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July 31, 2020 Adjusted Trial Balance Account Title Dr. Cr. Cash 334,504.00 Accounts Receivable, net 533,086.00 Merchandise Inventory, net 449,397.00 Office Supplies 5,689.00 Prepaid Insurance
| July 31, 2020 | ||
| Adjusted | ||
| Trial Balance | ||
| Account Title | Dr. | Cr. |
| Cash | 334,504.00 | |
| Accounts Receivable, net | 533,086.00 | |
| Merchandise Inventory, net | 449,397.00 | |
| Office Supplies | 5,689.00 | |
| Prepaid Insurance | 15,400.00 | |
| Investments - Equity Trading (Temporary) | 120,000.00 | |
| Investments - HTM Long Term | 35,400.00 | |
| Investments - Equity Long Term | 80,000.00 | |
| Valuation Allowance | 52,000.00 | |
| Land | 1,550,000.00 | |
| Building | 1,200,000.00 | |
| Accumulated Depreciation - Building | 750,000.00 | |
| Equipment | 85,000.00 | |
| Accumulated Depreciation - Equipment | 68,000.00 | |
| Office Furniture | 14,000.00 | |
| Accumulated Depreciation - Office Furniture | 12,000.00 | |
| Accounts Payable | 680,980.00 | |
| Wages Payable | ||
| Interest Payable | ||
| Dividends Payable | ||
| Unearned Rent | 10,000.00 | |
| Customer Refunds Payable | 18,795.00 | |
| Notes Payable - Long Term | 650,000.00 | |
| Bonds Payable | 1,300,000.00 | |
| Premium on Bonds Payable | 56,000.00 | |
| Discount on Bonds Payable | 16,000.00 | |
| Mortgage (Warehouse) Payable | 300,000.00 | |
| Common Stock, $1 Par, 100,000 Authorized; 50,000 shares Issued/Outstanding | 50,000.00 | |
| Paid In Capital - Excess of Par, Common Stock | 347,575.25 | |
| Retained Earnings | 324,582.75 | |
| Cash Dividends | 250,000.00 | |
| Treasury Stock | 50,000.00 | |
| Sales | 4,256,800.00 | |
| Cost of Goods Sold | 1,485,698.00 | |
| Wage Expense (hourly workers) | 756,894.00 | |
| Salaries Expense (Exempt Staff) | 800,000.00 | |
| Marketing Expense | 295,000.00 | |
| Travel and Entertainment Expense | 56,789.00 | |
| Bad Debt Expense | 42,185.00 | |
| Property Tax Expense | 500,000.00 | |
| Office Maintenance & Repair Expense | 2,000.00 | |
| Accounting Expenses | 10,000.00 | |
| Insurance Expense | 12,000.00 | |
| Utilities Expense | 65,450.00 | |
| Office Supplies Expense | 546.00 | |
| Telecommunications Expense | 5,425.00 | |
| Depreciation Expense - Building | 30,000.00 | |
| Depreciation Expense - Equipment | 8,500.00 | |
| Depreciation Expense - Office Furniture | 2,000.00 | |
| Rent Income | 8,000.00 | |
| Unrealized Gain - Trading Securities | 5,500.00 | |
| Realized Gain - Investment Securities | 85,460.00 | |
| Interest Expense | 25,000.00 | |
| Unrealized Loss - Trading Securities | 2,500.00 | |
| Realized Loss - Investment Securities | 33,230.00 | |
| Total | 8,923,693.00 | 8,923,693.00 |
| Total Expenses and Revenue | 4,133,217.00 | 4,355,760.00 |
| Net Income (Loss) | 222,543.00 | |
| Davenport Docking Corporation | 7/31/2020 |
| Sales Revenue | |
| Sales | 4,256,800.00 |
| Cost of Goods Sold | 1,485,698.00 |
| Gross Profit | 2,771,102.00 |
| Operating Expenses | |
| Wage Expense (hourly workers) | 756,894.00 |
| Salaries Expense (Exempt Staff) | 800,000.00 |
| Marketing Expense | 295,000.00 |
| Travel and Entertainment Expense | 56,789.00 |
| Bad Debt Expense | 42,185.00 |
| Property Tax Expense | 500,000.00 |
| Office Maintenance & Repair Expense | 2,000.00 |
| Accounting Expenses | 10,000.00 |
| Insurance Expense | 12,000.00 |
| Utilities Expense | 65,450.00 |
| Office Supplies Expense | 546.00 |
| Telecommunications Expense | 5,425.00 |
| Depreciation Expense - Building | 30,000.00 |
| Depreciation Expense - Equipment | 8,500.00 |
| Depreciation Expense - Office Furniture | 2,000.00 |
| Total Operating Expenses | 2,586,789.00 |
| Income from Operations (EBIT) | 184,313.00 |
| Other Revenues and Gains | |
| Rent Income | 8,000.00 |
| Unrealized Gain - Trading Securities | 5,500.00 |
| Realized Gain - Investment Securities | 85,460.00 |
| Total Other Revenue and Gains | 98,960.00 |
| Other Expenses and Losses | |
| Interest Expense | 25,000.00 |
| Unrealized Loss - Trading Securities | 2,500.00 |
| Realized Loss - Investment Securities | 33,230.00 |
| Total Other Expenses and Losses | 60,730.00 |
| Net Income (Loss) | 222,543.00 |
| Common Dividends | 250,000 |
| Weighted Average Common Shares | 50,000 |
| Market Price per Common Share | 45.00 |
| ASSETS | |
| Current assets | |
| Cash | 334,504.00 |
| Accounts Receivable, net | 533,086.00 |
| Merchandise Inventory, net | 449,397.00 |
| Office Supplies | 5,689.00 |
| Prepaid Insurance | 15,400.00 |
| Investments - Equity Trading (Temporary) | 120,000.00 |
| Total Current Assets | 1,458,076.00 |
| Property, plant & equipment | |
| Land | 1,550,000.00 |
| Building | 1,200,000.00 |
| Accumulated Depreciation - Building | (750,000.00) |
| Equipment | 85,000.00 |
| Accumulated Depreciation - Equipment | (68,000.00) |
| Office Furniture | 14,000.00 |
| Accumulated Depreciation - Office Furniture | (12,000.00) |
| Total Property, plant & equipment | 2,019,000.00 |
| Other Assets | |
| Investments - HTM Long Term | 35,400.00 |
| Investments - Equity Long Term | 80,000.00 |
| Valuation Allowance | 52,000.00 |
| Total Other Assets | 167,400.00 |
| Total Assets | 3,644,476.00 |
| LIABILITIES & STOCKHOLDER'S EQUITY | |
| LIABILITIES | |
| Current Liabilities | |
| Accounts Payable | 680,980.00 |
| Unearned Rent | 10,000.00 |
| Customer Refunds Payable | 18,795.00 |
| Total Current Liabilities | 709,775.00 |
| Long-term Liabilities | |
| Notes Payable - Long Term | 650,000.00 |
| Bonds Payable | 1,300,000.00 |
| Premium on Bonds Payable | 56,000.00 |
| Discount on Bonds Payable | (16,000.00) |
| Mortgage (Warehouse) Payable | 300,000.00 |
| Total Long-term Liabilities | 2,290,000.00 |
| Total Liabilities | 2,999,775.00 |
| STOCKHOLDER'S EQUITY | |
| Common Stock, $1 Par, 100,000 Authorized; 50,000 shares Issued/Outstanding | 50,000.00 |
| Paid In Capital - Excess of Par, Common Stock | 347,575.25 |
| Treasury Stock | (50,000.00) |
| Cash Dividends | (250,000.00) |
| Ending Retained Earnings | 547,125.75 |
| Total Stockholder's Equity | 644,701.00 |
| Total Liabilities and Stockholder's Equity | 3,644,476.00 |
| TOTAL ASSETS | 3,644,476.00 |
| TOTAL LIAB & EQUITY | 3,644,476.00 |
| VARIANCE | - |
| 7/31/2020 | |
| Liquidity | |
| Current Ratio | 2.05 |
| Current Assets | 1,458,076 |
| Current Liabilities | 709,775 |
| Quick Ratio | |
| Accounts Receivable Turnover | |
| Inventory Turnover | |
| Profitability | |
| Times Interest Earned | |
| Asset Turnover | |
| Return on Assets | |
| Return on Common Shareholders' Equity | |
| Earnings per Share (EPS) | |
| Price-Earnings (P/E ) Ratio | |
| Dividends per Share | |
| Solvency Ratios | |
| Ratio of Liabilities to Stockholder's Equity | |
| 7/31/2020 | |
| Common Dividends | 250,000 |
| Weighted Average Common Shares | 50,000 |
| Market Price per Share | 45 |
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
978-1119496496
