ACCT 621 Individual Assignment- Lil Local Goodies

Sharice is the owner of a small business called Lil Local Goodies. She started the business two years ago, selling homemade crafts and baked goods out of her garage. Quickly, Sharice expanded to selling products made by friends and family too. Half of the proceeds from these sales go back to the producer, but Sharice gets to keep the other half. Here are some of Sharices numbers from the past two years, as well as projected numbers for the upcoming year: Accounts	2020	2021	2022
Revenues:
Sales of own crafts	$3,450	$2,870	$3,000
Sales of others crafts	1,530	6,740	12,500
Sales of own baked goods	2,110	1,960	2,000
Sales of others baked goods	1,840	5,880	13,000
Total revenues	8,930	17,450	30,500
Expenses
Cost of goods sold- crafts	560	470	500
Cost of goods sold- baked goods	780	650	700
Rental	0	0	2,000
Salary	0	0	1,500
Meals and Entertainment	0	320	500
Advertising	200	1,000	2,000
Accounting	500	500	500
Total expenses	2,040	2,940	7,700