Starbucks Case Study

Only available on StudyMode
  • Download(s) : 85
  • Published : February 6, 2013
Open Document
Text Preview
PRAISE EMERALD INTERNATIONAL SCHOOL FOUNDATION, INC
121-41 Rotary Drive, Pilot Area, NGC Compound, Brgy. Commonwealth, Q.C.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2010

1. ORGANIZATION:

Praise Emerald Int’l School Foundation, Inc (PEIS) is a non-stock, non-profit educational institution which started in 1988 as a Day Care Center in honor of Judge Lorenzo Veneracion’s late daughter who died in a plane crash in January 26, 1987. In 1994, this Day Care Center was turned into a formal Nursery School. In 2008, the Department of Education (DepEd) granted a full recognition for both the Elementary and Secondary levels. Despite its full recognition from DepEd, PEIS continues its vision to empower the economically disadvantaged, physically challenged, and spiritually lost children of Rotary Drive, Barangay Commonwealth, Quezon City where a community of relocates from Smokey Mountain in Manila reside. PEIS hope and dream is to see these less fortunate children become self-reliant, responsible, and productive Filipino citizen.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The more significant accounting policies and practices of the School are set forth to facilitate the understanding of data presented in the financial statements.

a. Basis of presenting financial statements

The financial statements have been prepared on the modified cash basis of accounting, which requires that revenues be recorded when received in cash rather than when earned, and expenses are recognized when cash is disbursed rather than when the obligation is incurred. The modification of cash basis includes capitalizing acquisition of fixed assets and recording depreciation of fixed assets.

3. PROPERTY AND EQUIPMENT

Fixed assets: Fixed Assets are stated at their historical cost of acquisition or construction, less accumulated depreciation. Cost includes all costs incurred to bring the assets to their present location and condition.

Depreciation: Depreciation is computed using the straight-line method over the estimated life of the useful lives. The estimated useful lives are as follows:

Office equipment3-5 years
Furnitures & Fixtures5 years

4. FUND RECEIPTS FROM SCHOOL OPERATIONS

This account consists of the following:

Tuition feesField Trip Proceeds
Books & UniformsGraduation Fee
Summer FeesMiscellaneous

PRAISE EMERALD INT’L SCHOOL FOUNDATION, INC

FINANCIAL STATEMENTS
Fiscal Year Ended March 31, 2010

PRAISE EMERALD INT’L SCHOOL FOUNDATION, INC.
March 31, 2010

TABLE OF CONTENTS
Page

Financial Statements

Independent Auditor’s Report3

Statement of Financial Position4

Statement of Activities5

Statement of Changes in Financial Position6

Notes to Financial Statements7

I.T. ANGELES
CERTIFIED PUBLIC ACCOUNTANT

Independent Auditor’s Report

To the Board of Director
PRAISE EMERALD INT’L SCHOOL FOUNDATION, INC
121-41 Rotary Drive, Pilot Area, Brgy. Commonwealth, Quezon City

I have audited the accompanying statements of financial position of PRAISE EMERALD INT’L SCHOOL, FOUNDATION, INC. (a non stock, non profit educational institution) as of March 31, 2010 and the related statements of activities for the fiscal year then ended. These financial statements are the responsibility of the Organization’s management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I...
tracking img