D-Sheets

D-1
VALLEY PUBLISHING COMPANY

VKP
#141 - Prepaid Insurance

12/31/20x2
(Prepared by client)
VO #
DESCRIPTION
Prepaid at 12/31/x1:
Fire and extended coverage, Harney
Mutual, $2,500,000; 5 year
expiring 8/31/x2; #102-16-4306
HARNEY
7-1
8-18
Fire and extended coverage, Harney

Mutual, $6,000,000; 5 year dated
8/31/x2; #102-66-6219
Amortize to expense - 20x2:

Policy #102-16-4306
Policy #102-66-6219
Policy #10-9706
3,240 P
116,900
T
13,400 y
6,900 y
29,200
96,600
T
58,400
T
Per prior audit 12/31/x1
Traced to vouchers and supporting invoice
Approved by Board of Directors, 12/14/x1
Computations checked
Examined policies, all provisions agree with the confirmation letter, D-2
Details confirmed D-2
RECONCILIATION TO INSURANCE EXPENSE:
49,500
Voucher 1-3 Illinois Security Co.

Workmen's Comp 20x2
87,600
T
20,300
14,300 v x [C] Z
63,800 TB-4
T
87,600
103,500
29,200 y
Crossfooting
0 P
3,240
103,500 [C] Z
Footings checked
Expired premiums per above
10,160
87,600 [C] Z
TT
[C]
TOTAL
Additions 20x2
Public liability - renewed on 1/1/x2
coverage $3,000,000/$20,000,000
3 year, policy #10-9706
Fire and extended coverage, Harney endorsement
date 6/30/x2 increasing coverage on
#102-16-4306 to $5,000,000, thru 8/31/x2
LLOYDS
10,160 P
Public liability $1,000,000/$10,000,000

3 year expiring 1/1/x2 #9-6416
1-2
###
204,500
TT
13,400
6,900
29,200
49,500
155,000 TB-1
TT
Section 2
Voucher Register 1of 3

Voucher Register
12/31/20x2
Vo
#
1-01
VENDOR
Payroll Bank Account
1-02
VOUCHERS
NEWSPRINT
NEWSPAPER
REPAIR &
PROF
MISC
PAYABLE
INVENTORY
SERVICES
SUPPLIES
MAINT
FEES
EXPENSE
# 421
#131
# 832
# 835
# 846
# 851
# 890
OTHER
REF
AMOUNT
(94,416)
# 431
94,416
Langdon & Sons
(87,600)
# 141
87,600
1-03
Langdon & Sons
(14,300)
# 843
14,300
1-04
City Utility Service Company
(10,922)
# 842
10,922
1-05
1-06
National Newsprint Corporation

Internal Revenue Service
(30,900)
(39,494)
# 432
39,494
1-07
Ronald Hancock Insurance Company
(15,196)
# 435
15,196
1-08
Route Carriers
(21,855)
# 442
21,855
1-09
Springfield Press Equipment
1-10
1-11
Circulation Manager
(4,482)
(10,360)
# 834
4,482
10,360
1-13
(23,220)
23,220
1-14
Petty Cash
# 111
180
1-15
Stockholders
(90,000)
# 461
90,000
1-19
2-04
City & County Tax Collector

(39,600)
(16,600)
# 433
# 451
39,600
16,600
2-06
Canadian Paper, Ltd.
(74,240)
74,240
2-08
Motor Carrier Corp.
(8,320)
8,320
2-09
Illinois Bell Telephone
(2,169)
# 842
2,169
2-11
2-13
BJs Hardware
2-14
(6,300)
2-16
(11,478)
# 842
11,478
2-28
Janitor Supply Service
3-06
3-07
Allen Wright
Baynes and Grey
# 842
9,536
# 842
2,288
# 451
# 842
12,000
9,727
# 831
1,229
# 451
8,000
# 142
42,000
# 141
3,240
# 834
4,392
# 141
103,500
# 833
2,837
30,900
(6,300)
6,300
(360)
(477)
(14,050)
180
477
14,050
6,300
(686)
686
(1,145)
(44,000)
1,145
44,000
3-11
(6,300)
3-12
Norman Hodges
(1,500)
6,300
1,500
3-14
Olson Scruge
(1,080)
1,080
3-15
3-17
Midwest Gas Company

(9,536)
(30,960)
30,960
3-21
(2,815)
2,815
3-24
Gilford Bostrow
(3,800)
3-30
United Fund
(30,000)
4-02
4-10

(20,680)
(6,300)
4-11
Illinois Bell Telephone
4-15
Gilford Bostrow
4-16
(28,435)
4-17
4-18

(12,000)
(9,727)
4-19
Baynes and Grey
5-04
5-05
5-18
5-20
3,800
30,000
20,680
6,300
(2,288)
(143,000)
143,000
28,435
(8,750)
8,750
(67,425)
67,425
Motor Carrier Corp.
(7,395)
7,395
WCCI
Tribune News Service
(3,139)
(6,791)
5-30
Pancho Gonzales
(1,229)
5-31
Handi Dan
6-03
(25,575)
25,575
6-11
6-12
Motor Carrier Corp.

(2,805)
(8,000)
2,805
6-20
Gilford Bostrow
(3,800)
6-23
Audit Bureau of Circulation
6-26
Midwestern Safe Insurance Co
6-30
7-01
Chamber of Commerce
Langdon & Sons
(5,500)
(3,240)
5,500
7-03
Andrew Duncan
(2,800)
2,800
7-04
(23,310)
23,310
7-26
(13,075)
13,075
7-31
8-08
Standard Oil
Lionel Jordan
8-18
Langdon & Sons
8-22
8-42
Ad Supply Company
3,139
6,791
(38)
38
3,800
(8,700)
8,700
(42,000)
(4,392)
(1,436)
1,436
(103,500)
(25,950)
(2,837)
25,950
D-3
BS
#142 - Prepaid Rent

12/31/20x2
[Prepared by client]
3/3/2015
Voucher
No.
DESCRIPTION
Prepaid at 12/31/x1:
Expired in 20x2 - to 6/30/x2
Total
6-26
ASSET
84,000 P
(84,000)
EXPENSE
84,000
Payment to extend lease on old building to 9-30-x2

3 months @
14,000 per month
Expired in 20x2
42,000 y
(42,000) w
0 TB-1
T
Footings checked
Per prior audit 12/31/x1
Computation of expired and prepaid checked
Agrees with lease extension terms - $14,000 per month starting 7/1/x2
NOTE: Lease expired 9/30/x2
42,000
126,000 TB-4
T
TB - 1
Working Trial Balance--Balance Sheet Accounts

12/31/20x2
ASSETS
ACCT
NO
W/P
REF
PER AUDIT PER BOOKS

12/31/x1
12/31/x2
ADJUSTING ENTRIES
Entry
Debit
(Credit)
PER AUDIT RECLASSIFICATION ENTRIES

12/31/x2
Entry
Debit
(Credit)
Cash-Central State Bank-General
111
111,289
98,591
98,591
Cash-Central State Bank-Payroll

Cash-Albany National Bank
112
113
2,000
132,100
2,000
167,100
2,000
167,100
Petty Cash
115
1,820
2,000
2,000
Trade Accounts Receivable
121
475,205
511,562
511,562
Allowance for Doubtful Accts
129
(38,500)
(40,800)
###
Other receivables
125
Newsprint Inventory
131
175,856
188,022
Prepaid Insurance
Prepaid Rent
Prepaid Interest
Deferred Income Tax Asset
141
142
143
151
10,160
84,000
Investments
201
135,000
Other Assets
202
Land
310
Building
PER
FIN STMT % OF TOTAL ASSETS
12/31/x2
12/31/x1 12/31/x2
269,691
11.4%
4.2%
470,762
20.1%
7.4%
188,022
188,022
8.1%
3.0%
155,000
155,000
155,000
4.3%
2.4%
135,000
135,000
135,000
6.2%
2.1%
320
2,878,000
2,878,000
2,860,012
Accum depreciation - Building
329
(17,988)
###
Printing Equipment
330
1,886,840
3,161,840
3,161,840
Accum depreciation-Printing Equip
339
(905,700)
(1,031,917)
###
Furniture and Equipment

Accum depreciation-Furniture & Equipment
340
349
110,240
(52,600)
194,740
(67,849)
Computers
350
108,460
106,310
45.0%
2,129,923
45.2%
33.5%
194,740
###
126,891
2.7%
2.0%
106,310
26,524
2.0%
0.4%
Accum depreciation-Computers
359
TOTAL ASSETS
(64,008)
(79,786)
###
2,172,162
6,361,825
6,361,825
6,361,825
100.0%
100.0%
TB - 2
Working Trial Balance--Balance Sheet Accounts

12/31/20x2
LIABILITIES AND EQUITY
WORK
ACCT PAPER PER AUDIT PER BOOKS
NO
REF
12/31/x1
12/31/x2
ADJUSTING ENTRIES
Entry
Debit
(Credit)

12/31/x2
Entry
Debit
(Credit)
PER
FIN STMT % OF TOTAL ASSETS
12/31/x2
12/31/x1 12/31/x2
Short Term Debt

Current Portion of L/T Debt
411
412
###
###
0.0%
0.0%
0.0%
0.0%
Vouchers Payable
421
(114,463)
(113,689)
###
(113,689)
5.3%
1.8%
0.0%
Accrued Payroll-Net
Accrued Payroll Taxes
Accrued Property Taxes
Accrued Interest
Accrued Pensions
431
432
433
434
435
(94,416)
(39,494)
(39,600)
(99,240)
(41,432)
(46,800)
###
###
###
(15,196)
(15,961)
###
Unearned Subscription Revenue

Payable to Route Carriers
Income Taxes Payable
441
442
451
(114,952)
(21,855)
(16,600)
(125,728)
(23,356)
###
###
Dividends Payable
461
(90,000)
Long -Term Debt
510
(500,000)
(3,945,000)
Deferred Income Taxes
550
13,400
Capital Stock
611
(450,000)
Paid-in Capital
612
Retained Earnings
621
(467,071)
(688,986)
###
Net Income
622
(221,915)
54,967
54,967
(2,172,162)
(6,361,825)
(6,361,825)
TOTAL LIABILITIES & EQUITY
(203,433)
8.7%
3.2%
(125,728)
(23,356)
-
5.3%
1.0%
0.8%
2.0%
0.4%
0.0%
4.1%
0.0%
###
(3,945,000)
23.0%
62.0%
13,400
13,400
13,400
-0.6%
-0.2%
(1,330,000)
###
(1,330,000)
20.7%
20.9%
0.0%
0.0%
(634,019)
31.7%
10.0%
(6,361,825)
100.0%
100.0%
TB - 3
Working Trial Balance--Income Statement Accounts

12/31/20x2
INCOME
WORK
NO
REF
12/31/x1
12/31/x2
ADJUSTING ENTRIES
Entry
Debit
(Credit)

12/31/x2
Entry
Debit
(Credit)
PER
FIN STMT
12/31/x2
% OF TOTAL SALES
12/31/x1 12/31/x2
Advertising-Local Display
Advertising-National Display
Advertising-Classified
711
712
713
(3,587,494)
(1,060,538)
(1,044,489)
(3,861,015)
(1,175,112)
(1,102,516)
###
###
###
(6,138,643)
87.3%
87.2%
Publication Sales
721
(829,391)
(901,350)
###
(901,350)
12.7%
12.8%
(6,521,912)
(7,039,993)
###
(7,039,993)
100.0%
100.0%
6,156,633
7,109,055
7,109,055
7,109,055
-94.4%
-101.0%
(365,279)
69,062
69,062
69,062
5.6%
-1.0%
TOTAL SALES
EXPENSES
800
(INCOME) LOSS FROM OPERATIONS
OTHER (REVENUE) & EXPENSE

Income from Investments
911
(18,000)
(1,500)
###
(1,500)
0.3%
0.0%
Gain(Loss) on Sale of Assets

Interest Income
Miscellaneous Income
912
914
919
(5,000)
(2,100)
(3,536)
(76,595)
###
###
###
0.1%
0.0%
0.0%
0.0%
Interest Expense
Other Expense
921
923
56,000
40,000
-
40,000
###
40,000
-
-0.9%
0.0%
-0.6%
0.0%
27,364
(38,095)
###
38,500
-0.4%
-0.5%
(337,915)
30,967
30,967
30,967
5.2%
-0.4%
116,000
24,000
24,000
24,000
-1.8%
-0.3%
(221,915)
54,967
54,967
54,967
3.4%
-0.8%
NET OTHER REVENUE & EXPENSE

INCOME BEFORE INCOME TAX
Income taxes
951
NET (INCOME) LOSS
622
TB-2
TB - 4
Working Trial Balance--Expense Accounts

12/31/20x2
EXPENSE
WORK
NO
REF
12/31/x1
12/31/x2
ADJUSTING ENTRIES
Entry
Debit
(Credit)

12/31/x2
Entry
Debit
(Credit)
PER
FIN STMT
12/31/x2
% OF TOTAL SALES
12/31/x1 12/31/x2
Newsprint and Ink
811
544,730
633,897
633,897
633,897
-8.4%
-9.0%
Salaries
821
2,730,388
2,870,387
2,870,387
2,870,387
-41.9%
-40.8%
Advertising Commission
822
473,439
501,414
501,414
501,414
-7.3%
-7.1%
Payroll Taxes
823
217,186
227,845
227,845
227,845
-3.3%
-3.2%
Employee Benefits
824
182,661
191,791
191,791
191,791
-2.8%
-2.7%
Correspondent's Fees
831
145,200
151,250
151,250
151,250
-2.2%
-2.1%
Newspaper Services
Photo and Engraving
Circulation and Delivery
Supplies
832
833
834
835
235,280
132,683
269,918
72,876
248,200
135,340
274,800
77,433
248,200
135,340
274,800
77,433
248,200
135,340
274,800
77,433
-3.6%
-2.0%
-4.1%
-1.1%
-3.5%
-1.9%
-3.9%
-1.1%
Rent
841
168,000
126,000
126,000
126,000
-2.6%
-1.8%
Utilities
Insurance
842
843
374,183
55,324
380,126
63,800
380,126
63,800
380,126
63,800
-5.7%
-0.8%
-5.4%
-0.9%
Property Taxes
844
39,600
46,800
46,800
46,800
-0.6%
-0.7%
Repairs & Maintenance
846
109,660
455,110
455,110
455,110
-1.7%
-6.5%
Depreciation
847
131,831
187,882
187,882
187,882
-2.0%
-2.7%
Professional Fees
Est. Loss from Doubtful Accounts
Miscellaneous Expense
851
853
890
70,810
73,400
129,464
254,750
80,100
202,130
254,750
80,100
202,130
254,750
80,100
202,130
-1.1%
-1.1%
-2.0%
-3.6%
-1.1%
-2.9%
6,156,633
7,109,055
7,109,055
7,109,055
-94.4%
-101.0%
TOTAL OPERATING EXPENSES
TB-3
E-1
IA
#201 - Investments
12/31/20x2
[Prepared by client]
REFERENCE #
DESCRIPTION
PER
AUDIT
12/31/x1
LAND, lot 4, block 12, Center City
3/3/15
TRANSACTIONS
135,000 P
135,000
T, TT
ADJ
310 Land
201 Investments
ACCT #911
INVESTMEN
T INCOME
ADJ
PER
BOOKS
12/31/x2
TT
1,500 x 1,500
1,500
T
135,000
135,000
Footings Checked, and Cross Foo
Per prior audit 12/31/1
land, held for investement as a future building site.

Has been rented for several years as a parking lot on a month to month basis of $1,500 per month.
Only rented in January, voucher 3-12
Adjustment to Land and Investment accounts
TB-3

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D-1

VALLEY PUBLISHING COMPANY

#141 - Prepaid Insurance

Fire and extended coverage, Harney

Amortize to expense - 20x2:

Per prior audit 12/31/x1

Traced to vouchers and supporting invoice

Approved by Board of Directors, 12/14/x1

Voucher 1-3 Illinois Security Co.

Expired premiums per above

Public liability $1,000,000/$10,000,000

Voucher Register 1of 3

VALLEY PUBLISHING COMPANY

Langdon & Sons

Langdon & Sons

City Utility Service Company

National Newsprint Corporation

Ronald Hancock Insurance Company

Springfield Press Equipment

National Newsprint Corporation

City & County Tax Collector

Canadian Paper, Ltd.

Motor Carrier Corp.

Illinois Bell Telephone

Springfield Press Equipment

City Utility Service Company

Janitor Supply Service

Springfield Press Equipment

Midwest Gas Company

National Newsprint Corporation

National Newsprint Corporation

Illinois Bell Telephone

National Newsprint Corporation

Internal Revenue Service

Baynes and Grey

Canadian Paper, Ltd.

Motor Carrier Corp.

Canadian Paper, Ltd.

Motor Carrier Corp.

Audit Bureau of Circulation

Midwestern Safe Insurance Co

National Newsprint Corporation

National Newsprint Corporation

Langdon & Sons

National Newsprint Corporation

#142 - Prepaid Rent

Payment to extend lease on old building to 9-30-x2

Per prior audit 12/31/x1

Computation of expired and prepaid checked

VALLEY PUBLISHING COMPANY

Working Trial Balance--Balance Sheet Accounts

PER AUDIT PER BOOKS

PER AUDIT RECLASSIFICATION ENTRIES

Cash-Central State Bank-General

Cash-Central State Bank-Payroll

Trade Accounts Receivable

Allowance for Doubtful Accts

Accum depreciation - Building

Accum depreciation-Printing Equip

Furniture and Equipment

VALLEY PUBLISHING COMPANY

Working Trial Balance--Balance Sheet Accounts