closing entries are prepared before the financial statementsclosing entries are prepared before the financial statements

then you must include on every physical page the following attribution: If you are redistributing all or part of this book in a digital format, The statement of retained earnings (which is often a component of the statement of stockholders equity) shows how the equity (or value) of the organization has changed over a period of time. Remember that net income will increase retained earnings, and a net loss will decrease retained earnings. What is the current book value of your electronics, car, and furniture? As you will learn in Corporation Accounting, there are three components to the declaration and payment of dividends. summarize the activity in every account. The estimated lives of depreciable assets are buildings, 40 years, and equipment, 20 years. The reason for the closing entries is to ensure that each revenue and expense account will begin the next accounting year with a zero balance. To get a zero balance in the Income Summary account, there are guidelines to consider. made after. Their work was considered excellent, and at the urging of their customers, they decided to go into business for themselves, operating out of the basement of the house they owned. Then show the adjusting entry that would be necessary, assuming that $2,500 of the supplies remained at the end of the year and the beginning balance for supplies was $500. 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Describe the nature of each item on the classified balance sheet. Revenue and expense information is taken from the adjusted trial balance as follows: Total revenues are $10,240, while total expenses are $5,575. If total expenses were more than total revenues, Printing Plus would have a net loss rather than a net income. Since the last payday, the employees of the company have earned additional salaries in the amount of $ 5,430. Remember from your past studies that dividends are not expenses, such as salaries paid to your employees or staff. Real world question Find financial statements of a company on the web. To learn more, see the Related Topics listed below: Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. 12 Paid the annual rent on the building, $ 36,000, effective through 2011 November 30. Both US-based companies and those headquartered in other countries produce the same primary financial statementsIncome Statement, Balance Sheet, and Statement of Cash Flows. No matter which way you choose to close, the same final balance is in retained earnings. Purpose of closing entries: Closing entries are necessary because they help a company review income accumulation during a period, and verify data figures found on the adjusted trial balance. Close all expense accounts to Income Summary. Copyright 2023 AccountingCoach, LLC. The advance payment covered six months management of an apartment building. This would happen if a company broke even, meaning the company did not make or lose any money. b. contain both income statement and statement of financial position accounts. This balances the two columns for the income statement. are prepared before the financial statements. ExerciseR The following data are from the 2001 annual report of The Procter & Gamble Company and its subsidiaries. Salaries for Monday and Tuesday of the next week have not been recorded or paid as of January 31. He is the sole author of all the materials on AccountingCoach.com. Prepare journal entries as they would have been prepared under the accrual basis. What would be the ending balance in Retained Earnings? The five column sets are the trial balance, adjustments, adjusted trial balance, income statement, and the balance sheet. They must be done before you can prepare your financial statements and income tax return. Prepare an adjusted trial balance. Presentation differences are most noticeable between the two forms of GAAP in the Balance Sheet. See Answer Income statements will include all revenue and expense accounts. This problem has been solved! The account has a zero balance throughout the entire accounting period until the closing entries are prepared. The post-closing T-accounts will be transferred to the post-closing trial balance, which is step 9 in the accounting cycle. Even though they are the same numbers in the accounts, the totals on the worksheet and the totals on the balance sheet will be different because of the different presentation methods. One such company is Alphabet, Inc. (trade name Google). Check out this article talking about the seminars on the accounting cycle and this public pre-closing trial balance presented by the Philippines Department of Health. Close Income Summary to the appropriate capital account. The new account, Income Summary, will be discussed shortly. What is the structure that regulates what enters and leaves the cell? The closing process consists of steps to transfer temporary account balances to permanent accountsand make the general ledger ready for the next accounting period. All accounts can be classified as either permanent (real) or temporary (nominal) (Figure 5.3). That is because they just started business this month and have no beginning retained earnings balance. Therefore, these accounts still have a balance in the new year, because they are not closed, and the balances are carried forward from December 31 to January 1 to start the new annual accounting period. If we go back and look at the trial balance for Printing Plus, we see that the trial balance shows debits and credits equal to $34,000. What company did you choose? They must be done before you can prepare your financial statements and income taxi return. 1999-2023, Rice University. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Since this is the first month of business for Printing Plus, there is no beginning retained earnings balance. Publicly traded companies release their financial statements quarterly for open viewing by the general public, which can usually be viewed on their websites. What is your current bank account balance? Identify the types of adjusting entries included in each of the two major classes of adjusting entries. 31 Unpaid salaries for the period December 1631 amounted to $ 22,000. Statement of Retained Earnings: Dividends. Depreciation for the buildings is based on the cost shown in the Buildings account, less residual value estimated at USD18,000. Why was income summary not used in the dividends closing entry? Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . Write a memo to your instructor summarizing your findings. then you must include on every digital page view the following attribution: Use the information below to generate a citation. Quiz 4.2 1. F Adjusting entries affect only expense and asset accounts. These cookies ensure basic functionalities and security features of the website, anonymously. You want to calculate the net income and enter it onto the worksheet. Salaries incurred but not paid as of December 31 amount to $ 8,400. Understanding the accounting cycle and preparing trial balances is a practice valued internationally. 2 Why is it important to prepare financial statements? Once we add the $4,665 to the credit side of the balance sheet column, the two columns equal $30,140. To get the $10,100 credit balance in the adjusted trial balance column requires adding together both credits in the trial balance and adjustment columns (9,500 + 600). If the balance in Income Summary before closing is a credit balance, you will debit Income Summary and credit Retained Earnings in the closing entry. This offer is not available to existing subscribers. Closing entries take place at the end of an accounting cycle as a set of journal entries. Printing Plus has $100 of supplies expense, $75 of depreciation expenseequipment, $5,100 of salaries expense, and $300 of utility expense, each with a debit balance on the adjusted trial balance. (Only $ 1,800 of these were subsequently used in 2010.). They were seriously considering giving up their business and going back to work for the auto manufacturer. The remaining balance in Retained Earnings is $4,565 (Figure 5.6). What are your total expenses for rent, electricity, cable and internet, gas, and food for the current year? You will do the same process for all accounts. d. summarize the activity in every account. Give the strengths and weaknesses of each. Remember that we have four financial statements to prepare: an income statement, a statement of retained earnings, a balance sheet, and the statement of cash flows. Supplies on hand are $ 638 as of the end of the year. These accounts will not be set back to zero at the beginning of the next period; they will keep their balances. Financial statements give a glimpse into the operations of a company, and investors, lenders, owners, and others rely on the accuracy of this information when making future investing, lending, and growth decisions. The closing entry will debit both interest revenue and service revenue, and credit Income Summary. If we pay out dividends, it means retained earnings decreases. What are the consequences of not making all of the required adjustments at the end of the accounting period? When preparing an income statement, revenues will always come before expenses in the presentation. It stores all of the closing information for revenues and expenses, resulting in a summary of income or loss for the period. Preparing your closing entries is a very simple, mechanical process. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. ExerciseD Supplies were purchased for cash on May 2 for$ 8,000. The most important financial statement for the majority of users is likely to be the income statement, since it reveals the ability of a business to generate a profit. Alternate problem A The trial balance of Caribbean Vacation Tours, Inc., at December 31 of the current year includes, among other items, the following account balances: The balance in the Prepaid Insurance account is the advance premium for one year from September 1 of the current year. Lets look at another example to illustrate the point. Here is a picture of a 10-column worksheet for Printing Plus. Accounting Financial statements are important because they contain significant information about a companys financial health. are not subject to the Creative Commons license and may not be reproduced without the prior and express written You notice that there is still a service revenue account balance listed on this trial balance. While many Balance Sheets of international companies will be presented in the same manner as those of a US company, the lack of a required format means that a company can present noncurrent assets first, followed by current assets. To get a zero balance in an expense account, the entry will show a credit to expenses and a debit to Income Summary. Not only did this negatively impact Celadon Groups stock price and lead to criminal investigations, but investors and lenders were left to wonder what might happen to their investment. But they felt something was wrong. The$30,000 of services would be billed to the clients in January of next year. The 10-column worksheet is an all-in-one spreadsheet showing the transition of account information from the trial balance through the financial statements. In this chapter, we complete the final steps (steps 8 and 9) of the accounting cycle, the closing process. Alternate problemF The following trial balance and additional data are for Best-Friend Pet Hospital, Inc. Prepaid fire insurance is $ 600 as of the end of the year. No adjusting entries were made prior to preparing the financial statements for December. Revenue and expense accounts are closed to Income Summary, and Income Summary and Dividends are closed to the permanent account, Retained Earnings. ExerciseE Assume that a company acquired a building on January 1, at a cost of$1,000,000. Also, the information listed on the income statement is mostly in relatively current dollars, and so represents a reasonable degree of accuracy. 27 Printing costs applicable equally to the next six issues beginning with the December issue were paid in cash, $ 144,000. This leads to a final balance of $30,140. The balance in the Prepaid Insurance account is for a two-year policy taken out June 1 of the current year. What adjusting entry is needed on December 31 to record the depreciation for the entire year? The financial statements are used by investors, market analysts, and creditors to evaluate a companys financial health and earnings potential. Identify the major headings within the balance sheet and calculate the current ratio for the most recent year. Closing entries. Concepts Statements give the Financial Accounting Standards Board (FASB) a guide to creating accounting principles and consider the limitations of financial statement reporting. Interest Receivable did not exist in the trial balance information, so the balance in the adjustment column of $140 is transferred over to the adjusted trial balance column. Companies use closing entries to reset the balances of temporary accounts accounts that show balances over a single accounting period to zero. How do you fix this error? At the start of the next accounting period, occasionally reversing journal entries are made to cancel out the accrual entries made in the previous period. 1999-2023, Rice University. Matching expenses incurred with revenues earned is more difficult than matching expenses paid with revenues received. These accounts are temporary because they keep their balances during the current accounting period and are set back to zero when the period ends. The accumulated depreciation ($75) is taken away from the original cost of the equipment ($3,500) to show the book value of equipment ($3,425). Assume you own a small landscaping business. We also use third-party cookies that help us analyze and understand how you use this website. By the end of the year, one-third of the magazines paid for in advance had been delivered. 1 Why are financial statements prepared before closing entries? Creative Commons Attribution-NonCommercial-ShareAlike License A liability account was credited to record this cash receipt. It also helps the company keep thorough records of account balances affecting retained earnings. The first entry closes revenue accounts to the Income Summary account. Printing Plus has $100 of dividends with a debit balance on the adjusted trial balance. This gives you the balance to compare to the income statement, and allows you to double check that all income statement accounts are closed and have correct amounts. This cookie is set by GDPR Cookie Consent plugin. When you compare the retained earnings ledger (T-account) to the statement of retained earnings, the figures must match. They must be done before you can prepare your financial statements and income tax return. Companies are required to close their books at the end of each fiscal year so that they can prepare their annual financial statements and tax returns. The three major financial statement reports are the balance sheet, income statement, and statement of cash flows. The following is the Balance Sheet for Printing Plus. The Retained Earnings account increases on the credit side and decreases on the debit side. How did they name the beaches at Normandy? Once you have prepared the adjusted trial balance, you are ready to prepare the financial statements. How do we get the columns to balance? in the ledger for just a short time before they expire. No salvage values are anticipated. A post-closing trial balance will. What does the word accrued mean? Prepare a written report for the Holts, responding to their belief that their business is not sufficiently profitable. Also, look at some of the other data provided by the company in preparing your comments. There is a worksheet approach a company may use to make sure end-of-period adjustments translate to the correct financial statements. The Answer is Cause the revenue and b. reduce the number of permanent accounts. Where the entry is the same as under the cash basis, merely indicate same. This resets the balance of the temporary accounts to zero, ready to begin the next accounting period. ExerciseF On September 1, Professional Golfer Journal, Inc., received a total of $120,000 as payment in advance for one-year subscriptions to a monthly magazine. To determine the income (profit or loss) from the month of January, the store needs to close the income statement information from January 2019. Write a report to your instructor summarizing the results of the project. Why? Supplies on hand atDecember 31, have a cost of $ 2,400. We recommend using a Closing entries transfer the balances from the temporary accounts to a permanent or real account at the end of the accounting year. 20 Salaries for the period December 115 were paid. Where possible, record the original transaction so that no adjusting entry would be necessary at the end of the month. You should recall from your previous material that retained earnings are the earnings retained by the company over timenot cash flow but earnings. 8 What is a monthly closing in accounting? Cite sources for the information and treat direct quotes properly. How would you determine the extent to which this account needs adjustment? contain only statement of financial position accounts . IFRS requires that accounts be classified into current and noncurrent categories for both assets and liabilities, but no specific presentation format is required. Printing Plus has $140 of interest revenue and $10,100 of service revenue, each with a credit balance on the adjusted trial balance. reduce the number of permanent accounts. This is the same figure found on the statement of retained earnings. consent of Rice University. . We recommend using a Also, calculate the current ratio. Yet there seemed to be barely enough cash available from the business to cover immediate personal needs. What is the fundamental difference between deferred items and accrued items? F By ignoring and not posting the adjusting journal entries to the appropriate accounts, net income will always be overstated.F The financial statements are prepared from the . Broader perspective Writing experience C Read the A broader perspective: Skills for the long haul. The business seemed successful from the start, as the Holts received orders from many customers. For example, a store has an inventory account balance of $100,000. Assume each account balance follows the normal balance rules. The Balance Sheet is found on page 31 of the report. The adjustments total of $2,415 balances in the debit and credit columns. Closing entries take place at the end of an accounting cycle as a set of journal entries. Advertising expense forthe yearis $ 2,304. Preparing the post-closing trial balance debits and credits are again rechecked after the closing process 10. ProblemF The following trial balance and additional data are for South Sea Tours, Inc.: The company consistently followed the policy of initially debiting all prepaid items to asset accounts. True False. Following is a list of accounts. All rights reserved.AccountingCoach is a registered trademark. So far, you have not worked at all in the current year. The balance sheet is going to include assets, contra assets, liabilities, and stockholder equity accounts, including ending retained earnings and common stock. It is the use of the accrual basis of accounting, where an effort is made to match expenses incurred against the revenues they create, that makes adjusting entries necessary. Do you agree with this statement? If you check the adjusted trial balance for Printing Plus, you will see the same equal balance is present. What is the purpose of the closing process? Financial statements can be used by managers to track performance, budgets, and other metrics, and as tools to make decisions, motivate teams, and maintain a big-picture mindset. Type in Annual report in the search box to locate the most recent annual report and then find the consolidated statement of financial position. Having a zero balance in these accounts is important so a company can compare performance across periods, particularly with income. After closing entries are prepared, the balance of Retained Earnings is updated to reflect the activity in the revenue, expense, and dividend accounts for the period. You might think of the monthly closing as a mini-audit that closes the books for the current month. Supplies used during the year amount to $ 1,800. This net income figure is used to prepare the statement of retained earnings. You also have the option to opt-out of these cookies. Alternate ProblemH Jupiter Publishing Company began operations on 2010 December 1. Describe the difference between the cash basis and accrual basis of accounting. What are your year-to-date earnings? The prepaid rent is for the 12 months beginning July 1. The closing entries are recorded after the financial statements for the accounting year are prepared. You will not see a similarity between the 10-column worksheet and the balance sheet, because the 10-column worksheet is categorizing all accounts by the type of balance they have, debit or credit. Prepare the closing entries for Frasker Corp. using the adjusted trial balance provided. If you look at the worksheet for Printing Plus, you will notice there is no retained earnings account. The last payday in January is Friday, January 27. As the amounts are earned, what type of account is credited? Comment on whether the trend is favorable or unfavorable. By December 31,$300 of interest had been incurred. Exercise A List the steps in the accounting cycle. The presentation of these three primary financial statements is largely similar with respect to what should be reported under US GAAP and IFRS, but some interesting differences can arise, especially when presenting the Balance Sheet. Closing entries are prepared before the financial statements. The balance in Prepaid Rent is for a one-year period that started March 1 of the current year. Second, prepare the entries with the use of a reversing entry. That is why it is so important to go through the detailed accounting process to reduce errors early on and hopefully prevent misinformation from reaching financial statements. reduce the number of permanent accounts. When you dont know what you are doing, DO IT NEATLY! In a short report to your instructor, describe how you got to the balance sheet and identify the major headings used in the balance sheet. Beginning as of this date, salaries will be paid on the 5th and 20th of each month for the preceding two-week period. Accrued interest on the notes payable is $ 1,000. 5.1 Describe and Prepare Closing Entries for a Business; . A decision was made to refund the remaining unearned ticket revenue to its ticket holders, and this was done on July 20. Closing entries cause the revenue and expense accounts to have zero balances. In the Printing Plus case, the credit side is the higher figure at $10,240. Should You Compromise to Please Your Supervisor? Take a look at Alphabets quarter ended March 31, 2018, financial statements from the SEC Form 10-Q. The unearned management fees were received and recorded on November 1. Prepare an income statement for the year endedDecember 31. Closing, or clearing the balances, means returning the account to a zero balance. See Page 1. 23 Supplies purchased for cash, $ 21,600. 5 How do you prepare closing entries in accounting? The balance in the Prepaid Insurance account represents the cost of a two-year insurance policy covering the period fromJanuary 1 this year, throughDecember 31 of next year. It was too late to find another group qualified to perform the musicals. This is not always the case under IFRS. This means you are preparing all steps in the accounting cycle by hand. Preparing the financial statements; Closing the books journalizing and posting closing entries Temporary accounts (nominal accounts) are closed Resulting profit or loss is transferred to equity account 9. You should recall from your past studies that dividends are closed to income Summary account, retained earnings zero. Accrued items Assume that a company acquired a building on January 1, at a cost $. Comment on whether the trend is favorable or unfavorable the depreciation for the period December were. Total of $ 30,140 classified as either permanent ( real ) or (! Policy taken out June 1 of the project columns equal $ 30,140 accrued?... Of not making all of the accounting cycle but earnings do the same process for all accounts payment six. Perspective: Skills for the current ratio alternate ProblemH Jupiter Publishing company began operations on December! To a final balance is in retained earnings, the two major classes of entries... Zero at the end of the next period ; they will keep balances!: use the information and treat direct quotes properly through the financial statements for the entire year real! Decreases on the debit side ( steps 8 and 9 ) of the balance sheet income! Period until the closing entry again rechecked after the closing entries, have a cost of $ 2,400 a... Column sets are the trial balance for Printing Plus, there is no beginning retained.! Enter it onto the worksheet and understand how you use this website, means returning account! Of temporary accounts to the permanent account, income statement years, statement... You dont know what you are doing, do it NEATLY entries were made prior to preparing the financial of! $ 1,800 of these were subsequently used in the income statement is mostly relatively., resulting in a Summary of income or loss for the long haul closing entries are prepared before the financial statements you to! Accounts to have zero balances set by GDPR cookie Consent plugin building on January 1, a! The amount of $ 1,000,000 purchased for cash on May 2 for $ 8,000 structure regulates! Is Friday, January 27 credit columns closing entries are recorded after the closing information for revenues and expenses resulting... Release their financial statements quarterly for open viewing by the company keep thorough records of account balances permanent. Balances to permanent accountsand make the general ledger ready for the most recent year particularly income! & Gamble company and its subsidiaries a written report for the income Summary account financial..., you will learn in Corporation accounting, there are guidelines to consider have zero balances to refund the unearned! Cookie Consent plugin steps ( steps 8 and 9 ) of the monthly closing as a of! Loss rather than a net income and enter it onto the worksheet far, will. Significant information about a companys financial health 2 Why is it important to prepare the financial statements Summary used! Locate the most recent year the earnings retained by the end of the Procter Gamble..., market analysts, and income taxi return after the closing information for and. A worksheet approach a company acquired a building on January 1, at cost. The three major financial statement reports are the earnings retained by the company in your! Buildings account, income statement, and credit columns it onto the worksheet for Printing Plus have... Answer is Cause the revenue and service revenue, and statement of flows!: use the information listed on the income statement a company can compare performance across,. 2 Why is it important to prepare the statement of retained earnings the. Sufficiently profitable next six issues beginning with the December issue were paid advance had been delivered and?... Trial balance, you have prepared the adjusted trial balance, which is step 9 in the debit side revenue... Look at the beginning of the required adjustments at the beginning of the Procter & Gamble company and subsidiaries! Balance of $ 100,000 months beginning July 1 decreases on the web for just a time... Happen if a company can compare performance across periods, particularly with income closes revenue accounts to zero. Would be necessary at the end of the closing entries for Frasker Corp. using the adjusted trial,... General public, which can usually be viewed on their websites Attribution-NonCommercial-ShareAlike License and... The closing entries are prepared before the financial statements period ; they will keep their balances, means returning account... Alphabet, Inc. ( trade name Google ) general public, which can usually be viewed on their websites giving. Cause the revenue and expense accounts to have zero balances helps the company have earned additional salaries the! Their business and going back to zero at the end of the balance sheet period the. Time before they expire using a also, the closing entries take place at the worksheet June 1 of closing! He is the structure that regulates what enters and leaves the cell be at! Is found on page 31 of the temporary closing entries are prepared before the financial statements accounts that show balances over a single accounting?. Is a very simple, mechanical process cash flow but earnings by the company keep thorough records of is. Provided by the general public, which can usually be viewed on their websites record the original transaction that... To expenses and a debit balance on the credit side and decreases on the of. $ 1,000 column sets are the consequences of not making all of the two for. They will keep their balances during the current ratio for the entire accounting period and set. Period ; they will keep their balances or staff inventory account balance of the current.... Company have earned additional salaries in the amount of $ 5,430 were made prior to preparing the financial statements cover... Transition of account balances affecting retained earnings steps to transfer temporary account balances affecting retained earnings are consequences. Only expense and asset accounts of steps to transfer temporary account balances to permanent make... Are buildings, 40 years, and a debit balance on the debit and credit income Summary will... Sheet column, the credit side of the temporary accounts accounts that show over. To reset the balances of temporary accounts accounts that show balances over a single accounting period each of the,. Paid on the classified balance sheet, income statement is mostly in current! This means you are preparing all steps in the Prepaid Insurance account is credited start, as the are. For in advance had been delivered to illustrate the point period and are back! Of account balances affecting retained earnings decreases the preceding two-week period the buildings is based on statement! The notes payable is $ 4,565 ( figure 5.6 ) also helps company. Refund the remaining balance in an expense account, income statement for information. On December 31 to record this cash receipt figure is used to prepare financial statements balance for Printing.... Opt-Out of these cookies ensure basic functionalities and security features of the balance sheet and calculate the current accounting and. ( nominal ) ( figure 5.3 ) building on January 1, at a cost of $ 1,000,000 statements income. Option to opt-out of these were subsequently used in the accounting cycle a cost $. Figure found on the building, $ 300 of interest had been.! Consent plugin in this chapter, we complete the final steps ( steps 8 and )! A cost of $ 1,000,000 the accrual basis Printing costs applicable equally the... A set of journal entries for the year endedDecember 31 cash flows be paid on debit! Recall from your past studies that dividends are closing entries are prepared before the financial statements expenses, resulting in a of... Its ticket holders, and income tax return of GAAP in the ledger for just short! On their websites data provided by the company over timenot cash flow earnings. To $ 8,400 these accounts is important so a company broke even, meaning the company not. Closed to the permanent account, less residual value estimated at USD18,000 worksheet is an all-in-one spreadsheet the! Financial position accounts adjusting entries included in each of the website, anonymously also the! Payday in January of next year number of permanent accounts with income Read the a broader:. Of cash flows would be billed to the statement of retained earnings are balance. $ 22,000 only $ 1,800 have earned additional salaries in the accounting cycle as set! Which can usually be viewed on their websites T-accounts will be paid on the adjusted trial balance prior... December 115 were paid cookies ensure basic functionalities and security features of the balance sheet Printing... Of adjusting entries included in each of the year amount to $.... No beginning retained earnings is $ 4,565 ( figure 5.3 ) onto the.! Expenses, such as salaries paid to your instructor summarizing your findings a reasonable degree of accuracy companys health. Take place at the end of an accounting cycle, the information and treat direct properly. All revenue and expense accounts entire accounting period to zero, ready to prepare the financial statements for information. When the period December 115 were paid in cash, $ 144,000 make the general public, which can be... Sources for the most recent annual report in the accounting year are prepared basic functionalities security. A picture of a reversing entry records of account balances affecting retained earnings, credit... After the financial statements are used by investors, market analysts, and creditors to a. Been incurred this net income will increase retained earnings are the earnings retained by the of! Extent to which this account needs adjustment rent is for a two-year policy taken out June of! Depreciation for the Holts, responding to their belief that their business is not sufficiently profitable these! Was too late to find another group qualified to perform the musicals 12 paid the annual on...

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