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| Exotic adventures, a chain of stores servicing the ecotourism industry, has provided you with the folloing list of accounts and balances for the year ended june 30, | 2012 | ||||
| All amounts shown are in thousands of dollars. You have been asked by the company’s CFO to use a spreadsheet to prepare financial statements for exotic advenures, including | |||||
| income statement, retained earnings, and balance sheet. The CFO cant remember the AR balance. She asked you to figure it out when you prepare the balance sheet. | |||||
| FINANCIALS | |||||
| Financial Statement Preparation | |||||
| Exotic Adventures | |||||
| Years Ended June 30 | |||||
| 2011 | |||||
| Accounts payable | $764.8 | $771.8 | |||
| Accounts receivable | 315.8 | ||||
| Accumulated depreciation – buildings | 512.8 | 473.6 | |||
| Accumulated depreciation – fixtures | 689.6 | 729.0 | |||
| Advances from customers | 21.0 | 25.8 | |||
| Advertising expense | 271.0 | 2 | 56.0 | ||
| Allowance for bad debts | 12.6 | ||||
| Bad debt expense | 23.0 | 3 | 0.0 | ||
| Bonds payable (due 9/1/20) | 916.6 | 516.6 | |||
| Buildings | 1,166.4 | ||||
| Cash | 112.8 | 98.8 | |||
| Common stock | 470.4 | 4 | 22.4 | ||
| Copyrights | 20.8 | ||||
| Cost of goods sold | 5,7 | 27.8 | 6,488.0 | ||
| Depreciation expense | 227.8 | 204.0 | |||
| Discontinued operations loss (net of tax) | 376.6 | ||||
| Dividends declared on common | 201.8 | 180.0 | |||
| Dividends declared on preferred | 21.2 | ||||
| Fixtures | 1,78 | 9.4 | 1,737.0 | ||
| Gain on the sale of old fixtures | 108.8 | ||||
| Goodwill | 106.8 | 113.4 | |||
| Income tax expense | 280.2 | 40.0 | |||
| Income tax payable | 75.0 | 100.0 | |||
| Interest expense | 77.6 | 70.0 | |||
| Interest payable | 14.2 | ||||
| Inventories | 690.2 | 510.2 | |||
| Land | |||||
| Long-term notes payable | 99.4 | 121.6 | |||
| Other operating expenses | 691.2 | 1,000.0 | |||
| Paid in capital in excess of par | 361.4 | 333.4 | |||
| Preferred stock | 265.8 | ||||
| Prepaid advertising | 65.6 | 84.2 | |||
| Rent expense | 650.0 | ||||
| Retained earnings (beginning of year) | 613.0 | 538.2 | |||
| Salaries expense | 1,246.2 | 1,428.0 | |||
| Salaries payable | 121.2 | 111.4 | |||
| Sales | 9,173.2 | 10,766.0 | |||
| Short-term investments | 267.8 | ||||
| Short-term notes payable | |||||
| Supplies expense | 256.4 | 324.0 | |||
| Treasury stock (at cost) | 228.2 |
