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The attached is from one of our clients and this is work you would be expected to complete in your first six months. Instructions: With
The attached is from one of our clients and this is work you would be expected to complete in your first six months.
Instructions:
With the attached information you will need to prepare the following:
(1) Comparative Balance Sheets as of 12/31/13 (2) Income statements for the year ending 12/31/13 (3) Statement of cash flow for the year ended 12/31/14 In addition, you will need to prepare a prepaid expense schedule based on the transactions provided.
| ABC Company | ||
| Trial Balance | ||
| As of December 31, 2013 | ||
| Debit | Credit | |
| Cash - B of A #0144 Ckg | 25.00 | |
| Cash - B of A #1605 Savings | 3.23 | |
| Cash - B of A #1649 Ckg | 293,833.90 | |
| Cash - B of A #6766 Ckg | 499,713.31 | |
| Cash - B of A #6779 Invstmnt | 35.00 | |
| Cash - B of A #7336 Freesource | 26,247.62 | |
| Cash - Square 1 Checking (6238) | 49,975.00 | |
| Accounts Receivable | 732,206.50 | |
| Allowance for Bad Debts | 2,500.00 | |
| Loans to Stockholders | 20,000.00 | |
| Misc Receivable | 7,300.00 | |
| Prepaid Expenses | 26,050.53 | |
| Computers | 56,244.61 | |
| Computers:Accumulated Depreciation - Computers | 16,845.74 | |
| Furniture | 15,545.18 | |
| Furniture:Accumulated Depreciation - Furniture | 3,203.62 | |
| Security Deposits | 3,949.96 | |
| Accounts Payable | 40,499.32 | |
| 401(k) Payable | 3,601.02 | |
| Accrued Bonus(Comp Bonus Plan) | 49,500.00 | |
| Accrued Commissions | 36,201.45 | |
| Accrued Expenses | 77,245.36 | |
| Unearned Revenue | 942,475.02 | |
| Warrant liability | 8,904.00 | |
| Additional Paid In Capital | 873,631.64 | |
| Common Stock | 320.07 | |
| Opening Balance Equity | 1.00 | |
| Preferred Stock | 3,136,589.32 | |
| Retained Earnings | 1,095,975.49 | |
| Consulting | 9,967.00 | |
| Software Configuration Consulting | 178,720.03 | |
| Software License | 274,012.43 | |
| Training | 275,814.78 | |
| Computer services/Supplies - Production | 9,832.97 | |
| Health Benefits - Production | 3,252.93 | |
| Meals and Entertainment - Production | 1,116.84 | |
| Payroll Taxes - Production | 6,953.77 | |
| Payroll Wages - Production | 84,743.43 | |
| Production Costs | 50,012.58 | |
| Travel - Production | 1,193.32 | |
| Product Development:Contractor - Product Development | 411,985.99 | |
| Product Development:Health Benefits - Product Development | 26,285.93 | |
| Product Development:meals and entertainment | 710.66 | |
| Product Development:Payroll Taxes - Product Development | 33,346.25 | |
| Product Development:Payroll Wages - Product Development | 352,990.74 | |
| Product Development:Stock Based Compensation | 1,341.35 | |
| Product Development:Travel | 1,772.82 | |
| Sales & Marketing:Advertising - Sales & Marketing | 42,223.42 | |
| Sales & Marketing:Commissions & Fees - Sales & Marketing | 169,910.23 | |
| Sales & Marketing:Computer services/Supplies | 43,099.10 | |
| Sales & Marketing:Dues & subscriptions | 10,284.87 | |
| Sales & Marketing:Health Benefits - Sales & Marketing | 21,889.21 | |
| Sales & Marketing:Meals & Entertainment - Sales & Marketing | 20,657.81 | |
| Sales & Marketing:Office Supplies | 846.44 | |
| Sales & Marketing:Payroll Taxes - Sales & Marketing | 63,714.88 | |
| Sales & Marketing:Payroll Wages - Sales & Marketing | 595,273.17 | |
| Sales & Marketing:Promotional - Sales & Marketing | 47.59 | |
| Sales & Marketing:Public Relations - Sales & Marketing | 29,866.67 | |
| Sales & Marketing:Stationary and Printing - Sales & Marketing | 10,560.39 | |
| Sales & Marketing:Stock Based Compensation | 4,523.28 | |
| Sales & Marketing:Trade Show / Conferences- Sales & Marketing | 10,851.18 | |
| Sales & Marketing:Travel - Sales & Marketing | 40,657.76 | |
| General & Administrative:Advertising | 1,468.05 | |
| General & Administrative:Bad Debts | 2,500.00 | |
| General & Administrative:Bank Charges | 2,051.97 | |
| General & Administrative:Business Gift | 5,927.08 | |
| General & Administrative:Charitable Contributions | 313.00 | |
| General & Administrative:Commissions & Fees | 100.00 | |
| General & Administrative:Comp Bonus Plan | 49,500.00 | |
| General & Administrative:Computer services/supplies | 43,086.29 | |
| General & Administrative:Contractors | 189,166.73 | |
| General & Administrative:Dues & Subscriptions | 544.71 | |
| General & Administrative:Guaranteed Payment | 42,277.88 | |
| General & Administrative:Health Benefits | 10,660.30 | |
| General & Administrative:Insurance | 18,988.93 | |
| General & Administrative:Legal & Professional Fees | 151,434.85 | |
| General & Administrative:Meals and Entertainment | 24,075.98 | |
| General & Administrative:Office Expenses | 3,664.06 | |
| General & Administrative:Office Parking | 3,571.04 | |
| General & Administrative:Office Supplies | 30,820.88 | |
| General & Administrative:Payroll Fees | 13,715.55 | |
| General & Administrative:Payroll Taxes - General & Administrative | 12,885.55 | |
| General & Administrative:Payroll Wages - General & Administrative | 158,076.30 | |
| General & Administrative:Postage/Messenger/Delivery/Freight | 3,322.07 | |
| General & Administrative:Rent | 74,886.94 | |
| General & Administrative:Stationery & Printing | 5,003.41 | |
| General & Administrative:Stock Based Compensation | 43,108.96 | |
| General & Administrative:Supplies | 34.00 | |
| General & Administrative:Taxes & Licenses | 24,198.90 | |
| General & Administrative:Telephone | 18,073.37 | |
| General & Administrative:Travel | 96,531.89 | |
| Depreciation | 12,035.99 | |
| Interest Expense | 4,543.21 | |
| Loss on extinguishment of debt | 5,818.00 | |
| Non-cash interest | 595.00 | |
| TOTAL | $ 5,930,031.80 | $ 5,930,031.80 |
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