1065 Dallas Partners Case Study Facts: Partner Trial Balance Tables

Trial Balance

Dallas Partnership Trial Balance
	Acct#	PY Balance	CY Balance	TRC
Net Sales	202		-134,000,000	30-100
Interest Expense	900		100,000	41-500
Utilities	902		150,000	41-500
Freight In	907		300,000	41-500
Insurance - General	909		240,000	41-500
Dividend Income	400		-400,000	34-419
Interest Income	454		-80,000	34-310
Gross Rental Income	520		-2,000,000	38-400
Net Gain/Loss sale inc F/A	600		-50,000	31-660
Miscellaneous Income	750		-23,022	31-900
Salaries	1120		101,555,000	41-220
Bad Debts	1160		1,300,000	41-300
Rent Expense	1180		433,000	41-350
Interest Expense	1320		130,000	41-500
Payroll Taxes	1201		5,370,000	41-420
Sales and Use Taxes	1203		20,000	41-420
Real Property Taxes	1204		350,000	41-420
Personal Property Taxes	1205		10,000	41-420
Franchise Taxes	1206		111,000	41-420
Other Taxes	1208		506,000	41-420
Charitable Contributions	1360		350,000	44-420
Depreciation	1500		2,293,334	41-540
Advertising	1680		800,000	41-900
Benefit Plans Exp.	1720		4,330,000	41-570
Non-Qual. Benefit Plan Exp	1722		2,000,000	41-570
Employee Benefit Programs	1760		4,400,000	41-620
Outside Services	1908		148,888	41-900
Postage & Freight	1910		200,000	41-900
Professional Fee	1912		2,000,000	41-900
Telephone & Telegraph	1922		90,000	41-900
Meals & Entertainment	1924		150,000	41-900
Travel	1925		900,000	41-900
Foreign Income Taxes	1281		80,000	44-910
Cash	2100	7,620,000	9,000,000	10-100
Trade Notes/Accounts Rec	2120	6,655,000	7,150,000	10-200
Less Bad Debt Allowance	2160	-500,000	-650,000	10-205
Inventories	2180	0	0	10-300
Insurance Prepaid	2240	125,000	490,000	10-900
Rent Prepaid	2242	200,000	400,000	10-900
Other Prepaid	2264	50,000	90,000	10-900
Deposits	2284	100,000	150,000	10-900
Bldgs./Other Fixed Assets	2380	75,000,000	95,000,000	11-500
Less: Accumulated Depr.	2420	-50,120,000	-50,413,333	11-505
Land	2500	1,000,000	3,000,000	11-700
Accounts Payable	2620	-7,000,000	-9,000,000	20-100
Note Payable - ST	2660	-1,000,000	-1,000,000	20-255
Franchise Tax Accrual	2704	-50,000	-50,000	20-300
Bonus Payable	2705	-3,925,000	-10,225,000	20-300
Salaries and Wages	2707	-2,000,000	-2,500,000	20-300
Payroll Taxes	2709	-140,000	-175,000	20-300
Property Taxes	2710	-500,000	-600,000	20-300
Sales Taxes	2711	-20,000	-40,000	20-300
Interest	2713	-50,000	-75,000	20-300
Utilities	2716	-16,000	-17,000	20-300
Professional Fees	2718	-70,000	-450,000	20-300
Advertising	2720	-25,000	-35,000	20-300
Miscellaneous	2721	-80,000	-60,000	20-300
Payroll Withholding	2722	-254,000	-489,667	20-300
Commissions Payable	2723	-250,000	-1,400,000	20-300
Note Payable – LT	2780	-7,150,000	-18,300,000	20-255
Prepaid Income	2859	-4,000,000	-6,000,000	21-300
Workers Comp Accrual	2865	-3,600,000	-1,800,000	21-300
Partners Capital	2920	-10,000,000	-18,235,800	22-500
Distributions	2925	0	6,235,800	62-308

Income Statement

Dallas Partnership Income Statement
Net Sales	(134,000,000)
Salaries	101,555,000
Bad Debts	1,300,000
Rent Expense	433,000
Interest Expense	230,000
Payroll Taxes	5,370,000
Sales and Use Taxes	20,000
Real Property	350,000
Personal Property	10,000
Franchise Taxes	111,000
Foreign Income Taxes	80,000
Other Taxes	506,000
Charitable Contributions	350,000
Depreciation	293,334
Advertising	800,000
Benefits Plan Expense	4,330,000
Non-Qual. Benefit Plans Exp.	2,000,000
Employee Benefits Programs	4,400,000
Outside Services	148,888
Postage & Freight	200,000
Professional Fees	2,000,000
Telephone	90,000
Meals & Entertainment	150,000
Utilities	150,000
Freight In	300,000
Insurance	240,000
Travel	900,000
Total Expenses	128,317,222
Dividend Income	(400,000)
Interest Income	(80,000)
Gross Rental Income	(2,000,000)
Sale of Assets	(50,000)
Miscellaneous Income	(23,022)
Total Other Income	(2,553,022)
Net (Income)/Loss	(8,235,800)

Balance Sheet

Dallas Partnership Balance Sheet
	Beginning	Ending
Cash	7,620,000	9,000,001
Accounts Receivable	6,655,000	7,150,000
Bad Debt Allowance	(500,000)	(650,000)
Insurance Prepaid	125,000	490,000
Rent Prepaid	200,000	400,000
Other Prepaid	50,000	90,000
Deposits	100,000	150,000
Bldg./Fixed Assets	75,000,000	95,000,000
Accum. Depreciation	(50,120,000)	(50,413,334)
Land	1,000,000	3,000,000
Total Assets	40,130,000	64,216,667
Accounts Payable	(7,000,000)	(9,000,000)
Note Payable - ST	(1,000,000)	(1,000,000)
Franchise Tax Accrual	(50,000)	(50,000)
Bonus Payable	(3,295,000)	(10,225,000)
Salaries and Wages	(2,000,000)	(2,500,000)
Payroll Taxes	(140,000)	(175,000)
Property Taxes	(500,000)	(600,000)
Sales Taxes	(20,000)	(40,000)
Interest	(50,000)	(75,000)
Utilities	(16,000)	(17,000)
Professional Fees	(70,000)	(450,000)
Advertising	(25,000)	(35,000)
Miscellaneous	(80,000)	(60,000)
Payroll withholding	(254,000)	(489,667)
Commissions Payable	(250,000)	(1,400,000)
Prepaid Income	(4,000,000)	(6,000,000)
Workers Comp Accrual	(3,600,000)	(1,800,000)
Nonrecourse Loans	(1,000)	(1,000)
Notes Payable - LT	(7,149,000)	(18,299,000)
Partners’ Capital	(10,000,000)	(12,000,000)
Total Liabilities/Equity	(40,130,000)	(64,216,667)

Case Study Facts/dallas_tables.htm/TY2019

Last Modified: 03/19/2020

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