WAREN SPORTS SUPPLY YEAR-END WORKSHEET

December 31, 2022

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ACCT NO. | ACCOUNT TITLE | 12/31/2021 POST-CLOSING TRIAL BALANCE | DEBIT | CREDIT | 12/31/2022 UNADJUSTED TRIAL BALANCE | DEBIT | CREDIT

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ASSETS

- 10100 | Cash | 11,025.10 | 11,086.00 | 0.00
- 10200 | Accounts receivable | 101,681.00 | 113,336.04 | 45,877.00
- 10210 | Accounts receivable from employees | 0.00 | 0.00 | 0.00
- 10300 | Allowance for doubtful accounts | 3,260.81 | 3,000.00 | 23,905.00
- 10400 | Inventory | 320,363.10 | 320,600.00 | 81,669.50
- 10500 | Prepaid expenses | 80,034.50 | 0.00 | 0.00
- 10600 | Marketable securities | 0.00 | 0.00 | 0.00
- 10800 | Fixed assets | 101,681.00 | 0.00 | 0.00
- 10900 | Accumulated depreciation | 0.00 | 0.00 | 0.00

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LIABILITIES

- 20100 | Accounts payable | 11,270.35 | 878.81 | 447.00
- 20300 | Federal income taxes withheld | 201.17 | 93.31 | 1,593.30
- 20400 | State income taxes withheld | 29,797.00 | 5,736.35 | 1,161.00
- 20500 | State unemployment taxes payable | 672.20 | 117.89 | 19.93
- 20800 | Federal unemployment taxes payable | 2,280.78 | 9,000.00 | 0.00
- 20700 | F.I.C.A. taxes payable | 75,000.00 | 6,600.00 | 0.00
- 20800 | Dividends payable | 0.00 | 0.00 | 0.00
- 20900 | Interest payable | 0.00 | 0.00 | 0.00
- 21000 | Notes payable | 0.00 | 0.00 | 0.00
- 21100 | Unearned revenue | 0.00 | 0.00 | 0.00
- 21200 | Other liabilities | 0.00 | 0.00 | 0.00

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STOCKHOLDERS' EQUITY

- 26000 | Common stock | 225,000.00 | 0.00 | 0.00
- 29000 | Retained earnings | 90,264.99 | 0.00 | 0.00
- 29010 | Dividends declared | 9,000.00 | 0.00 | 0.00

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REVENUE AND GROSS PROFIT

- 30100 | Sales | 1,137,130.00 | 0.00 | 0.00
- 30200 | Sales returns and allowances | 19,445.00 | 0.00 | 0.00
- 30300 | Sales discounts taken | 16,733.90 | 0.00 | 0.00
- 30400 | Cost of goods sold | 24,897.84 | 0.00 | 0.00
- 30500 | Purchases | 275.00 | 0.00 | 0.00
- 30600 | Purchases returns and allowances | 550.00 | 0.00 | 0.00
- 30700 | Purchases discounts taken | 1,500.00 | 0.00 | 0.00
- 30800 | Freight-in | 826.00 | 0.00 | 0.00
- 30900 | G/L on sale of fixed assets | 57,600.00 | 0.00 | 0.00
- 31000 | G/L on sale of marketable securities | 22,395.00 | 0.00 | 0.00
- 31100 | Interest/dividend income | 5,892.65 | 0.00 | 0.00
- 31200 | Miscellaneous revenue | 0.00 | 0.00 | 0.00

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EXPENSES

- 40100 | Rent expense | 140,371.63 | 0.00 | 0.00
- 40200 | Advertising expense | 12,020.83 | 0.00 | 0.00
- 40300 | Office supplies expense | 33,626.75 | 0.00 | 0.00

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Sub-totals

- Not Income (Loss)
- TOTALS: 444,436.19 | 444,436.19

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FIXED ASSET SUBSIDIARY LEDGER

Item | Office Furniture

- Purchased From: Chicago Office Supply
- Estimated Life: 5 years
- Depreciation Method: Straight-line
- Location: Office
- Estimated Salvage Value: $0

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Depreciation Record

- Date: Sept. 30, 16; Dec. 31, 16; Dec. 31, 17; Dec. 31, 18; Dec. 31, 19; Dec. 31, 20; Dec. 31, 21; Dec. 29, 22
- Depreciation Amount: $5,075.00
- Accumulated Depreciation: $50,750.00

Asset NBV

- Initial Value: $50,750.00
- End Value: $0.00

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Additional Fixed Asset Records

Delivery Trucks

- Purchased From: Dyckstra Ford
- Estimated Life: 5 years
- Depreciation Method: Straight-line
- Location: Loading Dock
- Estimated Salvage Value: $0

Depreciation Record

- Date: Apr. 21, 20; Dec. 31, 20; Dec. 31, 21; Dec. 31, 22
- Depreciation Amount: $6,925.50
- Accumulated Depreciation: $69,255.00

Asset NBV

- Initial Value: $69,255.00
- End Value: $34,627.50

Inventory Handling System

- Purchased From: Conveyor Systems, Inc.
- Estimated Life: 10 years
- Depreciation Method: Straight-line
- Location: Warehouse
- Estimated Salvage Value: $0

Depreciation Record

- Date: Jul. 5, 21; Dec. 31, 21; Dec. 31, 22
- Depreciation Amount: $10,033.00
- Accumulated Depreciation: $30,099.00

Asset NBV

- Initial Value: $200,660.00
- End Value: $170,561.00

GB Rack Server

- Purchased From: Chicago Office Supply
- Estimated Life: 5 years
- Depreciation Method: Straight-line
- Location: Office
- Estimated Salvage Value: $0

Depreciation Record

- Date: Dec. 12, 22; Dec. 31, 22
- Depreciation Amount: $736.70
- Accumulated Depreciation: $736.70

Asset NBV

- Initial Value: $7,367.00
- End Value: $6,630.30

Standing Workstations

- Purchased From: Chicago Office Supply
- Estimated Life: 5 years
- Depreciation Method: Straight-line
- Location: Office
- Estimated Salvage Value: $0

Depreciation Record

- Date: Dec. 29, 22; Dec. 31, 22
- Depreciation Amount: $125.61
- Accumulated Depreciation: $125.61

Asset NBV

- Initial Value: $1,256.10
- End Value: $1,130.49

Here, I'll provide you with a brief explanation of the key elements in the worksheet:

1. Account title: This column lists the names of the different accounts used in the company's accounting system.

2. Post-closing trial balance: These columns show the balances of each account after the closing process is completed for the previous accounting period (December 31, 2021).

3. Unadjusted trial balance: These columns show the balances of each account before any adjusting entries have been made for the current accounting period (December 31, 2022).

4. Assets: These accounts represent what the company owns, such as cash, accounts receivable, inventory, and fixed assets.

5. Liabilities: These accounts represent what the company owes to others, such as accounts payable, taxes payable, and notes payable.

6. Stockholders' equity: These accounts represent the owners' interest in the company, including common stock and retained earnings.

7. Revenue and gross profit: These accounts show the company's income, including sales, sales returns, and allowances, as well as costs related to generating that income, such as the cost of goods sold and various discounts.

8. Expenses: These accounts represent the costs incurred in operating the business, such as rent, advertising, and wages.

9. Net income (loss): This figure represents the difference between the company's revenues and expenses for the accounting period.

10. Fixed asset subsidiary ledger: This section provides detailed information about the company's fixed assets, including the purchase date, estimated life, depreciation method, location, and net book value (NBV) for each asset.

In summary, the year-end worksheet for Waren Sports Supply provides an overview of the company's financial position as of December 31, 2022. It shows the balances of various accounts in the company's accounting system, both before and after adjusting entries are made. The worksheet also provides a detailed breakdown of the company's fixed assets and their respective depreciation.

Learn more about trial balance here: https://brainly.com/question/24914390

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