Income taxes currently payable 1,042,118.16 Prepaid Rent 71,877.07 Prepaid Insurance 207,834.14 Misc. Supplies 17,647.42 Total Current Assets 16,112,105.00 Total Current Liabilities 3,869,422.54 Long Term Liabilities: Long Term/Fixed Assets: Bonds Payable 10%, 20 year 4,000,000.00 Land 250,000.00 Building 1,250,000.00 Baking Equipment 2,254,140.00 Total Long Term Liabilities: 4,000,000.00 Accumulated Depreciation -328,282.00 Net Fixed assets 3,425,858.00 Total Liabilities: 7,869,422.54 Preferred Stock - (10,000 authorized, 500,000.00 5,000 issued, 10%, $100 par value) Common Stock - (2,000,000 shares 1,750,000.00 authorized, 1,750,000 issued, $1 par) Retained Earnings 9,418,540.46 Total Equity 11,668,540.46 Total Assets: 19,537,963.00 Total Liabilities & Equity 19,537,963.00
Bakery Sales $ 33,881,157.15 Merchandise Sales 124,795.80 Total Revenues 34,005,952.95 Cost of Goods Sold - Baked 10,954,907.36 Cost of Goods Sold - Merchandise 88,994.79 Total Cost of Goods Sold 11,043,902.15 Gross Profit 22,962,050.80 Operating Expenses: Rent Expense 1,576,731.95 Wages Expense 2,604,526.23 Misc. Supplies Expense 263,224.56 Repairs and Maintenance 47,353.05 Business License Expense 211,757.65 Misc. Expense 141,171.08 Depreciation Expense 634,520.00 Insurance Expense 112,937.69 Advertising Expense 160,413.49 Interest Expense 484,703.27 Telephone Expense 50,821.34 Total Operating Expenses: 6,288,160.31 Earnings before Income Tax 16,673,890.49 Income Taxes 4,168,472.62 Net Income 12,505,417.87
Peyton Approved Statement of Retained Earnings For Year Ended 12/31/20XX Beginning Balance: $ 2,213,122.59 plus Net Income 12,505,417.87 less Dividends: Preferred 50,000.00 Common 5,250,000.00 Ending Balance $ 9,418,540.46 $ 9,418,540.46
Peyton Approved Income Statement For Year Ended 12/31/20XX Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold - Baked Cost of Goods Sold - Merchandise Total Cost of Goods Sold Gross Profit Operating Expenses: Rent Expense Wages Expense Misc. Supplies Expense Repairs and Maintenance Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Pension Expense Retired Employees Health Ins. Patent Amortization Total Operating Expenses: Operating Income Income Taxes Deferred tax Expense Total Tax Expense Net Income
Unrealized Gain/(Loss) on Marketable Securities Held for Sale Comprehensive Income
Peyton Approved Statement of Retained Earnings For Year Ended 12/31/20XX Beginning Balance: plus Comprehensive Income less Dividends: Preferred Common Ending Balance 0
Peyton Approved Balance Sheet As of December 31, 20XX Assets Current Assets: Cash Accounts Marketable Securities Wages P Accounts Receivable Interest P Baking Supplies Current P Merchandise Inventory Income ta Prepaid Rent Accrued P Prepaid Insurance Accrued E Misc. Supplies Lease Lia Continge Deferred Total Current Assets Long Term/Fixed Assets: Bonds Pa Land Building Baking Equipment Accumulated Depreciation Net Fixed assets Patent Net of Amortization Preferred 5,000 Common authori Retained Total Assets:
Liabilities and Owners' Equity Current Liabilities: s Payable Payable Payable Portion of Bonds Payable axes currently payable Pension Liability Employees Health Insurance ability ent Liability - Lawsuit Tax Liability Total Current Liabilities Long Term Liabilities: ayable 10%, 20 year Total Long Term Liabilities: Total Liabilities: d Stock - (10,000 authorized, issued, 10%, $100 par value) n Stock - (2,000,000 shares ized, 1,750,000 issued, $1 par) d Earnings Total Equity Total Liabilities & Equity HOME
You've reached the end of your free preview.
Want to read all 42 pages?