bc balance sheet may 2022
This document is an accrual‑basis balance sheet for the Beach Club at St. Simons Island Condominium Association, Inc., dated May 31, 2022. It details the association’s financial position by listing current assets (checking/savings accounts, money‑market accounts, accounts receivable, and other current assets) totaling $595,201.50, current liabilities (accounts payable and other current liabilities) totaling $29,595.35, and equity components (reserve funds, project reserves, retained earnings, and net income) totaling $565,606.15. The sheet shows that assets equal the sum of liabilities and equity, confirming the accounting equation. Key line items include a $447,268.51 total in checking/savings and money‑market accounts, $432,527.74 in major project reserves, and a net income of $28,333.92 for the period.
Topics
Asset Composition Overview
Breakdown of current assets, including cash balances, money‑market accounts, accounts receivable, and other minor assets.
Liability Structure Summary
Listing of current liabilities such as accounts payable and other short‑term obligations, with total liabilities of $29,595.35.
Equity Allocation and Net Income
Details of equity accounts including reserve funds, major project reserves, retained earnings, and the reported net income of $28,333.92, culminating in total equity of $565,606.15.