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 | 7,909.22 | 7,909.22 |
| 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 Charges | 25.00 | |
| 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 | 10,989.71 | 10,989.71 |
| 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.