I I really need help. I am confusing myself and missing a lot of things. Please help.
Income Statement for January, Month to Date ? % of Rev. Revenue COGS Gross Margin January to Date $8.360.00 $463.40 $7,896.60 100% 6% 94% Year to Date $8,360.00 $463.40 $7,896.60 % of Rev. 100% 6% 94% Management Staff Adv./Promo. Rent Utilities Depreciation Expense Interest on Loan Total Expenses $1,773.75 $2,795.00 $4,200.00 $2,000.00 $0.00 $0.00 $0.00 $10,768.75 21% 33% 50% 24% 0% 0% 0% 129% $1,773.75 $2,795.00 $4,200.00 $2,000.00 $0.00 $0.00 $0.00 $10,768.75 21% 33% 50% 24% 0% 0% 0% 129% Net Income $(2,872.15) -34% $(2,872.15) -34% Income Statement for January, Month to Date ? = January to Date $18,859.30 $1.051.07 $17,808.23 % of Rev. 100% Revenue COGS Gross Margin Year to Date $18,859.30 $1,051.07 $17,808.23 % of Rev. 100% 6% 6% 94% 94% 19% 26% 45% 11% Management Staff Adv./Promo. Rent Utilities Depreciation Expense Interest on Loan Other Total Expenses $3,579.75 $4,826.75 $8,400.00 $2,000.00 $0.00 $0.00 $0.00 $500.00 $19,306.50 $3,579.75 $4,826.75 $8,400.00 $2,000.00 $0.00 $0.00 $0.00 $500.00 $19,306.50 19% 26% 45% 11% 0% 0% 0% 0% 0% 0% 3% 3% 102% 102% Net Income $(1,498.27) -8% $(1,498.27) -8% Income Statement for January, Month to Date ? = January to Date $34,756.00 $2,004.26 $32,751.74 % of Rev. 100% 6% Revenue COGS Gross Margin Year to Date $34,756.00 $2,004,26 $32,751.74 % of Rev. 100% 6% 94% 94% 18% 18% 22% 36% Management Staff Adv./Promo. Rent Utilities Depreciation Expense Interest on Loan Other Total Expenses $6,342.93 $7,491.25 $12,600.00 $2,000.00 $0.00 $0.00 $208.33 $1,000.00 $29,642.51 22% 36% 6% 0% $6,342.93 $7,491.25 $12,600.00 $2,000.00 $0.00 $0.00 $208.33 $1,000.00 $29,642.51 0% 6% 0% 0% 1% 3% 85% 1% 3% 85% Net Income $3,109.23 9% $3,109.23 9% ANNOTATED INCOME STATEMENT EXAMPLE The structure of the Income Statement i Revenue is calculated by summarized as: multiplying the price of the EXAMPLE product or service x the Revenues - Costs = Net Income/Profit Income Statement for month ending: 1/31 number of units of the product/Service sold So, the Income Statement shows the quantity. You can calculate PERIOD week o amount of money a company retains from your total revenues by YTD REVENUE $0 selling its products or services, after all costs adding all the Daily Receipts $ Cost of Goods Sold (COGS) $o have been taken out. listed each week in the $ Costs in the above equation reflect the total Gross Profit $0 of all variable costs (summarized in Cost of $ Goods Sold) and fixed costs, the costs EXPENSES incurred in running a business under Management salary $0 $ $ $ Staff salary $0 $ The Gross Profit is $ Adv./Promo. $0 calculated by subtracting Cost of Goods (COGS) sold reflects specific Rent $0 the total COGS from the product costs. These costs are referred to as Utilities $0 i total Revenue. Fixed variable because the total varies depending on the Depreciation Expense $0 expenses are subtracted quantity of the product sold: Insurance expense from this number $0 calculate Net Profit, or Training expense cost/unit x quantity sold = COGS. $0 Net Loss. Other (specify) $0 Cost of Goods sold in Bizcafe consists of the costs Other (specify) $0 $ $ per unit for both the CUPS and the COFFEE. If you Total Expenses from Operations $0 $ $ look under the Materials icon in your Bicafe Earnings Before Int.& Tax (EBIT) simulation, you will see how many cups were sold Taxes $0 $ $ during the week and the cost for each cup and Interest on Loan $0 $ $ multiplying these will give you the total cost of the Total Expenses cups themselves. Coffee is also part of the total $0 $ $ COGS and can be calculated by examining how many cups of coffee in a pound of coffee and the NET INCOME/LOSS $0 $ $ price of a pound of coffee. Annotated BALANCE SHEET EXAMPLE Balance Sheet for period ending: An important aspect of the Balance Sheet is the structure: ASSETS = LIABILITIES Period 0 Pe OVNER'S EQUITY 3 Period 4 YTD(1 mo) ASSETS Using the BizCafe Simulation as an Current/Liquid Assets illustration, each caf is provided Assets are those elements the Cash business owns, so it shows what $25,000 with a Loan of $25,000. Note how this is recorded (in Yellow) on the the company is worth overall. Inventory Balance Sheet, and that Total Assets are divided into Current Assets shows the same amount as (or liquid) Assets and Long Term Toxalumn Asses $25,000 Total Liabilities and Owner's Equity. Assets depending upon how Long Term Assets The loan amount is initially recorded quickly the asset can be turned Equipment in Assets as Cash, and as a Liability into cash. For example, (Loan) on the Liabilities and Owner's Equiment is not a current Furniture Equity side of the Balance Sheet. asset; it is depreciated (devalued) Accum Depreciation over its useful life (for example: The $25,000 will stay in Cash until Prepaid Expenses (Deposits) funds are dispersed into other warranty period) Other specity) Asset accounts, for example, Txa/Long An equipment, furniture, prepaid Total Assets $25,000 expenses. LIABILITIES and OWNER'S The total value of business' Assets is reflected on the Liability and Owner's Equity side of the Balance EQUITY Sheet as the sum of how much the company owes in Liabilities Liabilities (debt) versus the amount the business can Loans $25,000 claim as its own - Owner's Equity. The total Liabilities Accounts Payable added to the total Owner's Equity must equal the total of all Toa/Liab $25,000 Assets. So a business will likely have a percentage of total Owner's Equity assets paid for by loans and a percentage of the value of the assets the business can lay claim to. If a company Retained Earnings $ ceases operations (goes out of business), they will attempt Toxa/Ones Em $ to sell whatever assets they can to "liquidate" the assets. Total Liab + O.E. $ 25,000 The business will use these proceeds to pay off any liabilities they have incurred. After these liabilities are satisfied, any remaining value from the assets is considered Owner's equity, and is paid to the Owner's. Annotated BALANCE SHEET Balance Sheet for period ending: Period o Period 1 Period 2 Period 3 Period 4 YTD(1 mo) ASSETS Current/Liquid Assets Cash Inventory $25,000 $25,000 Total Current Assets Long Term Assets Equipment Furniture Accum Depreciation Prepaid Expenses (Deposits) Other (specify) Total Longterm Assets Total Assets $25,000 LIABILITIES and OWNER'S EQUITY Liabilities Loans $25,000 Accounts Payable Total Liab $25,000 Owner's Equity Retained Earnings $ Total Owners Equity $ Total Liab + O.E. $ 25,000 ANNOTATED INCOME STATEMENT Income Statement for month ending: 1/31 week 4 PERIOD week o REVENUE Cost of Goods Sold (COGS) $ Gross Profit $ $ $ $ week 1 8,360.00 463.40 7,896.60 week 2 $ 18,859.30 $ 1,051.07 $ 17,808.23 week 3 $ 34,756.00 $ 2,004.26 $ 32,751.74 $ $ $ YTD $ $ $ - - EXPENSES Management salaryl $ Staff salary $ Adv./Promo. $ Rent $ -- - - $ 1,773.75 $ 2,795.00 $ 4,200.00 $ 2,000.00 $ $ $ $ $ $ $ $ 10,768.75 $ $ $ 10,768.75 Utilities $ Depreciation Expense $ Insurance expense $ Training expense $ Other (specify) $ Other (specify) $ l Expenses from Operations $ nings Before Int.& Tax (EBIT) Taxes $ Interest on Loan $ Total Expenses $ $ 3,579.75 $ 4,826.75 $ 8,400.00 $ 2,000.00 $ $ $ 500.00 $ $ $ $ $ 19,306.50 $ $ $ 19,306.50 $ 6,342.93 $ 7,491.25 $ 12,600.00 $ 2,000.00 $ $ $ 1,000.00 $ $ -- $ $ $ 29,434.18 $ $ 208.33 $ 29,642.51 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - -- - - - -- --- $ $ $ - NET INCOME/LOSS $ -$ 2,872.15 - $ 1,498.27 $ 3,109.23 $ $ BALANCE SHEET Milk Honey Cafe Balance Sheet for period ending: January 2021 Period o Period 1 Period 2 Period 3 Period 4 YTD(1 mo) ASSETS Current/Liquid Assets Cash Inventory $25,000 $ 8,896.75 $ 11,301.80 $ 16,189.75 $ 1,293.60 $ 1,154.93 $ 936.74 $ $ $25,000 $10,190.35 $12,456.73 $17,126.49 Total Current Assets Long Term Assets Equipment Furniture Accum Depreciation Prepaid Expenses (Deposits) Other (specify) Total Longterm Assets Total Assets $ 6,000.00 $ 6,000.00 $ 6,000.00 $ 4,000.00 $ 4,000.00 $ 4,000.00 $ $ $ $ 3,000.00 $ 3,000.00 $ 4,200.00 $ $ 13,000.00 $13,000.00 $14,200.00 $23,190.35 $25,456.73 $31,326.49 $25,000 LIABILITIES and OWNER'S EQUITY Liabilities Loans $25,000 Accounts Payable Total Liab $25,000 Owner's Equity Retained Earnings $ Total Owners Equity $ Total Liab + O.E. $_25.000 $ 25,000.00 $ 25,000.00 $ 25,000.00 $ 1,062.50 $ 1,955.00 $ 3,217.26 $26,062.50 $ 26,955.00 $28,217.26 - $ 2,872.15 - $ 1,498.27 $ 3,109.23 -$ 2,872.15 - $ 1,498.27 $ 3,109.23 $23,190.35 $25,456.73 $31,326.49 Income Statement for January, Month to Date ? % of Rev. Revenue COGS Gross Margin January to Date $8.360.00 $463.40 $7,896.60 100% 6% 94% Year to Date $8,360.00 $463.40 $7,896.60 % of Rev. 100% 6% 94% Management Staff Adv./Promo. Rent Utilities Depreciation Expense Interest on Loan Total Expenses $1,773.75 $2,795.00 $4,200.00 $2,000.00 $0.00 $0.00 $0.00 $10,768.75 21% 33% 50% 24% 0% 0% 0% 129% $1,773.75 $2,795.00 $4,200.00 $2,000.00 $0.00 $0.00 $0.00 $10,768.75 21% 33% 50% 24% 0% 0% 0% 129% Net Income $(2,872.15) -34% $(2,872.15) -34% Income Statement for January, Month to Date ? = January to Date $18,859.30 $1.051.07 $17,808.23 % of Rev. 100% Revenue COGS Gross Margin Year to Date $18,859.30 $1,051.07 $17,808.23 % of Rev. 100% 6% 6% 94% 94% 19% 26% 45% 11% Management Staff Adv./Promo. Rent Utilities Depreciation Expense Interest on Loan Other Total Expenses $3,579.75 $4,826.75 $8,400.00 $2,000.00 $0.00 $0.00 $0.00 $500.00 $19,306.50 $3,579.75 $4,826.75 $8,400.00 $2,000.00 $0.00 $0.00 $0.00 $500.00 $19,306.50 19% 26% 45% 11% 0% 0% 0% 0% 0% 0% 3% 3% 102% 102% Net Income $(1,498.27) -8% $(1,498.27) -8% Income Statement for January, Month to Date ? = January to Date $34,756.00 $2,004.26 $32,751.74 % of Rev. 100% 6% Revenue COGS Gross Margin Year to Date $34,756.00 $2,004,26 $32,751.74 % of Rev. 100% 6% 94% 94% 18% 18% 22% 36% Management Staff Adv./Promo. Rent Utilities Depreciation Expense Interest on Loan Other Total Expenses $6,342.93 $7,491.25 $12,600.00 $2,000.00 $0.00 $0.00 $208.33 $1,000.00 $29,642.51 22% 36% 6% 0% $6,342.93 $7,491.25 $12,600.00 $2,000.00 $0.00 $0.00 $208.33 $1,000.00 $29,642.51 0% 6% 0% 0% 1% 3% 85% 1% 3% 85% Net Income $3,109.23 9% $3,109.23 9% ANNOTATED INCOME STATEMENT EXAMPLE The structure of the Income Statement i Revenue is calculated by summarized as: multiplying the price of the EXAMPLE product or service x the Revenues - Costs = Net Income/Profit Income Statement for month ending: 1/31 number of units of the product/Service sold So, the Income Statement shows the quantity. You can calculate PERIOD week o amount of money a company retains from your total revenues by YTD REVENUE $0 selling its products or services, after all costs adding all the Daily Receipts $ Cost of Goods Sold (COGS) $o have been taken out. listed each week in the $ Costs in the above equation reflect the total Gross Profit $0 of all variable costs (summarized in Cost of $ Goods Sold) and fixed costs, the costs EXPENSES incurred in running a business under Management salary $0 $ $ $ Staff salary $0 $ The Gross Profit is $ Adv./Promo. $0 calculated by subtracting Cost of Goods (COGS) sold reflects specific Rent $0 the total COGS from the product costs. These costs are referred to as Utilities $0 i total Revenue. Fixed variable because the total varies depending on the Depreciation Expense $0 expenses are subtracted quantity of the product sold: Insurance expense from this number $0 calculate Net Profit, or Training expense cost/unit x quantity sold = COGS. $0 Net Loss. Other (specify) $0 Cost of Goods sold in Bizcafe consists of the costs Other (specify) $0 $ $ per unit for both the CUPS and the COFFEE. If you Total Expenses from Operations $0 $ $ look under the Materials icon in your Bicafe Earnings Before Int.& Tax (EBIT) simulation, you will see how many cups were sold Taxes $0 $ $ during the week and the cost for each cup and Interest on Loan $0 $ $ multiplying these will give you the total cost of the Total Expenses cups themselves. Coffee is also part of the total $0 $ $ COGS and can be calculated by examining how many cups of coffee in a pound of coffee and the NET INCOME/LOSS $0 $ $ price of a pound of coffee. Annotated BALANCE SHEET EXAMPLE Balance Sheet for period ending: An important aspect of the Balance Sheet is the structure: ASSETS = LIABILITIES Period 0 Pe OVNER'S EQUITY 3 Period 4 YTD(1 mo) ASSETS Using the BizCafe Simulation as an Current/Liquid Assets illustration, each caf is provided Assets are those elements the Cash business owns, so it shows what $25,000 with a Loan of $25,000. Note how this is recorded (in Yellow) on the the company is worth overall. Inventory Balance Sheet, and that Total Assets are divided into Current Assets shows the same amount as (or liquid) Assets and Long Term Toxalumn Asses $25,000 Total Liabilities and Owner's Equity. Assets depending upon how Long Term Assets The loan amount is initially recorded quickly the asset can be turned Equipment in Assets as Cash, and as a Liability into cash. For example, (Loan) on the Liabilities and Owner's Equiment is not a current Furniture Equity side of the Balance Sheet. asset; it is depreciated (devalued) Accum Depreciation over its useful life (for example: The $25,000 will stay in Cash until Prepaid Expenses (Deposits) funds are dispersed into other warranty period) Other specity) Asset accounts, for example, Txa/Long An equipment, furniture, prepaid Total Assets $25,000 expenses. LIABILITIES and OWNER'S The total value of business' Assets is reflected on the Liability and Owner's Equity side of the Balance EQUITY Sheet as the sum of how much the company owes in Liabilities Liabilities (debt) versus the amount the business can Loans $25,000 claim as its own - Owner's Equity. The total Liabilities Accounts Payable added to the total Owner's Equity must equal the total of all Toa/Liab $25,000 Assets. So a business will likely have a percentage of total Owner's Equity assets paid for by loans and a percentage of the value of the assets the business can lay claim to. If a company Retained Earnings $ ceases operations (goes out of business), they will attempt Toxa/Ones Em $ to sell whatever assets they can to "liquidate" the assets. Total Liab + O.E. $ 25,000 The business will use these proceeds to pay off any liabilities they have incurred. After these liabilities are satisfied, any remaining value from the assets is considered Owner's equity, and is paid to the Owner's. Annotated BALANCE SHEET Balance Sheet for period ending: Period o Period 1 Period 2 Period 3 Period 4 YTD(1 mo) ASSETS Current/Liquid Assets Cash Inventory $25,000 $25,000 Total Current Assets Long Term Assets Equipment Furniture Accum Depreciation Prepaid Expenses (Deposits) Other (specify) Total Longterm Assets Total Assets $25,000 LIABILITIES and OWNER'S EQUITY Liabilities Loans $25,000 Accounts Payable Total Liab $25,000 Owner's Equity Retained Earnings $ Total Owners Equity $ Total Liab + O.E. $ 25,000 ANNOTATED INCOME STATEMENT Income Statement for month ending: 1/31 week 4 PERIOD week o REVENUE Cost of Goods Sold (COGS) $ Gross Profit $ $ $ $ week 1 8,360.00 463.40 7,896.60 week 2 $ 18,859.30 $ 1,051.07 $ 17,808.23 week 3 $ 34,756.00 $ 2,004.26 $ 32,751.74 $ $ $ YTD $ $ $ - - EXPENSES Management salaryl $ Staff salary $ Adv./Promo. $ Rent $ -- - - $ 1,773.75 $ 2,795.00 $ 4,200.00 $ 2,000.00 $ $ $ $ $ $ $ $ 10,768.75 $ $ $ 10,768.75 Utilities $ Depreciation Expense $ Insurance expense $ Training expense $ Other (specify) $ Other (specify) $ l Expenses from Operations $ nings Before Int.& Tax (EBIT) Taxes $ Interest on Loan $ Total Expenses $ $ 3,579.75 $ 4,826.75 $ 8,400.00 $ 2,000.00 $ $ $ 500.00 $ $ $ $ $ 19,306.50 $ $ $ 19,306.50 $ 6,342.93 $ 7,491.25 $ 12,600.00 $ 2,000.00 $ $ $ 1,000.00 $ $ -- $ $ $ 29,434.18 $ $ 208.33 $ 29,642.51 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - -- - - - -- --- $ $ $ - NET INCOME/LOSS $ -$ 2,872.15 - $ 1,498.27 $ 3,109.23 $ $ BALANCE SHEET Milk Honey Cafe Balance Sheet for period ending: January 2021 Period o Period 1 Period 2 Period 3 Period 4 YTD(1 mo) ASSETS Current/Liquid Assets Cash Inventory $25,000 $ 8,896.75 $ 11,301.80 $ 16,189.75 $ 1,293.60 $ 1,154.93 $ 936.74 $ $ $25,000 $10,190.35 $12,456.73 $17,126.49 Total Current Assets Long Term Assets Equipment Furniture Accum Depreciation Prepaid Expenses (Deposits) Other (specify) Total Longterm Assets Total Assets $ 6,000.00 $ 6,000.00 $ 6,000.00 $ 4,000.00 $ 4,000.00 $ 4,000.00 $ $ $ $ 3,000.00 $ 3,000.00 $ 4,200.00 $ $ 13,000.00 $13,000.00 $14,200.00 $23,190.35 $25,456.73 $31,326.49 $25,000 LIABILITIES and OWNER'S EQUITY Liabilities Loans $25,000 Accounts Payable Total Liab $25,000 Owner's Equity Retained Earnings $ Total Owners Equity $ Total Liab + O.E. $_25.000 $ 25,000.00 $ 25,000.00 $ 25,000.00 $ 1,062.50 $ 1,955.00 $ 3,217.26 $26,062.50 $ 26,955.00 $28,217.26 - $ 2,872.15 - $ 1,498.27 $ 3,109.23 -$ 2,872.15 - $ 1,498.27 $ 3,109.23 $23,190.35 $25,456.73 $31,326.49
