Question
Listed below is the first month of financial statements for a new business please generate the second month's financial statements (balance sheet, income statement, cash
Listed below is the first month of financial statements for a new business
please generate the second month's financial statements (balance sheet, income statement, cash flow statement) using the information provided below. Below is the information for the first month and now i need the second month please
Assets:
Current Assets:
Cash and Cash Equivalents $ 75,000 (50 customers a day, $50 purchase)
Accounts Receivable $0
Inventory $110,000
Total Current Assets $185,000
Fixed Assets:
Equipment $175,000
Accumulated Depreciation $0
Total Fixed Assets $175,000
Total Assets $360,000
Liabilities and Equity:
Current Liabilities:
Staff Wages (includes benefits and payroll taxes): $8,000
Store Utilities: $165
Maintenance and Repairs: $150
Insurance: $275
Marketing and Advertising: $1,600
Miscellaneous Expenses: $500
Accounts Payable $0
Transportation: $500
Accrued Expenses $0
Total Current Liabilities $11,190
Long-Term Liabilities:
Bank Loan $900,000
Lease $6,670
Total Long-Term Liabilities $917,362
Equity:
Owner's Equity $25,000
Retained Earnings $0
Total Equity $25,000
Total Liabilities and Equity $942,362
Income Statement January
Revenue:
Sales Revenue $75,000
Total Revenue: $75,000
Expenses:
Cost of Goods Sold (COGS) $110,000 + 75,000 - 23,000 = $162,000
Staff Wages $8,000
Store Utilities $167
Maintenance and Repairs $150
Insurance $275
Marketing and Advertising $1,600
Miscellaneous Expenses $500
Transportation $500
Total Expenses $173,192
Net Income $ (98,192)
Cash Flow statement January
Cash Flow from Operating Activities:
Net Income: $(98,192)
Adjustments for: Depreciation: $500
Changes in Working Capital: Increase in Accounts Receivable: $0
Increase in Inventory: $0
Increase in Accounts Payable: $0
Increase in Accrued Expenses: $0
Net Cash Provided by Operating Activities: $(98,192)
Cash Flow from Investing Activities:
Net Cash Used in Investing Activities: $0
Cash Flow from Financing Activities:
Net Cash Provided by Financing Activities: $0
Net Increase/(Decrease) in Cash and Cash Equivalents: $(98,192)
Cash and Cash Equivalents at Beginning of Period: $15,000
Cash and Cash Equivalents at End of Period: $(83,192)
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Financial Accounting Study Guide
Authors: Jerry J. Weygandt ,Donald E. Kieso ,Paul D. Kimmel
4th Edition
0471205117, 978-0471205111
