Forest City Tennis Club Pro Shop and Bar Lounge

General Journal (Expressed in USD $)

#
Date Description Reference Debit
-1-
1-7-07 Cash Activo 100,000.00
Common stock Capital
P/R Aporte de accionistas
-2-
1-7-07 Pro Shop Inventory Activo 16,340.00
Liquor Inventory Activo 13,660.00
Fixtures Activo 11,000.00
Glassware Activo 4,000.00
Cash Activo
P/R compra de inventario de licor, cristaleria, y muebles
-3-
1/6/08 Fixtures Activo 4,200.00
Accounts Payables Activo

-4-
18/06/08 Pro Shop Inventory Activo 2,000.00
Accounts Payables Pasivo

-5-
Cash Activo 53,700.00
Proshop sales Ingreso

6/30/2008 -6-
Cash Activo 22,650.00
Accounts Receivable Activo 600.00
Match fee Revenue

6/30/2008 -7-
Cash Activo 45,600.00
Accounts Receivable Activo 15,000.00
Instruction (lesson fees) Ingreso

6/30/2008 -8-
Cash Activo 64,550.00
Unearned Earnings (Vouchers) Pasivo

-9-
6/30/2008 Unearned Earnings (Vouchers) Pasivo 63,900.00
Liquor Sales Ingresos
6/30/2008 -10-
Cash Activo 3,050.00
Other Revenue Ingreso

6/30/2008 -11-
Rent Expense Egreso 18,000.00
Prepaid Rent Activo 1,500.00
Cash Activo

6/30/2008 -12-
Fixtures Activo 8,400.00
Cash Activo

6/30/2008 -13-
Pro Shop Inventory Activo 26,650.00
Cash Activo

6/30/2008 -14-
Liquor Inventory Activo 14,400.00
Cash Activo

6/30/2008 -15-
6/30/2008 Shop asssintant Wages Egreso 24,000.00
Cash Activo

6/30/2008 -16-
6/30/2008 Wait Staff Egreso 27,500.00
Cash Activo

6/30/2008 -17-
Blair's Salary (salario) Egreso 52,000.00
Cash Activo

6/30/2008 -18-
Depreciation Expense Egreso 4,331.25
Accumulated Depreciation Activo
6/30/2008 -19-
Income Tax Expense Egreso 10,625.63
Income Tax Payable Pasivo

597,031.25
0.00
Credit Depreciation Useful Life Months
Fixtures 2007 11,000.00 5 years 60
Fixtures 2008 12,600.00 8 years 96
100,000.00 Glassware 07 4,000.00 2 years 24

45,000.00

4,200.00

2,000.00

53,700.00

23,250.00

60,600.00

64,550.00

63,900.00
 3,050.00

19,500.00

8,400.00

26,650.00

14,400.00

24,000.00

27,500.00

52,000.00

4,331.25

10,625.63

597,031.25
Dep. per month Acc. Dep.
$ 183.33 $ 2,200.00
$ 131.25 $ 131.25
$ 166.67 $ 2,000.00
Total $ 4,331.25
 Forest City Tennis Club Pro Shop and Bar Lounge
LEDGER ( T ACCOUNTS)

Account Name: Cash

Balance
Date Description Reference Debit Credit Debit
1-Jul-2007 100,000 100,000
1-Jul-2007 45,000 55,000
30/06/2008 53,700 108,700
30/06/2008 22,650 131,350
30/06/2008 45,600 176,950
30/06/2008 64,550 241,500
30/06/2008 3,050 244,550
30/06/2008 19,500 225,050
30/06/2008 8,400 216,650
30/06/2008 26,650 190,000
30/06/2008 14,400 175,600
30/06/2008 24,000 151,600
30/06/2008 27,500 124,100
30/06/2008 52,000 72,100

Account Name: Pro Shop Inventory

Balance
Date Description Reference Debit Credit Debit
1-Jul-2007 16,340 16,340
18-Jun-2008 2,000 42,990
30/06 2008 26,650
COST OF GOODS SOLD PRO SHOP 27,110
Final Inventory 17,880

Account Name: Fixtures

Balance
Date Description Reference Debit Credit Debit
1-Jul-2007 11,000 11,000
1-Jun-2008 4,200 15,200
1-Jun-2008 8,400 23,600

Account Name: Prepaid Rent

 Balance
Date Description Reference Debit Credit Debit
30/06 2008 5 1,500 1,500

Account Name: Unearned Earnings

Balance
Date Description Reference Debit Credit Debit
650

Account Name: Common Stock

Balance
Date Description Reference Debit Credit Debit
30/06 2008 Beginning balance 1 100,000

Account Name: Rent Expense

Balance
Date Description Reference Debit Credit Debit
30/06 2008 3 18,000 18,000

Account Name: Salary expense

Balance
Date Description Reference Debit Credit Debit
30/06 2008 6 52,000 52,000

Account Name: Income Tax Expense

Balance
Date Description Reference Debit Credit Debit
10,626

Account Name: Liquor Sales

Balance
Date Description Reference Debit Credit Debit
30/06 2008 63,900
Account Name: Instruction Revenue
Balance
Date Description Reference Debit Credit Debit
30/06 2008 60,600
 E/B= Ending Balance

Balance
Credit Account Name: Accounts Payable

Date Description Reference Debit Credit

1-Jun-2008 4,200
1-Jun-2008 2,000

Account Name: Accounts Receivable

Date Description Reference Debit Credit

1-Jun-2008 600 0
1-Jun-2008 15,000

Account Name: Liquor Inventory

Date Description Reference Debit Credit

1-Jul-2007 13,660
30/06 2008 14,400
COST OF GOODS SOLD PRO SHOP 16,140
Balance Final Inventory 11,920
Credit

Account Name: Glassware

Date Description Reference Debit Credit

30/06/ 2008 4,000

Account Name: Income Tax Payable

Balance
Credit Date Description Reference Debit Credit
10,626

Account Name: Retained Earnings (UND)

Date Description Reference Debit Credit

24,793
Balance
Credit
Account Name: Wage Expense

Date Description Reference Debit Credit

30/06 2008 51,500

Balance
Credit Account Name: Depreciation Expense
650
Date Description Reference Debit Credit
4,331

Balance
Credit Account Name: Proshop Sales
100,000
Date Description Reference Debit Credit
30/06 2008 53,700

Balance
Credit Account Name: Match Fee Revenue

Date Description Reference Debit Credit

30/06 2008 23,250

Balance
Credit Account Name: Other Revenue

Date Description Reference Debit Credit

30/06 2008 3,050

Balance
Credit
10,626

Balance
Credit
63,900
Balance
Credit
60,600
 Balance
Debit Credit
4,200
6,200

Balance
Debit Credit
600
15,600

Balance
Debit Credit
13,660
28,060

Balance
Debit Credit
4,000

Balance
Debit Credit
10,626

Balance
Debit Credit
24,793
 Balance
Debit Credit
51,500

Balance
Debit Credit
4,331

Balance
Debit Credit
53,700

Balance
Debit Credit
23,250

Balance
Debit Credit
3,050
 Forest City Tennis Club Pro Shop and Bar Lounge
Income Statement
For year ended 30/06/2008
Expressed in USD ($)

REVENUE
Pro Shop sales 53,700.00
Liquor sales 63,900.00
Match fee revenue 23,250.00
Instruction revenue 60,600.00
Total Revenue 201,450.00

Cost of Goods Sold

Cost of goods sold - Pro Shop 27,110.00
Cost of goods sold - Liquor 16,140.00 -43,250.00

Gross Profit 158,200.00 Utilidad Bruta (EBITDA)

Operating Expenses
Rent expense 18,000.00
Wage expense 51,500.00
Salary expense 52,000.00
Depreciation expense 4,331.25
Total Operating Expenses -125,831.25

32,368.75 Utilidad Operativa

Other revenue 3,050.00

Net Income before tax 35,418.75 Utilidad Antes de Impuestos (EBIT)

Income Tax expense -10,625.63

Net Income after tax 24,793.13

de Impuestos (EBIT)
 Forest City Tennis Club Pro Shop and Bar Lounge
Balance Sheet
6/30/2008
Expressed in USD ($)

ASSETS
Current Assets
Cash 72,100.00
Accounts Receivable 15,600.00
Proshop inventory 17,880.00
Liquor Inventory 11,920.00
Rent in advance 1,500.00
Total Current Assets 119,000.00

Non Current Assets

Fixed Assets
Fixtures 23,600.00
Less Accumulated Depreciation -2,331.25
21,268.75
Glassware 4,000.00
Less Accumulated Depreciation -2,000.00
2,000.00
Total Fixed Assets 23,268.75

Total Non Current Assets 23,268.75

TOTAL ASSETS 142,268.75

LIABILITIES AND OWNER'S EQUITY

LIABILITIES
Current Liabilities
Accounts Payables 6,200.00
Unearned Earnings (Vouchers "chit books") 650.00
Income Tax Payable 10,625.63
Total Current Liabilities 17,475.63
TOTAL LIABILITIES 17,475.63

OWNER'S EQUITY
Shareholder's Equity (common stock) 100,000.00
Retained Earnings 24,793.13
Total Owner's Equity 124,793.13
TOTAL LIABILITIES AND OWNER'S EQUITY 142,268.74
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