Startup costs for an online business, requires creating a balance sheet

Startup costs

For the physical location where the online store operates:

Cash: $30,000

Prepaid rent for 3 months: $3,500/month

Office chairs: $49.99

3 Office desks: $150 each

1 Office shelving unit: $300

1 Filling cabinet: $49.99

3 Computers: $799.99 each

1 laptop: $499.99

1 printer: $30.99

Recycling and garbage bins: $24.99

Toilet: $160

Sink: $299.99

Expenses:

Phone, internet expense 3 term/months: $210

Security expense: $55.99

Hydro water expense for 12 months: $260

Enbridge heat and gas expense for 12 months: $150

Permits/licensing expense for 1 term (months): $2,500

Employee training wages for 120hrs x 2 employees: $16 an hour

Bookkeeper/Accountant for 3 months prepaid: $500

To set up an online store:

Domain name: $10/year

Shopify membership: $29.99/month

Inventory: $1,000

Payment processing 2-3% of Revenue for each product: $1040

G suite account: $5/month

Website theme: $200

Logo design: $200

Marketing: $100

Storage unit per month: $100

Product photos: $1000

Email marketing software: $30/month

Apps and plugins: $200/month

Balance sheet

Create a balance sheet from the information provided above:

These are the costs incurred prior to opening your business doors. You need to focus on two areas:

Start-up expenses (examples are first and last rent, prepaid, phone deposit, and training wages if you need to train before opening...

Start-up assets (furniture, shelving, equipment, inventory etc....)- for inventory, please group it into categories rather than listing out every item you need. i.e. Food inventory, beverage inventory, clothing, candles etc....

Things to consider:

Opening Balance Sheet: Assets= Liabilities + Equity

Assets: Current Assets, Capital / Fixed assets.

Liabilities: Bank Loan, Vehicle loan, mortgage (if applicable)

Equity: Must be 25% of your Total Assets

Example must look like this:

Kennels Opening Balance Sheet as of November 1, 2019 $ Current Assets Cash and Cash Equivalents Prepaid Expenses Training/Wages Supplies Total Current Assets $ $ $ $ $ Non Current Liabilities 40,000.00 Mortgage 12,212.59 Long-Term Borrowings 3,360.00 Total Non Current Liabilities 3,209.33 58,781.92 Total Liabilities $ $ 25,936.75 154,931.78 180,868.53 $ 180,868.53 Non-Current Assets Building Equipment Fencing Office Equipment Company Vehicle Outdoor Equipment Total Long Term Assets Equity 143,348.00 7,307.32 6,323.00 Total Equity 23,000.00 2,397.80 182,376.12 $ $ $ $ $ $ $ $ $ 30,144.75 30,144.75 60,289.51 Total Assets $ 241,158.04 Total Equity & Liabilities $ 241,158.04 Kennels Opening Balance Sheet as of November 1, 2019 $ Current Assets Cash and Cash Equivalents Prepaid Expenses Training/Wages Supplies Total Current Assets $ $ $ $ $ Non Current Liabilities 40,000.00 Mortgage 12,212.59 Long-Term Borrowings 3,360.00 Total Non Current Liabilities 3,209.33 58,781.92 Total Liabilities $ $ 25,936.75 154,931.78 180,868.53 $ 180,868.53 Non-Current Assets Building Equipment Fencing Office Equipment Company Vehicle Outdoor Equipment Total Long Term Assets Equity 143,348.00 7,307.32 6,323.00 Total Equity 23,000.00 2,397.80 182,376.12 $ $ $ $ $ $ $ $ $ 30,144.75 30,144.75 60,289.51 Total Assets $ 241,158.04 Total Equity & Liabilities $ 241,158.04