FINANCIAL STATEMENTS ASSIGNMENTS

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JuliansCarRepairFinancialStatements.xlsx
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A

Julian's Car Repair Julian's Car Repair
Income Statement Income Statement
June 1 - June 30, 2018 July 1 - July 31, 2018
Revenue Revenue
Sales revenue $ 37,000.00 Sales revenue $ 35,000.00
Expenses Expenses
Cost of goods sold $ 20,000.00 Cost of goods sold $ 22,000.00
Advertising 2,000.00 Advertising 2,000.00
Wage expense 4,000.00 Wage expense 4,700.00
Rent expense 3,500.00 Rent expense 3,500.00
Utilities expense 1,000.00 Utilities expense 1,150.00
Trash 400.00 Trash 470.00
Uniforms 480.00 Uniforms 510.00
Bldg / Liab insurance 500.00 Bldg / Liab insurance 500.00
Depreciation Expense 300.00 32,180.00 Depreciation Expense 34,830.00
Net Income $ 4,820.00 Net Income $ 170.00
Julian's Car Repair Julian's Car Repair
Statement of Change in Equity Statement of Change in Equity
June 1 - June 30, 2018 July 1 - July 31, 2018
Julian Smith, Capital, May 31, 2018 $ 16,380.00 Julian Smith, Capital, June 30, 2018 $ 17,200.00
Net income 4,820.00 Net income 170.00
Less: withdrawals 4,000.00 Less: withdrawals 4,000.00
Equity June 30, 2018 $ 17,200.00 Equity July 31, 2018 $ 13,370.00
Julian's Car Repair Julian's Car Repair
Balance Sheet Balance Sheet
June 30, 2018 July 31, 2018
Assets Assets
Cash $ 2,000.00 Cash $ 1,100.00
Accounts Receivable 3,200.00 Accounts Receivable 4,000.00
Shop supplies 4,000.00 Shop supplies 4,500.00
Prepaid insurance 6,000.00 Prepaid insurance 5,000.00
Shop equipment 15,000.00 Shop equipment 15,000.00
Accumulated Depreciation (6,000.00) Accumulated Depreciation (6,250.00)
Total Assets $ 24,200.00 Total Assets $ 23,350.00
Liabilities Liabilities
Accounts Payable $ 1,000.00 Accounts Payable $ 4,180.00
Wages payable 1,000.00 Wages payable 1,300.00
Note Payable 5,000.00 Note Payable 4,500.00
Total Liabilities 7,000.00 Total Liabilities 9,980.00
Equity 17,200.00 Equity 13,370.00
Total Liabilities & Equity $ 24,200.00 Total Liabilities & Equity $ 23,350.00

B

Julian's Car Audio Julian's Car Audio Safari pg
Income Statement Income Statement Fig 2-4
June 1 - June 30, 2018 July 1 - July 31, 2018
Revenue Revenue
Sales revenue $ 40,245.00 Sales revenue $ 37,002.00
Expenses Expenses
Cost of goods sold $ 18,450.00 Cost of goods sold $ 23,800.00
Advertising 1,800.00 Advertising 1,700.00
Wage expense 3,850.00 Wage expense 4,775.00
Rent expense 3,500.00 Rent expense 3,500.00
Utilities expense 1,000.00 Utilities expense 1,125.00
Trash 400.00 Trash 475.00
Uniforms 480.00 Uniforms 518.00
Bldg / Liab insurance 500.00 Bldg / Liab insurance 500.00
Depreciation Expense 300.00 30,280.00 Depreciation Expense 36,393.00
Net Income $ 9,965.00 Net Income $ 609.00
Julian's Car Audio Julian's Car Audio
Statement of Change in Equity Statement of Change in Equity
June 1 - June 30, 2018 July 1 - July 31, 2018 Safari
Julian Smith, Capital, May 31, 2018 $ 16,380.00 Julian Smith, Capital, June 30, 2018 $ 20,845.00 fig 2-5
Net income 9,965.00 Net income 609.00 uses Change in shareholder's equity as title
Less: withdrawals 5,500.00 Less: withdrawals 4,000.00 This is flexible - want to match the text or use this?
Equity June 30, 2018 $ 20,845.00 Equity July 31, 2018 $ 17,454.00
Julian's Car Audio Julian's Car Audio
Balance Sheet Balance Sheet
June 30, 2018 July 31, 2018
Assets Assets
Cash 5,645.00 Cash 4,422.00
Accounts Receivable 3,200.00 Accounts Receivable 4,428.00
Shop supplies 4,000.00 Shop supplies 4,834.00
Prepaid insurance 6,000.00 Prepaid insurance 5,000.00
Shop equipment 15,000.00 Shop equipment 15,000.00
Accumulated Depreciation (6,000.00) Accumulated Depreciation (6,250.00)
Total Assets 27,845.00 Total Assets 27,434.00
Liabilities Liabilities
Accounts Payable 1,000.00 Accounts Payable 4,180.00
Wages payable 1,000.00 Wages payable 1,300.00
Note Payable 5,000.00 Note Payable 4,500.00
Total Liabilities 7,000.00 Total Liabilities 9,980.00
Equity 20,845.00 Equity 17,454.00
Total Liabilities & Equity 27,845.00 Total Liabilities & Equity 27,434.00