Case Name :      Forest City Tennis Club – Pro Shop and Bar Lounge

Authors :           Richard H. Mimick, Elizabeth M.A. Grasby, Lindsay Brock

Source :             Ivey Publishing

Case ID :            909B08

Discipline :        Accounting

Case Length :    03 pages

Solution Sample availability : YES

Plagiarism : NO (100% Original work)

After one year of operations, the new manager of a tennis pro shop and bar lounge must prepare, with the help of the company’s accountant, financial statements from notes kept throughout the year. The case is intended to be an introductory exercise in accounting for simple transactions relating to assets, liabilities, revenues and expenses. Adjusting entries such as amortization and cost of goods sold are required. Students are asked to complete the accounting cycle by preparing closing entries and an income statement and balance sheet.