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Problem a. Determine if the ratio analysis was appropriately performed and completed. Review the explanations of account fluctuations provided by the auditors. Describe any problems you identify.
3/31/2002
12/310021
$ 41140P
% 0041111*
CuniM Assets
Cash: Storefront
$125,498.76
$135,135.15
(8,63639)
a
Cash: Corporate Accounts
293,728.03
210,019.06
84,708.97
40.33%
Cash: Payrotl
123,432.43
124,726.15
1293.72)
-0.24%
?
Account Receivable
122,849.12
193,976.31
(70,127.19)
-3615%
2
Office Supplies
2,379.00
2,604.00
775.00
29.76%
Cooking Supplies
4,777.00
4,713.00
1.06400
22.58%
Inventory: ingredients
25,190.66
25,58049
610.57
2.39%
Inventory: Cake Boxes and Cupcake Cups
1,423.05
1,190.10
1,23295
103.60%
Inventory Beverages
3,340.30
3,26080
1,079.50
33.11%
Total Oared Assets
$702,618.35
$701,204.66
Long-Term Assets
Equipment
150,180.00
150,18040
0.00
0.00%
Accumulated Depreciation: Equipment
(82,455.00)
(78,828.00)
3,627.00
4.60%
Plant & ProPerl7
330,000.00
Accumulated Depredation: Plant & Provo
(82,500.00)
(79,200.00)
3,300.00
4.17%
Land
125,030.00
125,000.00
Total long-Tom assets
440,225.00
5447,152.00
Total Assets
$1,142,843.35
51,1411,356.66
.
uthnitin
. .
Accounts Payable
$25,712.40
38,556.70
(12,84430)
-33.31%
3
Wage Taxes Payable
Corporate Income Tax Payable
21,241.78
38,125.96
(16,873.18)
44.27%
-4
Dividends Payable
.0.00
13,125.00
(13,125.00)
Mortgage Payable
290,673.81
291,262.13
(1,588.32)
4.54%
ü •
Notes Payable: Vehicles
22,555.53
24,87831
(2,322.78)
-9.34%
Total Ilabilleks
360,189.12
5406,94810
StoOtholders' EritiltY
CoMmon Stock, Par value $140;
Authorized 1,030,000; issued and outstanding 50,000 shares
50,000.00
Additional Paid In Capital
120,075.91
0.03%
Retained Eamirgs
612,578.32
571,332.65
41,245.67
7.22%
Total Stockholders' Equity
782,654.23
$741,400.56
Total Liabilities and Stockholders' Equity
$1142,843.35
$1,148,356.66
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