Complete the following questions and data using the financial statements provided.
Balance Sheet As of February 29, 2020 Total ASSETS Current Assets Bank Accounts 100 Checking 3,876.46 Total Bank Accounts 3,876.46 Accounts Receivable 120 Accounts Receivable 3,600.00 Total Accounts Receivable 3,600.00 Other Current Assets 125 Supplies On Hand 52.79 130 Inventory Asset 2,592.00 35 Prepaid Insurance 400.00 136 Prepaid Rent 200.00 150 Undeposited funds 0.00 Total Other Current Assets 3,244.79 Total Current Assets 0,721.25 Fixed Asset 180 Computer & Office Equipment 4,731.00 185 Furniture & Fixtures 1. 129.00 189 Accumulated Depreciation -838.50 Total Fixed Assets 5,021.50 Other Assets 195 Security Deposit 400.00 Total Other Assets 400.00 TOTAL ASSETS 16,142.75 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 200 Accounts Payable 1.648.43 Total Accounts Payable 1,648.43 Credit Cards 220 Prime Visa Payable 615.50 Total Credit Cards 615.50 Other Current Liabilities 221 Accrued Expenses 300.00 225 Interest Payable 0.00 230 Uneamed Revenue 0.00 California Department of Tax and Fee Administration Payable 0.00 Loan Payable ,500.00 Total Other Current Liabilities 2,800.00 Total Current Liabilities 5,063.93 Long-Term Liabilities 280 Note Payable 1,900.00 Total Long-Term Liabilities 1,900.00 Total Liabilities 6,963.93 Equity 300 Common Stock 500.00 345 Partner Distributions -2,500.00 350 Retained Earnings 5.055.00 Opening Balance Equity 0.00 Net Income 6.123.82 Total Equity 9, 178.82 TOTAL LIABILITIES AND EQUITY 16,142.75 Monday, Apr 27, 2020 11:09:24 AM GMT-7 - Accrual BasisProfit and Loss January - February, 2020 Income 400 Tutoring Revenue 405 Workshop Revenue 420 Sales of Product Income 490 Sales Discounts Total Income Cost of Goods Sold 500 Cost of Goods Sold 510 Purchase Discounts Inventory Shrinkage Total Cost of Goods Sold Gross Profit Expenses 600 Labor costs 604 Professional Development Expense 605 Contract Labor 608 Staff Relations Total 600 Labor costs 620 Facility Costs 621 Rent expense 625 Utilities expense Total 620 Facility Costs 630 Marketing Costs 631 Advertising expense 632 Other Miscellaneous Service Cost 638 Bad Debts Total 630 Marketing Costs 640 Ofce and Tutoring Costs 641 Supplies expense 649 Depreciation expense Total 640 Ofce and Tutoring Costs 650 Taxes, Insurance, and Professional Fees 651 Accounting and consulting fees 653 Insurance expense Total 650 Taxes, Insurance, and Professional Fees 690 Other Costs 692 Gasoline expense 695 Bank service charges 699 Miscellaneous expense Total 690 Other Costs Total Expenses Net Operating Income Other Expenses 700 Interest expense Total Other Expenses Net Other Income Net Income Total 6,000.00 3,750.00 1,227.00 175.00 $ 10,892.00 780.00 .3300 40.00 $ 793.00 510419900 575.00 110.00 28.25 M 400.00 370.43 $ 770.43 80.00 950.00 50.00 $ 1,080.00 130.00 289.50 $ 419.50 600.00 80.00 $ 680.00 63.00 9.00 220.00 m 5 3,955.18 $ 6,143.82 20.00 $ 20.00 20.00 $ 6,123.82
