Financial Statements

TrialBal
LAKESIDE COMPANY
TRIAL BALANCE - GENERAL LEDGER (Prepared by Client)
[Clickontabsbelowforthefinancialstatements]
Account
September30,2008
September30,2009
Numbers
Accounts
Debit
Credit
Debit

1001
CashGeneral
$28,600
$0
$26,200
1002
CashPayroll
1003
CashRestricted
37,500
42,500
1011
ReceivablesDistributorship
329,300
427,400
1012
AllowanceforDoubtfulAccounts
8,400
4,300
1021
InventoryWarehouse
642,500
762,200
1031
InventoryStore1
33,300
38,800
1032
InventoryStore2
22,700
34,400
1033
InventoryStore3
39,800
60,400
1034
InventoryStore4
17,100
24,600
1035
InventoryStore5
34,900
34,100
1036
InventoryStore6
21,900
24,900
1101
Land
149,000
149,000
1111
BuildingWarehouse/Office
163,500
163,500
1116
BuildingStore6
128,400
128,400
1121
AccumulatedDepreciation
Warehouse/Office
113,000
Store6
29,600
28,900
31,100
12,200
27,200
27,200
18,100
1126
1151
Equipment
1161
Equipment
1201
TrucksandVehicles
1211
TrucksandVehicles
Page1
TrialBal
1251
LeaseholdImprovements
211,000
211,000
1261
94,000
BankCreditLineFederal
FirstBank
418,100
BankCreditLineSecurity
NationalBank
324,100
2101
AccountsPayableCypress
161,600
2201
AccruedExpensesPayable
2202
IncomeTaxesPayable
2203
PayrollTaxesPayable
4,100
2204
SalesTaxesPayable
18,600
2301
EstimatedBonusLiability
6,000
2401
NotesPayableCurrent
20,000
2402
NotesPayableLongTerm
340,000
3001
CommonStock
10,000
3101
AdditionalPaidInCapital
140,000
4001
RetainedEarnings
257,000
4101
Dividends
48,700
31,400
5001
SalesStore1
273,500
5002
SalesStore2
397,800
5003
SalesStore3
236,100
5004
SalesStore4
242,300
5005
SalesStore5
373,000
5006
SalesStore6
110,800
5101
SalesDistrictA
324,200
5102
SalesDistrictB
414,800
5103
SalesDistrictC
392,500
2001
2001
Page2
TrialBal
5104
SalesDistrictD
330,800
5105
SalesDistrictE
338,800
5106
SalesDistrictF
424,400
5201
SalesReturnsStores
100,400
173,400
5202
SalesReturnsDistributorship
155,700
232,000
5251
DiscountsDistributorship
15,600
14,800
5501
CostofGoodsSoldStore1
162,600
185,300
5502
239,300
228,400
5503
138,200
231,000
5504
137,200
152,400
5505
229,000
218,000
5506
68,100
73,800
5551
CostofGoodsSold
Distributorship
1,288,400
1,409,100
5801
SalaryExpenseStore1
45,200
51,200
5802
SalaryExpenseStore2
59,200
59,300
5803
SalaryExpenseStore3
39,300
40,400
5804
SalaryExpenseStore4
38,600
41,200
5805
SalaryExpenseStore5
54,800
55,100
5806
SalaryExpenseStore6
32,300
32,200
5851
EstimatedBonusExpense
6,000
19,500
5901
SalesCommissionsDistrictA
18,600
20,900
5902
SalesCommissionsDistrictB
23,900
25,400
5903
SalesCommissionsDistrictC
22,600
23,600
5904
SalesCommissionsDistrictD
19,000
27,000
5905
SalesCommissionsDistrictE
19,500
19,400
5906
SalesCommissionsDistrictF
24,400
26,600
Page3
TrialBal
5951
AdministrativeandWarehouse
Salaries
275,400
303,600
5981
PayrollTaxesExpense
40,700
44,900
6001
AdvertisingExpenseStores
66,700
64,200
6002
AdvertisingExpense
Distributorship
9,100
7,500
6051
TravelExpensesSalesmen
66,200
74,900
6101
FreightOut
19,800
25,300
6151
RentExpenseStores
105,200
114,700
6152
RentExpenseVehicles
17,600
15,600
6153
6161
6201
RentExpenseEquipment
IntracompanyRentChargeStore6
DepreciationExpense
6,100
0
37,900
0
12,000
0
4,700
0
38,200
6251
ComputerandAccountingServices
10,200
12,600
6301
LegalandAuditingExpenses
10,700
9,100
6401
RepairsandMaintenance
19,100
48,900
6451
SuppliesExpense
5,100
4,300
6501
UtilitiesExpense
44,600
36,400
6601
BadDebtExpense
6701
PropertyTaxExpense
13,100
21,100
6801
OtherMiscellaneousExpenses
39,900
33,600
6901
InterestExpense
81,200
89,100
6951
IncomeTaxExpense
75,000
92,000
8001
GainonDispositionof
FixedAsset
TOTALS
0
0
0

$5,845,800 $5,845,800 $6,622,100
=========== =========== ===========
Page4
TrialBal
September30,2009
Credit
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
125,600
35,400
0
16,600
0
22,500
Page5
TrialBal
0
105,000
411,800
378,100
206,700
0
0
6,200
20,200
19,500
20,000
390,000
10,000
140,000
312,000
0
319,900
398,900
458,800
265,400
364,600
121,200
368,100
444,000
415,700
Page6
TrialBal
404,800
345,200
469,900
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Page7
TrialBal
0
0
0
0
0
0
0
0
0
12,000
0
0
0
0
0
0
0
0
0
0
0
14,000
$6,622,100
===========
Page8
LAKESIDECOMPANY
INCOMESTATEMENT
ForYearEndedDecember31,
Sales
SalesReturnsandDiscounts
NetSales
CostofGoodsSold
2007
5,172,000
(325,000)
Increase
2008
(Decrease)
5,778,000
606,000
(401,000)
(76,000)
4,847,000
(3,084,000)
5,377,000
(3,435,000)
530,000
(351,000)
1,763,000
(916,000)
(203,000)
(114,000)
(45,000)
1,942,000
(1,021,000)
(216,000)
(146,000)
(46,000)
179,000
(105,000)
(13,000)
(32,000)
(1,000)
(174,000)
(87,000)
(195,000)
(114,000)
(21,000)
(27,000)
IncomeBeforeIncomeTaxes
IncomeTaxes
224,000
(89,000)
204,000
(82,000)
(20,000)
7,000
NetIncome
135,000
122,000
(13,000)
RetainedEarnings,Beginning
CashDividends
193,000
(71,000)
257,000
(67,000)
64,000
4,000
RetainedEarnings,Ending
257,000
312,000
55,000
GrossProfit
Salaries,Commissions,Bonuses
AdvertisingandSellingExpenses
RentExpenses
DepreciationExpenses
OtherGeneralandAdmin
istrativeExpenses
InterestExpense
LAKESIDECOMPANY
BALANCESHEET
ForYearsEndedDecember31,2007and2008
Dec.31,2007
Increase
Dec.31,2008 (Decrease)
ASSETS
CurrentAssets
Cash
Accts.Rec.Distributorship
Allow.forDoubtfulAccts
68,000
293,000
(19,000)
71,000
388,000
(24,000)
3,000
95,000
5,000
NetAccts.Rec.
InventoryFIFOcost
lowerofcostormarket
TotalCurrentAssets
274,000
364,000
90,000
786,000
946,000
160,000
1,128,000
1,381,000
253,000
Land,Building,andEquipment
Land,BuildingandEquipment
486,000
(143,000)
497,000
(179,000)
11,000
36,000
NetLand,Build.andEquip.
343,000
208,000
(86,000)
318,000
211,000
(96,000)
(25,000)
3,000
10,000
NetLeaseholdImprovements
122,000
115,000
(7,000)
1,593,000
1,814,000
221,000
20,000
549,000
156,000
20,000
696,000
166,000
0
147,000
10,000
106,000
135,000
29,000
TotalCurrentLiabilities
831,000
1,017,000
186,000
355,000
335,000
(20,000)
1,186,000
1,352,000
166,000
Stockholders'Equity
CommonStock,10,000shares
issuedandoutstanding,$1Pa
RetainedEarnings
10,000
140,000
257,000
10,000
140,000
312,000
0
0
55,000
TotalStockholders'Equity
407,000
462,000
55,000
andLiabilities
1,593,000
1,814,000
221,000
TotalAssets
LIABILITIESANDSTOCKHOLDERS'EQUITY
CurrentLiabilities
NotesPayableCurrent
NotesPayableTrade
AccruedExpensesandTaxes
Payable
TotalLiabilities
Percentage
Change
12%
23%
11%
11%
10%
11%
6%
28%
2%
12%
31%
9%
8%
10%
33%
6%
21%
Percentage
Change
4%
32%
26%
33%
20%
22%
2%
25%
7%
1%
12%
6%
14%
0%
27%
6%
27%
22%
6%
14%
0%
0%
21%
14%
14%
ThirdQtr.
LAKESIDECOMPANY
INCOMESTATEMENT
FOR9MONTHSENDEDSEPT.30
2007
Sales
NetSales
CostofGoodsSold
GrossProfit
2008
3,859,000
(271,700)
3,587,300
(2,282,600)
1,304,700
4,376,500
(420,200)
3,956,300
(2,523,300)
1,433,000
(397,400)
(142,000)
(116,900)
(37,900)
(422,300)
(146,600)
(123,000)
(38,200)
(464,800)
(81,200)
(534,000)
(89,100)
IncomeTaxes
64,500
(75,000)
79,800
(92,000)
NetIncomeAfterTaxes
(10,500)
(12,200)
14,000
NetIncome
(10,500)
1,800
CashDividends
257,000
(48,700)
312,000
(31,400)
197,800
282,400
AdvertisingandSellingExpens
RentExpenses
istrativeExpenses
InterestExpense
GainonDispositionof
FixedAsset
LAKESIDECOMPANY
INCOMESTATEMENT
ForYearEndedDecember31,
2004
2005
Page13
ThirdQtr.
Sales
5,172,000
(325,000)
5,778,000
(401,000)
4,847,000
(3,084,000)
5,377,000
(3,435,000)
1,763,000
(916,000)
(203,000)
(114,000)
(45,000)
1,942,000
(1,021,000)
(216,000)
(146,000)
(46,000)
(174,000)
(87,000)
(195,000)
(114,000)
IncomeTaxes
224,000
(89,000)
204,000
(82,000)
NetIncome
135,000
122,000
CashDividends
193,000
(71,000)
257,000
(67,000)
257,000
312,000
NetSales
CostofGoodsSold
GrossProfit
AdvertisingandSellingExpens
RentExpenses
istrativeExpenses
InterestExpense
Page14
ThirdQtr.
Page15
ThirdQtr.
LAKESIDECOMPANY
BALANCESHEET
FORNINEMONTHSENDEDSEPTEMBER30,2008and2009
Increase
Sept.30,2008 Sept.30,2009 (Decrease)
ASSETS
CurrentAssets
Cash
66,100
329,300
(8,400)
68,700
427,400
4,300
2,600
98,100
(12,700)
NetAccts.Rec.
InventoryFIFOcosting;
lowerofcostormarket
TotalCurrentAssets
320,900
431,700
110,800
812,200
979,400
167,200
1,199,200
1,479,800
280,600
497,000
(172,900)
499,200
(200,100)
2,200
27,200
NetLand,Build.andEquip
324,100
211,000
(94,000)
299,100
211,000
(105,000)
(25,000)
0
11,000
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
952,500
1,062,500
110,000
340,000
390,000
50,000
1,292,500
1,452,500
160,000
10,000
10,000
TotalAssets
CurrentLiabilities
NotesPayableCurrent
NotesPayableTrade
Payable
TotalLiabilities
Stockholders'Equity
CommonStock10,000shares
issuedandoutstanding,
$1.00ParValue
Page16
ThirdQtr.
RetainedEarnings
andLiabilities
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
LAKESIDECOMPANY
BALANCESHEET
ForYearsEndedDecember31,2007and2008
Dec.31,2007
Dec.31,2008
Increase
(Decrease)
ASSETS
CurrentAssets
Cash
68,000
293,000
(19,000)
71,000
388,000
(24,000)
3,000
95,000
5,000
NetAccts.Rec.
InventoryFIFOcost
lowerofcostormarket
TotalCurrentAssets
274,000
364,000
90,000
786,000
946,000
160,000
1,128,000
1,381,000
253,000
486,000
(143,000)
497,000
(179,000)
11,000
36,000
NetLand,Build.andEquip
343,000
208,000
(86,000)
318,000
211,000
(96,000)
(25,000)
3,000
10,000
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
TotalAssets
CurrentLiabilities
NotesPayableCurrent
NotesPayableTrade
20,000
549,000
156,000
Page17
ThirdQtr.
Payable
106,000
135,000
29,000
831,000
1,017,000
186,000
355,000
335,000
(20,000)
1,186,000
1,352,000
166,000
Stockholders'Equity
CommonStock,10,000shares
issuedandoutstanding,$1
RetainedEarnings
10,000
140,000
257,000
10,000
140,000
312,000
0
0
55,000
407,000
462,000
55,000
andLiabilities
1,593,000
1,814,000
221,000
TotalLiabilities
Page18
ThirdQtr.
%Increase
(Decrease)
4%
30%
151%
35%
21%
23%
0%
16%
8%
0%
12%
9%
15%
0%
6%
28%
60%
12%
15%
12%
0%
Page19
ThirdQtr.
0%
43%
24%
15%
%Increase
(Decrease)
4%
32%
26%
33%
20%
22%
2%
25%
7%
1%
12%
6%
14%
0%
27%
6%
Page20
ThirdQtr.
27%
22%
6%
14%
0%
0%
21%
14%
14%
Page21
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.

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TrialBal

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