The Carlington Summit

CARLINGTON SUMMIT BALANCE SHEET

For the year ended 31 August, 1999

ASSETS

Current Assets:
Bank Account 7,859.22
Petty Cash 50.00
Cash Total 7,909.227,909.22
 
Accounts Receivable 2,506.97
Allowance for Doubtful Accounts (note:1) (1,237.42)
Net Receivables 1,269.55 1,269.55
Prepaid Expenses (note 2) 46.00
Total Current Assets 9,224.77
 
Operational Assets:
Computer Equipment 4,006.08
Accumulated Depreciation (4,006.08)
Total Operational Assets 0
TOTAL ASSETS 9,224.77
 

LIABILITIES

GST Payable 75.58
GST Refundable (note 3) (76.69)
Total GST Payable(Refundable) (1.11) (1.11)
TOTAL LIABILITIES (1.11)
 

EQUITY

Retained Earnings 4,608.49
Current Earnings 4,617.39
Total Retained Earnings 9,225.88
 
TOTAL EQUITY 9,225.88
LIABILITIES AND EQUITY 9,224.77

CARLINGTON SUMMIT INCOME STATEMENT

01 September, 1998 – 31 August, 1999

REVENUE

Advertising 17,582.48
Insertions 0
Subscriptions 84.00
Sales Discounts (645.85)
Total Sales 17,020.63
Bad Debts (note 1) (1,317.57)
Returned Cheque Charges25.00
TOTAL REVENUE 15,728.06
 
DIRECT COSTS
Carrier Fees 2,880.00
Printing Costs 7,774.25
Shipping and Postage 278.42
Technical Supplies 57.04
TOTAL DIRECT COSTS 10,989.7110,989.71
 
GROSS INCOME 4,738.35
 

EXPENSES

Bank Charges 4.00
Office Supplies 44.96
Postal Box Rental #35082 72.00
Volunteer Appreciation 0
TOTAL EXPENSES 80.69 120.96
 
TOTAL NET INCOME 4,617.39

Notes to Financial Statements for the year ended 31 August, 1999

Note 1: Bad debts have been a problem. Policy and procedural changes have been implemented.

Note 2: Postage prepaid for the next year.

Note 3: This amount is high due to GST adjustment for bad debts.