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
2012
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
256.0
Allowance for bad debts
12.6
12.6
Bad debt expense
23.0
30.0
Bonds payable (due 9/1/20)
916.6
516.6
Buildings
1,166.4
1,166.4
Cash
112.8
98.8
Common stock
470.4
422.4
Copyrights
20.8
22.4
Cost of goods sold
5,727.8
6,488.0
Depreciation expense
227.8
204.0
Discontinued operations loss (net of tax)
376.6
0.0
Dividends declared on common
201.8
180.0
Dividends declared on preferred
21.2
21.2
Fixtures
1,789.4
1,737.0
Gain on the sale of old fixtures
108.8
0.0
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
9.4
Inventories
690.2
510.2
Land
201.8
201.8
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
265.8
Prepaid advertising
65.6
84.2
Rent expense
0.0
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
56.0
Short-term notes payable
9.4
27.8
Supplies expense
256.4
324.0
Treasury stock (at cost)
228.2
228.2
