All I want to see are the two financial statements: a balance sheet and a income statement.
Jan Start sole prop with $10,000 cash | Borrow $50,000 from bank - first payment due in 90 days Rent manufacturing space $1000 Buy machinery $20,000 Buy raw material needed to make 1000 collars -- $5,000 (what is your COGS?- you will need to know in order to figure profit on future sales) Buy more raw materials to make 2000 collars -$10,000 will pay for it in 30 days Hire an employee who will be paid $1,000 once a month on the first of the month starting on 2/1/19 (Fortunately in the wonderful country of ChrisLandia there are no payroll taxes) Prepay a year's cell phone service $1200 (actual costs is $100 per month which will be due the 1st of each month) (do you expense it or set up as a prepaid expense) Buy a desk and office equipment for $3000 -- pay 12 down and balance due in 30 days (2/10 net 30) My first sale - sell 500 collars for $5000 Sell 300 collars for $4000 -- client will pay in 30 days Buy an Aardvark to be my model for making collars. Named her Mother Theresa. Paid $1000 Pay balance due on office equipment (from 1/11) Pay a web designer $1000 Set up Google Ads - Pay $100 today and will pay $100 per month for balance of the year (future payments due the 15th of each month) Idiot employee must have put the collar on too tight - Mother Theresa dies Buy packaging material for shipping collars $2000 due 30 days 12 16 18 FEB 10 11 12 Pay Employee $1000 Pay rent Pay invoice from Jan 5 Receive A/R from Jan. 16th sale Sell 500 collars for $6,000 Receive special order for 500 collars with company's logo. Receive $10,000. Order to be completed and shipped on 6/1 Replace Mother Theresa with new aardvark. Not naming it until I see if idiot employee can put right sized collars on this one. Paid $1500 Buy more raw material --- enough for 2000 collars - cost is $10,000. Pay 12 now and balance 2/10 Net 30 Pay Google ad Buy cheap delivery truck from Chris's Cheap Used Trucks $3000 Insurance on truck - 3 months is $800 (do you expense it or set up as a prepaid expense) Paid all utilities $400 Sold 1000 collars for $9000 to Bob's Aardvark-arama. Received 1/2 down, balance due in 30 days | Buy aardvark chow from Chris's Aardvark Chow $200 Buy stationary and office supplies from Chris's Office Supplies $300 Pay invoice from 2/14 Pay invoice from 1/28 Pay toxic waste company to come clean up the aardvark's potty area $200 Named aardvark Aaron - hope it's a boy but idiot employee refuses to investigate Just received notice that Bob's Aardvark-arama declared bankruptcy. They have zero assets. 19 20 Jan Start sole prop with $10,000 cash | Borrow $50,000 from bank - first payment due in 90 days Rent manufacturing space $1000 Buy machinery $20,000 Buy raw material needed to make 1000 collars -- $5,000 (what is your COGS?- you will need to know in order to figure profit on future sales) Buy more raw materials to make 2000 collars -$10,000 will pay for it in 30 days Hire an employee who will be paid $1,000 once a month on the first of the month starting on 2/1/19 (Fortunately in the wonderful country of ChrisLandia there are no payroll taxes) Prepay a year's cell phone service $1200 (actual costs is $100 per month which will be due the 1st of each month) (do you expense it or set up as a prepaid expense) Buy a desk and office equipment for $3000 -- pay 12 down and balance due in 30 days (2/10 net 30) My first sale - sell 500 collars for $5000 Sell 300 collars for $4000 -- client will pay in 30 days Buy an Aardvark to be my model for making collars. Named her Mother Theresa. Paid $1000 Pay balance due on office equipment (from 1/11) Pay a web designer $1000 Set up Google Ads - Pay $100 today and will pay $100 per month for balance of the year (future payments due the 15th of each month) Idiot employee must have put the collar on too tight - Mother Theresa dies Buy packaging material for shipping collars $2000 due 30 days 12 16 18 FEB 10 11 12 Pay Employee $1000 Pay rent Pay invoice from Jan 5 Receive A/R from Jan. 16th sale Sell 500 collars for $6,000 Receive special order for 500 collars with company's logo. Receive $10,000. Order to be completed and shipped on 6/1 Replace Mother Theresa with new aardvark. Not naming it until I see if idiot employee can put right sized collars on this one. Paid $1500 Buy more raw material --- enough for 2000 collars - cost is $10,000. Pay 12 now and balance 2/10 Net 30 Pay Google ad Buy cheap delivery truck from Chris's Cheap Used Trucks $3000 Insurance on truck - 3 months is $800 (do you expense it or set up as a prepaid expense) Paid all utilities $400 Sold 1000 collars for $9000 to Bob's Aardvark-arama. Received 1/2 down, balance due in 30 days | Buy aardvark chow from Chris's Aardvark Chow $200 Buy stationary and office supplies from Chris's Office Supplies $300 Pay invoice from 2/14 Pay invoice from 1/28 Pay toxic waste company to come clean up the aardvark's potty area $200 Named aardvark Aaron - hope it's a boy but idiot employee refuses to investigate Just received notice that Bob's Aardvark-arama declared bankruptcy. They have zero assets. 19 20
