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Trial Balance
Chester, Inc.
Trial Balances for years ending December 31, 2013, 2014 and 2015
Account Description 2,013 2014 2015
Cash on Hand $2,483 $2,459 $2,511
Checking Account - Operating 247,646 252,858 243,892
MMKT Accounts 806,288 983,161 1,205,563
Investments - Trading 6,935,712 6,850,198 6,978,923
Accounts Receivable 20,513,628 56,472,091 49,042,528
Allowance for Doubtful Accounts (1,578,525) (2,387,691) (2,942,552)
Other Receivables 0 1,400,000 1,200,000
Inventory 23,531,507 75,351,471 65,990,780
Reserve for Inventory Obsolescence (3,765,000) (12,136,103) (10,558,525)
Prepaid Insurance 1,829,143 2,830,474 2,667,722
Prepaid Rent 250,000 - 0 - 0
Office Supplies 9,259 9,565 9,182
Land 146,250 131,040 131,040
Buildings and Land Improvements 779,882 698,775 833,775
Machinery, Equipment, Office Furniture 541,522 3,280,589 3,280,589
Accum. Depreciation (205,000) (786,102) (1,403,257)
Other Noncurrent Assets 67,301 - 0 - 0
Accounts Payable (8,934,591) (19,488,866) (12,850,648)
Wages Payable (36,838) (264,513) (198,384)
FICA Employee Withholding (1,648) (9,452) (7,089)
Medicare Withholding (730) (12,785) (9,589)
Federal Payroll Taxes Payable (7,541) (132,256) (99,192)
State Payroll Taxes Payable (3,519) (61,630) (46,200)
FICA Employer Withholding (1,648) (9,452) (7,089)
Medicare Employer Withholding (730) (12,785) (9,589)
Income Taxes Receivable/Payable 0 (3,205,440) (6,011,540)
Line of Credit (12,500,000) (52,231,360) (47,481,737)
Current Portion LT Note Payable 0 (677,640) (721,480)
Interest payable 0 (470,311) (568,429)
Bonuses payable 0 (504,000) (459,000)
Dividend payable (6,000,000) (15,250,000) (15,000,000)
Long-Term Note Payable (12,762,360) (12,040,880)
Common Stock (10,131,250) (10,131,250) (10,131,250)
Paid-in Capital (9,278,750) (9,278,750) (9,278,750)
Retained Earnings (Beginning Balance) (2,773,900) ???? ????
Dividends 6,000,000 15,250,000 15,000,000
Sales (307,716,148) (271,839,067) (288,876,206)
Sales Returns 5,621,979 12,432,247 23,110,096
Income from Investments (665,079) (658,672) (549,387)
Unrealized (Gains) and Losses - Investments 64,288 85,514 (128,725)
Interest Income (255,379) (147,707) (142,168)
Cost of Goods Sold 176,961,437 161,029,981 179,103,248
Administrative Wages Expense 21,094,132 18,344,399 19,706,506
Advertising Expense 1,121,425 1,161,276 1,058,391
Auto Expenses 261,218 235,763 214,001
Bad Debt Expense 2,028,032 5,875,403 13,900,800
Bonus Expense 0 504,000 459,000
Depreciation Expense 166,250 581,102 617,155
Freight 5,378,689 4,749,095 4,325,068
Insurance Expense 1,067,428 1,045,085 951,774
Legal and Professional Expense 4,506,417 11,037,039 8,987,069
Maintenance Expense 76,420 96,020 87,641
Miscellaneous Office Expense 21,279 27,803 25,390
Payroll Tax Expense 1,938,736 1,767,149 1,609,342
Pension/Profit-Sharing Plan Ex 3,750,000 3,696,000 3,366,000
Phone 95,467 57,911 53,651
Postal 160,042 87,140 79,360
Property Tax Expense 100,619 110,252 101,319
Rent or Lease Expense 3,254,357 1,370,273 2,230,615
Research and Development 38,639,554 532,425 3,080,313
Utilities 169,554 170,765 155,600
Warehouse Salaries 5,791,730 5,848,120 5,270,689
Warranty Expense 1,375,352 1,297,104 1,422,381
Interest Expense 1,093,750 3,373,056 2,942,147
Income Tax Expense - Federal 2,956,250 14,142,240 7,269,540
Income Tax Expense - State 536,250 2,503,200 1,258,000
Loss on Legal Settlement 23,965,000 - 0 - 0
Income Statement
Use this worksheet to prepare a Multi-step Income Statement to include EPS
Check Figures:
2015 Net Income $ 8,311,390
2014 Gross Profit $ 98,376,839
2013 Total Expenses $ 90,996,701
Statement of Retained Earnings
Use this worksheet to complete a Statement of Retained Earnings
Check Figures:
2015 Shareholders' Equity $ 21,171,325
2014 Shareholders' Equity $ 27,859,935
2013 Shareholders' Equity $ 22,624,851
Balance Sheet
Use this worksheet to complete a Classified Balance Sheet
Check Figures:
2015 Total Current Assets $ 113,840,024
2014 Current Liabilities $ 92,330,490
2103 Total Assets $ 50,112,096
Statement of Cash Flows
Use this Worksheet to complete a Statement of Cash Flows
Check Figures:
2015 Net Cash from Operating Activities $ 20,775,751
2014 Net Cash from Investing Activities $ (2,575,449)
2015 Net Increase (Decrease) in Cash $ 213,488
BS Analysis
Complete a Horizontal and Vertical Analysis of the Balance Sheet in this worksheet.
IS Analysis
Complete a Horizontal and Vertical Analysis of the Income Statement in this worksheet.
Ratios
Calculate and Present at least three Liquidity, Solvency and Profitability Ratios in this Worksheet
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