ACME Office Cleaning Services

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case_23_janet_janitorial_spreadsheet.xlsx
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Summary

ACME Office Cleaning Services
Balance Sheet
As of 12/31
Year 1 Year 2 Year 3 Year 4 Year 5
Current Assets:
Cash 26,058 22,100 40,647 78,995 57,879
Accounts Receivable 15,212 18,406 38,532 37,888 33,759
Investments - Marketable securities 20,000 20,000 20,000 - 0 - 0
Supplies Inventory 34,430 11,822 29,350 38,039 77,368
Prepaid Rent 7,403 8,059 8,735 9,273 9,985
Total current Assets 103,103 80,387 137,264 164,195 178,991
Property:
Cleaning Equipment 43,000 43,000 41,000 62,000 80,000
Vans 130,000 130,000 130,000 145,000 160,000
Office Furniture 15,000 16,000 16,000 17,000 17,000
Office Equipment 12,000 12,000 12,500 13,000 13,200
Total Property, Plant & Equipment 200,000 201,000 199,500 237,000 270,200
Less Accumulated Depreciation (60,067) (120,334) (180,034) (194,267) (219,500)
Net Property, Plant & Equipment 139,933 80,666 19,466 42,733 50,700
Other Assets:
Rent Deposit 5,000 5,000 5,000 7,000 7,000
Long term investments - 0 30,000 50,000 - 0 - 0
Total Other Assets 5,000 35,000 55,000 7,000 7,000
Total Assets 248,036 196,053 211,730 213,928 236,691
Current Liabilities:
Accounts Payable 42,377 5,123 38,050 52,215 77,128
Accrued Wages Payable 1,641 952 2,350 2,672 2,755
Short-Term portion of L.T. Debt 18,188 19,309 20,500 21,765 23,107
Total Current Liabilities 62,206 25,384 60,900 76,652 102,990
Long-Term Liabilities:
Long-Term Note Payable 84,681 65,372 44,872 44,872 - 0
Total Long-term Liabilities 84,681 65,372 44,872 44,872 - 0
Total Liabilities 146,887 90,756 105,772 121,524 102,990
Equity:
Retained Earnings 21,149 25,297 25,958 34,169 70,701
Janet Janitorial, Equity 80,000 80,000 80,000 80,000 80,000
Total Equity 101,149 105,297 105,958 114,169 150,701
Total Liabilities & Equity 248,036 196,053 211,730 235,693 253,691
ACME Office Cleaning Services
Income Statement
Year ended 12/31
Year 1 Year 2 Year 3 Year 4 Year 5
Revenues:
Sales 398,769 489,112 540,493 471,837 572,544
Expenses:
Cleaning Supplies 57,812 62,005 69,542 67,900 82,150
Advertising & Promotion 13,567 8,554 10,381 12,888 7,391
Bad Debt Expense (write offs) 542 1,855 203 3,511 5,184
Bank Charges 1,822 2,650 2,001 3,225 1,881
Depreciation 60,067 60,267 59,700 14,233 25,233
Insurance 4,851 5,387 5,911 6,744 6,399
Interest Expense 6,734 5,677 8,500 3,365 2,100
Legal & Professional 3,200 7,988 9,433 10,573 5,544
Miscellaneous 451 826 155 2,736 3,928
Office Supplies 6,100 4,722 9,025 9,487 7,711
Payroll Taxes 19,176 24,517 26,875 26,151 32,887
Rent Expense 26,400 27,600 28,800 30,000 33,600
Repairs & Maintenance 6,712 12,542 10,615 15,228 7,000
Administrative labor 35,000 35,700 36,414 40,055 44,061
Direct Labor 124,800 151,625 187,542 177,872 206,853
Telephone 2,216 3,344 3,575 7,392 5,000
Travel 2,378 2,568 3,157 3,508 3,028
Utilities 5,792 7,137 8,003 4,758 8,062
Total Expenses 377,620 424,964 479,832 439,626 488,012
Net Income (Loss) 21,149 64,148 60,661 32,211 84,532

Student Answers

Place a "Y" in the accounts for the years that you think need further Investigation.
Place an "N" in the accounts for the years that you think are OK.
Y = Investigate
N = OK
Your Name or Team # ---> 100
Your Selected accounts will appear here.
Accounts Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5
Current Assets:
Cash N Y OK Investigate
Accounts Receivable
Investments - Marketable securities
Supplies Inventory
Prepaid Rent
Property:
Cleaning Equipment
Vans
Office Furniture
Office Equipment
Total Property, Plant & Equipment
Less Accumulated Depreciation
Other Assets:
Rent Deposit
Long term investments
Current Liabilities:
Accounts Payable
Accrued Wages Payable
Short-Term portion of L.T. Debt
Long-Term Liabilities:
Long-Term Note Payable
Equity:
Retained Earnings
Janet Janitorial, Equity
Revenues: Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5
Sales
Expenses:
Cleaning Supplies
Advertising & Promotion
Bad Debt Expense (write offs)
Bank Charges
Depreciation
Insurance
Interest Expense
Legal & Professional
Miscellaneous
Office Supplies
Payroll Taxes
Rent Expense
Repairs & Maintenance
Administrative labor
Direct Labor
Telephone
Travel
Utilities