file:///C:/Users/haidu/OneDrive/Desktop/Acct%20408/ACCT%20408%20Practice%20Set%202%20Spring%202023%20(1).pdf

(Additional Infomation) ----->Wilder Accounting LLC Financial Statements-Cash Basis 12/31/2022

Consulting Revenues 20,000,000 Interest Income Wells Fargo 50,000 Interest from City of Newport Beach Bonds 65,200 Net Loss from Sale of Stock (24,500) Qualified Dividends 42,500 Total Revenue 20,133,200 Guaranteed Payments 12,000,000 W-2 Wages 3,500,000 Advertising 550,000 Charitable Contributions 96,000 Depreciation 90,000 Repairs and Maintenance 150,000 Premiums for Life Insurance for Partners 75,000 Interest Expense-Line of Credit 50,000 Interest Expense- Loan Wilder** 100,000 Legal and Accounting Fees* 132,000 Meals (non restaurant) 260,000 Meals (restaurant) 150,000 Internet 25,000 Travel 300,000 Entertainment 600,000 Insurance 52,000 Office Rent 175,000 Office Expense 272,000 Payroll Taxes 300,000 Utilities 54,300 Political Contributions 50,000 Total Expenses 18,981,300 Book Income 1,151,900 * Includes $50,000 of Legal Fees from a failed acquisition of an insurance company ** 1099 was issued to Mr. Wang 12/31/2021 12/31/2022 Cash 4,900,000 4,451,900 Marketable Securities 500,000 1,250,000 Land - 250,000 Office Equipment 960,000 1,050,000 Accumulated Depreciation (960,000) (1,050,000) Total Assets 5,400,000 5,951,900 12/31/2021 12/31/2022 Line of Credit 1,000,000 1,000,000 Loan from Wilder 3,000,000 3,000,000 Capital Account-Wilder 350,000 487,975 Capital Account-Chuchhill 350,000 487,975 Capital Account-Schick 350,000 487,975 Capital Account-Howard 350,000 487,975 Total Liabilities and Equity 5,400,000 5,951,900

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