Update the Balance Sheet:
- Balance sheets should balance Assets = Liabilities + Equity, if this doesnt work, something needs to be looked at
- cash, Fixed Assets and Equity should always stay where they are regardless of the sign. All other lines, negative assets should move to liabilities to be positive, and negative liabilities should be moved to assets to be positive, typically Due to/from Subsidiaries and Commissions Receivable/Payable. If anything others, the negative line should be further reviewed to determine why.
- Current Earnings should tie to the Net Income on both the Income Statement .
- Income Statements and Consolidated Income Statements should match.
Balance Sheet For The Period Ending March 31, 2020 Beginning Balance 12/31/19 Activity 2020 Ending Balance 3/31/20 ASSETS Current Assets Cash - Operating Account Prepaid Expenses Current Assets 246,500 9,247 7,028 726 255,746 7,028 246,619 245,894 Fixed Assets Furniture & Fixtures-Net Fixed Assets 9,402 9,402 (358) (358) 9,044 9,044 Other Assets Intangibles Other Assets 559,271 559,271 (18,437) (18,437) 540,833 540,833 TOTAL ASSETS 814,566 (18,070) 796,496 LIABILITIES AND EQUITY Current Liabilities Accounts Payable Accrued Expenses Current Liabilities 964 18,736 19,700 555 (18,057) (17,502) 1,519 680 2,198 TOTAL LIABILITIES 19,700 (17,502) 2,198 Shareholder's Equity Distribution WR Holdings Distribution to Partners Current Earnings Total Shareholder's Equity 371,217 303,723 119,926 794,866 (57,060) 56,492 (568) 371,217 246,663 176,418 794,298 TOTAL LIABILITIES & EQUITY 814,566 (18,070) 796,496 Income Statement For the Three Months Ending March 31, 2020 March March 2019 Actus Actual Variance March YTD Actual March 2019 YTD Actual variance REVENUES Gross Income Residential Commissions Gross Income 47.869 47,869 47,869 47,869 165,475 165,475 165,475 165,475 47 869 COMPANY DOLLAR Retention 47 869 100.00 165,475 100.00% 165,475 100.00% 0.00% 100 x 0.00% EXPENSES Advertising Internet Advertising 210 210 210 Total Advertising % Advertising/Company Dollar 0.00% 0.00% 0.13% 0.00% 0.13% Communikations Telephone-Monthly Charges Total Communications % Communications/Company Dollar 183 183 0.11% 183 183 25 0.05% 0.05% 0.00% 0.00% IT Expenses Software Licensing Costs IT Consulting Total IT Expenses % IT Expenses/Company Dollar 2,243 3.123 2.243 3.123 968 977 1,946 4.05% 968 977 1,946 4.05% 5,366 3.24% 5,366 0.00% 0.00% 3.24% 112 5,043 3478 Occupancy Building Maintenance Common Charges Office Rent Utilities Total Occupancy % Occupancy/Company Dollar 112 5,043 28,080 3,478 9,360 566 9 360 28.080 1,714 566 13478 28.16% 13478 28.16% 34,949 21.12% 34,949 21.12% 0.00% 0.00% 1346) Salaries Employee Benefits Salaries Full Time Salary Incentives Pavroll Taxes (346) 12,718 1.230 1.615 12,718 1.230 (3461 41.930 2.210 2.783 (346) 41.930 2.210 1.615 2.783 Total Salaries * Salaries/Company Dollar 15,216 31.79% 15,216 31.79% 0.001% 46,576 28.15% 46 576 28.15% 100 473 473 Office Expense Auto Expense MLS & Board Fees Office Supplies Printed Materials-office Depreciation Amortization 100 473 2.234 473 859 2.234 31 119 358 358 119 6,146 6.146 18.437 18437 5bb 5bb 1./14 1./14 Total Occupancy * Occupancy/Company Dollar 13 478 28.16% . 0.00% 13.478 28.16% 34.949 21.12% 0.00% 34,949 21.12% (346) Salaries Employee Benefits Salaries Full Time Salary Incentives Payroll Taxes Total Salaries * Salaries/Company Dollar (346) 12,718 1.230 1,615 (346) 12,718 1.230 1,615 (346) 41,930 2,210 2.783 41.930 2.210 2,783 15,216 31.79% 15,216 31.79% 46,576 28.15% 46,575 28.15% 0.00% 0.00% 100 473 859 473 100 473 2,234 473 859 2.234 Office Expense Auto Expense MLS & Board Fees Office Supplies Printed Materials-office Depreciation Amortization Bank Fees Dues & Subscriptions Insurance Total Office Expense % Office Expense/Company Dollar 119 6,146 119 6.146 358 18,437 358 18,437 40 40 7597 15.57% 7,597 15.87% 21,699 13.11% 21,699 13.11% 0.00% 0.00% 38 263 108.983 309 310 TOTAL OPERATING EXPENSES * Operating Expenses/Company Dollar 0.00% 38 263 79.93% 108,983 65.85% 0.00% 65.86% NET OPERATING PROFIT 9,606 9,606 56,492 56,492 OPERATING MARGIN 20.07% 0.00% 20.07% 34.14% 0.00% 34.14% OTHER INCOME & EXPENSE 317 318 PROFIT BEFORE ADM FEE 9,506 9.506 56492 56 492 319 320 TOTAL NET PROFIT 9,606 9,606 56,492 55492 Balance Sheet For The Period Ending March 31, 2020 Beginning Balance 12/31/19 Activity 2020 Ending Balance 3/31/20 ASSETS Current Assets Cash - Operating Account Prepaid Expenses Current Assets 246,500 9,247 7,028 726 255,746 7,028 246,619 245,894 Fixed Assets Furniture & Fixtures-Net Fixed Assets 9,402 9,402 (358) (358) 9,044 9,044 Other Assets Intangibles Other Assets 559,271 559,271 (18,437) (18,437) 540,833 540,833 TOTAL ASSETS 814,566 (18,070) 796,496 LIABILITIES AND EQUITY Current Liabilities Accounts Payable Accrued Expenses Current Liabilities 964 18,736 19,700 555 (18,057) (17,502) 1,519 680 2,198 TOTAL LIABILITIES 19,700 (17,502) 2,198 Shareholder's Equity Distribution WR Holdings Distribution to Partners Current Earnings Total Shareholder's Equity 371,217 303,723 119,926 794,866 (57,060) 56,492 (568) 371,217 246,663 176,418 794,298 TOTAL LIABILITIES & EQUITY 814,566 (18,070) 796,496 Income Statement For the Three Months Ending March 31, 2020 March March 2019 Actus Actual Variance March YTD Actual March 2019 YTD Actual variance REVENUES Gross Income Residential Commissions Gross Income 47.869 47,869 47,869 47,869 165,475 165,475 165,475 165,475 47 869 COMPANY DOLLAR Retention 47 869 100.00 165,475 100.00% 165,475 100.00% 0.00% 100 x 0.00% EXPENSES Advertising Internet Advertising 210 210 210 Total Advertising % Advertising/Company Dollar 0.00% 0.00% 0.13% 0.00% 0.13% Communikations Telephone-Monthly Charges Total Communications % Communications/Company Dollar 183 183 0.11% 183 183 25 0.05% 0.05% 0.00% 0.00% IT Expenses Software Licensing Costs IT Consulting Total IT Expenses % IT Expenses/Company Dollar 2,243 3.123 2.243 3.123 968 977 1,946 4.05% 968 977 1,946 4.05% 5,366 3.24% 5,366 0.00% 0.00% 3.24% 112 5,043 3478 Occupancy Building Maintenance Common Charges Office Rent Utilities Total Occupancy % Occupancy/Company Dollar 112 5,043 28,080 3,478 9,360 566 9 360 28.080 1,714 566 13478 28.16% 13478 28.16% 34,949 21.12% 34,949 21.12% 0.00% 0.00% 1346) Salaries Employee Benefits Salaries Full Time Salary Incentives Pavroll Taxes (346) 12,718 1.230 1.615 12,718 1.230 (3461 41.930 2.210 2.783 (346) 41.930 2.210 1.615 2.783 Total Salaries * Salaries/Company Dollar 15,216 31.79% 15,216 31.79% 0.001% 46,576 28.15% 46 576 28.15% 100 473 473 Office Expense Auto Expense MLS & Board Fees Office Supplies Printed Materials-office Depreciation Amortization 100 473 2.234 473 859 2.234 31 119 358 358 119 6,146 6.146 18.437 18437 5bb 5bb 1./14 1./14 Total Occupancy * Occupancy/Company Dollar 13 478 28.16% . 0.00% 13.478 28.16% 34.949 21.12% 0.00% 34,949 21.12% (346) Salaries Employee Benefits Salaries Full Time Salary Incentives Payroll Taxes Total Salaries * Salaries/Company Dollar (346) 12,718 1.230 1,615 (346) 12,718 1.230 1,615 (346) 41,930 2,210 2.783 41.930 2.210 2,783 15,216 31.79% 15,216 31.79% 46,576 28.15% 46,575 28.15% 0.00% 0.00% 100 473 859 473 100 473 2,234 473 859 2.234 Office Expense Auto Expense MLS & Board Fees Office Supplies Printed Materials-office Depreciation Amortization Bank Fees Dues & Subscriptions Insurance Total Office Expense % Office Expense/Company Dollar 119 6,146 119 6.146 358 18,437 358 18,437 40 40 7597 15.57% 7,597 15.87% 21,699 13.11% 21,699 13.11% 0.00% 0.00% 38 263 108.983 309 310 TOTAL OPERATING EXPENSES * Operating Expenses/Company Dollar 0.00% 38 263 79.93% 108,983 65.85% 0.00% 65.86% NET OPERATING PROFIT 9,606 9,606 56,492 56,492 OPERATING MARGIN 20.07% 0.00% 20.07% 34.14% 0.00% 34.14% OTHER INCOME & EXPENSE 317 318 PROFIT BEFORE ADM FEE 9,506 9.506 56492 56 492 319 320 TOTAL NET PROFIT 9,606 9,606 56,492 55492
