accounting cash flow case
tin.02
trial_balancenes_renewed_life_center_2013answerwithout_interest_cap2.xlsBalance sheet
| THE RENEWED LIFE CENTER INC. | |||||||||||
| BALANCE SHEETS | |||||||||||
| At June 30, | |||||||||||
| ASSETS | 2011 | 2010 | |||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ 116,546 | $ 93,241 | |||||||||
| Accounts receivable, net of allowance for doubtful accounts of $15,201 and $14,136 | 35,098 | 18,881 | |||||||||
| Rent deposit | - | 2,663 | |||||||||
| Prepaid and other assets | 7,316 | 6,110 | |||||||||
| Income tax recoverable | 5,104 | - | |||||||||
| Total current assets | 164,064 | 120,895 | |||||||||
| Long term investments | 34,000 | 138,000 | |||||||||
| Property, plant and equipment | |||||||||||
| Land | 130,000 | - | |||||||||
| Buildings | 493,932 | - | |||||||||
| Equipment | 64,261 | 38,535 | |||||||||
| Leasehold improvements | - | 14,153 | |||||||||
| Software | 20,675 | 20,675 | |||||||||
| 708,868 | 73,363 | ||||||||||
| Less accumulated depreciation and amortization | (50,180) | (40,913) | |||||||||
| Net property, plant and equipment | 658,688 | 32,450 | |||||||||
| Total assets | $ 856,752 | $ 291,344 | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ 28,465 | $ 16,768 | |||||||||
| Accrued payroll and taxes | 15,138 | 7,063 | |||||||||
| Income taxes payable | - | 4,266 | |||||||||
| Long term debt - current portion | 26,427 | - | |||||||||
| Total current liabilities | 70,030 | 28,097 | |||||||||
| Long term debt net of current protion | 478,560 | - | |||||||||
| Total liabilities | 548,590 | 28,097 | |||||||||
| Stockholders' equity | |||||||||||
| Common stock, $1 par value | 50,000 | 40,000 | |||||||||
| Additional paid-in capital | 90,000 | 56,000 | |||||||||
| Retained earnings | 162,775 | 174,685 | |||||||||
| Accumulated other comprehensive gain (loss) | 5,387 | (7,438) | |||||||||
| Total stockholders' equity | 308,162 | 263,247 | |||||||||
| Total liabilities and stockholders' equity | $ 856,752 | $ 291,344 | |||||||||
| $ - | $ - |
Income statement
| THE RENEWED LIFE CENTER INC. | |||||||||
| STATEMENT OF INCOME | |||||||||
| Year Ended June 30, | |||||||||
| 2011 | |||||||||
| Revenues | |||||||||
| Fees for service | $ 852,040 | ||||||||
| Operating expenses | |||||||||
| Salaries and benefits | 529,859 | ||||||||
| Selling, general and administrative | 272,881 | ||||||||
| Depreciation and amortization | 23,579 | ||||||||
| Total operating expenses | 826,319 | ||||||||
| Income from operations | 25,721 | ||||||||
| Other income (expense) | |||||||||
| Dividend Revenue | 1,077 | ||||||||
| Interest expense | (26,987) | ||||||||
| Loss on disposal of investments | (16,825) | ||||||||
| Total other income (expense) | (42,735) | ||||||||
| Loss before income taxes | (17,014) | ||||||||
| Income tax benefit | 5,104 | ||||||||
| Net loss | $ (11,910) | ||||||||
| Other comprehensive income | |||||||||
| Unrealized losses realized during the year | 5,975 | ||||||||
| Unrealized holding gains on retained securities | 6,850 | ||||||||
| Total other comprehensive income | 12,825 | ||||||||
| Comprehensive net income | $ 915 | ||||||||
| Loss per share of common stock | $ (0.26) | ||||||||
| Weighted average number of shares | 45,000 |
SHE
| THE RENEWED LIFE CENTER INC. | |||||||||||||
| STATEMENT OF STOCKHOLDERS' EQUITY | |||||||||||||
| Other | |||||||||||||
| Common Stock | Accumulated | ||||||||||||
| Shares | Additional Paid- | Comprehensive | Retained | ||||||||||
| Outstanding | Amount | In Capital | Income (Loss) | Earnings | Total | ||||||||
| Balance, June 30, 2010 | 40,000 | $ 40,000 | $ 56,000 | $ (7,438) | $ 174,685 | $ 263,247 | |||||||
| Issuance of stock | 10,000 | 10,000 | 34,000 | - | - | 44,000 | |||||||
| Comprehensive net income | - 0 | - | - | 12,825 | (11,910) | 915 | |||||||
| Balance, June 30, 2011 | 50,000 | $ 50,000 | $ 90,000 | $ 5,387 | $ 162,775 | $ 308,162 |
