Part 1
TO Bike Sharing
Chart of Account
for the Month ending April 30th, 2011
a/b) Balance Sheet Accounts
Asset Account
Current Assets
No
101
Name of Account Date
Cash
1-Apr
105
Supplies
1-Apr
120
Prepaid Software
1-Apr
130
Prepaid
Insurance
1-Apr
140
Prepaid
Insurance
1-Apr
150
Keys
1-Apr
Equipment
(Truck)
1-Apr
Equipment
1-Apr
Fixed Assets
151
160
Description
Victor deposited
cash (15 shares in
cash for Victor
and 25 for Sam)
Supplies bought
from
Jimmy’s
Super Store
Prepaid amount
to BS Software
Solutions
Prepaid
insurance
to
Riskale insurance
company
for
stations
and
bikes
Prepaid
insurance
to
Riskale insurance
company for pick
up trucks
Purchase of 1200
keys from Sam
Amount in $
40,000
665.00
3,120
9,000
2520
2,400
Victor’s
10,000
contribution of a
pickup truck
Purchase of 8 39,600
(Stations)
170
Equipment
(Bikes)
Liability Account
200
Notes Payable
1-Apr
1-Apr
201
Unearned
revenue
7-Apr
206
Unearned
revenue
7-Apr
210
Unearned
revenue
7-Apr
220
Unearned
revenue
14-Apr
240
Unearned
revenue
14-Apr
250
Unearned
revenue
14-Apr
251
Unearned
revenue
21-Apr
256
Unearned
revenue
21-Apr
270
Unearned
revenue
21-Apr
285
Unearned
revenue
28-Apr
290
Unearned
revenue
28-Apr
291
Unearned
revenue
28-Apr
stations
from
Sam
Purchase of 48 26,400
bikes from Sam
Purchase
of
stations,
bikes
and keys
Master
card
transaction made
from the website
Visa
card
transaction made
from the website
Amex
card
transaction made
from the website
Master
card
transaction made
from the website
Visa
card
transaction made
from the website
Amex
card
transaction made
from the website
Master
card
transaction made
from the website
Visa
card
transaction made
from the website
Amex
card
transaction made
from the website
Master
card
transaction made
from the website
Visa
card
transaction made
from the website
Amex
card
transaction made
68,4000
5,820
5,044
814.80
504.40
426.80
16.49
383.15
465.60
72.75
114.95
683.85
11.64
from the website
Profit and Loss Account
Revenue Account
300
Earned revenue
30-Apr
Earned revenue, 13,477.63
unearned
revenue $880
Expense Account
400
Gas Expense
1-Apr
401
Gas Expense
4-Apr
402
Gas Expense
7-Apr
420
Gas Expense
11-Apr
450
Gas Expense
11-Apr
451
Gas Expense
18-Apr
460
Gas Expense
22-Apr
470
Gas Expense
27-Apr
485
Gas Expense
25-Apr
490
Gas Expense
1-Apr
491
Bank charge
28-Apr
Gas Expense to
Hell Gas Station,
($1.28 per litter)
Gas Expense to
Hell Gas Station
($1.31 per litter)
Gas Expense to
Hell Gas Station
($1.30 per litter)
Gas Expense to
Hell Gas Station
($1.32 per litter)
Gas Expense to
Hell Gas Station
($1.33 per litter)
Gas Expense to
Hell Gas Station
(1.35 per litter)
Gas Expense to
Hell Gas Station
(1.35 per litter)
Gas Expense to
Hell Gas Station
(1.36 per litter)
Repair Expense
to Dr. Bikes
Repairs
Telephone
Expense to Beltel
Monthly
bank
service charge
64.00
65.50
65.00
66.00
66.50
67.50
67.50
68.00
630.00
610.00
50.00
Other
501
Withdrawals
1-Apr
510
Withdrawals
25-Apr
Monthly Adjustment
600
Accumulated
depreciation
30-Apr
605
Accumulated
depreciation
30-Apr
610
Accumulated
depreciation
30-Apr
630
Accumulated
depreciation
30-Apr
640
650
Income
tax 30-Apr
Expense
Interest payable
30-Apr
651
Supplies Expense
30-Apr
670
Prepaid software
30-Apr
680
Prepaid
Insurance
30-Apr
681
Prepaid
Insurance
30-Apr
690
Mailing Expense
30-Apr
Victor’s
withdrawals
from bank
Victor’s
withdrawals
3,000.00
Stations
Accumulated
depreciation
Keys
Accumulated
depreciation
Truck
Accumulated
depreciation
Bikes
Accumulated
depreciation
To record income
tax expense
To
record
interest paid to
Sam for the
purchase of bikes,
stations and keys
(12% per annum)
To record office
supplies expense
To
record
prepaid software
prepaid to BS
Software
To
record
prepaid insurance
for stations and
bicycles
to
Riskale insurance
group
To
record
prepaid insurance
for pick up truck
To
record
mailing expense
330.00
3,000.00
644.00
486.40
500
1,300.00
684.00
505.00
1,040
750
210
317.00
TO Bike Sharing
T-Account
April 30, 2011
c)
Assets:
Cash
Truck
40,000 (101)
3,120 (120)
5,044 (206)
9,000 (130)
814.80 (210)
2,520 (140)
5,820 (201)
64.00 (400)
504.40 (220)
65.50 (401)
426.80 (240)
65.00 (402)
16.49 (250)
66.00 (420)
Accumulated
Depreciation (Truck)
10,000(151)
486.40 (610)
$10000
$486.40
Office Supplies
383.15 (251) 66.50 (450)
465.60 (256)
67.50 (451)
665 (105)
72.75 (270)
67.50 (460)
$160
$1756
114.95 (285)
68.00 (470)
683.85 (290)
630(485)
Equipment (Bikes)
Equipment (Stations)
11.64 (291)
665 (105)
50.00 (491)
26,400 (170)
39,600 (160)
$26400
$39600
$37843.43
505.00 (651)
Supplies (Keys)
2,400 (150)
644.00 (605)
Prepaid Software
3,120 (120)
Accumulated
Depreciation(Stations)
1,040 (670)
Accumulated
Depreciation (Bikes)
330.00 (600)
500.00 (630)
$330
$500
$2080
Prepaid Insurance
9,000 (130)
2,520 (140)
750.00 (680)
210.00 (681)
$10560
Liabilities & Share Equity:
Share Capital
3,000 (501)
40,000 (101)
3,000 (510)
Note Payable
Account Payable
68,400 (200)
610.00 (490)
3,000 (501)
3,000 (510)
10,000 (151)
$44,000
317.00 (690)
$74,400
$927
Interest Payable
Income Tax Payable
684.00 (650)
1,300 (640)
$684
$1300
Unearned Revenue
6,000 (201)
5,200 (206)
13,922.50
520.00 (220)
840.00 (210)
440.00 (240)
17.00 (250)
395.00 (251)
480.00 (256)
75.00 (270)
118.50 (285)
705.00 (290)
12.00 (291)
$880
Revenue and expenses :
Revenue
(Usage & Access fee)
Depreciation
(Bikes)
Depreciation
(Truck)
13,922.50
(300)
486.40 (610)
$13922.5
$486.4
Expense
Expense
Depreciation
(Stations)
Expense
330.00 (600)
Supplies
(Keys)
$330
Expense
Office
Expense
500.00 (630)
644.00 (605)
505.00 (651)
$500
$644
$505
Supplies
Repair Expense
Mailing Expense
Telephone Expense
630.00 (485)
317.00 (690)
610.00 (490)
$630
$317
$610
Bank Service Fee
Income Tax Expense
Insurance Expense
50.00 (491)
1,300 (640)
750.00 (680)
210.00 (681)
$50
$1300
$960
Credit card
(Expense)
Discount
Gas Expense
Software Expense
180.00
156.00
64.00 (400)
65.50 (401)
1,040 (670)
25.20
65.00 (402)
$1040
15.60
13.20
66.00 (420)
66.50 (450)
0.51
67.50 (451)
Interest Expense
11.85
14.40
67.50 (460)
684.00 (650)
68.00(470)
2.25
3.55
21.15
0.36
$444.07
$684
$530
d)
TO Bike Sharing
General Journal
30-Apr-11
Monthly Adjustments
30-Apr
Interest expenses
684.00
Interest payable
684.00
30-Apr
To record 12% per annum interest paid to Sam for
purchase of stations, bikes and keys.
Software expenses
1,040.00
Prepaid expenses
1,040.00
To record software expense from prepaid amount to
BS software solutions
30-Apr
Insurance expenses
750.00
Prepaid expenses
750.00
To record insurance expense from prepaid amount to
Riskale insurance group for stations and bicycles: All
Perils Limit of Liability
30-Apr
Operation expense
210.00
Prepaid expense
210.00
To record insurance expense from prepaid to Riskale
insurance group for Third party liabilities - pick up
truck
30-Apr
Supplies Expense
505.00
Office Supplies
505.00
30-Apr
To record the $160 left of supplies
Depreciation expense
486.40
Accumulated depreciation
486.40
30-Apr
To record truck accumulated depreciation for 7296
Km usage
Depreciation expense
330.00
Accumulated depreciation
330.00
30-Apr
To record stations accumulated depreciation
Depreciation expense
500.00
Accumulated depreciation
500.00
30-Apr
To record bikes accumulated depreciation
Supply (Keys)
644.00
Supply expense
644.00
30-Apr
To record the 322 keys delivered to customers and
activated
Mailing expenses
317.00
Trade payable
317.00
30-Apr
To record mailing expenses for mailing keys to
customers
Unearned revenue
13,922.50
Earned revenue
13,922.50
To record earned revenue
30-Apr
Income tax expense
1,300.00
Account payable
1,300.00
30-Apr
To record April’s income tax
Telephone expense
610.00
Account Payable
610.00
30-Apr
To record telephone expense to BelTel (To be paid
May 8th 2011)
Bank Fees
50.00
Cash
50.00
To record monthly bank service charges
e)
Account Title
Cash
TO Bike Sharing
Trial Balance
April 30, 2011
Debit
37,843.43
Prepaid Expenses
2,080.00
Prepaid Insurance
10,560.00
Office Supplies
160.00
Supplies - Keys
1,756.00
Truck
10,000.00
Equipment (Stations)
39,600.00
Equipment (Bikes)
26,400.00
Accumulated Depreciation (Truck)
Accumulated Depreciation (Stations)
Accumulated Depreciation (Bikes)
Account Payable
Interest Payable
Income Tax Payable
Note Payable
Deferred Revenue
Shared Capital
Revenue ( Bikes Usage & Access fee)
Depreciation Expense (Truck)
486.40
Depreciation Expense (Stations)
330.00
Depreciation Expense (Bikes)
500.00
Supplies Expense- Keys
644.00
Office Supplies Expense
505.00
Gasl Expense
530.00
Software Expense
1,040.00
Interest Expense
684.00
Insurance expense
960.00
Income Tax Expense
1,300.00
Mailing Expense
317.00
Repairs Expense
630.00
Telephone Expense
610.00
Bank Service Fee
50.00
Credit Card Discount Expense
444.07
Total
137,429.90
f)
TO Bike Sharing
Income Statement
April 30, 2011
Revenues:
Bikes rent fees
13,922.50
Total revenue
13,922.50
Less: Expenses
Credit Card Discount Expense
Depreciation Expense (Stations)
Depreciation Expense (Truck)
Office Supplies Expense
Depreciation Expense (Bikes)
Supplies Expense (Keys )
Telephone Expense
Software Expense
Insurance Expense
Repair Expense
Mailing Expense
Bank Service Fee
Gas Expense
444.07
330.00
486.40
505.00
500.00
644.00
610.00
1040.00
960.00
630.00
317.00
50.00
530.00
Interest Expense
684.00
Total Expenses:
7,730.47
Income Before Tax
Less: Income Tax
6192.03
1,300.00
4892.03
Net Income
TO Bike Sharing
Statement of Retained Earnings
for the month ending April 30, 2011
Retained Earnings, April 01, 2011
Plus: Net income
4,892.03
-
Less: Dividends
Retained Earnings, April 30, 2011
4,892.03
g)
TO Bike Sharing
Balance Sheet
As of April 30th, 2011
Assets:
Current :
Cash
37,843.43
Prepaid Expenses
2,080.00
Prepaid Insurance
10,560.00
Office Supplies
160.00
Supplies (Keys)
1,756.00
Total Current Assets:
52,399.43
Non-Current:
Truck
10,000.00
Less: Accumulated Depreciation (Truck)
486.40
9513.6
Equipment - Stations
39,600.00
Less: Accumulated Depreciation (Stations)
330.00
39270
Equipment (Bikes)
26,400.00
Less: Accumulated Depreciation (Bikes)
500.00
25900
Total Non-current Asset
74,683.60
Total Assets:
127,083.03
Liabilities:
Current :
Account Payable
927.00
Interest Payable
684.00
Income Tax Payable
1,300.00
Note Payable
74,400.00
Unearned Revenue
880.00
Total Current Liabilities:
78,191.00
Total Liabilities:
78,191.00
Shareholders' Equity:
Share Capital
44,000.00
Retained Earning
4,892.03
Total Shareholder’s Equity:
48,892.03
Total Liabilities and Shareholder’s Equity:
127,083.03
Part 2
Name of Company: Tim Hortons
Website Address: Timhortons.com (http://annualreport.timhortons.com/)
a) Tim Hortons is in the restaurant industry. Its main competitors are McDonalds Corp.,
Domino’s Pizza Group plc, Whitbread Plc and Mitchells and Butlers Plc.
b) The amount of revenue that was reported for the year 2011 is $2,852,966.
c) The change in revenue during the year is:
Current year – Previous year / previous year
Current year (2011) = $2,852,966
Previous year (2010) = $2,536,495
$2,852,966 – $2,536,495 / $2,536,495 = $0.124.
Therefore change in revenue during the year is $0.124
d) The company generates its revenue from sales such as distribution sales, sales from
Company-operated restaurants and sales from VIEs that are consolidated. According to
the annual report presented by Tim Hortons, the main reason given in the management’s
discussion and analysis for the change in revenue is because of the increase in sales for
the fiscal year of 2011 over the fiscal year of 2010. Sales increased from $2,012.2 million
in 2010 to $256.9 million in 2011. The increase in sales was partly because of Tim
Hortons distribution business and the 30 million allocation made to restaurant owners
during 2010 fiscal year.
e) The amount reported for total assets and net income for the year 2011 is $2,203,950 and
$382,812 respectively.
f) The auditor report was dated January 1st 2012.
g) The chair of the Board of Directors at the time the annual report was issued is Paul D.
House
Part 3
kunmi Saliu's Company
Profit & Loss
December 2012
Total
Income
Sales
210,718,765.00
Total Income
210,718,765.00
Gross Profit
210,718,765.00
Expenses
Rent Expense
Telephone Expense
Wage Expense
Total Expenses
42,143,753.00
21,071,876.50
21,071,876.50
$ 84,287,506.00
Net Operating Income
$126,431,259.00
Net Income
$126,431,259.00
Wednesday, Oct 31, 2012 08:54:00 PM PDT GMT-4 - Accrual
Basis
kunmi Saliu's Company
Balance Sheet
As of December 31 2012
Total
ASSETS
Current Assets
Bank Accounts
Cash
295,006,271.00
Checking
210,718,765.00
Total Bank Accounts
Other current assets
$
505,725,036.00
Prepaid Rent
-42,143,753.00
Proceeds of a Bank Loan
421,437,530.00
-$
463,581,283.00
$
42,143,753.00
Total Other current assets
Total Current Assets
Fixed Assets
Equipment
Total Fixed Assets
TOTAL ASSETS
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
Wage Payable
Total Other Current Liabilities
Total Current Liabilities
Total Liabilities
Equity
Retained Earnings
Net Income
Total Equity
TOTAL LIABILITIES AND EQUITY
105,359,382.50
$
105,359,382.50
$
147,503,135.50
21,071,876.50
$
21,071,876.50
$
21,071,876.50
$
21,071,876.50
0.00
126,431,259.00
$
126,431,259.00
$
147,503,135.50
Wednesday, Oct 31, 2012 09:02:32 PM PDT GMT-4 - Accrual
Basis