Adjusted Trial Balance Yellow Leaf Workbook WOT1 Task 1 Yellow

Adjusted trial balance yellow leaf workbook wot1 task

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Adjusted Trial Balance December 31, 2014
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Yellow Leaf Workbook WOT1: Task 1 Yellow Leaf Yellow Leaf Fashion Inc. Income Statement (USD $) For the Years Ended December 31, 2014, 2013 2,014 2013 2012 2014 Vertical Analysis Sales Revenue $2,919,800 $1,482,000 $1,341,735 100.00% Cost of Good Sold $756,000 $383,690 $136,174 25.89% Gross Profit $2,163,800 $1,098,310 $1,205,561 74.11% General and Administrative Expenses Salaries and Wages Expense $465,500 $221,950 $45,290 15.94% Advertising and Selling Expense $45,900 $23,297 $11,092 1.57% Communication and Utility Expense $33,800 $17,156 $9,126 1.16% Rent Expense, including Accrual $155,990 $84,100 $77,087 5.34% Depreciation Expense $60,000 $60,000 $60,000 2.05% Bad Debt Expense $115,752 $58,752 $4,410 3.96% Stock Compensation Expense $20,000 $0 $0 0.68% Income From Continuing Operations before Interest and Taxes $1,266,858 $633,055 $998,556 43.39% Other Expenses and Losses Interest Expense, Net $4,800 $1,200 $0 0.16% Income From Continuing Operations Before Income Tax $1,262,058 $631,855 $998,556 43.22% Income Tax $442,840 $227,129 $343,515 15.17% Income From Continuing Operations $819,218 $404,726 $655,042 28.06% Net Income $819,218 $404,726 $655,042 28.06%
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Yellow Leaf Workbook WOT1: Task 1 Yellow Leaf Yellow Leaf Fashion, Inc. Accounting for Schedules of Income Taxes For the Years Ended December 31 A Schedule for Income Tax Expenses 2014 2013 2012 Pretax financial income from Income Statement $1,262,058 $631,855 $998,556 Permanent difference(s): Life insurance premium paid for store managers $3,200 $0 $0 Taxable financial income $1,265,258 $631,855 $998,556 Temporary difference(s): Excess tax depreciation ($10,000) -$30,000 -$50,000 Paid prior year accrued rent liabilities ($24,100) $0 $0 Accrued rent liabilities for current year $95,990 $24,100 $0 Stock based compensation expense $20,000 $0 $0 Taxable income (loss) $1,347,148 $625,955 $948,556 Enacted Tax Rate 35% 35.00% 35.00% Income taxes payable $471,501.80 $219,084 $331,995 A Schedule of Future Taxable and Deductible Amounts 2015 2016 2017 Depreciation $0 $40,000 $50,000 Accrued liability ($95,990) no 2016 estimate no 2017 estimate Paid in capital (PIC) from stock option $20,000 $20,000 ($60,000) A Schedule for Temporary Differences Computation of Deferred income taxes at end of 2014 Computation of Deferred income taxes at end of 2013 Computation of Deferred income taxes at end of 2012 2014 Amounts Tax rate 2014 Deferred Tax 2013 Amounts Tax rate 2013 Deferred Tax 2012 Amounts Tax rate 2012 Deferred Tax Deferred Tax Liability - Depreciation, non-current $10,000 35% $3,500 $30,000 35% $10,500 $50,000 35% $17,500 Deferred Tax Asset - Accrued liability, current $95,990 35% $33,597 $24,100 35% $8,435 $17,087 35% $5,980 Deferred Tax Asset - stock option PIC, non-current $20,000 35% $7,000 0 35% $0 0 35% $0 Computation of Deferred Tax Expense (Benefit) 2014 2013 2012 Deferred tax asset at the end of prior year $8,435 $5,980 $0 Deferred tax asset at the end of current year $40,597 $8,435 $5,980 Deferred tax expense (benefit) -$32,162 -$2,455 -$5,980 Deferred tax liabilities at the end of prior year $28,000 $17,500 $0 Deferred tax liabilities at the end of current year $31,500 $28,000 $17,500 Deferred tax expense (benefit) $3,500 $10,500 $17,500 Net deferred tax expense (benefit) -$28,662 $8,045 $11,520 Income taxes payable (current) $471,501.80 $219,084 $331,995 Income Tax expense $442,840 $227,129 $343,515
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Yellow Leaf Workbook WOT1: Task 1 Yellow Leaf Yellow Leaf Fashion Inc. Statement of Retained Earnings For the Year Ended December 31, 2014 Amount Retained Earnings, January 1, 2014 $1,059,768 Add: Net Income $819,218 Deduct: Dividends $0 Retained Earnings, December 31, 2014 $1,878,986
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Yellow Leaf Workbook WOT1: Task 1 Yellow Leaf Yellow Leaf Fashion Inc.
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