Chester, Inc. Trial Balances for years ending December 31, 2013, 2014, and 2015
Question # 00090575
Posted By:
Updated on: 08/09/2015 05:33 AM Due on: 09/08/2015
| Chester, Inc. | |||||
| Trial Balances for years ending December 31, 2013, 2014, and 2015 | |||||
| Account Description | 2013 | 2014 | 2015 | ||
| Cash on Hand | $ 2,484 | $ 2,548 | $ 2,599 | ||
| Regular Checking Account | 247,646 | 253,960 | 243,802 | ||
| Savings Account | 3,806,198 | 4,083,071 | 4,205,563 | ||
| Accounts Receivable | 20,513,628 | 57,697,091 | 49,042,528 | ||
| Other Receivables | - | 1,400,000 | 1,200,000 | ||
| Allowance for Doubtful Accounts | (1,578,525) | (1,387,691) | (2,942,552) | ||
| Inventory | 23,531,507 | 75,851,471 | 65,990,780 | ||
| Reserve for Inventory Obsolescence | (3,765,000) | (12,136,103) | (10,558,525) | ||
| Prepaid Insurance | 929,143 | 2,830,474 | 2,667,722 | ||
| Prepaid Rent | 250,000 | - | - | ||
| 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 | 541,521 | 3,280,589 | 3,280,589 | ||
| Accum. Depreciation | (205,000) | (764,692) | (1,381,847) | ||
| Investments | 715,864 | 2,238,634 | 2,070,736 | ||
| Other Noncurrent Assets | 67,301 | - | - | ||
| Taxes Receivable/payable | - | (3,205,440) | (6,011,540) | ||
| Accounts Payable | (5,791,398) | (22,488,866) | (13,850,648) | ||
| 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) | (61,720) | (46,290) | ||
| FICA Employer Withholding | (1,648) | (9,452) | (7,089) | ||
| Medicare Employer Withholding | (730) | (12,785) | (9,589) | ||
| Line of Credit | (12,500,000) | (49,731,360) | (44,177,211) | ||
| Current Portion Long-Term Debt | - | (13,440,000) | (12,084,720) | ||
| Interest payable | - | (470,311) | (568,429) | ||
| Bonuses payable | - | (504,000) | (459,000) | ||
| Dividend payable | (6,000,000) | (15,250,000) | (15,000,000) | ||
| 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 | (2,773,901) | (2,238,105) | (9,185,791) | ||
| 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 | ||
| Warranty Expense | 1,375,352 | 1,297,104 | 1,444,381 | ||
| Income from Investments | - | (1,227,199) | (1,138,905) | ||
| Interest Income | (255,379) | (147,707) | (142,168) | ||
| Cost of Goods Sold | 176,961,527 | 161,029,981 | 179,103,248 | ||
| Freight | 5,378,689 | 4,749,095 | 4,325,068 | ||
| Advertising Expense | 1,121,425 | 1,161,276 | 1,057,591 | ||
| Auto Expenses | 261,218 | 235,763 | 214,713 | ||
| Research and Development | 39,015,418 | 592,335 | 3,080,313 | ||
| Depreciation Expense | 166,250 | 581,012 | 617,155 | ||
| Warehouse Salaries | 5,791,730 | 5,348,208 | 4,870,689 | ||
| Property Tax Expense | 100,619 | 111,252 | 101,319 | ||
| Legal and Professional Expense | 4,506,417 | 10,435,113 | 9,503,406 | ||
| Bad Debt Expense | 2,028,032 | 5,875,403 | 13,963,800 | ||
| Insurance Expense | 1,067,428 | 1,045,085 | 951,774 | ||
| Maintenance Expense | 76,420 | 96,220 | 87,629 | ||
| Utilities | 169,554 | 170,855 | 155,600 | ||
| Phone | 95,467 | 58,911 | 53,651 | ||
| Postal | 160,042 | 87,140 | 79,360 | ||
| Miscellaneous Office Expense | 21,279 | 27,879 | 25,390 | ||
| Payroll Tax Exp | 1,938,736 | 1,767,149 | 1,609,368 | ||
| Pension/Profit-Sharing Plan Ex | 3,750,000 | 3,696,000 | 3,366,000 | ||
| Rent or Lease Expense | 3,254,357 | 1,351,363 | 2,230,705 | ||
| Administrative Wages Expense | 21,094,132 | 18,344,399 | 19,706,506 | ||
| Bonus expense | - | 504,000 | 459,000 | ||
| Interest Expense | 1,093,750 | 3,373,056 | 2,842,147 | ||
| 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 | - | - | ||
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Rating:
/5
Solution: Chester, Inc. Trial Balances for years ending December 31, 2013, 2014, and 2015