Acc 700 milestone 1

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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