On each sheet with data, somewhere in the empty field explain what the data on that sheet is about and what purposes it can serve in audit. From what is provided in the worksheet, what additional knowledge or insights can you derive? Balance Sheet As of As of Current Assets 12/31/2022 12/31/2021 Cash: Store front $125,498.76 $135,135.15 Cash: Corporate Accounts 293,728.03 210,019.06 Cash: Payroll 123,432.43 124,726.15 Accounts Receivable 122,849.12 193,976.31 Office Supplies 7,379.00 2,604.00 Cooking Supplies 4,777.00 4,713.00 Inventory: Ingredients 15,190.66 25,580.09 Inventory: Cake Boxes and Cupcake Cups 1,423.05 1,190.10 Inventory: Beverages 3,340.30 6,260.80 Total Current Assets $702,618.35 $701,204.66 Long-term Assets Equipment 150,180.00 150,180.00 Accumulated Depreciation: Equipment -82,455.00 -78,828.00 Plant & Property 350,000.00 330,000.00 Accumulated Depreciation: Plant & Property -82,500.00 -79,200.00 Land 125,000.00 125,000.00 Total Long-term assets $460,225.00 $447,152.00 Total Assets $1,142,843.35 $1,148,356.66 Liabilities Accounts Payable 55,712.00 38,556.70 Wage Taxes Payable 0 0 Corporate Income Tax Payable 21,247.78 38,125.96 Dividends Payable 0 13,125.00 Mortgage Payable (a) 290,673.81 292,262.13 Notes Payable: Vehicles (b) 22,555.53 24,878.31 Total Liabilities 360,189.12 406,948.13 Stockholders’ Equity Common Stock, Par value $1.00; Authorized 1000000 shares; Issued and outstanding 50000 shares 50,000.00 50,000.00 Additional Paid in Capital 120,075.91 120,075.91 Retained Earnings 612,578.32 571,332.65 Total Stockholders’ Equity $782,654.23 $741,408.56 Total Liabilities and Stockholders’ Equity $1,142,843.35 $1,148,356.66 (a) Current portion $6,555.19 at 3/31/2022 and $6,236.12 at 3/31/2021 (b) Current portion $8,337.88 at 3/31/2022 and $9,103.75 at 3/31/2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. On each sheet with data, somewhere in the empty field explain what the data on that sheet is
about and what purposes it can serve in audit. From what is provided in the worksheet, what
additional knowledge or insights can you derive?

Balance Sheet
	As of	As of
Current Assets	12/31/2022	12/31/2021
Cash: Store front	$125,498.76	$135,135.15
Cash: Corporate Accounts	293,728.03	210,019.06
Cash: Payroll	123,432.43	124,726.15
Accounts Receivable	122,849.12	193,976.31
Office Supplies	7,379.00	2,604.00
Cooking Supplies	4,777.00	4,713.00
Inventory: Ingredients	15,190.66	25,580.09
Inventory: Cake Boxes and Cupcake Cups	1,423.05	1,190.10
Inventory: Beverages	3,340.30	6,260.80
Total Current Assets	$702,618.35	$701,204.66

Long-term Assets
Equipment	150,180.00	150,180.00
Accumulated Depreciation: Equipment	-82,455.00	-78,828.00
Plant & Property	350,000.00	330,000.00
Accumulated Depreciation: Plant & Property	-82,500.00	-79,200.00
Land	125,000.00	125,000.00
Total Long-term assets	$460,225.00	$447,152.00
Total Assets	$1,142,843.35	$1,148,356.66

Liabilities
Accounts Payable	55,712.00	38,556.70
Wage Taxes Payable	0	0
Corporate Income Tax Payable	21,247.78	38,125.96
Dividends Payable	0	13,125.00
Mortgage Payable (a)	290,673.81	292,262.13
Notes Payable: Vehicles (b)	22,555.53	24,878.31
Total Liabilities	360,189.12	406,948.13

Stockholders’ Equity Common Stock, Par value $1.00; Authorized
1000000 shares; Issued and outstanding 50000 shares	50,000.00	50,000.00
Additional Paid in Capital	120,075.91	120,075.91
Retained Earnings	612,578.32	571,332.65
Total Stockholders’ Equity	$782,654.23	$741,408.56
Total Liabilities and Stockholders’ Equity	$1,142,843.35	$1,148,356.66


(a) Current portion $6,555.19 at 3/31/2022 and $6,236.12 at 3/31/2021
(b) Current portion $8,337.88 at 3/31/2022 and $9,103.75 at 3/31/2021

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