,028,032 | 5,875,403 | 13,900,800 |
Bonus Expense | 0 | 504,000 | 459,000 |
Bonuses payable | 0 | (504,000) | (459,000) |
Buildings and Land Improvements | 779,882 | 698,775 | 833,775 |
Cash on Hand | $2,483 | $2,459 | $2,511 |
Checking Account - Operating | 247,646 | 252,858 | 243,892 |
Common Stock | (10,131,250) | (10,131,250) | (10,131,250) |
Cost of Goods Sold | 176,961,437 | 161,029,981 | 179,103,248 |
Current Portion LT Note Payable | 0 | (677,640) | (721,480) |
Depreciation Expense | 166,250 | 581,102 | 617,155 |
Dividend payable | (6,000,000) | (15,250,000) | (15,000,000) |
Dividends | 6,000,000 | 15,250,000 | 15,000,000 |
Federal Payroll Taxes Payable | (7,541) | (132,256) | (99,192) |
FICA Employee Withholding | (1,648) | (9,452) | (7,089) |
FICA Employer Withholding | (1,648) | (9,452) | (7,089) |
Freight | 5,378,689 | 4,749,095 | 4,325,068 |
Income from Investments | (665,079) | (658,672) | (549,387) |
Income Tax Expense - Federal | 2,956,250 | 14,142,240 | 7,269,540 |
Income Tax Expense - State | 536,250 | 2,503,200 | 1,258,000 |
Income Taxes Receivable/Payable | 0 | (3,205,440) | (6,011,540) |
Insurance Expense | 1,067,428 | 1,045,085 | 951,774 |
Interest Expense | 1,093,750 | 3,373,056 | 2,942,147 |
Interest Income | (255,379) | (147,707) | (142,168) |
Interest payable | 0 | (470,311) | (568,429) |
Inventory | 23,531,507 | 75,351,471 | 65,990,780 |
Investments - Trading | 6,935,712 | 6,850,198 | 6,978,923 |
Land | 146,250 | 131,040 | 131,040 |
Legal and Professional Expense | 4,506,417 | 11,037,039 | 8,987,069 |
Line of Credit | (12,500,000) | (52,231,360) | (47,481,737) |
Long-Term Note Payable | (12,762,360) | (12,040,880) | |
Loss on Legal Settlement | 23,965,000 | - | - |
Machinery, Equipment, Office Furniture | 541,522 | 3,280,589 | 3,280,589 |
Maintenance Expense | 76,420 | 96,020 | 87,641 |
Medicare Employer Withholding | (730) | (12,785) | (9,589) |
Medicare Withholding | (730) | (12,785) | (9,589) |
Miscellaneous Office Expense | 21,279 | 27,803 | 25,390 |
MMKT Accounts | 806,288 | 983,161 | 1,205,563 |
Office Supplies | 9,259 | 9,565 | 9,182 |
Other Noncurrent Assets | 67,301 | - | - |
Other Receivables | 0 | 1,400,000 | 1,200,000 |
Paid-in Capital | (9,278,750) | (9,278,750) | (9,278,750) |
Payroll Tax Expense | 1,938,736 | 1,767,149 | 1,609,342 |
Pension/Profit-Sharing Plan Ex | 3,750,000 | 3,696,000 | 3,366,000 |
Phone | 95,467 | 57,911 | 53,651 |
Postal | 160,042 | 87,140 | 79,360 |
Prepaid Insurance | 1,829,143 | 2,830,474 | 2,667,722 |
Prepaid Rent | 250,000 | - | - |
Property Tax Expense | 100,619 | 110,252 | 101,319 |
Rent or Lease Expense | 3,254,357 | 1,370,273 | 2,230,615 |
Research and Development | 38,639,554 | 532,425 | 3,080,313 |
Reserve for Inventory Obsolescence | (3,765,000) | (12,136,103) | (10,558,525) |
Retained Earnings (Beginning Balance) | (2,773,900) | ???? | ???? |
Sales | (307,716,148) | (271,839,067) | (288,876,206) |
Sales Returns | 5,621,979 | 12,432,247 | 23,110,096 |
State Payroll Taxes Payable | (3,519) | (61,630) | (46,200) |
Unrealized (Gains) and Losses - Investments | 64,288 | 85,514 | (128,725) |
Utilities | 169,554 | 170,765 | 155,600 |
Wages Payable | (36,838) | (264,513) | (198,384) |
Warehouse Salaries | 5,791,730 | 5,848,120 | 5,270,689 |
Warranty Expense | 1,375,352 | 1,297,104 | 1,422,381 |
0 | 3,214,851 | 8,449,935 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started