Waren Sports Supply

31-Dec-17
Year-End Worksheet

Account Trial Balance

Title Account Description Debit Credit
10100 Cash $ 92,619.67
10200 Accounts Receivable $ 43,932.00
10300 Allowance for doubtful accounts $ 1,149.19
10400 Inventory $ 101,681.00 e
10500 Prepaid expenses $ -
10600 Marketable securities $ 24,000.00
10700 Interest Receivable $ -
10800 Fixed assets $ 331,731.40
10900 Accumulated depreciation $ 81,559.50
11000 Notes receivable $ -
20100 Accounts payable $ 7,952.01
20200 Wages and salaries payable $ -
20300 Federal income taxes withheld $ 1,398.00
20400 State unemployment taxes payable $ 107.66
20500 Federal unemplyment taxes payable $ 18.20
20600 FICA taxes payable $ 2,181.52
20700 Federal income taxes payable $ -
20800 Dividends payable $ -
20900 Interest payable $ -
21000 Notes payable $ 60,000.00
26000 Common stock $ 225,000.00
27000 Paid-in capital in excess of par $ -
28000 Income summary $ -
29000 Retained earnings $ 90,264.99
30100 Sales $ 1,586,666.00
30200 Sales returns and allowances $ 61,106.00
30300 Sales discounts taken $ 15,405.82
30400 Cost of goods sold $ - e
30500 Purchases $ 1,129,099.00
30600 Purchases returns and allowances $ 19,445.00 e
30700 Purchase discounts taken $ 16,573.28 e
30800 Freight-in $ 24,506.44
30900 Gain/loss on sale of fixed assets $ -
31000 Gain/loss on sale of marketable securities $ -
31100 Interest/dividend income $ -
31200 Miscellaneous revenue $ 825.00
40100 Rent expense $ 57,600.00
40200 Advertising expense $ 22,275.00
40300 Office supplies expense $ 5,664.91
 40400 Depreciation expense $ - b
40500 Wages and salaries expense $ 140,350.87
40600 Payroll tax expense $ 11,584.11
40700 Federal income tax expense $ -
40800 Interest Expense $ - c
40900 Bad debt expense $ - d
41000 Other operation expense $ 29,285.75

$ 2,091,991.16 $ 2,091,991.16

Income before taxes

Less:
Income taxes (expense and liability)

Net Income
 Adjustments Adjusted Trial Balance Income Statement
Debit Credit Debit Credit Debit
$ 92,619.67
$ 43,932.00
d $ 7,550.77 $ - $ 6,401.58
$ 93,095.00 $ 194,776.00
$ -
$ 24,000.00
$ -
$ 331,731.40
b $ 35,023.64 $ - $ 116,583.14
$ -
$ - $ 7,952.01
$ -
$ - $ 1,398.00
$ - $ 107.66
$ - $ 18.20
$ - $ 2,181.52
$ - $ -
$ - $ -
c $ 106.85 $ - $ 106.85
$ - $ 60,000.00
$ - $ 225,000.00
$ - $ -
$ - $ -
$ - $ 90,264.99
$ - $ 1,586,666.00
$ 61,106.00 $ 61,106.00
$ 15,405.82 $ 15,405.82
$ 1,024,492.16 $ 1,024,492.16 $ 1,024,492.16
e $ 1,129,099.00 $ - $ -
$ 19,445.00 $ - $ - $ -
$ 16,573.28 $ - $ - $ -
e $ 24,506.44 $ - $ -
$ - $ -
$ - $ -
$ - $ -
$ - $ 825.00 $ -
$ 57,600.00 $ 57,600.00
$ 22,275.00 $ 22,275.00
$ 5,664.91 $ 5,664.91
$ 35,023.64 $ 35,023.64 $ 35,023.64
$ 140,350.87 $ 140,350.87
$ 11,584.11 $ 11,584.11
$ - $ -
$ 106.85 $ 106.85 $ 106.85
$ 7,550.77 $ 7,550.77 $ 7,550.77
$ 29,285.75 $ 29,285.75

$ 1,196,286.70 $ 1,196,286.70 $ 2,097,504.95 $ 2,097,504.95 $ 1,410,445.88

$ 177,045.12

$ 52,297.60

$ 124,747.52
Income Statement Balance Sheet
Credit Debit Credit
$ 92,619.67
$ 43,932.00
$ - $ 6,401.58
$ 194,776.00 $ -
$ - $ -
$ 24,000.00 $ -
$ - $ -
$ 331,731.40 $ -
$ - $ 116,583.14
$ - $ -
$ - $ 7,952.01
$ - $ -
$ - $ 1,398.00
$ - $ 107.66
$ - $ 18.20
$ - $ 2,181.52
$ - $ -
$ - $ -
$ - $ 106.85
$ - $ 60,000.00
$ - $ 225,000.00
$ - $ -
$ - $ -
$ - $ 90,264.99
$ 1,586,666.00
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 825.00
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -

$ 1,587,491.00 $ 687,059.07 $ 510,013.95

$ 177,045.12

$ 52,297.60

$ 124,747.52
Waren Sports Supply
Statement of Income and Retained Earnings
Year Ended December 31, 2017

Revenue
Sales $ 1,586,666.00
Less: Sales Returns and Allowances $ 61,106.00
Sales Discounts Taken $ 15,405.82 $ 76,511.82

Net Sales $ 1,510,154.18

Cost of Goods Sold

Beginning Inventory $ 101,681.00
Net Purchases $ 1,093,080.72
Freight-in $ 24,506.44
Goods Avaliable for Sale $ 1,219,268.16
Less: Ending Inventory $ (194,776.00)
Cost of Goods Sold $ 1,024,492.16

Gross Margin $ 485,662.02

Operating Expenses
Rent Expense $ 57,600.00
Advertising Expense $ 22,275.00
Office supplies expense $ 5,664.91
Depreciation expense $ 35,023.64
Wages and salaries expense $ 140,350.87
Payroll tax expense $ 11,584.11
Bad debt expense $ 7,550.77
Other operation expense $ 29,285.75
Total Operating Expenses $ 309,335.05

Operating Income $ 176,326.97

Nonoperating Items
Misc Revenue $ 825.00
Interest Expense $ (106.85)
Income Before Taxes $ 177,045.12
Federal Income Taxes $ (52,297.60)
Net Income $ 124,747.52
Retained Earnings-Beginning of Year $ 90,264.99
Retained Earnings-End of Year $ 215,012.51
Waren Sports Supply
Comparative Balance Sheet
31-Dec-17

Assets 2017 2016

Current Assets
Cash $ 92,619.67 $ 11,025.19
Accounts Receivable,Net $ 37,530.42 $ 7,814.19
Inventory $ 194,776.00 $ 101,681.00
Marketable Securities $ 24,000.00 $ -
Total Current Assets $ 348,926.09 $ 120,520.38

Fixed Assets $ 331,731.40 $ 320,665.00

Less: Accumulated Depreciation $ 116,583.14 $ 81,559.50
$ 215,148.26 $ 239,105.50

Total Assets $ 564,074.35 $ 359,625.88

Liabilities
Current Liabilities
Accounts Payable $ 7,952.01 $ 11,279.35
Payroll Taxes Payable $ 3,705.38 $ 3,284.54
Interest Payable $ 106.85 $ -
Federal Income Taxes Payable $ 52,297.60 $ 29,797.00
Total Current Liabilities $ 64,061.84 $ 44,360.89
Noncurrent Liabilities
Notes Payable $ 60,000.00 0
Total Liabilites $ 124,061.84 $ 44,360.89

Equity
Stockholder's Equity
Common stock $ 225,000.00 $ 225,000.00
Retained Earnings $ 90,264.99 $ 90,264.99
Net Income $ 124,747.52
Total stockholder's equity $ 440,012.51 $ 315,264.99
Total liabilities and stockholders equity $ 564,074.35 $ 359,625.88
Waren Sports Supply
Statement of Cash Flows
31-Dec-17

Cash Flows from Operating Activities

Net Income $ 124,747.52
Adjustments to reconcile net income
to net cash from operating activites:
Depreciation $ 35,023.64
(Increase)Decrease in assets:
Accounts Receivable $ (29,716.23)
Inventory $ (93,095.00)
Marketable Securities $ (24,000.00)
Increase (decrease) in liabilities:
Accounts Payable $ 3,327.34
Payroll Taxes Payable $ (420.84)
Interest Payable $ (106.85)
Federal Income Taxes Payable $ (22,500.60)
Net cash proviced by operating activites $ (6,741.01)

Net Increase (Decrease) in Cash $ 81,594.48

Cash- Beginning of year $ 11,025.19
Cash- End of year $ 92,619.67

NonCash Investing Activties

Purchase of Fixed assets with note payable $ 60,000.00
Waren Sports Supply
Accounts Receivable Aged Trial Balance
31-Dec-17
Age in D
Customer Number Customer Amount Due Current
406 Rosemont University $ -
407 Clayborn University $ -
408 Branch College $ 1,200.00 $ 1,200.00
409 University of Southern Iowa $ 14,430.00 $ 14,430.00
410 Eastern Wisconsin University $ 28,302.00 $ 28,302.00
411 Stevenson College $ -
Totals $ 43,932.00 $ 43,932.00

Waren Sports Supply

Accounts Payable Trial Balance
31-Dec-17

Vendor Number Vendor Name Amount Payable

252 Velocity Sporting Goods $ -
253 Chicago Office Supply $ 4,302.01
261 Gillett Consulting $ 3,650.00
Total $ 7,952.01

Waren Sports Supply

Fixed Assets Trial Balance
31-Dec-17

Asset Cost Accumulated Depreciation Net Book Value

Office Furniture $ 50,750.00 $ 50,750.00 $ -
Delivery Trucks $ 69,255.00 $ 34,627.50 $ 34,627.50
Inventory Handling System $ 200,660.00 $ 30,099.00 $ 170,561.00
146 G Rack Server $ 7,367.00 $ 736.70 $ 6,630.30
11-inch tablet $ 3,699.40 $ 369.94 $ 3,329.46
Totals $ 331,731.40 $ 116,583.14 $ 215,148.26
 Age in Days
31-60 61-90 Over 90

$ - $ - $ - NF

NF

NF
Waren Sports Supply
Post-Closing Trial Balance
31-Dec-17

Account Number Account Debit Credit

10100 Cash $ 92,619.67
10200 Accounts Receivable $ 43,932.00
10300 Allowance for Doubtful Accoutns $ 6,401.58
10400 Inventory $ 194,776.00
10500 Prepaid Expenses $ -
10600 Marketable Securities $ 24,000.00
10700 Interest Receivable $ -
10800 Fixed Assets $ 331,731.40
10900 Accumulated Depreciation $ 116,583.14
11000 Notes Receivable $ -
20100 Accounts Payable $ 7,952.01
20200 Wages and Salaries Payable $ -
20300 Federal Income Taxes Withheld $ 1,398.00
20400 State Unemployment Taxes Payable $ 107.66
20500 Federal Unemployment Taxes Payable $ 18.20
20600 FICA Taxes Payable $ 2,181.52
20700 Federal Income Taxes Payable $ 52,297.00
20800 Dividends Payable $ -
20900 Interest Payable $ 106.85
21000 Notes Payable $ 60,000.00
26000 Common Stock $ 225,000.00
27000 Paid-in-capital in excess of par $ -
28000 Income Summary $ -
29000 Retained Earnings $ (34,483.13)
Totals $ 687,059.07 $ 437,562.83