Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello please to balance my balance sheet. It is currently not balancing. See attachment. account Current Assets Use this worksheet to complete a Classified Balance

Hello please to balance my balance sheet. It is currently not balancing. See attachment.

image text in transcribed account Current Assets Use this worksheet to complete a Classified Balance Sheet Check Figures: 2015 Total Current $ 2014 Current Liabili $ 2103 Total Assets $ 113,840,024 92,330,490 50,112,096 Reserve for Inventory Obs Prepaid Insurance Prepaid Rent Office Supplies MMKT Accounts Investments - Trading Total Current Assets Long Term Assets Land Buildings and Land Impro Machinery, Equipment, Of Accum. Depreciation Other Noncurrent Assets Total Long Term Assets Total Assets Check Figures: 2015 Total $ 113,840,024 2014 Curren$ 92,330,490 2103 Total $ 50,112,096 8311390 15000000 Liabilities current liabilities Accounts Payable Wages Payable FICA Employee Withholdi Medicare Withholding Federal Payroll Taxes Paya State Payroll Taxes Payabl FICA Employer Withholdin Medicare Employer Withh Income Taxes Receivable/ Current Portion LT Note P Interest payable Bonuses payable Dividend payable Line of Credit Total current liabilities 2013 $2,483 247,646 20,513,628 (1,578,525) 0 23,531,507 (3,765,000) 1,829,143 250,000 9,259 806,288 6,935,712 $48,782,141 146,250 779,882 541,522 (205,000) 67,301 1,329,955 $50,112,096 8,934,591 36,838 1,648 730 7,541 3,519 1,648 730 0 0 0 0 6,000,000 12,500,000 27,487,245 Long Term Debt Long-Term Note Payable Total LTL Stockholders Equity Common Stock Paid-in Capital Retained Earnings (Beginn Dividends 0 10,131,250 9,278,750 2,773,900 6,000,000 28,183,900 2014 2015 $2,459 252,858 56,472,091 (2,387,691) 1,400,000 75,351,471 (12,136,103) 2,830,474 9,565 983,161 $2,511 243,892 49,042,528 (2,942,552) 1,200,000 65,990,780 (10,558,525) 2,667,722 9,182 1,205,563 6,850,198 $129,628,483 6,978,923 $113,840,024 131,040 698,775 3,280,589 (786,102) 3,324,302 131,040 833,775 3,280,589 (1,403,257) 2,842,147 $132,952,785 $116,682,171 19,488,866 264,513 9,452 12,785 132,256 61,630 9,452 12,785 3,205,440 677,640 470,311 504,000 15,250,000 12,850,648 198,384 7,089 9,589 99,192 46,200 7,089 9,589 6,011,540 721,480 568,429 459,000 15,000,000 52,231,360 92,330,490 7,481,737 43,469,966 0 12,762,360 12762360 0 12,040,880 12040880 10,131,250 9,278,750 3,214,851 15,250,000 37,874,851 10,131,250 9,278,750 8,449,935 15,000,000 42,859,935 Statement of Shareholder's Equity 2013 2014 Capital Paid-In Capital Common Stock Balance at year end (12,500,000) (12,500,000) (52,231,360) (3,205,440) (55,436,800) 1,093,750 1,093,750 1,093,750 3,373,056 (470,311) 3,996,495 Retained Earnings Beginning Balance Add: Net Income Less: Dividends Balance at year end Total Shareholder's Eq$ (11,406,250) $ (51,440,305) 2015 (47,481,737) (6,011,540) (53,493,277) 3,996,495 2,942,147 (568,429) 6,370,213 $ (47,123,064) Chester, Inc. Trial Balances for years ending December 31, 2013, 2014 and 2015 Account Description Cash on Hand Checking Account - Operating MMKT Accounts Investments - Trading Accounts Receivable Allowance for Doubtful Accounts Other Receivables Inventory Reserve for Inventory Obsolescence Prepaid Insurance Prepaid Rent Office Supplies Land Buildings and Land Improvements Machinery, Equipment, Office Furniture Accum. Depreciation Other Noncurrent Assets Accounts Payable Wages Payable FICA Employee Withholding Medicare Withholding Federal Payroll Taxes Payable State Payroll Taxes Payable FICA Employer Withholding Medicare Employer Withholding Income Taxes Receivable/Payable Line of Credit Current Portion LT Note Payable Interest payable Bonuses payable Dividend payable Long-Term Note Payable Common Stock Paid-in Capital Retained Earnings (Beginning Balance) Dividends Sales Sales Returns Income from Investments Unrealized (Gains) and Losses - Investme Interest Income Cost of Goods Sold Administrative Wages Expense Advertising Expense 2,013 $2,483 247,646 806,288 6,935,712 20,513,628 (1,578,525) 0 23,531,507 (3,765,000) 1,829,143 250,000 9,259 146,250 779,882 541,522 (205,000) 67,301 8,934,591 36,838 (1,648) (730) 7,541 3,519 (1,648) (730) 0 (12,500,000) 0 0 0 6,000,000 10,131,250 9,278,750 2,773,900 6,000,000 (307,716,148) 5,621,979 665,079 64,288 (255,379) 176,961,437 21,094,132 1,121,425 2014 $2,459 252,858 983,161 6,850,198 56,472,091 (2,387,691) 1,400,000 75,351,471 (12,136,103) 2,830,474 9,565 131,040 698,775 3,280,589 (786,102) 19,488,866 264,513 (9,452) (12,785) 132,256 61,630 (9,452) (12,785) (3,205,440) (52,231,360) 677,640 470,311 (504,000) 15,250,000 12,762,360 10,131,250 9,278,750 ???? 15,250,000 (271,839,067) 12,432,247 658,672 85,514 (147,707) 161,029,981 18,344,399 1,161,276 2015 $2,511 243,892 1,205,563 6,978,923 49,042,528 (2,942,552) 1,200,000 65,990,780 (10,558,525) 2,667,722 9,182 131,040 833,775 3,280,589 (1,403,257) 12,850,648 198,384 (7,089) (9,589) 99,192 46,200 (7,089) (9,589) (6,011,540) (47,481,737) 721,480 568,429 (459,000) 15,000,000 12,040,880 10,131,250 9,278,750 ???? 15,000,000 (288,876,206) 23,110,096 549,387 (128,725) (142,168) 179,103,248 19,706,506 1,058,391 Auto Expenses Bad Debt Expense Bonus Expense Depreciation Expense Freight Insurance Expense Legal and Professional Expense Maintenance Expense Miscellaneous Office Expense Payroll Tax Expense Pension/Profit-Sharing Plan Ex Phone Postal Property Tax Expense Rent or Lease Expense Research and Development Utilities Warehouse Salaries Warranty Expense Interest Expense Income Tax Expense - Federal Income Tax Expense - State Loss on Legal Settlement 261,218 2,028,032 0 166,250 5,378,689 1,067,428 4,506,417 76,420 21,279 1,938,736 3,750,000 95,467 160,042 100,619 3,254,357 38,639,554 169,554 5,791,730 1,375,352 1,093,750 2,956,250 536,250 23,965,000 235,763 5,875,403 504,000 581,102 4,749,095 1,045,085 11,037,039 96,020 27,803 1,767,149 3,696,000 57,911 87,140 110,252 1,370,273 532,425 170,765 5,848,120 1,297,104 3,373,056 14,142,240 2,503,200 - 214,001 13,900,800 459,000 617,155 4,325,068 951,774 8,987,069 87,641 25,390 1,609,342 3,366,000 53,651 79,360 101,319 2,230,615 3,080,313 155,600 5,270,689 1,422,381 2,942,147 7,269,540 1,258,000 - Land with the land improvements were sold at book value (no gain or loss) in 2014. (Note: To evaluate the sale, ote: To evaluate the sale, use the following accounts: land, building and land improvements, and Other Noncurrent Assets) New equi urrent Assets) New equipment purchased with cash for $2,739,067 in 2014 New storage building purchased with cash for $135,000 ed with cash for $135,000 in 2015 No investments have been sold or purchased in 2014 or 2015 There are currently 8,275,000 shares urrently 8,275,000 shares of common stock outstanding. No additional common stock has been sold or repurchased in any of the afore chased in any of the aforementioned

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Business

Authors: Peter Scott

3rd Edition

0198807791, 978-0198807797

Students also viewed these Accounting questions