BALANCE SHEET
1611. Computer System 1616. New Education Bldg 7 2 1675. Leased Bldg Improvements Other Assets 1800. Endowment Fund LIABILITIES&EQUITY 2140. Accounts Payable Total Accounts Payable 4 2 1901.American Express Total 9. Credit Cards Other Current Liabilities 2363. Accrued Compensated Balance 4 7 Total 10. Accruals 11. Clearing 2400. Student clearing account 2506. School Store Clearing 2729. Due to Dr. Bermingham 8 2801. Miscellaneous Clearing Account 0 Total 11. Clearing
13. Payroll Deductions 2100. Health Insurance 21002. Acc125 2102.403B 2105. Dental Insurance 21050. Cancer 21051. Critill 2108. STD 2109. Life Insurance 2110.401K 13. Payroll Deductions - Other 2,883.20 67.44 3,348.48 2.17 48.42 15.12 46.09 48.84 -82.40 346.77 259.85 548,178.28 -4,617.11 636,229.39 696,846.59 Total 13. Payroll Deductions 2450. Tuition Paid in Advance 2500.401K Employer Contribution Total Other Current Liabilities Total Current Liabilities Long Term Liabilities 14. Loans (LTL) 2006 Ford Van Loan 2013. 2013 Volvo Loan 2150. Mortgage 2727. Nissan Loan 698.88 14,811.50 187,841.32 150.74 203,502.44 203,502.44 900,349.03 Total 14. Loans (LTL) Total Long Term Liabilities Total Liabilities Equity 15. Equity Accounts 3000. Fund Balance (Central) 3010. Unrestricted - Not Designated 3035. Designated Stabilization 3150. Endowment Fund Balance 1,920,361.00 2,347,282.17 374,224.00 451,516.00 5,093,383.17 1,076,601.76 -758,612.86 5,411,372.07 6,311,721.10 Total 15. Equity Accounts 3020. Unrestricted Net Assets Net Income Total Equity TOTAL LIABILITIES & EQUITY
Total 17. Administrative Expenses 3,051,155.78 18. Empoyee Health Insurance 5113. Administration-Health Insurance 5114. Housekeeping- Health Insurance 51141. Kitchen- Health Insurance 5117. Nurse- Health Insurance 5118. Program- Health Insurance 5119. Teachers- Health Insurance 6,070.09 1,422.14 1,419.26 785.46 7,616.74 4,088.90 21,402.59 Total 18. Employee Health Insurance 19. Employee Payroll 5110. Administration Salaries 51101.Housekeeping Salaries 51102. Kitchen Salaries 51103. Maintenance Salaries 51104. Nurse Salary 51105. Program Salaries 51106. Teacher Salaries 51107. Tutoring 51108. Vision Payroll Fee 98,512.89 21,406.70 24,634.97 14,827.50 14,807.66 168,567.81 105,846.85 2,120.00 836.95 451,561.29 Total 19. Employee Payroll 20. Fica (Federal Insurance Contributions Act, e.g. social secruity) Expense 5112. Administration Fica Expense 51121. Housekeeping Fica Expense 51122. Kitchen Fica Expense 51123. Maintenance Fica Expense 51124. Nurse Fica Expense 51125. Program Fica Expense 51126. Teachers Fica Expense 51127. MA Health Expense 7,259.78 1,566.66 1,825.06 1,134.31 1,087.81 12,695.65 7,939.54 180.33 33,689.14 Total 20. Fica Expense 21. Housekeeping 5400. Equipment 5401. Supplies 5402. Additional Staff 272.56 2,970.50 1,232.00 4,475.06 Total 21. Housekeeping 22. Insurance 5115. Workmans Comp Insurance 9,398.73 2,525.00 300.00 12,223.73 453. Homeowners Insurance 53456. Umbrella Insurance Total 22. Insurance 23. Kitchen 52001. Food 520011. Snack 52002. Miscellaneous 52005. Supplies 52006.Tool Maintenance 52007. Additional Help 6,968.33 2,413.12 66.55 5,339.01 114.13 286.86 15,188.00 Total 23. Kitchen 24. Medical Expenses
5523. Consulting Psyciatrist 780.00 Total 24. Medical Expenses 25. Nursing Expenses 780.00 5520. Medical Supplies 5521. Miscellaneous 322.06 105.98 428.04 Total 25. Nursing Expenses 26. Program 5224. Meals off campus 5424. Laundry 5726. Sports Expenses 5822. Equipment Maintenance 5826.Student Work Account 5828.Experiential 58281. Recreation 5842.Airport Travel 6180. Merit Ratings 6181.Newspapers 6182. Petty cash over/under 6183. Staff Admissions/Soda 6184. Staff Training 6185. Supplies 6791. Miscellaneous 6792. Travel to appointments 607.87 61.98 1,238.68 1,587.24 2,294.04 14,921.12 2,770.73 227.81 188.00 180.89 6.24 144.40 461.90 283.75 100.00 25.00 25,087.17 Total 26. Program 27. Repairs and Maintenance 5320. Building Maintenance Supplies 5363.Grounds Maintenance 53631. Heating System Maintenance 5366. Trash 5367. Exterminator 5368. Contractor Fees 2,935.65 3,423.07 556.50 2,253.40 344.85 9,753.99 19,267.46 Total 27. Repairs and Maintenance 28. Taxes 5250. Real Estate Taxes 7,651.28 7,651.28 Total 28. Taxes 29. Teaching Expenses Curriculunm 5718. Testing 5720. Supplies 5724. Books 57251. Summer Program 0.00 1,580.00 2,134.56 2,316.41 695.97 6,726.94 Total 29. Teaching Expenses 30. Utilities 5140. Telephone 5360. Heating Oil 5361.Electricity 5362. Water 5364. Sewer 5365.Gas 5369. Water Heater Rental 4,556.50 1,716.98 6,857.56 2,819.69 736.59 636.87 24.40
30. Utilities - Other Total 30. Utilities 31. Vehicle Expense 411.67 17,760.26 5154. Gas- Vans 5159. FastLane 5855. Maintenance- Vans 58551. Maintenance 5,029.06 78.87 616.21 70.00 5,794.14 3,673,190.88 -759,067.62 Total 31. Vehicle Expense Total Expense Net Ordinary Income Other Income·Expense Other Income 9200. Interest Income 454.76 454.76 454.76 758,612.86 Total Other Income Net Other Income Net Income
Statement of Cash Flows July 3. MorgansStanleySmithBarney Accts:1091. General Investment 3. MorganstanleySmithBarney Accts:1503. Fundraise -Restric Donate 9. Credit Cards: 1900. BankofAmerica Account 12,574.47 6. Depreciation: 1617. Accum Depr- New Acad Bldg 9 14. Loans (LTL]: 2006 Ford Van Loan 14. Loans (LTL): 2013 Volvo Loan 14. Loans (LTL): 2150. Mortgage Net cash provided by Financing Activities Net cash increase for period Cash at beginning of period Cash at end of period
ACCT415 Case 1 You are hired as a consultant by a consulting firm whose goal is to help local not-for-profit organizations. In a consulting project, your manager asked you to review financial reporting of Gabel School, a local not-for-profit boarding school. Your task is to write a memo (no less than two pages, double-spaced) to Mr. Gil Smith, the board director of Gabel School, to summarize your findings and recommendations for the following: (1) Review Gabel's financial reporting. According to the appropriate reporting structure for not-for-profit organizations and the accrual basis of accounting, provide suggestions for the school to either make corrections or improve its financial reporting. You will need to address each financial statement (Balance Sheet, Profit & Loss Statement, and Statement of Cash Flow) with detailed comments. (2) Based on Gabel's current financial reporting, provide some suggestions for the school to improve its financial performance. No more than three recommendations.
Homework Answers
solution :
given that Rundle Freight Company owns a truck that cost $33,000.
also given that Currently, the truck’s book value is $27,000, and its expected remaining useful life is five years
mentioned in gi ven indormation that
Rundle has the opportunity to purchase for $28,000 a replacement truck that is extremely fuel efficient. Fuel cost for the old truck is expected to be $7,000 per year more than fuel cost for the new truck.
some other given information The old truck is paid for but, in spite of being in good condition, can be sold for only $16,000.
Calculating the total relevant costs:
| retaining truck | replacing truck | |
| cost of the new truck | $- | $28000 |
| additional fuel cost (5*7000) | $35000 | $- |
| oppurtunity cost | $16000 | $- |
| total cost | $51000 | $28000 |
final decision of retaining old truck :
the purchase cost of ol;d truck and book value are irrelevant
they are sunk cost
therefore they should not be considered
the comparision cost of replacing and retaining truck are given above
from the above table
the company should replace the old truck as it would cost $28000 in replacement as against the cost of reraining truck of $51000
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Gabel School Balance Sheet As of September 30, 2019 30-Sep-19 ASSETS Current Assets Checking/Savi...
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Riverbed Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,890 Current liabilities Land 31,420 Bonds payable Buildings 121,890 Common stock Equipment 91,420 Retained earnings Accum. depr.-buildings (31,890) Total Accum. depr.-equipment (11,000) Patents 41,890 Total $480,620 $151,890 101,890 181,420 45,420 $480,620 The following information is available for 2020. 1. Net income was $54,200. 2. Equipment (cost $21,890 and accumulated depreciation $9,890) was sold for $11,890. 3. Depreciation expense was $5,890 on the building...
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COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash at Bank Accounts Receivable Prepaid Insurance Inventory 52 45 10 6 58 46 250 170 Non-Current Assets Machinery less Accum. Depr Machinery Investments Total Assets 90 160 60 110 50 20 476 361 42 58 Current Liabilities Accounts Payable Wages Payable Income Tax Payable 3 8 10 5 Non-Current Liabilities Loan 130 100 185 171 Total Liabilities Net Assets 291 190 Shareholders' Equity Share...
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MANGO INC.
CONSOLIDATED BALANCE SHEET
September 30, 2017
(dollars in millions)
ASSETS
Current assets:
Cash
$
14,054
Short-term investments
11,401
Accounts receivable
17,718
Inventories
2,138
Other current assets
24,186
Total current assets
69,497
Long-term investments
131,998
Property, plant, and equipment, net
20,915
Other noncurrent assets
12,702
Total assets
$
235,112
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
30,625
Accrued expenses
18,717
Unearned revenue
8,617
Short-term notes payable
6,398
Total current liabilities
64,357
Long-term debt
29,404
Other noncurrent liabilities...
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MANGO INC.
CONSOLIDATED BALANCE SHEET
September 30, 2017
(dollars in millions)
ASSETS
Current assets:
Cash
$
14,054
Short-term investments
11,401
Accounts receivable
17,718
Inventories
2,138
Other current assets
24,186
Total current assets
69,497
Long-term investments
131,998
Property, plant, and equipment, net
20,915
Other noncurrent assets
12,702
Total assets
$
235,112
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
30,625
Accrued expenses
18,717
Unearned revenue
8,617
Short-term notes payable
6,398
Total current liabilities
64,357
Long-term debt
29,404
Other noncurrent liabilities...
What's my error? Why is it out of balance use worksheet for
balance sheet
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