Trial Bal
LAKESIDE COMPANY
TRIAL BALANCE - GENERAL LEDGER (Prepared by Client)
[Click on tabs below for the financial statements]
Account
September 30, 2008
September 30, 2009
Numbers
Accounts
Debit
Credit
Debit
1001
Cash General
$28,600
$0
$26,200
1002
Salaries, Commissions, Bonuses
Advertising and Selling Expens
Rent Expenses
Depreciation Expenses
Other General and Admin
istrative Expenses
Interest Expense
Gain on Disposition of
Fixed Asset
LAKESIDE COMPANY
INCOME STATEMENT
For Year Ended December 31,
Net Sales
Cost of Goods Sold
Gross Profit
Salaries, Commissions, Bonuses
Advertising and Selling Expens
Rent Expenses
Depreciation Expenses
Other General and Admin
istrative Expenses
Interest Expense
Page 14
Third Qtr.
Page 15
Third Qtr.
LAKESIDE COMPANY
BALANCE SHEET
FOR NINE MONTHS ENDED SEPTEMBER 30, 2008 and 2009
Increase
Sept. 30, 2008 Sept. 30, 2009 (Decrease)
ASSETS
Current Assets
Cash
Accts. Rec.Distributorship
Allow. for Doubtful Accts
66,100
329,300
(8,400)
68,700
427,400
4,300
2,600
98,100
(12,700)
Net Accts. Rec.
InventoryFIFO costing;
lower of cost or market
Total Current Assets
320,900
431,700
110,800
812,200
979,400
167,200
1,199,200
1,479,800
280,600
Land, Building, and Equipment
Land, Building and Equipment
Accumulated Depreciation
497,000
(172,900)
499,200
(200,100)
2,200
27,200
Net Land, Build. and Equip
Leasehold Improvements
Accumulated Depreciation
324,100
211,000
(94,000)
299,100
211,000
(105,000)
(25,000)
0
11,000
Net Leasehold Improvements
117,000
106,000
(11,000)
1,640,300
1,884,900
244,600
20,000
742,200
161,600
20,000
789,900
206,700
0
47,700
45,100
28,700
45,900
17,200
Total Current Liabilities
952,500
1,062,500
110,000
Notes Payable LongTerm
340,000
390,000
50,000
1,292,500
1,452,500
160,000
10,000
10,000
0
Total Assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes Payable Current
Notes Payable Trade
Accounts Payable Cypress
Accrued Expenses and Taxes
Payable
Total Liabilities
Stockholders' Equity
Common Stock10,000 shares
issued and outstanding,
$1.00 Par Value
Page 16
Third Qtr.
Additional PaidInCapital
Retained Earnings
Total Stockholders' Equity
Total Stockholders' Equity
and Liabilities
140,000
197,800
140,000
282,400
0
84,600
347,800
432,400
84,600
1,640,300
1,884,900
244,600
LAKESIDE COMPANY
BALANCE SHEET
For Years Ended December 31, 2007 and 2008
Dec. 31, 2007
Dec. 31, 2008
Increase
(Decrease)
ASSETS
Current Assets
Cash
Accts. Rec.Distributorship
Allow. for Doubtful Accts
68,000
293,000
(19,000)
71,000
388,000
(24,000)
3,000
95,000
5,000
Net Accts. Rec.
InventoryFIFO cost
lower of cost or market
Total Current Assets
274,000
364,000
90,000
786,000
946,000
160,000
1,128,000
1,381,000
253,000
Land, Building, and Equipment
Land, Building and Equipment
Accumulated Depreciation
486,000
(143,000)
497,000
(179,000)
11,000
36,000
Net Land, Build. and Equip
Leasehold Improvements
Accumulated Depreciation
343,000
208,000
(86,000)
318,000
211,000
(96,000)
(25,000)
3,000
10,000
Net Leasehold Improvements
122,000
115,000
(7,000)
1,593,000
1,814,000
221,000
20,000
696,000
166,000
0
147,000
10,000
Total Assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes Payable Current
Notes Payable Trade
Accounts Payable Cypress
Accrued Expenses and Taxes
20,000
549,000
156,000
Page 17
Third Qtr.
Payable
106,000
135,000
29,000
Total Current Liabilities
831,000
1,017,000
186,000
Notes Payable Long Term
355,000
335,000
(20,000)
1,186,000
1,352,000
166,000
Stockholders' Equity
Common Stock, 10,000 shares
issued and outstanding, $1
Additional PaidIn Capital
Retained Earnings
10,000
140,000
257,000
10,000
140,000
312,000
0
0
55,000
Total Stockholders' Equity
407,000
462,000
55,000
Total Stockholders' Equity
and Liabilities
1,593,000
1,814,000
221,000
Total Liabilities
Page 18
Third Qtr.
% Increase
(Decrease)
4%
30%
151%
35%
21%
23%
0%
16%
8%
0%
12%
9%
15%
0%
6%
28%
60%
12%
15%
12%
0%
Page 19
Third Qtr.
0%
43%
24%
15%
% Increase
(Decrease)
4%
32%
26%
33%
20%
22%
2%
25%
7%
1%
12%
6%
14%
0%
27%
6%
Page 20
Third Qtr.
27%
22%
6%
14%
0%
0%
21%
14%
14%
Page 21
Lakeside Company
Ratio Computations
Prepared by:
Date:
Ratio
Current ratio
Average days inventory on hand
Average days to collect receivables
Debt-to-total assets
Times interest earned
Profit margin
Return on assets
Return on equity
Previous
Year
Current
Year
1.36
Formula
Formula
Formula
Formula
Formula
Formula
Formula
1.36
Formula
Formula
Formula
Formula
Formula
Formula
Formula
Instructions:
Use the tabs below to access the financial statements.
Enter cell formulas to compute the ratios.
Follow the example for the current ratio computation.