Manxesteamcase2assignment

Manxesteamcase2assignment - TRIAL BALANCE eneral Ledger,...

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Unformatted text preview: TRIAL BALANCE eneral Ledger, 12/31/200 eneral Ledger, 12/31/200 Account Debit Credit Debit Credit Cash 1,512,858 2,282,652 Accounts receivable 2,126,393 2,707,550 Allowance for doubtful accounts 85,056 105,226 Inventories (closing) 3,303,000 2,992,005 Stock Investment 1,338,517 2,054,003 City of Chicago bonds 28,352 389,016 U.S. Treasury bonds 14,176 101,144 Investment in partnership 30,000 30,000 Organizational Costs 21,320 21,320 Accumulated amortizaton 5,064 6,130 Land 1,260,000 376,305 Property, Plant, Equipment 5,596,410 5,906,663 Accumulated depreciation 1,137,362 1,563,262 Deferred Tax Asset 453,630 762,471 Goodwill 450,000 450,000 Accumulated amortizaton 40,000 70,000 Other assets 100,000 Total assets 14,867,174 16,428,511 Accounts Payable 3,054,447 3,412,538 FIT Payable 115,000 Notes Payable 2,395,731 1,937,624 Other liabilities 1,735,611 1,001,001 Long-Term Debt 2,811,222 2,613,613 Deferred Tax Liability 517,857 588,025 Capital Stock - $1 par value 206,000 206,000 Capital Stock - in excess of par 2,340,000 2,340,000 Retained Earnings 1,806,306 4,214,710 Total liabilities & equities 14,867,174 16,428,511 eneral Ledger, 12/31/200 Account Debit Credit Operating revenues 19,014,210 Allowances 525,000 Beginning Inventory 3,303,000 Purchases 8,677,050 Ending inventory -2,992,005 COGS 8,988,045 Gross Profit 9,501,165 Dividend income 28,333 Gain on sale of land 1,191,355 Loss on sale of lab equipment 439,500 Interest income 32,640 Loss on sale of stock 110,610 Total income 10,203,383 Accounting and legal expense 96,100 Amortization 31,066 Auto expense 19,640 Bad debts 47,000 Bank service charges 5,680 Contributions 126,000 Depreciation 590,901 Employee benefits 34,360 Entertainment (100% directly related to business) 5,700 Insurance (a) 29,500 Interest 154,190 Other expense 50,000 Pension expense 84,000 Rent expense 20,000 Repairs and Maintenance 78,270 Questions Salaries 618,000 Selling and marketing expense 2,597,500 RENTAL INCOME? Supplies 10,800 Taxes (local & payroll) (b) 386,270 Taxes - income ( c) 130 Telephone 22,410 Utilities 198,270 Wages 1,322,883 Total expenses 6,528,670 Net income before income taxes 3,674,713 Taxes: Income (state) 268,254 Income (federal) 1,035,000 Book net income/(loss) 2,371,459 a) includes $5,800 of life insurance premiums on company owned policies on lives of company officers b) includes $2,750 penalty paid to IRS for late deposit of payroll taxes c) entire amount is tax paid to Ireland Book Depreciation Schedule 12/31/2007 2008 12/31/2008 12/31/2008 DepreciationDate Acc Deprec Acc Dep Acc Adj Method Acquired Cost Dep Expense Reduction Depr Basis 1Building 30 yr SL 3/22/2003 1,780,000 296,667 59,333 356,000 1,424,000 2Mixing tank (small) 7 yr SL 3/27/2003 174,500 116,333 24,929 141,262 33,238 3Landscaping 10 yr SL 4/11/2003 327,946 153,041 32,795 185,836 142,110 4Computers 3 yr SL 1/5/2004 27,420 27,420 27,420 5Printers 3 yr SL 1/5/2004 6,750 6,750 6,750 6Office furniture 10 yr SL 6/28/2004 22,740 7,959 2,274 10,233...
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Manxesteamcase2assignment - TRIAL BALANCE eneral Ledger,...

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