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. All 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 earnings, a classified balance sheet, and (if required by your instructor) 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 cengagebrain.com. 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 asin the Data Section. Exotic Adventures is a privately held company,so

earnings per share informationis not required.

2012 2011

Accounts payable (for inventorypurchases $764.80 $771.80

Accounts receivable $178.60 $315.80

Accumulated depreciation?building $512.80 $473.60

Accumulated depreciation?fixtures $689.60 $729.00

Advances from customers $21.00 $25.80

Advertising expense $271.00 $256.00

Allowance for bad debts $12.60 $12.60

Bad debt expense $23.00 $30.00

Bonds payable (due9/1/13) $916.60 $516.60

Buildings $1,166.40 $1,166.40

Cash $112.80 $98.80

Common Stock $470.40 $422.40

Copyrights $20.80 $22.40

Cost of Goods Sold $5,727.80 $6,488.00

Depreciation Expense $227.80 $204.00

Discontinued operations loss(net of tax) $376.60 $0.00

Divdends declared on common $201.80 $180.00

Dividends declared on Perferred $21.20 $21.20

Fixtures $1,789.40 $1,737.00

Gain on sale of old fixtures $108.80 $0.00

Goodwill $106.80 $113.40

Income Tax Expense $280.20 $40.00

Income Tax Payable $75.00 $100.00

Interest Expense $77.60 $70.00

Interest Payable $14.20 $9.40

Inventories $690.20 $510.20

Land $201.80 $201.80

Long-Term Notes Payable $99.40 $121.60

Other Operating Expenses $691.20 $1,000.00

Paid-in Capital in excess ofPar $361.40 $333.40

Perferred Stock $265.80 $265.80

Prepaid Advertising $65.60 $84.20

Rent Expense $0.00 $650.00

Retained Earnings(beginningof year) $613.00 $538.20

Salaries Expense $1,246.20 $1,428.00

Salaries Payable $121.20 $111.40

Sales $9,173.20 $10,766.00

Short-term Investments $267.80 $56.00

Sort-tern Notes Payable $9.40 $27.80

Supplies Expense $256.40 $324.00

Treasury Stock (at cost) $228.20 $228.20

Additional information required for the statement of cash flows:

1. 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.

2. Additional common stock,24,000 shares, was issued for $76,000 in July. The par value of

the stock is $2 per share.

3. Write off of goodwill and amortization of copyrights are included in other operating

expenses.

4. No bonds were retired during the year. No additional notes payable were issued during the

year.

5. Short-term investments of$220.0 were made during the year. Exotic Adventures also sold

$8.2 short-term investments atno gain or loss.

Check figure: Total assets,$3,385.2.

To test your model, suppose the auditors made the following three adjustments to the June30,

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?

Check figure: Total assets,$3,445.2.

*****THE CASH FLOW STATEMENT NEEDS TO FOLLOW THE ATTACHED EXCEL TEMPLATE***** NEEDS TO FOLLOW TEMPLATE EXACTLY

LJ' IE! I | | Analysis of: Transactions for 57 Account 58 Balance 59 6f30f201 1 Year Ended 06f3f2012 Debt Credit Account Balance 6f30f2012 6o Debits 61 Depreciation 62 Amortization 63 Fixtures 64 Accounts Receivable 65 Short Term Investments 66 Inventory 67 Prepaid Advertising 68 Credits 69 Accounts Payable 70 Interest Payable 71 Uneamed Revenue 72 Salaries Payable 73 Income Tax Payable 74 Short Term Notes Payable 75 Long Term Notes Payable 76 Bonds Issued 4 r | Original | Test Statement of Cash Flows G) aye Layout If the what you walk way X Calibri A A 20 Wrap Text General B I U Merge & Center 60 00 Conditional Format as 00 -0 Forma ormatting - Table lipboard Alignment Number $ 1 Operating Activities Summary 82 Net Income 83 Depreciation 84 Amortization 85 Gain on Sale of Fixtures 86 Decrease in Accounts Receivable 87 Increase in Inventory 88 Decrease in Prepaid Advertising 89 Decrease in Accounts Payable go Increase in Interest Payable 91 Decrease in Advances from Customers 92 Increase in Salaries Payable 93 Decrease in Income Tax Payable 95 Net Cash Flow from Operating Activities 97 Investing Activitie 98 Sale of Short -Term Investment 9 9 Purchase of Short -Term Investments 100 Sale of Fixtures 101 Purchase of Fixtures 103 Net Cash Flows from Investing Activitie Original Test Statement of Cash Flows Ready 1 Type here to search