ACCT ACCOUNT
NO. TITLE
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
ASSETS
111000 General checking account 2,138,784.99 2,171,441.24 2,171,441.24 2,171,441.24
112000 Payroll checking account 28,726.39 1,000.00 1,000.00 1,000.00
113000 Money market account 775,549.73 782,546.49 782,546.49 782,546.49
114000 Savings account 48,576.82 51,745.56 51,745.56 51,745.56
119000 Petty cash 500.00 500.00 500.00 500.00
121000 Accounts receivable 4,913,697.13 5,366,569.32 5,366,569.32 5,366,569.32
129000 Allowance for bad debts 97,459.89 95,401.58 10,983.73 106,385.31 106,385.31
141000 Inventory – production 10,407,164.74 11,577,948.87 11,577,948.87 11,577,948.87
145000 Inventory – finished goods 3,902,457.04 3,992,237.27 3,992,237.27 3,992,237.27
150000 Prepaid expenses 84,636.54 142,465.96 142,465.96 142,465.96
160000 Land and buildings 15,350,295.73 16,358,487.34 16,358,487.34 16,358,487.34
170000 Equipment 12,829,549.56 13,871,631.10 13,871,631.10 13,871,631.10
180000 Accumulated depreciation 14,140,830.31 15,341,679.47 15,341,679.47 15,341,679.47
191000 Investments 2,080,764.31 3,095,227.56 3,095,227.56 3,095,227.56
210000 Accounts payable 3,682,954.12 4,987,975.79 4,987,975.79 4,987,975.79
222100 Federal income tax withheld 64,442.36 67,385.78 67,385.78 67,385.78
222200 FICA withheld 12,107.35 12,681.48 12,681.48 12,681.48
222300 Medicare withheld 2,831.56 2,965.82 2,965.82 2,965.82
223100 FICA payable – employer 12,107.35 12,681.48 12,681.48 12,681.48
223200 Medicare payable – employer 2,831.56 2,965.82 2,965.82 2,965.82
223300 Unemployment taxes payable 846.39 943.57 943.57 943.57
230000 Other accrued expenses 568,998.06 599,403.23 599,403.23 599,403.23
235000 Federal income taxes payable 157,448.31 149,097.05 149,097.05 149,097.05
236000 Property taxes payable 0.00 0.00 0.00
239000 Dividends payable 50,000.00 50,000.00 50,000.00
240000 Mortgages payable 7,442,445.94 7,639,067.73 7,639,067.73 7,639,067.73
261000 Notes payable 654,000.00 813,000.00 813,000.00 813,000.00
STOCKHOLDERS’ EQUITY
310000 Common stock 90,000.00 90,000.00 90,000.00 90,000.00
311000 Paid-in capital in excess of par – common 3,567,265.00 3,567,265.00 3,567,265.00 3,567,265.00
312000 Dividends – common 0.00 50,000.00 50,000.00 50,000.00
390000 Retained earnings 22,064,134.78 22,064,134.78 22,064,134.78 22,064,134.78
REVENUE
410000 Sales 22,331,154.75 22,331,154.75 22,331,154.75
420000 Sales discounts 348,017.49 348,017.49 348,017.49
430000 Sales returns and allowances 15,684.50 15,684.50 15,684.50
451000 Gain/Loss – Fixed Assets 0.00
491000 Dividend income 4,000.00 4,000.00 4,000.00
492000 Interest income 23,482.56 23,482.56 23,482.56
COST OF GOODS SOLD
510000 Cost of goods sold 11,565,901.15 11,565,901.15 11,565,901.15
601000 Wages and salaries expense 1,972,322.74 1,972,322.74 1,972,322.74
601500 Sales commissions expense 771,665.60 771,665.60 771,665.60
602100 FICA tax expense 244,568.36 244,568.36 244,568.36
602200 Medicare tax expense 57,197.43 57,197.43 57,197.43
602400 SUTA expense 22,176.00 22,176.00 22,176.00
611000 Utilities expense 325,954.67 325,954.67 325,954.67
611300 Irrigation & waste disposal expense 230,910.91 230,910.91 230,910.91
612000 Landscaping expense 142,475.69 142,475.69 142,475.69
621000 Advertising expense 295,944.33 295,944.33 295,944.33
623000 Marketing expense 192,865.67 192,865.67 192,865.67
624000 Festivals & competitions expense 238,654.75 238,654.75 238,654.75
631000 Telephone expense 37,584.73 37,584.73 37,584.73
ADJUSTED
INCOME
BALANCE
TRIAL BALANCE
STATEMENT
SHEET
ADJUSTMENTS
12-31-2009
POST CLOSING
TRIAL BALANCE
12-31-2010
UNADJUSTED
TRIAL BALANCE
699000 Other employee benefits expense 175,643.90 175,643.90 175,643.90
700000 Dues & subscriptions expense 32,076.00 32,076.00 32,076.00
711000 Federal income tax expense 857,595.76 149,097.05 1,006,692.81 1,006,692.81
712000 Property tax expense 19,875.00 19,875.00 19,875.00
721000 Repairs and maintenance 71,974.93 71,974.93 71,974.93
731000 Automobile expense 81,493.45 81,493.45 81,493.45
740000 Lease expense 113,607.56 113,607.56 113,607.56
791000 Bad debt expense 10,983.73 10,983.73 10,983.73
792000 Miscellaneous expense 26,665.63 26,665.63 26,665.63
793000 Interest expense 359,969.78 359,969.78 359,969.78
Chateau Americana
For the year ended December 31, 2012
Bottles sold in thousand of units
AL GA NC SC VA
White wines
Sauvignon Blanc 2645 4358 4658 2568 2214
Chardonnay 2478 4251 4257 2355 2277
Riesling 3014 4875 4658 2388 2456
Chenin Blanc 3557 4701 4089 2014 2557
Pinot Gris 3783 4117 4558 2211 2080
Commissions
Sauvignon Blanc 7935.00 13074.00 13974.00 7704.00 6642.00
Chardonnay 10531.50 18066.75 18092.25 10008.75 #VALUE!
Riesling 6781.50 10968.75 10480.50 5373.00 5526.00
Requirement
#2 B30
#4
Responses to Formula Auditing Questions
Red wines
Cabernet Sauvignon 5689 5887 4875 3254 4879
Sparkling wines
Corporate Income Taxes
Bracket Range Bracket Amount
Rates1Plus
< = 0 0%
< = $50,000 50,000 15%
REVENUE
COST OF GOODS SOLD 11,565,901.15
GROSS MARGIN 10,401,551.61
OPERATING EXPENSES
Wages and salaries expense 1,972,322.74
Sales commissions expense 771,665.60
FICA tax expense 244,568.36
Medicare tax expense 57,197.43
FUTA expense 7,392.00
SUTA expense 22,176.00
Utilities expense 325,954.67
Irrigation & waste disposal expense 230,910.91
Landscaping expense 142,475.69
Advertising expense 295,944.33
Marketing expense 192,865.67
Festivals & competitions expense 238,654.75
Telephone expense 37,584.73
Internet & computer expense 14,475.00
Postage expense 35,117.66
Legal & accounting fees 88,425.50
Other consulting fees 12,500.00
Office supplies expense 58,689.68
Data processing expense 9,743.89
Depreciation expense 1,200,849.16
Travel and entertainment expense 169,405.86
Insurance expense 115,058.55
Medical insurance 192,154.80
Workmen’s compensation insurance 139,750.00
Other employee benefits expense 175,643.90
Dues & subscriptions expense 32,076.00
Property tax expense 19,875.00
Repair and maintenance 71,974.93
Automobile expense 81,493.45
Lease expense 113,607.56
Bad debt expense 10,983.73
Miscellaneous expense 26,665.63
TOTAL OPERATING EXPENSE 7,108,203.18
INCOME FROM OPERATIONS 3,293,348.43
OTHER INCOME AND EXPENSES
Dividend Income 4,000.00
Interest Income 23,482.56
Interest Expense 359,969.78 (332,487.22)
INCOME (LOSS) BEFORE TAXES 2,960,861.21
FEDERAL INCOME TAX 1,006,692.81
NET INCOME (LOSS) $1,954,168.40
Dividends payable (50,000.00)
RETAINED EARNINGS – 12/31/2002 22,064,134.78
CHATEAU AMERICANA
Statement of Income and Retained Earnings
For the Year Ended 12-31-20XX
Less: Sales Discounts Taken $348,017.49
NET SALES $21,967,452.76
2009 2010
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents $2,992,137.93 $3,007,233.29
Accounts Receivable
4,913,697.13 5,366,569.32
PROPERTY, PLANT & EQUIPMENT $28,179,845.29 $30,230,118.44
Less: Accumulated Depreciation (14,140,830.31) (15,341,679.47)
$14,039,014.98 $14,888,438.97
TOTAL ASSETS $38,322,412.78 $41,963,735.93
LIABILITIES AND STOCKHOLDER’S EQUITY
CURRENT LIABILITIES
Accounts Payable $3,682,954.12 $4,987,975.79
LONG-TERM LIABILITIES
Mortgage Payable $7,442,445.94 $7,639,067.73
Total Long-Term Liabilities
STOCKHOLDERS’ EQUITY
Common Stock $90,000.00 $90,000.00
STOCKHOLDER’S EQUITY $38,322,412.78 $41,963,735.93
CHATEAU AMERICANA
Balance Sheet
For the Year Ending 12-31-20XX
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $1,954,168.40
Adjustments from operating activities
Depreciation 1,200,849.16
(Increase) decrease in assets:
1,331,532.96
Net cash provided by operating activities 1,709,746.72
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets (2,050,273.15)
Net cash used in investing activities (2,050,273.15)
CASH FLOWS FROM FINANCING ACTIVITIES
CHATEAU AMERICANA
Statement of Cash Flows
For the Year Ending 12-31-XX
Preparer: Laura Ingraham
Date: 3/16/2023
Current Ratio 4.60
CHATEAU AMERICANA
Financial Statement Analysis
For the Year Ended 12/31/20XX
The Future Value of an Annuity
Interest Rate 5%
$1,665,012.91 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%
-70000 1248417 1287676.1 1328310.9 1370367.6 1413893.9 1458939
Preparer: Laura Ingraham
Date: 3/16/2023
Operating Expenses Amount
Wages and salaries expense 1,972,322.74
Sales commissions expense 771,665.60
Chateau Americana
Expenses In Excess of $200,000
For the Year Ending 12/31/20XX
REGULAR
HOURS
PAY
RATE
REGULAR
PAY
OVERTIME
HOURS
OVERTIME
PAY
GROSS PAY
G/L 40500
FICA &
MEDICARE
G/L 20600
FED. INC. TAX
G/L 20300
NET PAY
G/L 10100
CK. NO.
EARNINGS
DEDUCTIONS
PAYMENT
SUBS
POST
REF
DATE
EMPLOYEE
ID
EMPLOYEE NAME
PAY
TYPE
ID EMPLOYEE NAME
PAY
TYPE
REGULAR
PAY RATE
FIT W/H
ACCT_TYPE ACCT_CODE ACCT_TITLE DEPT COST_CENTER YR MON BUDGET EXPLANATIONS
620 – MARKETIN
624000
Festivals & Com
MKTG 08 May 75500 San Francisco International Wine Competition; Critics Challenge International Wine Competition
DEPT ADMIN
Sum of REV_BUDGET Column Labels
Row Labels Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Grand Total
601 – SALARIES 45000 45000 60000 60000 60000 60000 60000 60000 60000 60000 60000 60000 690000
601000
Wages and Salaries 45000 45000 60000 60000 60000 60000 60000 60000 60000 60000 60000 60000 690000
DANIEL 15000 15000 15000 15000 15000 15000 15000 15000 15000 15000 150000
EDWARD 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 300000
ROB 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 240000
602 – PAYROLL TAXES 3443 3443 3443 3251 1339 0 0 0 0 0 0 0 14919
602100
FICA Tax Expense 3443 3443 3443 3251 1339 0 0 0 0 0 0 0 14919
(blank) 3125 3125 3125 3125 3125 3125 3125 3125 3125 3125 3125 3125 37500
633000
Postage Expense 650 650 650 650 650 650 650 650 650 650 650 650 7800
(blank) 650 650 650 650 650 650 650 650 650 650 650 650 7800
650 – SUPPLIES 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 21600
651000
Office Supplies 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 21600
(blank) 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 1800 21600
670 – DEPRECIATION 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 580200
671000
Depreciation – Buildings 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 580200
(blank) 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 48350 580200
690 – INSURANCE 38460 38460 38460 38460 38460 38460 38460 38460 38460 38460 38460 38460 461520
691000
(blank) 38460 38460 38460 38460 38460 38460 38460 38460 38460 38460 38460 38460 461520
710 – TAXES 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 277440
711000
Federal Income Tax 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 277440
(blank) 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 23120 277440
720 – MAINTENANCE 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 59940
721000
Repairs & Maintenance 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 59940
(blank) 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 4995 59940
790 – OTHER OPERATING 33970 33970 33970 33970 33970 33970 33970 33970 33970 33970 33970 33970 407640
791000
Bad Debt Expense 920 920 920 920 920 920 920 920 920 920 920 920 11040
(blank) 920 920 920 920 920 920 920 920 920 920 920 920 11040
792000
Miscellaneous Expense 3050 3050 3050 3050 3050 3050 3050 3050 3050 3050 3050 3050 36600
(blank) 3050 3050 3050 3050 3050 3050 3050 3050 3050 3050 3050 3050 36600
793000
(blank) 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 360000
Grand Total 246433 246433 261433 261241 259329 257990 257990 257990 257990 257990 257990 257990 3080799
(blank) 3443 3443 3443 3251 1339 0 0 0 0 0 0 0 14919
610 – OCCUPANCY 43520 43520 43520 43520 43520 43520 43520 43520 43520 43520 43520 43520 522240
611000
(blank) 29980 29980 29980 29980 29980 29980 29980 29980 29980 29980 29980 29980 359760
612000
(blank) 13540 13540 13540 13540 13540 13540 13540 13540 13540 13540 13540 13540 162480
630 – COMMUNICATIONS 3775 3775 3775 3775 3775 3775 3775 3775 3775 3775 3775 3775 45300
631000
Telephone Expense 3125 3125 3125 3125 3125 3125 3125 3125 3125 3125 3125 3125 37500