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The Bon Vivant Barbecue Company Audit Case WEB DOCUMENTS 1st Edition Bryan K. Parker, CA, CPA, MBA School of Business British Columbia Institute of Technology
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Bon Vivant Working Trial Balance for the year ended March 31, 2007 a/c # a/c Description Mar. 31,06 WP Per Books Adj. Audit Adjustment Audit Reclass & Grouping TB-1 Audited Ref Mar. 31, 2007 # Debit Credit Mar. 31, 07 Financials Assets Nearest $ 101 Cash - First Canadian Bank 158,037.66 B-1 64,830.77 102 Cash - Great Northern Bank 1,126.22 B-3 2,154.88 103 Petty cash 1,000.00 B-5 1,000.00 104 Investments: trading 176,912.67 D-1 215,745.00 105 Investments: available-for-sale 69,050.00 D-2 64,200.00 106 Accounts receivable - trade 514,633.64 C-11 553,948.16 107 Allowance for doubtful accounts -34,531.87 C-22 -33,258.16 108 Other receivables 6,746.71 F-3 1,000.00 109 Inventory 521,767.58 E-1 558,719.51 115 Allowance for market valuation 0.00 120 Prepaid Insurance 39,728.85 F-1 26,976.60 130 Future tax asset-current 10,769.36 F-4 10,769.36 Deferred compensation cost - current 200 Land 447,723.00 H-1 447,723.00 205 Buildings - office 336,429.00 H-1 336,429.00 206 Accumulated amortization: office -127,437.87 H-1 -135,848.60 210 Buildings - warehouse 1,700,000.00 H-1 1,976,000.00 211 Accumulated amortization: ware -773,901.98 H-1 -835,168.98 212 Delivery Trucks 93,486.21 H-1 93,486.21 213 Accum. amortization: delivery trucks -70,114.65 H-1 -93,486.21 215 Furniture and Computers 57,572.45 H-1 57,572.45 216 Accumulated amortization: furniture -30,483.57 H-1 -41,998.06 220 Equipment: capital lease 199,191.00 J-1 199,191.00 221 Accum. amortization: lease equip. -76,610.00 J-1 -91,932.00 230 Deferred Pension Cost 37,838.00 L-1 107,838.00 235 Deferred compensation costs 48,261.00 F-5 32,174.00
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Bon Vivant a/c Description Mar. 31,06 WP Per Books Adj. Audit Adjustment Audit Reclass & Grouping TB-2 a/c # Audited Ref Mar. 31, 2007 # Debit Credit Mar. 31, 07 Financials Liabilities 300 Accounts payable: trade -227,984.76 K-1 -243,133.99 305 Accrued liabilities -79,181.26 K-2 -57,671.84 311 Bank credit line B-6 310 Accrued payroll -10,384.00 K-5 -10,579.00 315 Accrued payroll liabilities -5,591.00 K-5 -5,696.00 320 Accrued interest payable -6,896.00 J-1 -6,248.00 321 Accrued property taxes -4,500.00 K-5 -5,158.00 323 Est. extended warranty program -57,837.60 K-6 -47,928.70 325 GST payable, net -35,451.82 K-7 -37,321.85 330 Dividends payable -25,000.00 K-7 -10,000.00 335 Income taxes payable -19,095.39 L-4 15,904.61 Lease liability - current 345 Lease liability -86,199.00 J-1 -78,095.00 350 Bonds payable -100,000.00 M-1 -100,000.00 355 Unamort. discount on bonds payable 2,577.00 M-1 1,783.00 360 Future tax liability: non-current -51,179.50 L-4 -51,179.50 Equity 400 Common stock -1,000,000.00 -1,000,000.00 410 Stock options -64,348.00 F-5 -64,348.00 500 Accum. other comp. income (loss) -5,517.57 600 Retained earnings -1,382,579.86 -1,530,604.51 605 Dividends 50,000.00 K-7 75,000.00
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a/c # a/c Description Mar. 31,06 WP Per Books Adj. Audit Adjustment Audit Reclass & Grouping TB-3 Audited Ref Mar. 31, 2007 # Debit Credit Mar. 31, 07 Financials 700 Sales -7,749,610.94 -8,361,912.88 TB-3 705 Sales Returns & Allowances 27,765.86 30,134.55 800 Cost of sales 5,837,944.34 6,288,022.47 805 Salaries and wages 802,745.00 822,813.00 810 Employer's: CPP 12,030.00 12,330.00 811 Employer's: EI 16,040.00 16,440.00 812 Compensation exp.: stock options 16,087.00 F-5 16,087.00 813 Pension expense 8,157.00 L-1 814 Health Benefits 4,769.85 4,867.66 815 Commissions 115,118.24 124,970.00 820 Amortization: office 8,619.74 H-1 8,410.73 821 Amortization: warehouse 56,700.00 H-1 61,267.00 822 Amortization: trucks 23,371.55 H-1 23,371.55 823 Amortization: furniture 10,702.71 H-1 11,514.49 824 Amortization: leased equipment 15,322.00 J-1 15,322.00 825 Administration 26,738.75 41,285.33 826 Lease Expense 7,600.00 830 Insurance 20,039.25 F-1 22,892.25 835 Utilities 47,295.63 49,365.55 840 Property taxes 22,195.00 K-5 24,058.00 845 Advertising and promotion 139,507.35 108,358.22 850 Freight and cartage 179,817.76 190,533.55 855 Professional fees 88,037.72 94,396.22 860 Repairs and maintenance 27,369.48 29,649.85 865 Provision for bad debts 47,348.58 C-22 25,536.79 Other 901 Investment income -21,730.00 D-2 -13,770.00 905 Gain/loss on investments -15,000.00 D-1 -3,406.83 910 Gain/loss on fixed asset disposals 4,320.75 H-3 0.00 915 Interest expense 14,631.00 13,997.00 920 Miscellaneous income and expense -7,270.00
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