Term 2 Unit 6 Discussions
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Anne's Beauty Salon, Inc |
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Income Statement |
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For the Year 20XX |
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Sales (Revenue) |
$125,000.00 |
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Cost of Goods Sold |
25,000.00 |
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Gross Profit |
100,000.00 |
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Payroll Expense |
67,500.00 |
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Sales, General, Administrative Expense |
5,000.00 |
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Rent Expense |
1,400.00 |
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Utilities Expense |
1,670.00 |
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Insurance Expense |
500.00 |
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Depreciation Expense |
2,500.00 |
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Total Operating Expense |
78,570.00 |
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Total Operating Income |
21,430.00 |
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Income Taxes |
6,430.00 |
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Net Income |
$15,000.00 |
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Anne's Beauty Salon, Inc |
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Statement of Retained Earnings |
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For the Month Ending December 31, 20XX |
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Retained Earnings, December 1 |
$5,000.00 |
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Add: Net Income |
15,000.00 |
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Subtract: Dividends |
(2,402.50) |
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Retained Earnings, December 31 |
$17,597.50 |
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Anne's Beauty Salon, Inc |
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Balance Sheet |
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At December 31, 20XX |
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Assets |
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Liabilities |
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Current Assets |
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Current Liabilities |
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Cash |
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$949.50 |
Accounts Payable |
$5,000.00 |
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Accounts Receivable |
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11,948.00 |
Unearned Revenue |
200.00 |
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Supplies |
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20,500.00 |
Total Current Liabilities |
5,200.00 |
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Prepaid Rent |
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8,400.00 |
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Prepaid Insurance |
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6,000.00 |
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Total Current Assets |
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47,797.50 |
Note Payable |
15,000.00 |
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Equipment |
$25,000.00 |
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Total Liabilities |
20,200.00 |
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Less: Accumulated |
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Stockholders' Equity |
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Depreciation |
(5,000.00) |
20,000.00 |
Common Stock |
30,000.00 |
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Total Long-Term Assets |
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Retained Earnings |
17,597.50 |
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Total Assets |
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$67,797.50 |
Total Liabilities and |
$67,797.50 |
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Stockholders' Equity |
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