Description
Debit
Credit
Cash
287,567
Accounts Receviable
27,402
Inventory
31,851
Prepaid Expenses
1,474
Building
250,000
Computers & Software
1,500
Furniture & Fixtures
5,000
Land
60,000
Machinery & Equipment
0
Accumulated Depreciation
7,710
Accounts Payable
13,332
Payroll Tax Payable
900
Sales Tax Payable
1,507
Unearned Revenue
0
Line of Credit
325,000
Notes Payable
0
Peters, J., Capital
1,000
Peters,M., Capital
1,000
Retained Earnings
137,947
Material & Supplies Sales
304,284
Small Tool Sales
23,513
Custom Caabinet Sales
0
Tool Rental Revenue
8,700
Vendor Compensation
Revenue 589
COGS: Materials & Supplies
97,371
COGS: Custom Cabinet materials
COGS: Small Tools
16,292
COGS: Wages
18,027
Direct Materials
Direct Labor
Factory Overhead
Depreciation Expense
7,710
Insurance Expense
4,034
Offfice Supplies Expense
1,765
Payroll Tax Expense
2,704
Postage Expense
268
Interest Expense
6,750
Small Tool Expense
5,767
825,482
825,482
Walnut Grove
Trial Balance
For the Year Ended December 31, 2017
Debit
Credit
315,467
55,302
38,275
27,120
243,590
1,500
5,000
60,000
100,000
32,710
108,480
21,300
1,590
27,900
200,000
101,596
1,000
1,000
319,498
24,924
1,937,500
5,460
599
125,502
24,161
142,000
243,750
109,375
71,094
32,710
23,760
2,559
3,921
389
3,716
8,700
1,637,890
2,750,847
Walnut Grove
Income Statement 2018
Revenue
Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Depreciation expense
Insurance expense
Office supplies expense
Payroll tax exoense
Postage expense
Small tool expense
Operating income
Interest expense
Net income
2,287,981
291,663
1,996,318
32,710
25,154
2,559
3,921
389
8,700
1,922,886
3,716
1,919,170
$
Balance Sheet - USD ($)
Current assets:
Cash
Accounts Receviable
Inventory
Prepaid Expenses
Total Current assets
Long-Term Assets
Building
Computers & Software
Furniture & Fixtures
Land
Machinery & Equipment
Total Assets
Current Liabilities
Accounts Payable
Payroll Tax Payable
Sales Tax Payable
Total Current Liabilities
Non-Current Liabilities
Unearned Revenue
Line of credit
Total non-Current Liabilities
Total Liabilities
Shareholder's Equity
Peters, J., Capital
Peters, M., Capital
Retained Earnings
Total Shareholder's equity
Total liabilities and shareholder's equity
2018
2017
315,467
287,567
55,302
27,402
27,900
increase
38,275
31,851
6,424
increase
27,120
1,474
436,164
348,294
243,590
250,000
1,500
1,500
5,000
5,000
60,000
60,000
100,000
0
846,254
$
664,794
$
108,480
13,332
95,148
21,300
900
1,590
1,507
131,370
15,739
27,900
0
200,000
325,000
227,900
325000
359,270
340,739
1,000
1,000
1,000
1,000
137,947
139,947
480,686
Statement of Cash Flows - USD ($)
Operating Activities:
Net income
1,919,170
Depreciation expense
32,710
Accounts Receviable
-27,900
Inventory increase:
-6,424
Accounts Payable increase:
95,148
net cashed provided by operating activities
Cash flows from investing activities:
cash paid for equipment
(125,000)
net cash used in investing activites
Cash flows fom financing activites:
cash paid on debts
(125,000)
net cash used in financing activities
net increase (decrease) in cash
cash balance at the beginning of the year
cash balance at the end of the year
2,012,704
$
(125,000)
$
(125,000)
$
1,762,704
$
287,567
315,467
$
N (months)
Loan Amount
Payment
Interest
Principal
Balance
1
125,000.00
$
($2,260.00)
$338.54
($1,921.46)
$123,078.54
2
123,078.54
$
($2,260.00)
$333.34
($1,926.66)
$121,151.88
3
$121,151.88
($2,260.00)
$328.12
($1,931.88)
$119,220.00
4
$119,220.00
($2,260.00)
$322.89
($1,937.11)
$117,282.89
5
$117,282.89
($2,260.00)
$317.64
($1,942.36)
$115,340.53
6
$115,340.53
($2,260.00)
$312.38
($1,947.62)
$113,392.91
7
$113,392.91
($2,260.00)
$307.11
($1,952.89)
$111,440.01
8
$111,440.01
($2,260.00)
$301.82
($1,958.18)
$109,481.83
9
$109,481.83
($2,260.00)
$296.51
($1,963.49)
$107,518.34
10
$107,518.34
($2,260.00)
$291.20
($1,968.80)
$105,549.54
11
$105,549.54
($2,260.00)
$285.86
($1,974.14)
$103,575.40
12
$103,575.40
($2,260.00)
$280.52
($1,979.48)
$101,595.92
$3,715.92
