Located at about 5 miles north of Nobleton Lakes, Triple-F Health Golf Club, offers a challenging layout and beautiful views to golf lovers including retirees for improving their physical and mental health. As a not-for-profit, family-oriented golf club, the main objective is to become a popular course with visitors to, and residents of the Nobleton Lakes area. To move along with this overall strategy, the club's board of directors is developing plans to purchase more golf equipment and expand club facilities in the course. The board plans to purchase about $25,800 of new equipment each year and also wants to establish a fund to purchase the neighboring property in the next four or five years. The neighboring property is currently listed at a market value of about $300,800. Emily Shawn, the golf club manager, has some concerns over this expansion strategy and believes that the board might have some unrealistic goals given the club's recent financial performance. She recently found out that one of the golf club members, Jack Sally, has taken a Managerial Accounting course at York University. Jack has agreed to assist Emily in preparing a report to the board supporting her concerns. Here are the club's records, including this cash-basis income statement, which have been reviewed by Jack: 2019 $307.05 182.40 1.50 $490.95 TRIPLE-F HEALTH CLUB Income Statement (Cash Basis) For Years Ended October 31 (in thousands) 2020 Cash revenues : Annual membership fees $355.00 Lesson and class fees 237.12 Miscellaneous 2.00 Total cash revenues $594.12 Cash expenses : Manager's salary and benefits $ 36.16 Regular employees' wages and benefits 190.80 Lesson and class employees' wages and benefits 196.04 Towels and supplies 16.00 Utilities (heat and light) 22.00 Mortgage interest 35.10 Miscellaneous 2.00 Total cash expenditures $498.10 Increase in cash $ 96.02 $ 36.16 190.80 150.80 15.50 15.00 37.80 1.50 $447.56 $ 43.39 Located at about 5 miles north of Nobleton Lakes, Triple-F Health Golf Club, offers a challenging layout and beautiful views to golf lovers including retirees for improving their physical and mental health. As a not-for-profit, family-oriented golf club, the main objective is to become a popular course with visitors to, and residents of the Nobleton Lakes area. To move along with this overall strategy, the club's board of directors is developing plans to purchase more golf equipment and expand club facilities in the course. The board plans to purchase about $25,800 of new equipment each year and also wants to establish a fund to purchase the neighboring property in the next four or five years. The neighboring property is currently listed at a market value of about $300,800. Emily Shawn, the golf club manager, has some concerns over this expansion strategy and believes that the board might have some unrealistic goals given the club's recent financial performance. She recently found out that one of the golf club members, Jack Sally, has taken a Managerial Accounting course at York University. Jack has agreed to assist Emily in preparing a report to the board supporting her concerns. Here are the club's records, including this cash-basis income statement, which have been reviewed by Jack: 2019 $307.05 182.40 1.50 $490.95 TRIPLE-F HEALTH CLUB Income Statement (Cash Basis) For Years Ended October 31 (in thousands) 2020 Cash revenues : Annual membership fees $355.00 Lesson and class fees 237.12 Miscellaneous 2.00 Total cash revenues $594.12 Cash expenses : Manager's salary and benefits $ 36.16 Regular employees' wages and benefits 190.80 Lesson and class employees' wages and benefits 196.04 Towels and supplies 16.00 Utilities (heat and light) 22.00 Mortgage interest 35.10 Miscellaneous 2.00 Total cash expenditures $498.10 Increase in cash $ 96.02 $ 36.16 190.80 150.80 15.50 15.00 37.80 1.50 $447.56 $ 43.39 Located at about 5 miles north of Nobleton Lakes, Triple-F Health Golf Club, offers a challenging layout and beautiful views to golf lovers including retirees for improving their physical and mental health. As a not-for-profit, family-oriented golf club, the main objective is to become a popular course with visitors to, and residents of the Nobleton Lakes area. To move along with this overall strategy, the club's board of directors is developing plans to purchase more golf equipment and expand club facilities in the course. The board plans to purchase about $25,800 of new equipment each year and also wants to establish a fund to purchase the neighboring property in the next four or five years. The neighboring property is currently listed at a market value of about $300,800. Emily Shawn, the golf club manager, has some concerns over this expansion strategy and believes that the board might have some unrealistic goals given the club's recent financial performance. She recently found out that one of the golf club members, Jack Sally, has taken a Managerial Accounting course at York University. Jack has agreed to assist Emily in preparing a report to the board supporting her concerns. Here are the club's records, including this cash-basis income statement, which have been reviewed by Jack: 2019 $307.05 182.40 1.50 $490.95 TRIPLE-F HEALTH CLUB Income Statement (Cash Basis) For Years Ended October 31 (in thousands) 2020 Cash revenues : Annual membership fees $355.00 Lesson and class fees 237.12 Miscellaneous 2.00 Total cash revenues $594.12 Cash expenses : Manager's salary and benefits $ 36.16 Regular employees' wages and benefits 190.80 Lesson and class employees' wages and benefits 196.04 Towels and supplies 16.00 Utilities (heat and light) 22.00 Mortgage interest 35.10 Miscellaneous 2.00 Total cash expenditures $498.10 Increase in cash $ 96.02 $ 36.16 190.80 150.80 15.50 15.00 37.80 1.50 $447.56 $ 43.39 Located at about 5 miles north of Nobleton Lakes, Triple-F Health Golf Club, offers a challenging layout and beautiful views to golf lovers including retirees for improving their physical and mental health. As a not-for-profit, family-oriented golf club, the main objective is to become a popular course with visitors to, and residents of the Nobleton Lakes area. To move along with this overall strategy, the club's board of directors is developing plans to purchase more golf equipment and expand club facilities in the course. The board plans to purchase about $25,800 of new equipment each year and also wants to establish a fund to purchase the neighboring property in the next four or five years. The neighboring property is currently listed at a market value of about $300,800. Emily Shawn, the golf club manager, has some concerns over this expansion strategy and believes that the board might have some unrealistic goals given the club's recent financial performance. She recently found out that one of the golf club members, Jack Sally, has taken a Managerial Accounting course at York University. Jack has agreed to assist Emily in preparing a report to the board supporting her concerns. Here are the club's records, including this cash-basis income statement, which have been reviewed by Jack: 2019 $307.05 182.40 1.50 $490.95 TRIPLE-F HEALTH CLUB Income Statement (Cash Basis) For Years Ended October 31 (in thousands) 2020 Cash revenues : Annual membership fees $355.00 Lesson and class fees 237.12 Miscellaneous 2.00 Total cash revenues $594.12 Cash expenses : Manager's salary and benefits $ 36.16 Regular employees' wages and benefits 190.80 Lesson and class employees' wages and benefits 196.04 Towels and supplies 16.00 Utilities (heat and light) 22.00 Mortgage interest 35.10 Miscellaneous 2.00 Total cash expenditures $498.10 Increase in cash $ 96.02 $ 36.16 190.80 150.80 15.50 15.00 37.80 1.50 $447.56 $ 43.39