Unit 1 Discussion (ACC111) & ENG130)
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AnnesBeautySalonIncFinancialStatements.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. |
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 |
