Financial Accounting
mtzs20
AnnesBeautySalonIncFinancialStatements-2.xlsxIncome Statement
| Anne's Beauty Salon, Inc | Note, Income Statements should be monthly. This Income Statement is for training purposes, ONLY! | ||
| Income Statement | |||
| For the Year 2015 | |||
| Sales (Revenue) | $ 125,000.00 | ||
| Cost of Sales | $ 25,000.00 | ||
| Gross Profit | $ 100,000.00 | ||
| Payroll Expense | $ 67,500.00 | ||
| Sales, General, Administrative Expense | $ 5,000.00 | ||
| Rent Expense | $ 1,400.00 | ||
| Utilities Expense | $ 1,670.00 | ||
| Insurance Expense | $ 500.00 | ||
| Depreciation Expense | $ 2,500.00 | ||
| Total Operating Expense | $ 78,570.00 | ||
| Total Operating Income | $ 21,430.00 | ||
| Taxes 30% | $ 6,430.00 | ||
| Net Income | $ 15,000.00 Michael LaFountain: Michael LaFountain: Rounding due to taxes. |
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Balance Sheet
| Anne's Beauty Salon, Inc | ||||
| Balance Sheet | ||||
| At December 31, 2015 | ||||
| Assets | Liabilities | |||
| Current Assets | Current Liabilities | |||
| Cash | $ 949.50 | Accounts Payable | $ 5,000.00 | |
| Accounts Receivable | $ 11,948.00 | Unearned Revenue | $ 200.00 | |
| Supplies | $ 20,500.00 | Total Current Liabilities | $ 5,200.00 | |
| Prepaid Rent | $ 8,400.00 | |||
| Prepaid Insurance | $ 6,000.00 | |||
| Total Current Assets | $ 47,797.50 | Note Payable | $ 15,000.00 | |
| Equipment | $ 25,000.00 | Total Liabilities | $ 20,200.00 | |
| Less: Accumulated Depreciation | $ (5,000.00) | $ 20,000.00 | Stockholders' Equity | |
| Total Long-Term Assets | $ 20,000.00 | Common Stock | $ 30,000.00 | |
| Retained Earnings | $ 17,597.50 | |||
| Total Assets | $ 67,797.50 | Total Liabilities and Stockholders' Equity | $ 67,797.50 | |
Statement of RE
| Anne's Beauty Salon, Inc | |
| Statement of Retained Earnings | |
| For the Month Ending December 31, 2015 | |
| Retained Earnings, December 1 | $ 5,000.00 |
| Add: Net Income | $ 15,000.00 |
| Subtract: Dividends | $ (2,402.50) |
| Retained Earnings, December 31 | $ 17,597.50 |
