case 23 - ACME Office Cleaning Services Balance Sheet As of...

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ACME Office Cleanin Balance Shee As of 12/31 Year 1 % of Total Assets Year 2 % of Total Assets Year 3 Current Assets: Cash 26,058 10.51% 22,100 11.27% 40,647 Accounts Receivable 15,212 6.13% 18,406 9.39% 38,532 Investments - Marketable securities 20,000 8.06% 20,000 10.20% 20,000 Supplies Inventory 34,430 13.88% 11,822 6.03% 29,350 Prepaid Rent 7,403 2.98% 8,059 4.11% 8,735 Total current Assets 103,103 41.57% 80,387 41.00% 137,264 Property: Cleaning Equipment 43,000 17.34% 43,000 21.93% 41,000 Vans 130,000 52.41% 130,000 66.31% 130,000 Office Furniture 15,000 6.05% 16,000 8.16% 16,000 Office Equipment 12,000 4.84% 12,000 6.12% 12,500 Total Property, Plant & Equipment 200,000 80.63% 201,000 102.52% 199,500 Less Accumulated Depreciation (60,067) - (120,334) - (180,034) Net Property, Plant & Equipment 139,933 56.42% 80,666 41.14% 19,466 Other Assets: Rent Deposit 5,000 2.02% 5,000 2.55% 5,000 Long term investments - 0.00% 30,000 15.30% 50,000 Total Other Assets 5,000 2.02% 35,000 17.85% 55,000 Total Assets 248,036 100.00% 196,053 100.00% 211,730 Current Liabilities: Accounts Payable 42,377 28.85% 5,123 5.64% 38,050 Accrued Wages Payable 1,641 1.12% 952 1.05% 2,350 Short-Term portion of L.T. Debt 18,188 12.38% 19,309 21.28% 20,500 Total Current Liabilities 62,206 42.35% 25,384 27.97% 60,900 Long-Term Liabilities: Long-Term Note Payable 84,681 57.65% 65,372 72.03% 44,872 Total Long-term Liabilities 84,681 57.65% 65,372 72.03% 44,872 Total Liabilities 146,887 100.00% 90,756 100.00% 105,772 Equity: Retained Earnings 21,149 20.91% 25,297 24.02% 25,958 Janet Janitorial, Equity 80,000 79.09% 80,000 75.98% 80,000 Total Equity 101,149 100.00% 105,297 100.00% 105,958 Total Liabilities & Equity 248,036 - 196,053 - 211,730
ACME Office Cleanin Income Statem Year ended 12 Year 1 % of Sales Year 2 % of Sales Year 3 Revenues: Sales 398,769 100.00% 489,112 100.00% 540,493 Expenses: Cleaning Supplies 57,812 14.50% 62,005 12.68% 69,542 Advertising & Promotion 13,567 3.40% 8,554 1.75% 10,381 Bad Debt Expense (write offs) 542 0.14% 1,855 0.38% 203

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