Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the information below, please prepare the 2021/2022 fiscal year Balance Sheet (5 blocks) and Profit & Loss Statement for the Chelsea Football Club. Please

Using the information below, please prepare the 2021/2022 fiscal year Balance Sheet (5 blocks) and Profit & Loss Statement for the Chelsea Football Club. Please include the EBITDA in your Profit & Loss Statement. All amounts in Euros, except the number of tickets

a) Interest expense on long-term loans amounted to 8,000

b) Bank account balance: 780,000

c) 3-month financial debt: 180,000

d) Cash: 20,000

e) Cost of Sales were 700,000

f) P&L: ?

g) Broadcasting revenues for the year totalized 1,500,000

h) Stadium: 750,000

i) Interest earned on the clubs bank accounts added up to 1,500

j) Furniture: 40,000

k) Licensed merchandise for sale at clubs store: 275,000

l) 10-year bank loan: 1,000,000

m) Reserves: 50,000

n) Computers: 100,000

o) Sport personnel salaries were 2,500,000

p) Annual amortizations for Stadium and other assets were 150,000

q) Non-sport personnel salaries were 120,000

r) The club spent 5,000 in miscellaneous supplies

s) Accounts Receivable: 263,500

t) Share Capital: 500,000

u) Trademarks: 250,000

v) Land: 300,000

w) 30-year mortgage: 1,500,000

x) Office building: 500,000

y) Licensed merchandise sales summed 450,000

z) During the year, a total of 5,000 VIP game day tickets were sold at a price of 150 euros each and 15,000 standard tickets at a price of 25 euros each

aa) Contributions to Social Security 175,000

bb) The club received 500,000 for playing two friendly games abroad

cc) Accounts Payable: 150,000

dd) Water and electricity for the Stadium and club offices totalled 20,000

ee) Corporate Income Tax in UK is 30%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Next Step Advanced Medical Coding And Auditing 2013

Authors: Carol J. Buck MS CPC CCS-P

1st Edition

1455744859, 978-1455744855

More Books

Students also viewed these Accounting questions