FINANCIAL ASSISTANCE
kdcrte
Carter-Assignment1.xlsxBalance Sheet
| Top Notch Barbershop | |
| Balance Sheet | |
| As of: 7 March 2020 | |
| Assets | Amount |
| Inventory | 666.6666666667 |
| Cash | 10,750 |
| Total Assets | 11,417 |
| Stockholder's equity | Amount |
| Common Stock | 5,000 |
| Retained Earnings | 6,417 |
| Total stockholder's equity | 11,417 |
Income Statement
| Material purchased | 1,900 |
| Paid to workers | 1,200 |
| Rental fee | 900 |
| Total cost A | 4,000 |
| Total Accommodate customers B | 600 |
| Cost per customers (C = A/B) | 6.6666666667 |
| Units of Closing Inventory (D) | 100 |
| Value of Closing Inventory (C*D) | 666.6666666667 |
| Income Statement | |
| Total Serve customers | 10,500 |
| Less: Cost of total customers | 3,333 |
| Material used | 1,900 |
| Paid to workers | 1,200 |
| Rental fee for equipment | 900 |
| Change in Inventory (0-6,000) (WN 1) | 666.6666666667 |
| Paid to Administrative employee | $250 |
| Rental fee for Administrative office equipment | $500 |
| Net Income transferred to retained earnings | 6,417 |
Statement of Cash Flows
| Cash Flows from Operating activities | |
| Cash Sales | 10,500 |
| Paid to workers | -1,200 |
| Purchase of materials | -1,900 |
| Paid rental fee equipment | -900 |
| Paid rental fee for administrative equipment | ($500) |
| Paid to administrative employee | ($250) |
| Net cash inflow from operating activities | 5,750 |
| Cash flow from Investing activities | 0 |
| Cash flow from Financing activities | |
| Issue of common stock | 5,000 |
| Net Change in cash | 10,750 |
| Opening Cash Balance | 0 |
| Ending Cash Balance | 10,750 |
Assumed Data
| 1 | Acquired $5,000 cash by issuing common stock. | $5,000 | ||
| 2 | Paid $1900 for materials inventory. | $1,900 | ||
| 3 | Paid $1,200 to workers. | $1,200 | ||
| 4 | Paid $1,300 rental fee for equipment. | $900 | ||
| 5 | Paid $150 to administrative employees. | $250 | ||
| 6 | Paid $500 rental fee for administrative office equipment. | $500 | ||
| 7 | Serve 600 customers of inventory of which 500 cutomers were serve at a price of $21 eachs | $21 | 500 | 600 |
| *All data is assumed for the purpose of this assignment. This company has not been started yet and all numbers | ||||
| are based on current finances and financial obligations. |
