Question
I need help with a balance sheet and income statement for the below... Jan 1 Start sole prop with $10,000 cash 2 Borrow $50,000 from
I need help with a balance sheet and income statement for the below...
Jan |
|
1 | Start sole prop with $10,000 cash |
2 | Borrow $50,000 from bank first payment due in 90 days |
3 | Rent manufacturing space $1000 |
4 | Buy machinery $20,000 |
5 | 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) |
5 | Buy more raw materials to make 2000 collars $10,000 will pay for it in 30 days |
6 | 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) |
9 | Prepay a years 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) |
11 | Buy a desk and office equipment for $3000 -- pay down and balance due in 30 days (2/10 net 30) |
12 | My first sale sell 500 collars for $5000 |
16 | Sell 300 collars for $4000 -- client will pay in 30 days |
18 | Buy an Aardvark to be my model for making collars. Named her Mother Theresa. Paid $1000 |
20 | Pay balance due on office equipment (from 1/11) |
23 | Pay a web designer $1000 |
24 | 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) |
27 | Idiot employee must have put the collar on too tight Mother Theresa dies |
28 | Buy packaging material for shipping collars $2000 due 30 days |
FEB |
|
1 | Pay Employee $1000 |
3 | Pay rent |
5 | Pay invoice from Jan 5 |
10 | Receive A/R from Jan. 16th sale |
11 | Sell 500 collars for $6,000 |
12 | Receive special order for 500 collars with companys logo. Receive $10,000. Order to be completed and shipped on 6/1 |
13 | 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 |
14 | Buy more raw material --- enough for 2000 collars cost is $10,000. Pay now and balance 2/10 Net 30 |
15 | Pay Google ad |
16 | Buy cheap delivery truck from Chriss Cheap Used Trucks $3000 |
17 | Insurance on truck -- 3 months is $800 (do you expense it or set up as a prepaid expense) |
18 | Paid all utilities $400 |
19 | Sold 1000 collars for $9000 to Bobs Aardvark-arama. Received down, balance due in 30 days |
20 | Buy aardvark chow from Chriss Aardvark Chow $200 |
21 | Buy stationary and office supplies from Chriss Office Supplies $300 |
25 | Pay invoice from 2/14 |
26 | Pay invoice from 1/28 |
27 | Pay toxic waste company to come clean up the aardvarks potty area $200 |
28 | Named aardvark Aaron hope its a boy but idiot employee refuses to investigate |
28 | Just received notice that Bobs Aardvark-arama declared bankruptcy. They have zero assets. |
|
|
March |
|
1 | Pay idiot employee --- not sure why I keep him around |
3 | Pay rent |
4 | Place an ad in the Aardvark times- pay $500 |
5 | Finally make another sale. 500 collars for $5000 |
6 | What do you know, 2 sales in two days? Sell 1000 collars for $8000. |
8 | Buy another piece of machinery for the art of collar making. $5000. Will pay in 30 days |
9 | Finally take a draw for the owners benefit (salary) $3,000 |
15 | Pay google |
16 | Shipping calls and advised that I have not been paying them shipping costs. I claim I never received a bill, they say sure. So I pay them $1000 |
17 | Another toxic waste cleanup $200 |
18 | Take potential client to the Aardvark Steak House. $200 |
19 | Buy more aardvark chow $300 |
21 | Paid all utilities $500 |
22 | Aaron needs shots and checkup. Take him to Chriss Aardvark Vets -- $300 |
23 | I have an uninsured damage to inventory when either Aaron or idiot employee chews up $1000 worth of inventory |
24 | Sell 500 collars for $6000 on A/R 2/10 net 30 |
25 | Fire idiot employee and give him $1000 severance |
26 | Hire experienced Aardvark Wrangler. Salary will be $2000 per month. Confirms Aaron is a she but we decide not to change her name as she is just now responding to her name. Pay wrangler a $500 sign on bonus. First paycheck is due 4/15 |
27 | Pay gasoline bill for months truck expense $200 |
28 | Buy new tires for truck from Chriss Truck Tires $800 |
29 | Hired world renowned aardvark artist to paint our logo on the truck and front door of office. $1000 ($600 for truck, $400 for office door) |
30 | Hire accountant to complete my financial reports Pay $500 down and $1000 due when reports are completed. |
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