(1 bookmarks Summary Report After you have completed preparing all the financial statements, analyze the statements and write a short report summarizing your findings. Use the template provided in the What to Submit section to complete your report. 4. Summary: Write a summary of what the financial statements indicate about the company's financial health and performance. A. Purpose: What kindlat information would these financial statements provide to various aspects of the business? B. Analysis: What is the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position? A Company Income Statement For Qtr. Ending 12/31/20XX Revenues Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit 60,000.00 221.00 60,221.00 157.60 60,063.40 Operating Expenses: Baking Supplies Expense Rent Expense 19,400.00 4,500.00 150 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit 60,000.00 221.00 60,221.00 157.60 60,063.40 Operating Expenses: Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 Total Operating Expenses: 27,939.33 A Company A Company Statement of Stockholder's Equity For Qur. Ending 12/31/20xx Common Stock Retained Earnings Total Beginning Balances, September 30 0 0 Issued Common Stock 30,000.00 30,000.00 Net Income 32,124.07 32,124.07 Dividends (10,000.00) (10,000.00) Ending Balances, December 31: 30,000.00 22,124.07 52,124.07 A Company Balance Sheet As of December 31, 20XX Assets Current Assets Liabilities and Owners' Equity Current Liabilities: Accounts Payable Wares Payable interest Payable Total Current Liabilities 7,000.00 480.00 15000 7,630.00 Accounts Receivable Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Office Supplies Total Current Assets 51.436.75 9,700.00 1,100.00 175.65 1,500.00 1,000.00 50.00 64,962.40 Long Term Liabilities: Notes Payable Total Long Term Liabilities: 10,000.00 10,000.00 Total Liabilities: 17,630.00 Shareholder's Equity common Stock 30,000.00 22124.07 Non.Current Assets: Baking Equipment Accumulated Depreciation 5,000.00 [208.33) 701 67 52,124.07 Total Equity Shareholder's Equity Non Current Assets 1000000 2222400 Aerum Deprecincin Baking quipment Net) DOUDO (2001) 4791.62 Total Equity 52.124.07 Total Anett 64,731.07 Total liabilities Equity 62,754.07 A Company Closing Entries Qtr ending 12/31/20xx Credit Date Accounts 31-Dec Bakery Sales Merchandise Sales Retained Earnings Debit 60,000.00 221.00 60,221.00 28,096.93 31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 Closing Entries Qtr ending 12/31/20xx Credit Date Accounts 31-Dec Bakery Sales Merchandise Sales Retained Earnings Debit 60,000.00 221.00 60,221.00 28,096.93 31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 10,000.00 31-Dec Retained Earnings Dividends 10,000.00 A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Unadjusted Trial Balance Debit Credit 51 436.75 1,100.00 175.65 1,500.00 1,000.00 4,791.67 208.33 50.00 9,700.00 7,000.00 480.00 150.00 10,000.00 30,000.00 22,124.07 Total 69,754.07 69,754.07 Summary Report: Financial Statements 2 Introduction [In this section, include the purpose of the report. Describe the kind of information these financial statements provide to various aspects of the business.] Financial Statement Analysis [This section should center on your analysis of the financial performance of the company based on the statements you prepared. Illustrate the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position. Explain what this indicates about the company's current financial position and performance.]