CASE STUDY

ndls_worksheet_1.xls

COVER

Accounting Cycle Case

Name(s):

Permanent Accounts
Cash	Accounts Receivable	Inventory
Prepaid Expenses	Property & Equipment, net
Accounts Payable	Accrued Expenses	Long-Term Liabilities
Common Stock	Treasury Stock	Retained Earnings
Temporary Accounts (before closing)
Restaurant Revenue	Franchise Royaties & Fees	Cost of Sales
Restaurant Labor	General & Admin Expenses	Pre-opening Expenses
Depreciation	Interest Expense	Income Tax Expense

Noodles & Company
Trial Balance
December 31, 2013
	Debits	Credits
Cash and Cash Equivalents	968
Accounts Receivable
Inventory
Prepaid Expenses
Property & Equipment, net
Accounts Payable
Accrued Expenses
Long-Term Liabilities
Common Stock
Treasury Stock
Retained Earnings
Restaurant Revenue
Franchise Royalties and Fees
Cost of Sales
Restaurant Labor
General and Administrative Expenses
Pre-opening Expenses
Depreciation Expense
Interest Expense
Income Tax Expense
Total	968	- 0
Check:	Still working on it.
Closing Entry
	Debits	Credits


Noodles & Company
Income Statement
	For Fiscal Year Ended
(in thousands)	12/31/13	12/31/12
Revenues:
Restaurant Revenue		$ 297,264
Franchise Royalties and Fees		3,146
Total revenue		300,410
Costs and expenses:
Cost of Sales		78,997
Restaurant Labor		104,040
General & Administrative Expenses		80,179
Pre-opening Expenses		3,145
Depreciation Expense		17,997
Total costs and expenses		284,358
Operating income		16,052
Interest expense		7,674
Income before income taxes		8,378
Income tax expense		3,215
Net income		$ 5,163


Noodles & Company
Statement of Retained Earnings
	For Fiscal Year Ended
(in thousands)	12/31/13	12/31/12
Retained Earnings (Deficit), beginning balance		$ (1,523)
Net Income		5,163
Dividends		- 0
Retained Earnings (Deficit), ending balance		$ 3,640


Noodles & Company
Balance Sheet
(in thousands)	12/31/2013	12/31/2012
Current Assets:
Cash and Cash Equivalents		$ 581
Accounts Receivable		5,562
Inventory		6,042
Prepaid Expenses		3,970
Total Current Assets		16,155
Property & Equipment, net		140,840
Total Assets		$ 156,995
Current Liabilities:
Accounts Payable		$ 9,390
Accrued Expenses		14,370
Total Current Liabilities		23,760
Long-term Liabilities		119,230
Total Liabilities		142,990
Stockholders' Equity:
Common Stock		10,365
Treasury Stock		- 0
Retained Earnings		3,640
Total Stockholders' Equity		14,005
Total Liabilities and Stockholders' Equity		$ 156,995