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Papa John's International Inc. operates and franchises pizza delivery and carryout restaurants worldwide. The following is an alphabetical list of accounts and amounts reported in
Papa John's International Inc. operates and franchises pizza delivery and carryout restaurants worldwide. The following is an alphabetical list of accounts and amounts reported in a recent year's set of financial statements. The accounts have a normal debit or credit balances and the dollars are rounded to the nearest million.
Accounts payable | $ | 32 | Interest expense | $ | 11 | |||
Accounts receivable | 65 | Interest revenue | 1 | |||||
Accrued expenses payable | 68 | Inventories | 31 | |||||
Accumulated depreciation | 406 | Land | 34 | |||||
Additional paid-in capital | 184 | Long-term debt | 470 | |||||
Advertising expense | 72 | Long-term notes receivable | 16 | |||||
Buildings and leasehold improvements | 228 | Loss on impairment of assets | 2 | |||||
Cash | 22 | Other assets | 48 | |||||
Common stock | 1 | Other long-term liabilities | 73 | |||||
Cost of sales | 1,059 | Prepaid expenses and other current assets | 45 | |||||
Depreciation expense | 44 | Rent and utilities expense | 62 | |||||
Equipment | 379 | Restaurant and franchise sales revenue | 1,784 | |||||
General and administrative expenses | 78 | Retained earnings | ? | |||||
Income tax expense | 34 | Salaries and benefits expense | 240 | |||||
Income tax receivable | 4 | Short-term notes receivable | 4 | |||||
Income taxes payable | 11 | Treasury stock | 597 | |||||
Intangible assets | 87 | Unearned revenue | 6 |
Please help, it keeps saying I'm wrong on retained earnings when I enter 473 for it.
Credit 406 PAPA JOHN'S INTERNATIONAL INC. Adjusted Trial Balance At the End of a Recent Year (in millions of dollars) Debit Cash $22 Short-term notes receivables 4 Accounts receivable 65 Inventories 31 Income tax receivable 4 Prepaid expenses and other current assets 45 Land 34 Buildings and leasehold improvements 228 Equipment 379 Accumulated depreciation Long-term notes receivable 16 Intangible assets 87 Other assets 48 Accounts payable Accrued expenses payable Unearned revenue Income taxes payable Other long-term liabilities Common stock Additional paid-in capital Retained earnings Restaurant and franchise sales revenue Cost of sales 1,059 Salaries and benefits expenses 240 Rent and utilities expense 62 Advertising expense 72 General and administrative expense 78 Deprec ion expense 44 Interest revenue Interest expense 11 Income tax expense 34 Long-term debt Totals $2,563 32 68 6 11 73 1 184 1,784 1 470 $3,036Step by Step Solution
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