Accounting 330 Excel Project

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Original Financial Statements

Terry Co. Terry Co. Terry Co.
Multi-Step Income Statement Balance Sheet Statement of Cash Flows Financial Ratios Final Journal Entries
For the Year Ended December 31, Year 2 As of 12/31/Year 2 For Year Ended 12/31/Year 2
Sales Revenue Year 2 Year 1 Cash Flow from Operations
Sales Revenue $48,400,000 Assets Net Income $5,751,777
Less: Sales Discounts $580,800 Current Assets Adjustments:
Sales Returns $2,299,000 $2,879,800 Cash $1,974,000 $2,420,000 Change in A/R ($1,059,960)
Net Sales Revenue $45,520,200 A/R $4,356,000 $4,114,000 Change in Inventory $968,000
Allowance for Bad Debts ($392,040) ($1,210,000) Change in Prepaid Insurance $198,000
Cost of Goods Sold Inventory $5,808,000 $6,776,000 Change in Prepaid Rent ($121,000)
Cost of Goods Sold $26,492,163 Prepaid Insurance $528,000 $726,000 Depreciation & Amortization $2,904,000
Gross Profit $19,028,037 Prepaid Rent $605,000 $484,000 Change in A/P ($2,450,105)
Total Current Assets $12,878,960 $13,310,000 Change in Income Tax Payable $367,488
Operating Activities Long-term Investments Change in Unearned Revenue $484,000
Selling Expenses Loans to other businesses $1,936,000 $1,936,000 Change in Wages Payable ($24,200) $1,266,223
Advertising Expense $907,500 Expansion Fund $1,452,000 $1,452,000 Net Cash Flow from Operations $7,018,000
Bad Debt Expense $150,040 Total Long-term Investments $3,388,000 $3,388,000
Miscellaneous Selling Expenses $235,950 PPE Cash Flow from Investments
Sales Force Salaries Expense $665,500 Land $5,324,000 $3,388,000 Purchase of Land ($1,936,000)
Selling Commissions Expense $2,420,000 Building $3,872,000 $3,872,000 Purchase of Equipment ($7,260,000)
Shipping Expense $396,275 Equipment $13,552,000 $6,292,000 Net Cash Flow from Investments ($9,196,000)
$4,775,265 Accumulated Depreciation ($7,744,000) ($4,840,000)
Administrative Expenses Total PPE $15,004,000 $8,712,000 Cash Flow from Financing
Executive Salaries Expense $2,117,500 Intangible Assets Repayment of Loans ($242,000)
Depreciation Expense $2,904,000 Patents, net $726,000 $726,000 Issuance of Notes Payable $2,904,000
Insurance Expense $252,450 Total Assets $31,996,960 $26,136,000 Payments of Dividends ($930,000)
Miscellaneous Admin. Expenses $23,898 Net Cash Flow from Financing $1,732,000
Office Supplies Expense $187,550 Liabilities and Stockholders' Equity
Consulting and Legal Fees $30,250 Current Liabilities Net Increase (Decrease) in Cash ($446,000)
Utilities Expense $363,000 Accounts Payable $453,895 $2,904,000 Cash, January 1, Year 2 $2,420,000
Total Administrative Expenses $5,878,648 $10,653,913 Income Tax Payable $851,488 $484,000 Cash, December 31, Year 2 $1,974,000
Income from Operations $8,374,124 Unearned Revenue $1,210,000 $726,000
Wages Payable $580,800 $605,000
Other Gains and Losses Current Portion of Loan Payable $242,000 $242,000
Rent Revenue $151,250 Total Current Liabilities $3,338,183 $4,961,000
Interest Expense ($308,550) ($157,300) Long-term Debt
Income from Continuing Operations before Taxes $8,216,824 Loan Payable $1,210,000 $1,452,000
Income Tax Expense $2,465,047 Notes Payable $6,776,000 $3,872,000
Net Income $5,751,777 Total Long-term Debt $7,986,000 $5,324,000
Total Liabilities $11,324,183 $10,285,000
EPS $1.03 Stockholders' Equity
Common Stock $5,600,000 $5,600,000
($1 par, 5,000,000 authorized, 5,600,000 outstanding)
Additional Paid-In Capital $1,452,000 $1,452,000
Retained Earnings $13,620,777 $8,799,000
Total Stockholders' Equity $20,672,777 $15,851,000
Total Liabilities and Stockholder's Equity $31,996,960 $26,136,000