WAREN SPORTS SUPPLY, YEAR-END WORKSHEET, DECEMBER 31, 2013

Student Name________________________________________________
Instructor_______________________Date Due_________________

TRANSACTIONS LIST A
(Accounts with no activity in this worksheet are excluded in this solution.)
ACCT

ACCOUNT

NO.

TITLE

10100
10200
10300
10400
10600
10800
10900

ASSETS
Cash
Accounts receivable
Allowance for doubtful accounts
Inventory
Marketable securities
Fixed assets
Accumulated depreciation

20100
20300
20400
20500
20600
20700
20900
21000

LIABILITIES
Accounts payable
Federal income taxes withheld
State unemployment taxes payable
Federal unemployment taxes payable
F.I.C.A. taxes payable
Federal incomes taxes payable
Interest payable
Notes payable

26000
29000

STOCKHOLDERS' EQUITY
Common stock
Retained earnings

30100
30200
30300
30400
30500
30600
30700
30800
31200

REVENUE AND GROSS PROFIT

Sales
Sales returns and allowances
Sales discounts taken
Cost of goods sold
Purchases
Purchases returns and allowances
Purchases discounts taken
Freight-in
Miscellaneous revenue

40100
40200
40300
40400
40500
40600
40700
40800
40900
41000

EXPENSES
Rent expense
Advertising expense
Office supplies expense
Depreciation expense
Wages and salaries expense
Payroll tax expense
Federal income tax expense
Interest expense
Bad debt expense
Other operating expense
Sub-totals
Net Income (Loss)
TOTALS

12/31/2012
POST CLOSING

12/31/2013
UNADJUSTED

TRIAL BALANCE
DEBIT
CREDIT

TRIAL BALANCE
DEBIT
CREDIT

11,025.19
11,065.00
3,250.81
101,681.00
320,665.00

ID #

110,378.67
45,757.00
1,149.19
101,681.00
24,000.00
332,590.00

DEBIT

ID #

CREDIT

DEBIT

INCOME
STATEMENT

CREDIT

DEBIT

6,064.11
NEED ANSWER

81,559.50

CREDIT

11,279.35
1,326.76
281.17
83.31
1,593.30
29,797.00

8,767.15
1,683.63
189.00
560.00
2,216.16

4,914.92

NEED ANSWER
197.26

225,000.00
90,264.99

4,914.92
#VALUE!
24,000.00
332,590.00

116,669.00

116,669.00

8,767.15
1,683.63
189.00
560.00
2,216.16

8,767.15
1,683.63
189.00
560.00
2,216.16

197.26
80,000.00

197.26
80,000.00

225,000.00
90,264.99

225,000.00
90,264.99

0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

----------------615,555.86

-----------------------490,240.43

-----------------------0.00

----------------41,370.87

----------------#VALUE!

CREDIT

110,378.67
45,757.00

0.00
0.00
0.00
0.00

----------------444,436.19

DEBIT

#VALUE!
24,000.00
332,590.00
35,109.50

0.00
80,000.00

----------------444,436.19

BALANCE
SHEET

110,378.67
45,757.00

81,559.50

225,000.00
90,264.99

ADJUSTED
TRIAL BALANCE

YEAR-END ADJUSTMENTS

0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

----------------530,462.11

0.00
0.00
0.00

0.00

#VALUE!

0.00

#VALUE!

530,462.11
0.00
530,462.11

WAREN SPORTS SUPPLY

BALANCE SHEET
AT DECEMBER 31, 2013 AND 2012
ASSETS
2013

2012

$110,378.67

$11,025.19

40,842.08

7,814.19

#VALUE!

101,681.00

Marketable securities

24,000.00

0.00

Total current assets

#VALUE!

120,520.38

215,921.00

239,105.50

#VALUE!

$359,625.88

CURRENT ASSETS
Cash
Accounts receivable - net
Inventory

FIXED ASSETS - Net of

accumulated depreciation
Total assets

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable

$8,767.15

$11,279.35

4,648.79

3,284.54

Payroll taxes withheld

and payable
Federal income taxes payable

29,797.00

Interest payable
Total current liabilities
NOTE PAYABLE
Total liabilities

197.26

0.00

13,613.20

44,360.89

80,000.00

0.00

93,613.20

44,360.89

225,000.00

225,000.00

90,264.99

90,264.99

315,264.99

315,264.99

$408,878.19

$359,625.88

STOCKHOLDERS' EQUITY
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and
stockholders' equity

WAREN SPORTS SUPPLY

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2013
REVENUE
Sales

$0.00

Less: Sales returns and allowances

0.00

Sales discounts taken

0.00

Net sales

0.00

COST OF GOODS SOLD

Beginning inventory

101,681.00

Net purchases

0.00

Freight-in

0.00

Goods available for sale

101,681.00

Less: Ending inventory

#VALUE!

Cost of goods sold

#VALUE!

GROSS MARGIN

#VALUE!

OPERATING EXPENSES
Rent expense

0.00

Advertising expense

0.00

Office supplies expense

0.00

Depreciation expense

0.00

Wages and salaries

0.00

Payroll taxes

0.00

Bad debt expense

0.00

Other operating expense

0.00

Total operating expenses

0.00

Operating income

#VALUE!

OTHER INCOME - Miscellaneous income

0.00

OTHER EXPENSE - Interest expense

0.00

INCOME BEFORE TAXES

#VALUE!

FEDERAL INCOME TAXES

0.00

NET INCOME

#VALUE!

RETAINED EARNINGS - Beginning of year

90,264.99

RETAINED EARNINGS - End of year

#VALUE!

WAREN SPORTS SUPPLY

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income

#VALUE!

Adjustments to reconcile net income to net cash

from operating activities
Depreciation

0.00

(Increase) decrease in assets:

Accounts receivable

(33,027.89)

Inventory
Increase (decrease) in liabilities:
Accounts payable

(2,512.20)

Payroll taxes withheld and payable

1,364.25

Income taxes payable

Interest payable

197.26

Net cash provided by operating activities

#VALUE!

CASH FLOWS FROM INVESTING ACTIVITIES

Cash payments for fixed assets

(11,925.00)

Purchase of marketable securities

(24,000.00)

Net cash used in investing activities

(35,925.00)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from loans

80,000.00

NET INCREASE IN CASH

#VALUE!

CASH - Beginning of year

11,025.19

CASH - End of year

#VALUE!

WAREN SPORTS SUPPLY

POST-CLOSING TRIAL BALANCE
December 31, 2013

ACCT. NO.

ACCOUNT TITLE

DEBIT

CREDIT

ASSETS
10100
10200
10300
10400
10600
10800
10900

Cash
Accounts receivable
Allowance for doubtful accounts
Inventory
Marketable securities
Fixed assets
Accumulated depreciation

110,378.67
45,757.00
4,914.92
#VALUE!
24,000.00
332,590.00
116,669.00

LIABILITIES
20100
20300
20400
20500
20600
20700
20900
21000

Accounts payable
Federal income taxes withheld
State unemployment taxes payable
Federal unemployment taxes payable
F.I.C.A. taxes payable
Federal income taxes payable
Interest payable
Notes payable

8,767.15
1,683.63
189.00
560.00
2,216.16
197.26
80,000.00

STOCKHOLDERS' EQUITY
26000
29000

Common stock
Retained earnings

225,000.00
90,264.99

TOTALS

#VALUE!

$530,462.11

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